PitchBook News - Funding falls for women founders

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The Daily Pitch: VC

July 5, 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:

Funding for startups founded by women is down significantly compared to recent years

Carveouts are making a comeback, accounting for a significant share of middle-market buyouts in Q1

Our analysts size up the key players and investment opportunities in AI

Today's Top Stories

Venture deals for female founders fall to pre-2021 levels

Halfway through 2024, funding for startups founded by women is down sharply compared to recent years, our female founders dashboard shows.

Startups with at least one female founder garnered $15.4 billion across 1,487 deals through the first six months of 2024. This is the lowest amount of capital raised in H1 since 2020.

While the share of US VC capital going to female-only founded companies remains relatively stable, the share for startups with both male and female founders fell from 26% to 14.8% year-over-year, largely due to unusually large rounds from female-co founded OpenAI and Anthropic.

Notable deals so far this year include a $1 billion Series F for Scale AI, co-founded by Lucy Guo, and a $259 Series C for biopharmaceutical company Alumis, founded by June Lee.

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Carveout deals stage a comeback

(Piotrekswat/Getty Images)

Carveouts saw a significant spike in Q1, accounting for 15.5% of buyout deals in the middle market.

These transactions, which offer sellers flexibility and liquidity while providing PE buyers with acquisition opportunities, have proven to be a useful tool in the current market environment.

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Surveying ESG and impact investing practices

We've launched our revamped 2024 Sustainable Investment Survey to take a closer look at what investors are doing and why—including the current events influencing sustainable investing practices.

We would also like to hear what the term "ESG" means to private market participants and whether concessionary returns are implicit in impact investing. We invite you to share your firm's approach.

All who complete the roughly 10-minute survey will have the opportunity to enter a prize drawing, and for each completion, PitchBook will make a donation to World Central Kitchen.

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Since yesterday, the PitchBook Platform added:

6

VC valuations

2393

People

707

Companies

37

Funds

See what our data software can do

The Daily Benchmark:
2018 Vintage Global Funds-of-Funds

Median IRR

18.90%

Top Quartile IRR

21.19%

0.16x

Median DPI

Select top performers

Spectra Investments IV

Industry Ventures Partnership Holdings V

Calstrs Lower Middle Market Fund VI

*IRR: net of fees

40 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

RedStone, a Switzerland-based blockhain platform, has raised $15 million in a Series A led by Arrington Capital.

Natural Capital Research, a London startup that offers companies data analytics for ecosystems and biodiversity, has raised $10 million in Series A that includes Norinchukin Capital, Yeo Ventures, and Pelican.

Overseed, a French biotech startup that develops medicines derived from cannabis, has raised €6.7 million in a Series A that includes Blast.Club and UI Investissement

QED Protocol, a Hong Kong-based web3 startup, has raised $6 million in a round led by Blockchain Capital.

Dice, an AI-powered enterprise spend management platform based in India, has raised 420 million rupees (around $5 million) in a Series A led by Dallas Venture Capital.

CogniFiber, an Israeli company developing photonic computing technology for AI called DeepLight, has raised $5 million in a round led by Chartered Group and Eastern Epic Capital.

PE Deals

Ardian has invested €500 million in HR Path, a Paris-based HR consulting firm.

HIG Capital has agreed to acquire CGH Group, a Polish manufacturer of storage tanks and tank accessories.

Charme Capital Partners has invested Animalia, a company operating veterinary services in Italy.

PSG Equity has invested in Corilus, a provider of medical software solutions serving the primary care market in Belgium.

Exits & IPOs

Bregal Unternehmerkapital has acquired a majority stake in BSI Software, a German provider of software solutions for customer relationship management and customer experience, from Swiss firm Capvis.

Chart of the Day

Source: Despite AI hype, SaaS revenue growth is in a rut

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PitchBook News - Funding falls for women founders

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