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| In today's Daily Pitch, you'll find:
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Cybersecurity startup Huntress hits unicorn status; IPO in sight?
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| (Oscar Wong/Getty Images) |
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Huntress, a cybersecurity startup for small businesses and enterprises, has more than doubled its last valuation set in May 2023 to over $1.5 billion, the company announced Tuesday.
"I think the north star is an IPO in the next couple years," said Alex Kurland, GP at Meritech Capital, which co-led Huntress' Series D alongside Kleiner Perkins and Sapphire Ventures. |
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A collaborative approach to boosting enterprise SaaS
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VC dealmaking in the enterprise SaaS market has leveled out. Deal value settled at $12.2 billion in Q1—a 15.5% drop from the previous quarter—while deal count ticked up around 3% to 666.
In our latest Emerging Tech Research, senior analyst Derek Hernandez highlights how startups in the emerging analytics collaboration space are innovating—allowing business intelligence to be enhanced by enabling users to share insights across a wide spectrum of perspectives. The report also highlights the startups in that space, like Deepnote, that are attracting investor attention. |
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A message from Lucas Institute for Venture Ethics
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Trusted AI assessment designed by VCs for early-stage companies
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Concerned about staying ahead of regulatory hurdles and meeting enterprise and government AI standards? The Lucas Institute's Trusted AI assessment is here to help you unlock the potential for accelerated growth! Designed with insights from limited partners, venture capitalists, leading tech teams, and policymakers, this 10-minute assessment is tailored for early-stage companies and their investors. By addressing potential regulatory challenges early, your portfolio companies can stay on track to meet their growth targets and scale faster.
Encourage your companies to start their RAI assessment now and pave the way for rapid, trustworthy growth.
Portfolio companies can start their RAI assessment here |
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Hamilton Lane $5.6B fund close showcases secondaries demand
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| (Jerry Jian/Getty Images) |
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| Hamilton Lane closed a $5.6 billion fund yesterday that will buy and sell PE assets on the secondary market. As its sixth secondaries fund, it's also Hamilton Lane's largest vehicle ever, demonstrating growing LP interest over the past few years in gaining exposure to secondaries. |
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Antitrust looms large over PE in healthcare
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PE firms are watching with bated breath as California deliberates on legislation to further strengthen regulators' remit to challenge PE bets in healthcare. At the 2024 Healthcare Capital Markets & Innovation Summit, regulatory scrutiny was the talk of the town: Headline risk and state-level review requirements pose the most pressing threat, emboldened by the Federal Trade Commission's more proactive approach.
But there are positive tailwinds for investors too, shared in our latest analyst note. After the successful IPO of healthcare payments company Waystar, the promise of an exit for large healthcare IT specialists feels much more real. On the deals side, there's momentum brewing in pharma services. Look for the launch of our Pharma Services Report in tomorrow's newsletter. |
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For top investors, AI and machine learning still reign
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AI and machine learning are dominating dealmaking at some of the world's most successful VC firms, according to our Emerging Tech Indicator—and it isn't even close when compared to other verticals.
The indicator, which tracks investment activity at a subset of the world's biggest VC firms, found that AI and machine learning accounted for over a third of ETI deal value in Q1, totaling $1.2 billion of $3.2 billion. Meanwhile, crypto continues its resurgence, with a more than 50% jump in deal value quarter-over-quarter. |
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From seed to exit (or bankruptcy)
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How many rounds of VC financing does the average European startup raise?
If you said four, you were right. And despite some startups these days going on to Series G, H and even I rounds, the median European startup that had a €500-million-plus exit (about $537.9 million) only went as far as a Series C. That's one of the many findings on the startup lifecycle that are covered in our recent analyst note.
By collecting and evaluating more than a decade of historical data, the research gives new clarity to common patterns and nuances in Europe's venture dealmaking world. |
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Since yesterday, the PitchBook Platform added:
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11
VC valuations
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1755
People
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818
Companies
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25
Funds
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The Daily Benchmark:
2015 Vintage Non-US PE Funds
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Waabi, the Toronto-based developer of a generative AI system for use in truck driving, raised a $200 million Series B led by Uber and Khosla Ventures.
