PitchBook News - Venture debt market thaws—for some

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The Daily Pitch: VC

March 15, 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:

Continuation funds drove exits in the PE middle market for 2023

The venture debt market is thawing—but are only some borrowers benefiting?

The window to launch a value-based care enabler is closing faster than expected

Attendees of the annual Fintech Meetup were more optimistic about the sector's trajectory

After a February lull, leveraged loan repricing activity is heating up again

Today's Top Stories

Spring thaws venture debt market, but not everyone is feeling the warmth

(Micha Pawlitzki/Getty Images)

Market participants have noticed the venture debt market gradually recovering from last year's Silicon Valley Bank ordeal, and lenders are offering attractive deal terms to their preferred borrowers amid increased competition.

However, some argue that the borrower-friendly environment only favors companies that recently raised equity financing, perform well, or are operating in buzzy fields like AI.

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Since yesterday, the PitchBook Platform added:

26

VC valuations

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People

725

Companies

34

Funds

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The Daily Benchmark:
2020 Vintage Global PE Funds with more than $1B

Median IRR

15.15%

Top Quartile IRR

22.90%

0.05x

Median DPI

Select top performers

Tenex Capital Partners III

Icon Software Partners

H.I.G. Europe Capital Partners III

*IRR: net of fees

76 Funds in Benchmark »

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VC Deals

Ridehailing company InDrive raised an additional $150 million from General Catalyst.

German biotech startup Tubulis raised a €128 million Series B2 led by EQT Life Sciences and Nextech Invest.

San Francisco's Together AI raised $106 million in a round led by Salesforce Ventures for its open-source AI platform.

London-based payments specialist PPRO raised €85 million from investors including Eurazeo, Citi Ventures and PayPal Ventures.

Unstructured, a San Francisco-based AI startup focused on cleaning and processing large language models, raised a $40 million Series B led by Menlo Ventures.

London-based biotech startup Relation Therapeutics raised $35 million in a seed round led by DCVC and NVentures, the investment arm of Nvidia.

Netherlands-based TheyDo raised $34 million in a round led by Blossom Capital for its customer engagement platform.

Pi Health, a Massachusetts-based oncology biotech startup, secured over $30 million in its Series A led by AlleyCorp and Obvious Ventures.

NeoTaste, the developer of a German restaurant discovery app, closed a €15.1 million Series A extension led by Earlybird, bringing the round's total to €21 million.

Packfleet, a London-based carbon neutral courier, secured $10 million in a round led by General Catalyst and Voyager Ventures.

PE Deals

KKR has agreed to acquire German renewable energy company Encavis in a €2.8 billion deal, Bloomberg reported.

Great Hill Partners has bought employee reward provider Perkbox for £130 million, Sky News reported.

UK-based growth equity firm Ampersand Capital Partners has acquired Specac, a spectroscopy accessories manufacturer.

CIBC Innovation Banking announced that it has provided growth financing to Skedda, which offers a workspace management and scheduling platform for hybrid workers.

HIG Capital has agreed to buy the thermal commercial vehicles division of Paris Stock Exchange-listed company Valeo.

Exits & IPOs

Nordic Capital is considering selling German regulatory software company Regnology at a valuation of up to €3 billion.

Vista Equity Partners is exploring a sale of IT infrastructure monitoring specialist LogicMonitor for approximately $1.5 billion including debt, Bloomberg reported.

Fundraising

Venture firm Ballistic Ventures has closed its second flagship fund on $360 million to invest in cybersecurity startups.

Chart of the Day

"The number of female angel investors who are active in Europe experienced material growth for more than a decade, though it declined by nearly one-half in 2023 as investors across the board grew more cautious. ... For the past three years, female angel investors have participated in more than a quarter of all VC deals that involved both a female founder and any angel participation."

Source: 2023 European All In: Female Founders in the VC Ecosystem

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PitchBook News - Venture debt market thaws—for some

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