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The Daily Pitch: VC

May 1, 2024

Presented by Forge

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

Our VC Ecosystem Rankings compare the startup networks of cities across the globe

PitchBook analysts find that generalist VCs have left infosec to the specialist investors

Island grabs $175 million from the likes of Coatue and Sequoia for its browser for enterprises

Today's Top Stories

Don't sleep on these fast-growing startup hubs

(Chloe Ladwig/PitchBook News)

PitchBook's VC Ecosystem Rankings offer a glimpse into how the winds of change in emerging tech are benefiting startup cities across the globe. Here are some of the fastest-growing hubs on our list:

In Hefei, China, global demand for electric vehicles, semiconductors and solar panels turned this industrial city into an innovation powerhouse.

In Amsterdam, the needs of urban European life helped give rise to food delivery leaders like Picnic and Just Eat Takeaway.

Houston's traditional strength in oil and gas helped make it home to emerging energy companies, from geothermal startup Fervo Energy to renewable natural gas producer Archaea Energy.

explore the dashboard

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Infosec's specialist VCs buckle down

Generalist VCs are leaving the information security sector to the specialist investors after piling in during 2021's highs. Our latest Emerging Tech Research shows that eight Q1 deals were down rounds, including unicorn BigID's $60 million Series E. On the other side of the coin, there were nine mega-deals, a tick up from seven the previous quarter.

Specialist early-stage investors grabbed big exit wins through outliers born from emerging trends, including Avalor and Gem's early-stage acquisitions.

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A message from Forge

Get deeper insights into the secondary market from Forge

The secondary market for pre-IPO shares seems to be gaining momentum once again. As a leader in private company trading, Forge provides institutional investors with proprietary data, technology, and insights to bring transparency and access to a notoriously opaque space. The Forge team helps investors around the world navigate this market.

The quarterly Forge Investment Outlook highlights key trends and data to empower investors to understand this evolving market.

Get the new Q2 report to find out how recent successful exits, increasing demand for high-profile unicorns, more transparent pricing, and other factors continue to drive investor interest in the private market.

Download the Forge Investment Outlook today

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Workplace browser Island doubles valuation to $3B in 6 months

(d3sign/Getty Images)

Dallas-based enterprise browser startup Island has raised a $175 million Series D led by Coatue and Sequoia, a sign of confidence in the cybersecurity segment from investors looking for opportunities outside of AI.

Enterprise browsers allow organizations more secure access to the internet and internal company files. In December, Palo Alto Networks acquired enterprise browser startup Talon.

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Since yesterday, the PitchBook Platform added:

21

VC valuations

2528

People

921

Companies

32

Funds

See what our data software can do

The Daily Benchmark:
2015 Vintage Global PE Funds with more than $1B

Median IRR

19.30%

Top Quartile IRR

25.70%

1.20x

Median DPI

Select top performers

Oaktree Power Opportunities Fund IV

Spectrum Equity VII

Aquiline Financial Services Fund III

*IRR: net of fees

53 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

London-based challenger bank Monzo is finalizing a £500 million funding round, Sky News reported.

San Francisco-based cybersecurity startup Corelight raised a $150 million Series E led by Accel.

Oncology treatment startup Enlaza Therapeutics raised a $100 million Series A from the life sciences group of JP Morgan Private Capital.

Arbol, a New York-based climate risk management startup, raised a $60 million Series B co-led by Giant Ventures and Opera Tech Ventures.

Network security startup Elisity secured a $37 million Series B from Insight Partners.

New York-based Beehiiv raised a $33 million Series B led by NEA for its email newsletter platform.

Carbonfact, a Paris-based provider of carbon management software for the fashion industry, closed a $15 million Series A led by Alven.

Urban Jungle, a London-based provider of home insurance, raised $14 million from investors including Sony Innovation Fund.

Register for the 2024 NVCA Leadership & Awards Gala in San Francisco

Registration is open for the 2024 NVCA Leadership & Awards Gala on May 2 in San Francisco. Please join us to celebrate VC industry leaders who have made significant contributions to promote innovation, advance technology and encourage the creation of new companies.

Register now.

PE Deals

Investcorp will buy the digital tech services business of the National Stock Exchange of India for $120 million, Reuters reported.

Windrose Health Investors has acquired SubjectWell, a patient access marketplace for clinical trials and market-ready treatments.

Riverspan Partners made its first investment in Barretts Minerals, a talc mining and processing company.

Kain Capital has invested in leading Essen Health Care, a large healthcare provider in New York City's Bronx neighborhood.

Blackstone is in talks to acquire Dulwich College International's Asian assets, which are valued at roughly $600 million, including schools from Education in Motion, Bloomberg reported.

Main Capital Partners-backed Omnidocs has purchased a majority stake in Danish document creation software provider Dania Software.

Carlin Consumer Health has acquired Penetrex, a joint and muscle care specialist, and will become a brand within the company's portfolio.

TPG-backed G&A Partners, a company specializing in employer organization and human resources outsourcing, has acquired peer Teamworks Group.

Ufenau Capital Partners has acquired IPP Group, a German provider of engineering services for infrastructure and energy projects.

Thoma Bravo-backed Anaplan agreed to acquire Fluence Technologies, which offers a cloud-based financial services platform.

Sun European Partners agreed to sell Adler & Allan, a UK-based company focused on environmental risk reduction, to Goldman Sachs Alternatives.

Exits & IPOs

Hologic agreed to acquire Endomagnetics, a VC-backed breast cancer surgery technology specialist, for roughly $310 million.

Harmony Biosciences acquired epilepsy treatment company VC-backed Epygenix Therapeutics.

Cereal and consumer foods giant General Mills completed its purchase of dog food brand Edgard & Cooper.

Zuora will acquire Togai, which helps software providers track usage and bill customers.

The Ontario Teachers' Pension Plan is exploring selling its stake in oil and gas company Aspenleaf Energy while other investors roll over their stakes into a continuation fund, Bloomberg reported.

Fundraising

India-based IvyCap Ventures has closed its third fund on around $250 million.

Investors

UK-based investment company Abrdn has sold its European PE business to Patria Investments for around £100 million.

Chart of the Day

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

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PitchBook News - The top 50 cities for startups

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