PitchBook News - Hydrogen fuel heats up

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The Daily Pitch: VC

February 20, 2024

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

Our analysts see positive signs ahead for the supply chain tech industry despite a high-profile bankruptcy

Cybersecurity and AI were the top-performing industries for unicorn companies in 2023

Our roundup of the European unicorns most likely to go public

PitchBook Benchmarks offer the latest fund performance data across PE, VC and more

Today's Top Stories

Hydrogen fuel heats up

The recent collapse of Convoy—the "Uber for trucking" startup that had promised to revolutionize freight logistics—sent a chill through supply chain investors, according to our latest Emerging Tech Research. But despite the high-profile bankruptcy, trends point toward a more positive 2024.

For those still pumping the accelerator, there are plenty of opportunities for investors to get in on the ground floor of emerging fields like hydrogen fuel and cold-chain logistics solutions—and with a smaller first check.

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AI, cybersecurity topped unicorn leaderboards in 2023

(Chloe Ladwig/PitchBook News)

Despite a difficult environment all around, unicorns showed resilience in 2023, depending on where you look. According to PitchBook and Morningstar's Global Unicorn Vertical Indexes, AI and cybersecurity saw the most gains, while agtech dropped the most.

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PitchBook Benchmarks for PE, VC and more

PitchBook Benchmarks offer a window on the latest data for closed-end fund returns across strategies. The current edition is now available, updated through Q2 2023, with preliminary data for Q3. It features data visualizations and PDFs that reveal the numbers by strategy and geography. Additional data and vintage years are available in Excel data packs for PitchBook clients.

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IPO Watchlist: European unicorns most likely to list

(Courtesy of Northvolt)

Europe had its worst year for VC-backed IPOs in over a decade with only 28 companies raising a total of €1.4 billion ($1.5 billion).

But as inflation and interest rates come down and the public markets start to stabilize, more companies may be getting their ducks in a row. Check out our roundup of the European unicorns most likely to go public.

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Since yesterday, the PitchBook Platform added:

9

VC valuations

1984

People

567

Companies

38

Funds

See what our data software can do

The Daily Benchmark:
2016 Vintage Global PE Funds

Median IRR

19.59%

Top Quartile IRR

25.41%

0.88x

Median DPI

Select top performers

Francisco Agility Fund

Renovus Capital Partners II

Gemspring Capital Fund I

*IRR: net of fees

136 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Abu Dhabi-based foodtech startup The Cloud has held a $12 million first close on its $30 million Series B. Investors in the round included MENA Moonshots.

Avatar Medical, a Paris-based provider of 3D medical imaging technology, has closed a €5 million seed investment led by Go Capital.

GlycanAge, a UK-based biological age testing startup, has raised a $4.2 million seed round led by Launchub Ventures.

Spanish healthtech startup Wivi Vision has secured €4 million in a round led by Adara Ventures.

Don't miss our upcoming webinar

This webinar aims to address the complexities and evolving nature of the crypto market. PitchBook senior analyst Robert Le will be joined by Marc de Kloe of Theta Capital, an LP to numerous major crypto VC funds, and Matt Walsh of Castle Island Ventures, which manages around $240 million. Key topics include:

The latest strategies and best practices in raising capital for crypto venture funds and how the fundraising process is different from conventional VC.

Key investment themes driving the crypto market, including opportunity areas like tokenization, DePIN and blockchain infrastructure.

Crucial metrics or signals investors look for and how startups can position themselves as attractive targets.

Predictions on market trends, regulatory developments, TradFi adoption and more.

Register now to secure your spot.

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PE Deals

TA Associates and Five Arrows, the alternatives unit of Rothschild & Co, have together backed Agilio Software, a UK provider of software for frontline healthcare operations.

IW Capital has made a £1.25 million follow-on investment in UK-based ‘Scan-Pay-Go’ app developer Ubamarket.

Exits & IPOs

TPG is the frontrunner to acquire Permira-backed fund administrator Alter Domus, Bloomberg reported. Hellman & Friedman and Cinven are also making rival bids.

Mutares has agreed to acquire Japanese-Brazilian restaurant chain Temakinho from BC Partners-owned Italian restaurant group Cigierre.

Fundraising

French VC firm Partech has closed its second Africa-focused fund on €280 million. The vehicle will target seed to Series C investments with initial tickets ranging from $1 million to $15 million.

Chart of the Day

Source: Q4 2023 PitchBook-NVCA Venture Monitor

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PitchBook News - Hydrogen fuel heats up

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