PitchBook News - Going with the cash flow

CRMs lead in enterprise SaaS; geothermal market heats up; Lance Armstrong's firm targets $100M; MENA VC in 5 charts
Read online | Don't want to receive these emails? Manage your subscription.
PitchBook
Log in
The Daily Pitch: VC
March 12, 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:
 
Today's Top Stories  
A look into funds' cash flow turbulence
Tracking the ebb and flow of fund cash flows is pivotal for determining the outlook of an institutional portfolio's liquidity. For LPs, capital call activity and net cash flows of funds are just as important to allocation planning and portfolio maintenance as the well-documented distribution dearth.

Our latest analyst note looks across thousands of funds and analyzes distributions relative to net asset values and capital calls compared to uncalled commitments across asset classes, offering a fuller picture of the LP perspective on the changing exit and dealmaking environment.
read it now
 
Share: Email LinkedIn Twitter Facebook
CRMs lead an enterprise SaaS rebound
In Q4, enterprise SaaS startups raised $14 billion across 597 deals, an 11.9% quarter-over-quarter increase in deal value but an 8.6% decrease in deal count. Customer relationship management startups led the way, with VC investment up 72.5% from Q3.

Now, several companies are experimenting with conversational AI, hoping to streamline processes and lower costs. Our Q4 2023 Enterprise SaaS Report provides an overview of the space, touching on the key trends, data, and startups investors need to know.
read the preview
 
Share: Email LinkedIn Twitter Facebook
 
Lance Armstrong's Next Ventures targets $100M 2nd fund
Lance Armstrong (Francois Nel/Getty Images)
Famed cyclist-turned-GP Lance Armstrong is targeting $100 million for Next Ventures' second fund.

The new vehicle is a step up from Next Ventures' first fund, which closed on $50 million. The health and wellness investor's portfolio includes exercise recovery startup Amp Human and medical device diagnostics company Vital Bio.

Armstrong's return to fundraising coincides with a surge of interest in private investment from current and former athletes.
read more
 
Share: Email LinkedIn Twitter Facebook
Geothermal market heats up
Investors are tapping into the geothermal energy market as technological advances in the binary cycle and dry rock fracturing drive innovation, according to our latest Emerging Space Brief. With novel applications in agriculture and industry, geothermal energy is particularly exciting: It's isolated from external conditions and, unlike wind and solar, offers consistent base-load energy.

For novel electricity sources like geothermal, both scalability and regulatory issues can pose roadblocks. But the US Inflation Reduction Act could also hold the keys to the technology's future.
read it now
 
Share: Email LinkedIn Twitter Facebook
5 charts: Mideast, North Africa VC slows off
Dubai (Nancy Pauwels/Getty Images)
The Middle East and Northern Africa region saw its second annual decline in venture capital deals in 2023, but the total round count remained well above historic norms. Despite the slowdown, 2023 was still the second-highest year on record for deal value, buoyed by outsized deals.

We've charted out key trends that demonstrate how the region's VC ecosystem navigated the challenges of 2023.
read more
 
Share: Email LinkedIn Twitter Facebook
Leveraged loans backing dividend recaps surge
(Sakchai Vongsasiripat/Getty Images)
Increased investor appetite for risk and rising prices in the trading markets have fueled a resurgence in leveraged loan deals backing dividend recaps.

PE sponsors have been particularly active in this space, issuing loans to extract dividends from portfolio companies at the fastest pace in years. In fact, loan volume for such deals in 2024 already rivals the full-year 2023 total.
read more
 
Share: Email LinkedIn Twitter Facebook
 
Since yesterday, the PitchBook Platform added:
10
VC valuations
2056
People
513
Companies
24
Funds
See what our data software can do
 
The Daily Benchmark:
2013 Vintage North American Real Estate Funds
Median IRR
11.20%
Top Quartile IRR
15.36%
1.30x
Median DPI
Select top performers
KTR Industrial Fund III
Cabot Industrial Value Fund IV
DivcoWest Fund IV
*IRR: net of fees
47 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
People  
Grace Ge has joined Amplify Partners as a partner, leaving her role as principal at Menlo Ventures.

Isaac Kim is joining Lightspeed to lead the firm's foray into leveraged buyouts for tech companies, Bloomberg reported. Kim was previously a senior managing director at Elliott Investment Management.
 
VC Deals  
Cybersecurity startup Wiz is in talks to raise roughly $800 million from backers including Lightspeed, Thrive and G Squared, the Financial Times reported.

Austin-based baby food startup Serenity Kids raised a $52 million Series B led by Stride Consumer Partners.

Chicago's Ocient raised a $49.9 million Series B extension led by Greycroft and OCA Ventures for its data analytics platform.

San Francisco-based insurtech startup Vouch raised a $25 million Series C1 led by Ribbit Capital.

Griffin, a London-based banking specialist, raised $24 million in a round led by MassMutual Ventures, NordicNinja and Breega.

London-based Kaedim raised a $15 million Series A led by Andreessen Horowitz for its 3D modeling software for game design.

Sublime Energie, a Paris-based developer of biogas liquefaction technologies, secured €11.5 million in a round led by Crédit Mutuel Impact.

HawkCell, a French provider of MRI technology augmented for veterinary use, received a €5 million Series A led by MIG Capital.
 
