PitchBook News - Don't call it a comeback for VC—yet

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The Daily Pitch: VC

July 3, 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:

Get a peek at the data from our upcoming PitchBook-NVCA Venture Monitor

Take a first look at the data from our upcoming US and European PE Breakdown reports

The chances of UK challenger bank Revolut pursuing a listing in London appear slim

Today's Top Stories

Don't call it a comeback for VC yet

Two years into the market slowdown, VC dealmaking has remained surprisingly resilient. Deal counts have risen for three consecutive quarters, according to PitchBook estimates, and median valuation figures have risen too. On their own, these trends point to a return of market strength, but alongside the poor exit environment, it could be that even strong companies are finally being pushed to raise more capital.

There's still plenty of time left in 2024 for GPs to see a reversal of their fortunes. Check out our mid-year review of the VC industry with our First Look data packs for the Q2 2024 PitchBook-NVCA Venture Monitor, Q2 2024 European Venture Report and Global Venture Capital dataset.

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PE exits mount a recovery

Total take-private deal value in North America and Europe topped $61 billion in Q2, a fourfold increase over the prior quarter. The period included Silver Lake's acquisition of Endeavor, the largest take-private in 10 years at $25 billion in enterprise value.

Exit value in the US has tracked solidly, as many firms have secured deals through partial exits, continuation funds and rolling minority stakes. Our Q2 2024 Global PE First Look data packs precede the release of our quarterly US and European PE Breakdown reports, covering trends for dealmaking, exits and fundraising.

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How VC can make healthcare more accessible

Improved search platforms and AI chatbots are among the ways startups are helping patients access healthcare, according to our recent Emerging Tech Research.

Digital health startups are addressing mental health with generative AI chatbots, which show increased potential in public health. Better care search platforms connect patients and providers, with fewer barriers—as easy as booking a hotel on a website.

Across the digital health sector, VC investment remained stable in the first quarter. There were 77 deals totaling $1.1 billion, on par with recent quarters but still down from the telehealth funding boom during the pandemic.

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UK's Revolut teases IPO plans, but will it pick London?

(NurPhoto/Getty Images)

After reporting record pretax profits of roughly $555 million, UK challenger bank Revolut hinted that it is laying the groundwork for an IPO.

If the company secures the $40 billion valuation it's seeking in its latest share sale, it would be one of the largest European tech listing—though chances of it going public in its home market look slim.

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Since yesterday, the PitchBook Platform added:

21

VC valuations

2107

People

716

Companies

44

Funds

See what our data software can do

The Daily Benchmark:
2014 Vintage European Real Estate Funds

Median IRR

7.23%

Top Quartile IRR

12.67%

0.9x

Median DPI

Select top performers

Activum SG Real Estate Fund III

Moorfield Real Estate Fund III

CASA Partners VI

*IRR: net of fees

13 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

LiveOak Fiber, a fiber broadband company that provides services across the US Southeast, raised $250 million in funds underwritten by JP Morgan.

Sentient Labs raised an $85 million seed round led by Pantera Capital and Framework Ventures. Based in Singapore, the company operates a platform enforced by blockchain protocol that allows developers to work on emerging AI tech

Prodia, the Atlanta-based provider of a distributed GPU network for AI image generation, raised a $15 million seed round led by Dragonfly Capital.

Phaidra, a startup developing energy-efficient technology for AI data center infrastructure, raised a $12 million round led by Index Ventures.

Finland's eAgronom, an agriculture-focused climate-tech company, secured €10 million in its Series A2 led by Swedbank.

PE Deals

Nasdaq-listed Everbridge, which helps businesses coordinate emergency responses, was acquired by Thoma Bravo for about $1.8 billion.

Germany's F24, a developer of crisis management software for businesses, will be acquired by Altor.

Qloo received a $20 million growth investment from Bluestone Equity Partners. The company is developing AI that can predict consumer lifestyle preferences.

EQT is close to buying a stake in German bus and train operator Flix in a deal that values the business at €3 billion.

Paris-based Ardian is in exclusive talks to acquire Diam, a specialist in shopfitting and store design for beauty and luxury brands, alongside BNP Paribas Développement.

Ascendent Capital Partners secured Chinese approval to acquire Hollysys Automation Technologies, a US-listed industrial company based in Beijing, in a $1.66 billion deal.

Omnissa, which offers a digital work platform for corporations, was acquired by KKR.

Main Capital Partners acquired RiskConcile, a Belgian provider of regulatory and risk software for the financial services industry backed by MaasInvest.

Alinamin Pharmaceutical, a Japan-based pharmaceutical company, will be sold by Blackstone to MBK Partners for about 350 billion yen (about $2.2 billion), Reuters reported.

Extens has sold Must, a French provider of home healthcare software, to Orisha, a TA Associates portfolio company.

Exits & IPOs

The Boston Celtics will be put up for sale by owner Boston Basketball Partners just after winning the NBA championship title.

Pluto, which offers an automated stock and crypto trading platform, was acquired by Nasdaq-listed Robinhood.

Compose Coffee, a popular South Korean coffee chain, will be acquired by Jollibee, a restaurant operator based in the Philippines.

Genesis Digital Assets, a cryptocurrency mining company, is considering a US IPO, Bloomberg reported.

Tait is considering a sale that could value it at around $1.3 billion, Bloomberg reported. The company manufactures lighting and stage components for the entertainment industry.

Motorola Solutions acquired Noggin, an Australian VC-backed provider of software for business continuity planning and critical event management.

Fundraising

Industry Ventures has raised a $900 million fund that will target early-stage startups and emerging managers.

Two Roads Partners, a New York-based PE firm, closed its Fund I on $400 million.

The Westly Group has closed its latest seed fund on $100 million. The fund will target startups transforming industries with climate tech.

Spanish VC Seaya Ventures closed its climate-tech fund, Seaya Andromeda, on €300 million.

Chart of the Day

Source: Q1 2024 US PE Middle Market Report

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PitchBook News - Don't call it a comeback for VC—yet

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