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The Daily Pitch: VC

March 7, 2024

Presented by SRS Acquiom

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

Dive into the data on female founders and investors in the VC ecosystem in the US and European editions of our All In report

A VC favorite shines among other tech verticals in projected future returns: SaaS

Our analysts examine the startups looking to challenge Big Tech in the AI data center space

Today's Top Stories

US female founders grab record share of VC dollars

Female founders increased their share of US VC capital raised in 2023, according to the latest All In: Female Founders in the VC Ecosystem report sponsored by Deloitte, Pivotal Ventures and Wilson Sonsini.

Female founders and co-founders secured 27.8% of deal value last year. That figure drops to 22.8% if you exclude OpenAI's $10 billion raise, but it still marks a record high.

In absolute terms, deal activity fell along with the broader venture market, with female founders securing 25% fewer deals.

At the GP level, the share of female check-writers at the largest VC firms grew slightly to 17.4%.

A European edition of the All In report, sponsored by UBS, Shoosmiths and Enterprise Ireland, is also available for download.

read the report

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Early-stage SaaS boasts best expected exit success rate for VCs

(Smith Collection/Getty Images)

SaaS is the bread and butter of venture, offering capital-lite business models with high profit margins.

VC's focus on enterprise SaaS isn't a coincidence. Historically, it's proven to be one of the most lucrative areas for investors, reporter Rosie Bradbury writes. And new research from PitchBook, developed using the machine learning-enabled VC Exit Predictor, shows that the expected future returns for SaaS far outpace other venture tech verticals.

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Since yesterday, the PitchBook Platform added:

12

VC valuations

2259

People

453

Companies

49

Funds

See what our data software can do

The Daily Benchmark:
2018 Vintage Global Real Assets Funds

Median IRR

11.70%

Top Quartile IRR

17.70%

0.22x

Median DPI

Select top performers

Kayne Private Energy Income Fund II

Grey Rock Energy Fund III

Merit Energy Partners K

*IRR: net of fees

43 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Paris-listed Tikehau Capital has picked Margaux Buridant and Célia Hamoum as co-heads of its private wealth solutions group, a specialized entity dedicated to family offices and high-net-worth individuals.

VC Deals

Biotech startup Alumis, which is based in San Francisco, has raised a $259 million Series C co-led by Foresite Capital, Samsara BioCapital and venBio Partners.

Boston-based cystic fibrosis treatment provider Sionna Therapeutics has secured a $182 million Series C led by Enavate Sciences.

New York-based cybersecurity startup Claroty has received a $100 million investment from Delta-v Capital, AB Private Credit, Standard Investments and others.

Carputty, an auto financing startup based in Atlanta, has raised $80 million comprising a $75 million warehouse facility from Silicon Valley Bank and $5 million in equity led by TTV Capital.

San Francisco-based HR startup Remofirst has raised a $25 million Series A led by Octopus Ventures.

Haiper, a London-based AI video generation startup, has closed a $13.8 million seed investment led by Octopus Ventures.

France's Bene Bono has raised €10 million in a round led by AXA Venture Partners to help lessen food waste.

Cellcolabs, a Swedish producer of affordable stem cells, has secured $8.7 million from investors including Norrsken Launcher.

PE Deals

The Carlyle Group agreed to take over the London Southend Airport following a £193.75 million debt agreement with its owner, London-listed aviation group Esken, formerly Stobart Group.

Italian app developer Bending Spoons is considering an acquisition of video hosting platform Vimeo, Bloomberg reported. Bending Spoons is backed by investors including B Heroes, H14, NUO Capital and Baillie Gifford.

Paris-based Quilvest Capital Partners invested in Acuiti Labs, a London-based consultancy specializing in revenue management and billing processes.

Growth equity firm RTC Partners invested in Boston-based Comm, which joins four other marketing agencies in RTC's portfolio.

CIBC Innovation Banking made a growth investment in Los Angeles-based event management software company Swoogo.

Exits & IPOs

CVC Capital Partners is thinking about relaunching plans for an IPO in Amsterdam as soon as next month, Sky News reported. The PE firm could seek a valuation above $15 billion.

Blackstone and Thomson Reuters are looking to sell a 4% stake in the London Stock Exchange worth £1.9 billion.

The Carlyle Group is in the process of selling Japanese cosmetics company Tokiwa for around $800 million, Reuters reported.

Cybersecurity company CrowdStrike is acquiring Israeli startup Flow Security for an estimated $200 million or more, Calcalistech reported. Flow Security has raised around $15 million from VCs including Amiti Ventures, Global Founders Capital and Rocket Internet Partners.

Fundraising

EQT raised €3 billion for EQT Future, an impact fund targeting climate and nature investments as well as health and well-being.

Pittsburgh-based Riverarch Equity Partners raised a $1 billion fund, its fourth, with a focus on middle-market companies in the distribution, business services and specialized manufacturing sectors.

Boston-based Manulife Investment Management closed a $752 million private credit fund, which will target companies with more than $20 million in EBITDA.

Ring Capital, a French VC firm, has raised a €50 million Africa-focused fund.

Johannesburg-based Conducive Capital has launched with a plan to raise $50 million within the next two years to invest in South Africa-based startups.

Chart of the Day

Source: VC Investment in Climate Tech

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PitchBook News - Capital climbs for female entrepreneurs

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