PitchBook News - How brain devices could boost medtech

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The Daily Pitch: VC

February 23, 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:

New treatments for depression and migraines could give medtech a boost

A secondaries investor at Hamilton Lane chats about buying assets from liquidity-hungry GPs

More LPs are relying on separately managed accounts to negotiate concessions from GPs

European VC valuations outperformed expectations in 2023

Today's Top Stories

Brain therapy devices could boost medtech

Medtech VC funding slowed in Q4—reaching $2.6 billion, down from $3 billion in the previous quarter. PE dealmaking in the sector was more resilient, with total deal count hitting 105 in 2023, up from 99 the year before.

Brain therapy devices could be an opportunity for investors, according to our latest Emerging Tech Research. New treatments for neurological conditions like depression and migraines are gaining traction and may propel medtech innovation forward.

read the preview

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Q&A: Hamilton Lane managing director on VC secondaries boom

Matt Pellini, managing director at Hamilton Lane
(Courtesy of Hamilton Lane)

The hunt for cash continues to send more LPs and GPs to the secondary market, where they're encountering a common problem: few buyers.

One such buyer is Hamilton Lane, which is targeting $5 billion for its sixth secondary fund. The firm plans to use its new capital to invest in all flavors of secondhand PE and VC assets.

PitchBook spoke with Matt Pellini, Hamilton Lane's managing director focused on venture secondaries, about his predictions for the market and the type of structures the firm finds most attractive now.

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Since yesterday, the PitchBook Platform added:

12

VC valuations

2572

People

687

Companies

42

Funds

See what our data software can do

The Daily Benchmark:
2020 Vintage Global Real Estate Funds

Median IRR

10.52%

Top Quartile IRR

19.40%

0.12x

Median DPI

Select top performers

PGIM Real Estate U.S. Impact Value Partners

Exeter Industrial Value Fund V

ElmTree U.S. Net Lease Fund IV

*IRR: net of fees

41 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Antora Energy, a thermal battery startup, raised a $150 million Series B led by Decarbonization Partners.

Crypto startup EigenLayer, which is based in Seattle, raised $100 million from Andreessen Horowitz.

Fabric, a New York-based healthtech specialist, raised a $60 million Series A led by General Catalyst.

Ecommerce company Crisp raised a $20 million Series B extension from investors including Blue Cloud Ventures, FirstMark Capital and Spring Capital, as well as $30 million in debt from TriplePoint Capital.

Synadia, an enterprise cloud startup, raised a $25 million Series B led by Forgepoint Capital.

Carewell raised a $24.7 million Series B led by MBF Healthcare. The Miami-based online retailer offers products for caregivers.

Dub raised $17 million in a seed round led by Tusk Venture Partners. The fintech company's platform allows individuals to mirror other investors' portfolios.

Indian climate-tech startup Varaha secured $8.7 million in a Series A led by RTP Global.

Johannesburg's Hohm Energy, which operates a solar marketplace, raised an $8 million seed investment from investors including E3 Capital, 4DX Ventures and Tekton Ventures.

Evergrowth secured $2.2 million in a round led by Impellent Ventures and Practica Capital. The Lithuanian company offers an AI-powered B2B account-based sales platform.

PitchBook Tech Talks webinar: Y Combinator's second time founders

This webinar brings together second time founders from Y Combinator's latest cohorts to discuss the advantages that their prior startup brings to their new companies. This conversation will dive deep into the impact of AI, hiring developers, go-to-market strategy, balancing product vs. sales and marketing, and more. Key topics include:

How building with AI is providing increased product functionality.

Learnings from previous entrepreneurial endeavors.

The founder experience today compared to years past.

Register now to secure your spot.

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PE Deals

Sandbrook Capital has pledged up to $460 million to rPlus Energies, a renewable energy developer, The Wall Street Journal reported.

Los Angeles-based Levine Leichtman Capital Partners has acquired USA Water from Warren Equity Partners.

Blue Point Capital Partners has sold consumables equipment company SBG Holdings to Charger Investment Partners.

Fundraising

Ori Capital raised $260 million for its second flagship fund focused on life sciences investing.

Web3-focused investor Hack VC raised $150 million for its first venture fund focused on early-stage startups, following its $200 million seed fund.

Ibex Investors closed its fourth fund focused on investing exclusively in Israeli startups on $106 million.

Toronto-based Golden Ventures closed its fifth flagship vehicle with over $100 million for seed-focused investing.

Coller Capital will launch a Secondaries Private Equity Opportunities Fund, which has been specifically designed to attract high-net-worth investors.

Chart of the Day

Source: 2023 Annual European VC Valuations Report

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PitchBook News - How brain devices could boost medtech

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European VC valuations unbowed

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