Marea Therapeutics, which is developing treatments for cardiometabolic diseases, raised $190 million over two rounds, a Series A led by Third Rock Ventures and a Series B led by Sofinnova Investments, Forbion, Perceptive Xontogeny Venture Fund and VenBio.
Talkiatry, a New York-based provider of accessible psychiatric care, raised a $130 million Series C led by Andreessen Horowitz.
Clip, a Mexico-based payments company, raised a $100 million Series D led by Morgan Stanley Tactical Value and an unnamed second investor.
Genspark, a startup using AI to develop a web search engine, raised a $60 million seed round led by Lanchi Ventures at a $260 million valuation, Reuters reported.
Finbourne closed a £55 million Series B led by Highland Europe and AVP for its investment data management platform.
Iambic Therapeutics, a San Diego-based biotech startup, raised a $50 million Series B extension led by Mubadala and Exor Ventures.
Decagon, a startup developing AI customer support chatbots, raised $35 million over two rounds, a seed led by Andreessen Horowitz and a Series A led by Accel.
CuspAI, a UK-based developer of an AI search engine for materials, raised $30 million in seed funding led by Hoxton Ventures.
Ramify completed an €11 million Series A led by 13books Capital and Fidelity International Strategic Ventures for its wealth management platform. |
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PitchBook webinar: Navigating the evolving credit landscape
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As the debt markets surge and conditions become increasingly favorable to borrowers and their sponsors, competition for leveraged buyouts between syndicated lenders and private credit grows more and more pronounced. Now, as interest rates remain high, borrowers are experiencing much more flexibility throughout the credit landscape.
Join our credit experts as we leverage our enhanced credit intelligence solutions—powered by LCD—to discuss what market participants can expect for the remainder of the year. Learn how to streamline your credit workflows with PitchBook.
Register now to secure your spot. |
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Infocom, a Tokyo-based company known for providing online manga, will be bought by Blackstone for 275 billion Japanese yen (about $1.7 billion) from Teijin, Bloomberg reported.
ST Telemedia Global Data Centres, a global data infrastructure provider across various countries in Asia, will receive a roughly $1.3 billion investment from KKR and Singtel for a minority stake.
Rift Valley Energy, a renewable energy company based in Tanzania and owned by Meridiam, will receive $15 million in debt from British International Investment. That amount could grow up to $25 million.
African Infrastructure Investment Managers, the owner of an African renewable energy business, is looking to sell a stake in the company, Bloomberg reported. BlackRock is a potential buyer, according to the report.
Air Distribution Technologies, which manages a variety of products and brands for building airflow, has been sold to Truelink Capital by NYSE-listed Johnson Controls. |
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An investor group led by Brookfield Asset Management has agreed to invest in GEMS Education, a Dubai-based education provider. The deal represents a partial exit for CVC Capital Partners, which led a consortium that acquired a 30% stake in the company in 2019.
Shell has agreed to acquire Pavilion Energy, a Singaporean liquefied LNG company, from state-backed investor Temasek.
Special purpose acquisition company Lionheart Holdings has been listed on Nasdaq after an IPO priced at $200 million.
Tamboran Resources, an Australian gas drilling company, has filed for a US IPO priced at $175.5 million.
Basis, a startup developing a financial platform for growth-stage companies, has been acquired by Digits, an automatic bookkeeping software company.
Karo Healthcare, a Swedish consumer health products developer, is the subject of talks for a sale by owner EQT at a value above €2 billion, Bloomberg reported. |
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Pritzker Private Capital, a Chicago-based PE firm co-founded by Illinois governor JB Pritzker, has launched a new buyout fund targeted at $3 billion.
PE firm Kinderhook Industries has raised $2.75 billion for its eighth capital fund.
Engine Ventures, a tech incubator that was created at MIT, raised $398 million for its third fund targeted at manufacturing, energy, materials, and more. |
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