PitchBook News - Revisiting our 2024 VC predictions

Q&A: Supporting LGBTQ+ investors in VC; 10 'digital twins' startups are models for funding; VC serves up foodtech solutions
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The Daily Pitch: VC
June 24, 2024
Presented by Microsoft for Startups
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In today's Daily Pitch, you'll find:
 
Today's Top Stories  
VC muddled with persistent headwinds
VCs and founders went into 2024 hoping for the best but preparing for the worst—and got something in between. Much-anticipated tech IPOs like those of Stripe and Databricks are still works in progress, and as AI has occupied investors' attention, founders in other sectors search for capital, according to our 2024 US Venture Capital Outlook: Midyear Update.

Our analyst outlooks at the end of 2023 noted a likely increasing share of insider-led rounds as well as a decline in active US unicorns and their aggregate post-money valuation. As many investors wonder how long the VC headwinds will last, our analysts adjust those outlooks to the current environment and set a course for the quarters ahead.
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Q&A: How to make VC more inclusive for LGBTQ+ investors
(Artem Vorobiev/Getty Images)
The VC industry is becoming more inclusive for LGBTQ+ investors, but it still has a long way to go.

We spoke to Inovia Capital principal Michael McGraw about the progress VC has made and how it can go further.
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A message from Microsoft for Startups  
Founders & investors go niche and earlier in AI
Venture investment in AI continues to remain resilient amid market volatility. Worldwide, close to 1,800 transactions have closed thus far in 2024 for an aggregate of $21.1 billion. This frenetic level of competition has prompted founders and investors to move upstream in the AI ecosystem, as detailed in Microsoft for Startups' latest report: AI in the Early-Stage Venture Ecosystem. The report maps out key trends defining early-stage dealmaking against macro context, including:
  • What financing metrics at the early stage reveal for valuations and deal sizes
  • Where business opportunities lie in budding regulations and increasingly costly technical hurdles
  • The role of corporate and nontraditional players for deals and partnerships
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These 'digital twins' startups are pulling in the most funding
(Imaginima/Getty Images)
Dating back to the 1960s when NASA first sent astronauts into space, "digital twins" have been used to create virtual replicas of real-world assets through sensor data and analytics. Today, the technology is used to simulate factory production lines, stress-test infrastructure, simulate medical treatments and more.

Those applications have proliferated in recent years as investors pumped millions into the space. We looked at the 10 VC-backed digital twins startups that have raised the most capital from investors.
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VC serves up foodtech solutions
VC dealmaking in the foodtech industry has remained relatively static—with just over $2 billion invested across 246 deals in the first quarter, according to our recent Emerging Tech Research.

While global challenges linger, opportunities have sprouted in the sector. Analyst Alex Frederick highlights how foodtech startups are creating solutions to supply chain disruptions and other challenges in the cocoa crisis.
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Mid-market buyout funds thrive against the odds
(Nora Carol Photography/Getty Images)
Fundraising for the middle market has remained strong even as investors are pickier about where to allocate their cash. PitchBook data shows 90% of the middle-market funds that closed in Q1 were larger than firms' previous pools.
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Ranking the most active lenders in PE
Ten lenders took part in at least 60 deals each for US PE-backed companies in the first quarter, with the most active six tallying at least 70 apiece.

Which firms made the leaderboard? See our Q1 2024 PE Lending League Tables, sponsored by TPG Twin Brook Capital Partners. The interactive tables can be sorted by geography, deal type, sector and more.
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Since yesterday, the PitchBook Platform added:
73
People
23
Companies
2
Funds
See what our data software can do
 
The Daily Benchmark:
2014 Vintage Global VC Funds
Median IRR
16.45%
Top Quartile IRR
23.95%
1.18x
Median DPI
Select top performers
Earlybird Digital East Fund I
True Ventures IV
4BIO Ventures I
*IRR: net of fees
62 Funds in Benchmark Â»
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Zepto, a Mumbai-based grocery delivery startup, has raised $665 million at a $3.6 billion valuation. Glade Brook Capital, Nexus Venture Partners and StepStone Group led the Series F.

Rockset, a search and analytics database startup, has been acquired by OpenAI. Rockset was last valued at $86 million, Bloomberg reported.

InsuranceDekho, an Indian insurance platform, is in talks to raise as much as $150 million, Mint reported.

Isar Aerospace, a Munich-based launch service provider for small and medium-sized satellites, has raised over €65 million from investors including NATO Innovation Fund.

Molten Industries, a startup converting natural gas into hydrogen, raised a $25 million Series A led by Breakthrough Energy Ventures.

Kinetic, a startup that services EVs and AVs digitally, raised a $21 million Series B led by Menlo Ventures.

Nebul, an Amsterdam-based provider of sovereign-hybrid cloud solutions, has secured €20 million from BeStacking.

Gynger, a startup that provides custom financing to businesses purchasing technology, raised a $20 million Series A led by PayPal Ventures, TechCrunch reported.

Speak, a startup developing a language-learning app that focuses on speech, raised a $20 million Series B extension from investors including the OpenAI Startup Fund, Khosla Ventures, and others.

Verituity, a Virginia-based startup developing a digital payment platform, raised an $18.8 million round led by Sandbox Industries and Forgepoint Capital.
 
Don't miss our upcoming webinar
What are the benefits of a larger, more diverse, venture portfolio compared to a more concentrated focus? Our live discussion with professionals from Screendoor and Pioneer Fund will explore strategies around seed-stage portfolio construction.

Register now to secure your spot.
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PE Deals  
Superstruct, a London-based entertainment and live events company, will be acquired by KKR from Providence Equity Partners. The deal values the business at about €1.3 billion, the Financial Times reported.

Antin Infrastructure Partners has agreed to take a majority stake in hydrogen equipment specialist GTL Leasing. Antin will invest about $100 million, The Wall Street Journal reported.

One Equity Partners completed a minority investment in Italian manufacturer Gruppo Siti B&T.

Charterhouse Capital Partners has invested in Skin Tech Pharma Group, a Spanish medical aesthetics specialist.
 
Portfolio Companies  
Revolut, a London-based challenger bank backed by investors including SoftBank, is looking to sell around $500 million of existing shares at a valuation of over $40 billion, The Financial Times reported.

Generative AI startup Stability AI has received a cash infusion from Sean Parker in hopes of saving the business, as well as a new CEO, Prem Akkaraju, The Information reported.
 
Exits & IPOs  
Cerebras, an AI chip developer aiming to compete with Nvidia, has filed confidentially for an IPO, The Information reported.

Tock, which offers reservation and table management services to restaurants, will be acquired by American Express for $400 million from Squarespace.

Special situations investor Njord Partners has agreed to sell Solidal, a Portuguese manufacturer of power cables, to power cable company NKT.

Payments company Pine Labs could raise around $1 billion in an IPO in India, Bloomberg reported.
 
Fundraising  
A*, a San Francisco-based VC firm, raised $315 million for its latest fund, TechCrunch reported. A* mostly invests in seed and Series A rounds for tech startups.

Global asset management firm Sagard has launched a new private credit investment fund.
 
Chart of the Day  
Source: Q1 2024 Global Private Market Fundraising Report
 
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