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The Daily Pitch: VC

March 25, 2024

Presented by CIBC Innovation Banking

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

Our list of the 10 most active VC investors in enterprise SaaS deals

Can electric boats reduce carbon emissions and change how people commute?

The UN's pension is taking advantage of a "sleepy" VC market to enter the asset class

Buy now, pay later startups rake in VC cash for the ecommerce vertical

Today's Top Stories

Meet enterprise SaaS's top investors

(Chloe Ladwig/PitchBook News)

Enterprise SaaS is staging a rebound, driven by the generative AI frenzy and renewed investor interest in how AI will transform corporate operations.

From Tiger Global to Bessemer Venture Partners, these are the 10 most active VC investors in enterprise SaaS deals, according to PitchBook data.

see the list

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Electric boats get underway

The electric revolution is making its way to waterways. Our Emerging Tech Research explores the opportunity for commercial and recreational watercraft to reduce carbon emissions and change how people commute.

Electric motors are cleaner, quieter and cheaper to maintain. On the other hand, these novel powertrains add significant weight, offer limited range and may demand new charging infrastructure. The report dives into how startups are addressing these and other challenges.

read it now

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A message from CIBC Innovation Banking

Start-ups are finding ways to maintain growth in unpredictable markets

Unpredictable times have a substantial impact on start-ups. That's why founders are looking to banking partners who specialize in the innovation economy. CIBC Innovation Banking has over two decades of experience working with clients at every stage and across shifting market conditions.

Discover why CIBC Innovation Banking is the banking partner of choice for entrepreneurs and investors across North America.

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Investors buy now, pay now for ecommerce

Ecommerce startups saw massive growth in deal value in Q4 2023, generating $3.8 billion across 116 deals, amounting to increases of 105.4% and 2.7%, respectively, according to our latest Emerging Tech Research. At the forefront of investor's minds are buy now, pay later startups, which are raking in large sums.

But other emerging opportunities abound for investors, including startups dipping their toes into digital marketplace platforms in video games and beyond. PitchBook analyst Eric Bellomo touches on the key trends, data and startups that investors need to know.

read the preview

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The UN's pension fund is building its VC portfolio from scratch

(Bob Krist/Getty Images)

The United Nations Joint Staff Pension Fund is looking to partner with asset managers in an effort to build out its VC and private debt portfolios.

The plan is to allocate to the "sleepy" VC market and private debt, said Pedro Antonio Guazo Alonso, representative of the secretary-general for the investment of the fund's assets, who spoke at the Greenwich Economic Forum in Miami.

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Investors eye annuities to give insurtech a jolt

In Q4 2023, insurtech startups generated $1.3 billion across 102 deals, representing declines of 22.3% and 15.7% from Q3.

Annuities saw record sales of $385 billion in 2023. Solutions that startups offer for annuity advisors include assisting with marketing and modernizing annuity management. Our recent Emerging Tech Research provides an overview of the space while touching on the key trends, data and startups that investors need to know.

read the preview

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Since yesterday, the PitchBook Platform added:

1

VC valuations

61

People

43

Companies

See what our data software can do

The Daily Benchmark:
2014 Global Real Estate Funds

Median IRR

10.22%

Top Quartile IRR

14.65%

1.04x

Median DPI

Select top performers

Exeter Industrial Value Fund III

L-A Saturn Acquisition

Activum SG Real Estate Fund III

*IRR: net of fees

64 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Succinct, a San Francisco-based developer of proof technology for blockchain, has raised a $55 million combined Series A and seed round led by Paradigm.

Internet browser startup The Browser Company, which is based in New York, has raised $50 million by Pace Capital, TechCrunch reported.

Seattle-based parcel delivery service company Pandion has raised a $41.5 million Series B led by Revolution Growth.

Profluent, an AI drug discovery startup based in the Bay Area, has secured $35 million in funding led by Spark Capital.

UK-based fintech startup AccessPay has raised $24 million in a round led by True Ventures.

Cemvision, a Stockholm-based developer of fossil-free cement, has secured €10 million from investors including Polar Structure, BackingMinds and Zacua Ventures.

Don't miss our upcoming webinar

In 2023, the European VC deal value and deal count generated by female-founded companies reached record totals, with their proportion of deal value growing by 36%. And while they represented a growing proportion of annual deal counts over the past decade, our data shows there is still progress to be made.

In this webinar, a panel of expert speakers will share insights from our inaugural European edition of the All In report, sponsored by UBS Wealth Management, Shoosmiths, and Enterprise Ireland. The discussion will analyze the current landscape for European female entrepreneurs, focusing on how female founders have fared in these challenging times. Key topics include:

Activity for female-founded companies followed a similar trend compared to the broader VC environment in 2023, slowing for the second year in a row but remaining elevated when compared to the past decade.

Women represent 15% of all European decision-makers at VC firms with $25 million or more in AUM.

All-female founding teams amassed €681 million (about $739.46 million) in 2023, and their total deal count dropped by 31%.

Register now to secure your spot.

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PE Deals

The Carlyle Group is in talks with UK-based environmental consultancy RSK Group for a minority stake worth about £1 billion, Sky News reported.

Cleaning products company Clorox is selling its operations in Argentina, Paraguay and Uruguay to Apex Capital for about $233 million, Reuters reported.

Unilever has tapped advisers at Morgan Stanley and JP Morgan to solicit interest from PE firms for its ice cream business unit worth roughly between €10 billion to €15 billion, the Financial Times reported.

Bahrain's sovereign wealth fund, Mumtalakat, has taken full ownership of supercar manufacturer McLaren Group, Sky News reported.

Toronto-based Neighbourly Pharmacy has been acquired by Persistence Capital Partners in a take-private deal valued at C$1.2 billion (approximately $881 million).

TA Associates agreed to make a strategic growth investment in German content automation software company SER.

Exits & IPOs

EQT-backed skincare manufacturer Galderma had its IPO on the SIX Swiss Exchange. Its shares closed at 63 Swiss francs (about $70.20) at the end of first-day trading, a more than 20% increase compared to its 53 francs starting price.

CVC Capital Partners-backed Douglas, a German perfume and beauty products retailer, listed on the Frankfurt Stock Exchange. Its shares slumped in initial trading.

Fundraising

Apollo Global Management launched a private credit fund with over $790 million in assets and seeded by Mubadala, Bloomberg reported.

Goldman Sachs Asset Management raised over $700 million for a new fund, Union Bridge Partners I, which will co-invest with hedge funds and private credit firms, Bloomberg reported.

Berlin-based climate-tech VC World Fund closed its debut fund on €300 million.

DNX Ventures closed two Japan-focused funds: a $122 million Japan Fund IV and $55 million Japan Annex Fund III for follow-on investments.

Chart of the Day

Source: H2 2023 MENA Private Capital Breakdown

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