Green industry powers carbon tech's future

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The Daily Pitch: VC

April 25, 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:

Interest rates have taken an unequal toll on PE fund segments

Our market map highlights startups tackling low-emissions mining, recycling and more

Our US PE Breakdown examines when dealmaking and exit activity could spring to life

Today's Top Stories

Market Map: Green industry powers carbon tech's future

(Abstract Aerial Art/Getty Images)

While a broader VC slowdown has hit most verticals, carbon and emissions technology has enjoyed record consistent growth, increasing deal value by 15% year-over-year to reach $16.5 billion generated across 1,025 deals in 2023.

Leading the charge is the green industry segment, startups tackling the low-emissions production, recycling and extraction of chemicals and raw materials. Our latest market map dives into the startups pushing the vertical to new heights and garnering investor attention.

explore the market map

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The PE funds hit hardest by interest rates

High interest rates and a stalled exit environment are testing recent fund vintages. But not all PE segments have been affected equally, PitchBook's Juliet Clemens explains in her latest analyst note.

Among the takeaways: Generalist funds have outperformed their specialist peers, with healthcare and IT buyout funds suffering more than most from low exits.

read the note

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PE extends slide in share of M&A activity

Recent improvements in liquidity and wider economic conditions herald a potential rebound in M&A dealmaking this year. However, whether PE will participate in the upside of a broader M&A recovery and break its exits logjam remains to be seen, according to our Q1 2024 US PE Breakdown, sponsored by Alter Domus and Azurite Consulting.

In 2023, PE's share of M&A deal volume dropped to less than 40% from 44% in 2022, reversing a trend of eight years with a growing share, and that slide has continued this year. The report breaks down deal trends and offers insights on when PE dealmaking and exit activity could spring to life.

read it now

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US VCs go hunting for euros

(Joey Schaffer/PitchBook News)

VCs are going through a tough time with fundraising, and US GPs have been hit particularly hard. In the first quarter, only around 100 VC vehicles closed, worth a total of $9.3 billion, according to the latest PitchBook-NVCA Venture Monitor.

US-based LPs are still feeling the impact of the imbalance in their portfolios from the public market downturn over the past couple of years. With options more limited in the US than in previous years, some GPs may look to Europe to fulfill their capital needs.

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VC's growing opportunities in AI and machine learning

The AI and machine learning market is the hottest space in VC right now, but the speed of innovation can generate some noise. Our recent Emerging Tech Research cuts through it, with updated product segments, market size estimates and more. Senior analyst Brendan Burke covers the trends, key players and other drivers in the sector.

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Since yesterday, the PitchBook Platform added:

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Funds

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The Daily Benchmark:
2017 Vintage Global Real Estate Funds

Median IRR

9.97%

Top Quartile IRR

16.66%

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Realterm Logistics Fund II

Penwood Select Industrial Partners V

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VC Deals

Xaira Therapeutics, an AI-powered drug discovery startup, launched from stealth with more than $1 billion from investors including Sequoia, F-Prime and Lightspeed. The company was incubated by Foresite Labs and Arch Venture Partners.

Clinical-stage biotech company Endeavor BioMedicines raised a $132.5 million Series C led by Matrix Capital Management affiliate AyurMaya.

German conversational AI startup Parloa raised a $66 million Series B led by Altimeter Capital.

Midi Health, a virtual care clinic provider focusing on menopause and perimenopause, raised a $60 million Series B led by Emerson Collective.

Dublin's Tines raised an additional $50 million for its Series B from existing investors for its workflow automation platform.

Markt-pilot, a SaaS startup for the manufacturing industry, raised a $43 million Series A led by Insight Partners.

Cybersecurity startup Nagomi Security emerged from stealth with $30 million in funding led by TCV.

Paris' FlexAI raised $30 million in a round led by Alpha Intelligence Capital, Elaia Partners and Heartcore Capital. The company's software helps AI developers maximize computing power.

Edtech company Campus raised a $23 million Series A extension led by Founders Fund, TechCrunch reported.

Flindr Therapeutics, a Dutch developer of precision oncology treatments, closed a €20 million Series A led by V-Bio Ventures.

PeppercornAI, the developer of a conversational AI platform for insurance, secured £3.25 million in a round led by Wealth Club.

Don't miss our upcoming webinar

Venture capital is off to a slow start in 2024, with 100 US venture funds raising just $9.3 billion in the first quarter. What could this mean for the remainder of the year?

Join PitchBook analysts and experts from our partner NVCA and sponsors J.P. Morgan, Dentons, and Deloitte on May 1 for a live discussion of our latest Venture Monitor report, diving into the themes and trends of the current US venture market.

Register now to secure your spot.

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PE Deals

Dubai-based healthcare investor TVM Capital has invested $17 million in German mental healthcare provider Neurocare Group.

KKR may buy India's Healthium Medtech in a deal that could value the Apax Partners-backed manufacturer of medical devices at $1 billion, Bloomberg reported.

Novo Oil & Gas launched upstream energy company Novo II with an investment from EnCap Investments.

Gamut has agreed to acquire office technology provider DEX Imaging from Staples.

IK Partners has picked up a minority stake in A-Safe, a UK-based manufacturer of industrial polymer safety barrier systems.

Infrastructure-focused firm Astatine has acquired NRG Riverside, a rental provider of sanitation vehicles based in the UK.

Redwood Holdings is close to buying a majority stake in Marquette Transportation from asset manager BDT & MSD Partners in a deal that could value the marine transportation provider at around $1 billion, Bloomberg reported.

Granite Creek Capital Partners and Boathouse Capital have staked DCG. Based in Washington, DC, the company provides market research and communications services, primarily for federal government clients.

Exits & IPOs

CVC Capital Partners may sell its controlling stake in Recordati, an Italian drug manufacturer with a market cap of €11 billion, Bloomberg reported.

BC Partners has agreed to sell German contract pharmaceuticals manufacturer Aenova Group to Kühne Holding. BC Partners will reinvest as a minority shareholder.

Financial crime intelligence firm ComplyAdvantage has acquired Andreessen Horowitz-backed Golden, which offers a financial crime database.

FTV Capital-backed cloud email security provider Egress has been acquired by KnowBe4, a security awareness training and anti-phishing company.

Vacation rental company RedAwning has acquired Awning.com, a remote full-service rental management company backed by Global Founders Capital.

Fundraising

Acore Capital amassed about $1.4 billion for its second real estate credit fund.

Investcorp Holdings is setting up a $1 billion investment vehicle, its Golden Horizon Fund, anchored by sovereign wealth fund China Investment.

Seed-stage firm Eniac Ventures has closed on $220 million across two funds: $60 million for Select 1 fund and $160 million for Eniac VI.

PE firm Lightyear Capital has closed its single-asset continuation fund for portfolio company AmpliFi. The fund received an anchor investment from Neuberger Berman.

Chart of the Day

Source: Q1 2024 PitchBook-NVCA Venture Monitor

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Green industry powers carbon tech's future

Older messages

Turnover on the rise at venture firms

Can Ramp, Brex market their way upmarket?

Cracking Europe's IPO window

US VCs go hunting for euros

Taking the private out of PE

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