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The Daily Pitch: VC

March 29, 2024

Presented by CIBC Innovation Banking

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

Our first Data Analytics report outlines the trends and opportunities defining the industry

The Home Depot's acquisition of SRS ranks among the largest US PE exits

A ridehailing startup's 43% shares markup by VC backer is a rare nod for the sector these days

A flood of construction brings interest to the advanced manufacturing vertical

We've ranked the 10 most active CVC investors in European startups

Today's Top Stories

Mining the data analytics vertical

The data analytics vertical has reliably produced some of the largest, highest-growth new companies of recent decades, from Snowflake to Palantir. Our first-ever Data Analytics report outlines the trends and critical opportunities that will define the industry in years to come.

We estimate that the data analytics market attracted $201.8 billion in spending in 2023 and will grow at an 18.1% CAGR through 2026.

Since 2019, data analytics companies have raised between 19% and 22% of global software funding each year—demonstrating consistent investor commitment to the space.

Generative AI offers new opportunities for innovation and investment in conventional data analytics categories like data lakes and business intelligence.

read the preview

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Leonard Green leads historic PE exit at $18.25B

(Stefani Reynolds/Getty Images)

A deal cut between a roofing supplier and The Home Depot marks one of the largest private equity exits of a US-based company.

Home Depot announced yesterday its acquisition of SRS Distribution, a Texas-based building product distributor, in a transaction valued at $18.25 billion.

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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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Is the ridehailing startup dead? BlaBlaCar's 43% markup says not

BlaBlaCar CEO Nicolas Brusson
(Patricia De Melo Moreira/AFP via Getty)

VNV Global has marked up its shares in French mobility company BlaBlaCar by 43% year-over-year, in a rare endorsement of the growth potential for a ridehailing company, according to the firm's 2023 annual report. The markup of its stake corresponds to a valuation of over $2 billion.

The rideshare company's financial performance for 2023 shows promising signs: It recorded 80 million passengers in 2023, representing YoY active user growth of between 20% and 25%

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Investors build out advanced manufacturing

US construction spending doubled to $200 billion between 2022 and 2023. A renewed interest in the advanced manufacturing vertical, driven by skill and labor shortages, increased geopolitical competition, and large domestic investment has spurred VC interest.

PitchBook analyst Ali Javaheri covers into the state of advanced manufacturing in his vertical snapshot. Providing a deep dive into data, key players and deals, as well as industry dynamics, our latest Emerging Tech Research offers an overview during a pivotal juncture.

read the preview

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The 10 most active CVC investors in European startups

(Justin Sullivan/Getty Images)

Corporate venture capital investors started 2024 European dealmaking off slowly, extending from two consecutive years of declines due to economic uncertainty.

With Q1 nearly over, the total deal count with CVC participation appears likely to hit its lowest point since the pandemic at 385 transactions as of yesterday. Still, factors such as the rise of generative AI and the benefits it could provide to corporations may lure them back.

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Nvidia, Microsoft rain on AI-driven IPO parade

(Megan Woodard/PitchBook News)

In a recent copy of The Wall Street Journal, the top headlines mentioned Microsoft's curious deal with Inflection AI and Nvidia's new next-generation Blackwell chips. Overshadowed by the dramatics of CEOs Satya Nadella and Jensen Huang, one of the most promising stories for AI startups had slipped off the front page.

That third story, Astera Labs' IPO, was a welcome win for AI investors. But the big swings by Microsoft and Nvidia suggest a shakeout is coming.

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Southeast Asia's fast-growing economies weather deal squeeze

Can Southeast Asia recover its dealmaking enthusiasm? Between 2015 and 2021, the cumulative deal count for PE and VC more than tripled, and deal value hit a high-water mark of $34.1 billion in 2022. Since then, however, activity in the region has been squeezed more than in other places.

PitchBook's debut 2024 Southeast Asia Private Capital Breakdown finds considerable opportunities remain among the region's fast-growing and diverse economies. Indonesia, the most populous country, has a bustling tech ecosystem and the largest domestic market. And some are already talking up Vietnam as the "next Indonesia."

read the report

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Since yesterday, the PitchBook Platform added:

8

VC valuations

1993

People

698

Companies

35

Funds

See what our data software can do

The Daily Benchmark:
2019 Vintage North American Secondaries Funds

Median IRR

22.58%

Top Quartile IRR

33.90%

0.70x

Median DPI

Select top performers

Landmark Infrastructure Partners II

Banner Ridge Secondary Fund III

3Spoke Capital III

*IRR: net of fees

13 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Virginia-based energy storage startup Lightshift Energy secured a $100 million investment from Greenbacker Capital Management.

New York-based cybersecurity startup Coro closed a $100 million Series D led by One Peak.

Pelago, a New York-based virtual clinic for substance use management, raised a $58 million Series C led by Atomico.

Blueground, a New York-based operator of flexible, furnished apartments, raised $45 million in a Series D from investors including Susquehanna Private Equity Investments and WestCap.

Belgium's Robovision raised $42 million in a round led by Target Global and Astanor Ventures for its AI platform intended to manage vision intelligence.

Risk and mitigation specialist Zafran, which is based in New York, secured a $30 million investment led by Sequoia and Cyberstarts.

Skyflow, a data privacy startup headquartered in Palo Alto, raised a $30 million Series B extension led by Khosla Ventures.

Barcelona-based Web3 gaming distribution specialist Elixir Games secured a $14 million seed investment from investors including Square Enix and Shima Capital.

StealthMole, a Singapore-based dark web data intelligence startup, raised $7 million in a Series A led by Korea Investment Partners.

PE Deals

Oil and gas producer SilverBow Resources has rejected Kimmeridge's $2.1 billion takeover offer, Reuters reported.

Grain Management and BlackRock made a strategic investment in Phoenix Tower International, a wireless communications infrastructure provider.

The Chernin Group made a strategic investment in new youth sports holding and operations company Unrivaled Sports.

Live sports production crewing and workforce management company Program Productions received an investment from Integrum Holdings.

One Equity Partners acquired UK-based marine energy and infrastructure company Acteon Group.

Exits & IPOs

Home improvement retailer The Home Depot agreed to acquire AustralianSuper-backed SRS Distribution, a Texas-based building products distributors, for $18.25 billion.

Fundraising

Matter Venture Partners closed its first fund on $300 million to invest in hard-tech startups.

Indian-based Alteria Capital closed its third venture debt fund on $125 million.

Chart of the Day

"UAE-based startups raised $2.4 billion in 2022 and $2.1 billion in 2023—equivalent to 50.6% and 55.9% of the annual totals for the whole MENA region, respectively. The UAE has established itself as a key VC ecosystem in the region, as evidenced by the uptick in deal activity."

Source: H2 2023 MENA Private Capital Breakdown

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PitchBook News - Introducing our data analytics coverage

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