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The Daily Pitch: VC

July 4, 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 analysts chart healthcare dealmaking in the Asia-Pacific region

Our updated list of the 10 most active VC investors in the gaming sector since 2019

Pharma services has emerged as the hottest area in healthcare for PE investment

Today's Top Stories

The top 10 most active gaming VC investors

(Drew Sanders/PitchBook News)

VC investors continue to play in the gaming space.

Several high-profile firms from Andreessen Horowitz to Bitkraft Ventures have launched blockbuster gaming funds this year, lured by opportunities in augmented and virtual reality as well as a renewed interest in Web3 gaming.

These are the top 10 most active VC investors in the gaming sector since 2019.

see the list

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China leads in Asia-Pacific biopharma dealmaking

With VC deals down across the US and Europe, it's no surprise that the Asia-Pacific region has also fallen well below 2021's highs. Healthcare VC deal value in the region has remained consistent, at $2.6 billion in the first quarter—with companies in the sector attracting 16.4% of VC investment, according to our latest analyst note on the APAC market.

PE dealmaking continues to be highlighted by firms such as MBK Partners, Blackstone and The Carlyle Group finding opportunities in the region. China has become a top target for healthcare investors as companies capitalize on opportunities for more affordable medicine.

read it now

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Q&A: As Nvidia soars, NVentures' Sid Siddeek takes the long view

Sid Siddeek (Courtesy of NVentures)

Nvidia is one of the biggest winner of the AI frenzy, as its GPUs become Silicon Valley's hottest commodity.

But for the head of NVentures, the company's venture investing arm, it's business as usual.

Sid Siddeek sat down with PitchBook on the day Nvidia reached its latest milestone to speak about the firm's strategy, managing ballooning deal flow, and how the NVentures team approaches AI investments.

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Since yesterday, the PitchBook Platform added:

15

VC valuations

2858

People

885

Companies

49

Funds

See what our data software can do

The Daily Benchmark:
2019 Vintage Global VC Funds

Median IRR

14.70%

Top Quartile IRR

25.23%

0.0x

Median DPI

Select top performers

USV 2019

Origin Ventures IV Opportunity

3one4 Capital Contiumm I

*IRR: net of fees

78 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Runway, a startup using AI to generate images and videos, is seeking a $450 million round led by General Atlantic, which would value the company at around $4 billion, The Information reported.

Magic, which is developing AI that can write software, could raise $200 million at a $1.5 billion valuation from investors including Jane Street, Reuters reported.

Beacon Therapeutics, which is developing treatments for diseases that cause blindness, raised a $170 million Series B led by Forbion.

Citibox, a smart mailbox startup based in Spain, raised €80 million in debt funding in a round led by Growth Credit Partners and CoVenture.

Cartken, a startup developing self-driving delivery robots, raised $10 million in a round led by 468 Capital, TechCrunch reported. The company has raised $22.5 million in total.

Kvantify, a Copenhagen-based quantum software specialist, closed a €10 million round led by Danish VC Dreamcraft, Lundbeckfonden BioCapital and 2degrees.

SendBlocks, an Israeli startup specializing in blockchain data management, secured $8.2 million in a seed round led by Castle Island Ventures

Redactive AI, which helps businesses adopt generative AI, raised $7.5 million in a seed round led by Blackbird Ventures and Felicis.

Granza Bio, an biotech company that has developed a novel approach to immunotherapy delivery, raised $7.14 million in a seed round led by Felicis and Refactor Capital, TechCrunch reported.

Tree.ly, an Austrian carbon offset specialist, raised €5 million in a seed round led by PortfoLion Capital Partners.

PE Deals

Keywords, a public company providing services to video game developers, has agreed to be acquired by PE firm EQT in a deal that values the company at about £2.1 billion.

Frontier Communications, a Nasdaq-listed fiber-optic network provider, is in talks to receive a capital injection of between $500 million and $1 billion from Stonepeak in a joint venture, Bloomberg reported.

UK-based Main Capital Partners has invested in German financial management software provider Windata.

European investor PHI Industrial has completed its exit from Insulation Technology, a manufacturer of porcelain insulators for the global utility industry, to The Jordan Company.

AnaCap is in exclusive talks to acquire Paris-based insurance software provider Cleva from Inetum Group.

KiddeFenwal, a company specializing in fire suppression systems, has been acquired by Pacific Avenue Capital Partners.

Exits & IPOs

Movie and TV production studio Skydance Media has re-engaged with Paramount regarding a merger deal after initial talks failed in June, Bloomberg reported.

Black Entertainment Television, a television network owned by Paramount, may be sold to Chinh Chu and BET's CEO Scott Mills, again re-igniting previous talks, Bloomberg reported.

Pluralsight, which offers an educational platform for IT workers, may be sold by Vista Equity Partners to creditors. Vista acquired the company for $3.9 billion in 2021.

Graphite Capital is looking to sell its 51% stake in Hawksmoor in a deal that could value the UK restaurant chain at £100 million, the Financial Times reported.

PSG Equity has exited OpusCapita, a Helsinki-based e-invoicing and procurement specialist, to GEP, an AI-powered procurement and supply chain solutions company.

BitOasis, a Middle East-based cryptocurrency platform provider, has been acquired by fellow crypto exchange CoinDCX, based in India.

Noetic Cyber, a developer of a cloud-based cybersecurity platform, has been acquired by Nasdaq-listed Rapid7.

Fundraising

Iron Path Capital closed its latest fund on $273 million. The Nashville-based firm invests in the healthcare and industrial sectors.

Danish green-tech growth investor Nordic Alpha Partners raised €266 million for its second fund, exceeding its target. The new vehicle is more than double the size of its predecessor.

Forestay, a London-based VC firm, closed its second fund on $220 million. The vehicle will target enterprise AI and SaaS startups.

Chart of the Day

Source: Q1 2024 US Public PE and GP Deal Roundup

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PitchBook News - Ranking gaming's most active VCs

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