10 climate-tech startups likely to go public

Kleiner Perkins raises $2B+ across two funds; VC debt investments surge in Europe; revisiting our 2024 VC predictions
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The Daily Pitch: VC
July 1, 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:
  • Our list of 10 venture-backed climate-tech startups with a high likelihood of going public

  • Kleiner Perkins defies the VC slowdown with more than $2 billion raised across two vehicles

  • Why are some European startups turning to debt over equity?

  • Our analysts check back in on their 2024 US VC predictions
 
Today's Top Stories  
IPO Watchlist: 10 climate-tech startups likely to go public
(UCG/Universal Images Group/Getty Images)
Climate-tech startups are having a strong year supported by regulatory tailwinds, high energy prices and investment. Exits remain a tricky proposition in the sector, but there are plenty of startups with proven commercial viability and traction.

Here are 10 venture-backed climate companies with a high likelihood of going public, according to PitchBook's VC Exit Predictor.
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Kleiner Perkins raises over $2B as LPs stick with top-tier VCs
(Smith Collection/Gado/Getty Images)
Kleiner Perkins has raised $1.2 billion for its latest opportunity vehicle and $825 million for its 21st flagship fund, defying VC's slowdown.

The firm's opportunity fund is a particularly rare sight in today's fundraising market. These later-stage funds, which VCs use to make follow-on investments in existing, high-performing portfolio companies, were a particularly popular strategy during the 2021 boom era as growth-stage deals took off, but have since become less regular.
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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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Why some European startups are picking debt over equity
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Venture debt deal value is on track to reach new heights in Europe this year as a challenging equity market pushes startups toward alternatives.

Some €17.8 billion (about $19.1 billion) in venture debt has been invested so far this year. And at this pace, the annual total will likely surpass 2022's record levels.
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Out of the shadows: PE manages to sustain deal activity
Middle-market dealmaking continued to show year-over-year growth in Q1 despite plateauing from a burst of activity late last year, our US PE Middle Market Report shows. Factors including the recovery of deal multiples, improved borrowing costs and a continued focus on selling the best assets first have characterized the middle-market dealmaking so far.

While below their historical average, middle-market funds continue to outperform mega-funds, with a one-year horizon return of 12.7% compared to the latter's 7.6%.
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VC Deals  
Hebbia, an AI-powered document search startup, raised a nearly $100 million Series B led by Andreessen Horowitz. Hebbia is valued between $700 million and $800 million, TechCrunch reported.

ZeroEyes, which is developing video gun detection technology, raised a $53 million Series B led by Sorenson Capital.

Clay, a startup developing sales and marketing services using AI, raised $46 million at a $500 million valuation. The round was led by Meritech Capital Partners.

Supercede, a London-based reinsurance specialist, closed a $15 million Series A led by Alven.

Waypoint Bio, which is developing treatments for cancerous tumors, raised a $14.5 million seed round led by Hummingbird Ventures.

Libattion, a Zurich-based provider of battery-based energy storage systems, secured €14 million in a round led by A&G Energy Transition Tech Fund.

Feather, a Berlin-based insurtech startup, completed a €6 million Series A led by Keen Venture Partners.
 
PE Deals  
BlackRock has agreed to buy UK private markets data provider Preqin for £2.55 billion, marking the asset manager's first push into the financial data space.

Rohlik, a Czech grocery delivery company, has raised €160 million in a growth round led by The European Bank for Reconstruction and Development.

EQT is nearing a £2 billion deal to acquire Keywords Studios, a London-listed video game services specialist. EQT first approached the Dublin-based company with an offer in May.

Cinven has agreed to sell its majority stake in Partner in Pet Food, a European pet food manufacturer, to CVC Capital Partners.

EQT has sold Idealista, a Spanish real estate platform provider, to Cinven in a deal valuing the company at €2.9 billion.

Vantage Data Centers, a company that owns data center campuses in North America and the EMEA region, has received an investment from GiantLeap Capital.
 
Exits & IPOs  
Partners Group has acquired FairJourney Biologics, a company that helps drugmakers discover novel antibody treatments. The deal—which values the business at €900 million—represents an exit for GHO Capital, which retains a minority stake.

Softonic, a Spanish app and tech news provider, has acquired Appvizer, a VC-backed media outlet focused on enterprise software.

Hg is considering an exit, or partial exit, from French software company Septeo, Bloomberg reported. A sale could value the business up to €4 billion.

Salt Lab, the developer an employee rewards platform, has been acquired by Chime.

XCL Resources, a Utah-based oil and gas producer, is in talks to be acquired by NYSE-listed SM Energy for about $3 billion, Bloomberg reported.
 
Fundraising  
Crosspoint Capital Partners has launched a new fund targeting over $380 million, according to SEC filings.

Capstar Ventures has launched its second VC fund targeting $60 million, according to SEC filings.
 
Corporate M&A  
Infinera, a formerly VC-backed networking and communications provider now listed on the Nasdaq, agreed to be acquired by Nokia. The deal values Infinera at $2.3 billion.
 
Chart of the Day  
Source: H1 2024 VC Tech Survey
 
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