PE Deals  
The Carlyle Group has purchased a controlling stake in the Baltimore Orioles in a deal that values the Major League Baseball team at $1.73 billion, Bloomberg reported.

Monroe Capital has acquired a strategic minority ownership stake in single-family rental SaaS company Second Avenue and has invested $250 million in debt and equity capital through a follow-on investment.

UK-based Flagstone, which provides a cash deposit platform, has received an equity investment of £108 million from Estancia Capital Partners.

TPG is in talks to acquire Techem, a Germany metering company, Bloomberg reported.

Healthcare-focused Patient Square Capital has acquired NanoString Technologies, a provider of life science research and discovery tools.

MiddleGround Capital has merged with NYSE-listed Starrett, a high-end precision tools manufacturer.

KKR has acquired MDF Commerce, an ecommerce SaaS company based in Canada.
 
 
Exits & IPOs  
VC-backed eToro, which offers a retail trading platform, is considering listing in the US, the Financial Times reported. The London-based company would be seeking a valuation of over $3.5 billion, according to the report.

Social media company Reddit is looking to raise as much as $748 million in its upcoming IPO, Bloomberg reported. The company plans to sell 22 million shares for between $31 and $34 each.
 
Fundraising  
Indian VC firm A91 Partners is targeting between $700 million and $750 million for its third fund, The Economic Times reported.

YFM Equity Partners raised £90 million for its British Smaller Companies Venture Capital Trusts. The fund will invest in early-stage companies in the UK.

London-based early-stage investor Ada Ventures closed its second fund on £63 million.

Pool equipment and wellness industry specialist Fluidra is launching a €20 million corporate venture capital fund focused on startups in the swimming pool and wellness industry.
 
Chart of the Day  
"For firms with AUM of at least $50 million, the proportion of female decision-makers experienced slight growth in 2023, reaching 17.4% compared to 16.1% reported in Q3 2022. Among smaller firms with AUM under $50 million, the share of female decision-makers is a bit higher, at 18.8%."

Source: 2023 US All In: Female Founders in the VC Ecosystem
 
About PitchBook | Terms of use | Advertise with us | Contact
Follow us: in twtr fb

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

PitchBook Data Inc., 901 Fifth Avenue, Suite 1200, Seattle WA 98164, United States

© 2024 PitchBook. Win what's next. All rights reserved.

Older messages

Zoom in on Mideast, North Africa markets

Monday, March 11, 2024

HR tech seeks rewards of AI amid risks; these startups help CFOs manage businesses; insurtech investors eye annuities Read online | Don't want to receive these emails? Manage your subscription. Log

A year after SVB, who filled the void?

Sunday, March 10, 2024

Plus: 20 IPOs to watch for, female founders gain share, a fundraising twist for LPs & more Read online | Don't want to receive these emails? Manage your subscription. Log in The Weekend Pitch

20 top IPO candidates

Saturday, March 9, 2024

Also: Our debut MENA Private Capital Breakdown; Female founders increase their share of US VC raised in 2023; New research on insurtech, HR tech... Read online | Don't want to receive these emails?

A new wave of buy now, pay later startups

Friday, March 8, 2024

Europe's female founders double down; mapping Germany's VC decline; VC market slumps in Nordic region Read online | Don't want to receive these emails? Manage your subscription. Log in The

Capital climbs for female entrepreneurs

Thursday, March 7, 2024

Expected VC tech returns favor SaaS; how VC powers AI data centers; VCs to cash in with Flow Security sale Read online | Don't want to receive these emails? Manage your subscription. Log in The

You Might Also Like

94% of users mistrusted a site because of

Friday, April 19, 2024

Today's hack A study found that web design was 1466% more powerful than content when it came to mistrust A study found that web design was more powerful than content when it came to mistrust. When

Amazon, the everything spy

Friday, April 19, 2024

Also in today's edition: Saffron's Southern chill; Oil's fair in love and war ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

This is how you see success as an Affiliate Marketer

Friday, April 19, 2024

Are you an action taker who's ready to take back your financial freedom, location freedom, and time freedom? View in browser ClickBank Hey there - this is important. Please read this message from

🔍 Good Content vs. Bad Content: Chocolate Brands

Friday, April 19, 2024

And why new age brands will beat legacy brands. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Revealing one of the easiest niches I've found

Thursday, April 18, 2024

...and how I easily find hundreds of niche ideas like this ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

50% Off 3 Courses + Weekly Masterminds

Thursday, April 18, 2024

Hey Reader, EcomCrew Premium is home to hundreds of e-commerce sellers who have built 7- and 8-figure businesses. Through the years, we've provided useful resources and guidance to these

Anyone heard from Dick?

Thursday, April 18, 2024

Plus: Big tech may have reached its peak, and why all billionaires are a$$hats. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

This is the white-collar recession

Thursday, April 18, 2024

And the top six social media skills ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

[Webinar] AI Bootcamp: Supercharge Your Social Workflow Today

Thursday, April 18, 2024

AI doesn't have to be daunting! ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Get pumped about email testing (no really!), get a peek at what’s new in Litmus, and more

Thursday, April 18, 2024

The latest email resources from the Litmus blog and a few of our favorite things from around the web last week. ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