10 climate-tech startups likely to go public

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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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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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The Daily Benchmark:
2021 Vintage Global Debt Funds

Median IRR

9.80%

Top Quartile IRR

13.00%

0.18x

Median DPI

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Star Asia Japan Special Situations V

GoldenTree Distressed Fund IV

BDCM Opportunity Fund V

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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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