PitchBook News - Revisiting our 2024 VC predictions

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The Daily Pitch: VC

June 24, 2024

Presented by Microsoft for Startups

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

Our analysts check back in on their 2024 US VC predictions

10 VC-backed "digital twins" startups that have captured the most capital from investors

How VC firms can create supportive spaces for LGBTQ+ investors

Along with popularity, middle-market funds are growing in size

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.

read it now

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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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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.

see the rankings

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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 »

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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PitchBook News - Revisiting our 2024 VC predictions

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