PitchBook News - AI helps boost European VC

Enterprise SaaS stocks even out; public mobility tech loses speed; Aven bags $142M for credit cards
Read online | Don't want to receive these emails? Manage your subscription.
PitchBook
Log in
The Daily Pitch: VC
July 18, 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:
 
Today's Top Stories  
AI helps boost European VC in Q2
European VC dealmaking ticked upward in the second quarter amid a recovery in valuations. AI deals saw notable growth, doubling in total value from Q1 to €4.2 billion, according to our Q2 2024 European Venture Report, sponsored by J.P. Morgan. In all, AI companies pulled in €6.3 billion in H1, making it the most-active sector after SaaS.

While there were some bright spots in the IPO market—including the listing of Dutch robotics company RanMarine Technology and Swedish fintech specialist GreenMerc—the exit market remains mixed. So far this year, acquisitions have accounted for 85.6% of VC-backed exit value.

Fundraising in H1 totaled €9.4 billion, with the France and Benelux region accounting for the largest share of capital raised, displacing the UK and Ireland for the first time since 2018.
read the report
 
Share: Email LinkedIn Twitter Facebook
Carlyle, KKR team up for $10B student loan acquisition
(Pla2na/Getty Images)
The Carlyle Group and KKR have agreed to join forces to acquire a roughly $10 billion portfolio of prime student loans from Discover, a prominent example of PE firms' eagerness to expand their presence in the asset-based finance space.
read more
 
Share: Email LinkedIn Twitter Facebook
 
Weak revenue growth for enterprise SaaS stocks eases slightly
While revenue growth for public enterprise SaaS companies maintained its downward trajectory in Q2, the angle has flattened out somewhat. Looking ahead, the sectors expected to fare worst are analytics, HR and collaboration. IPOs hit a low in Q2, dampening progress seen in recent quarters.

On the positive side, all sectors had a small percentage of breakaway stars with revenue multiple increases across recent quarters: Wix, Informatica, SAP, Elastic and AvidXchange led the way.

Our Q2 2024 Enterprise SaaS Public Comp Sheet and Valuation Guide tracks stock performance, valuations and market caps for key publicly traded companies.
see the data
Share: Email LinkedIn Twitter Facebook
In the sky and on the ground, mobility stocks lose speed
Large-cap tech companies continued to outperform within public mobility tech in Q2, but the sector's performance was generally mixed. Even Tesla's share prices leapt despite sales decreasing for the second quarter in a row.

Boeing, Airbus and their peers lost altitude for a Q2 air mobility decline of 5%. Lockheed Martin's performance lifted slightly, driven by a stronger outlook for defense spending. Our Q2 2024 Mobility Tech Public Comp Sheet and Valuation Guide tracks stock performance, valuations and market caps for key publicly traded companies.
see the data
 
Share: Email LinkedIn Twitter Facebook
CCMP secures $500M for latest PE fund as middle-market fundraising shines
(Pascal Preti/Getty Images)
CCMP Growth Advisors has raised over $500 million for CCMP Capital Investors IV, which invests in high-growth middle-market companies in North America in the consumer and industrial sectors.

New York-based CCMP Growth, which was formed in 2022 as the successor to CCMP Capital Advisors, rides the wave of success for middle-market fundraising, which accounted for 52.1% of all capital raised in the first half of the year.
read more
Share: Email LinkedIn Twitter Facebook
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.
take the survey
Share: Email LinkedIn Twitter Facebook
 
Since yesterday, the PitchBook Platform added:
8
VC valuations
2282
People
745
Companies
34
Funds
See what our data software can do
 
The Daily Benchmark:
2021 Vintage Global Real Estate Funds
Median IRR
12.15%
Top Quartile IRR
19.27%
0.38x
Median DPI
Select top performers
Star Asia Urban Residential
CapRock Logistics Development Venture
Grandview I
*IRR: net of fees
85 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
People  
Jeffrey Perlman has been named CEO of PE firm Warburg Pincus, succeeding Chip Kaye. Perlman has held the positions of president and head of Southeast Asia and Asia-Pacific real estate at the firm.
 
VC Deals  
Aven, which provides credit cards using home equity, raised a $142 million Series D led by Khosla Ventures and General Catalyst.

NGM Biopharmaceuticals received a $122 million Series A led by The Column Group, which initially took NGM private in February.

Kandji, a company developing a management and security platform for Apple devices, raised $100 million from General Catalyst. Kandji is now valued at $850 million after its Series D.

Again, a Copenhagen-based carbon capture startup, has raised a €39.4 million Series A co-led by GV and HV Capital

Xapien, a London-based AI due diligence provider, has received an £8 million Series A led by YFM Equity Partners.

CultureAI, a Manchester-based human risk management specialist, has raised a €9.1 million Series A led by Mercia Ventures and Smedvig Ventures.

VARM, an insulation startup based in Germany, has secured €5.7 million in seed funding led by Emerge and Pale Blue Dot.
 
PitchBook webinar: The Allocator's Atlas
The Allocator's Atlas is a specialized webinar series designed for LPs, where you'll gain valuable insights and expert perspectives to effectively navigate your investment strategies and portfolio management.

PitchBook analysts Zane Carmean and Hilary Wiek will provide private market insights based on PitchBook research as well as fundraising, cash flow, and fund performance data important to LP workflows. This webinar will also feature Brian Hoehn of ILPA, who will discuss SEC private fund development rules and ILPA's advocacy on behalf of LPs for best practices, including in areas such as NAV loans and continuation vehicles.

Register now to secure your spot.
Share: Email LinkedIn Twitter Facebook
 
PE Deals  
CVC Capital Partners has made a bid to buy listed Polish software company Comarch, Bloomberg reported. The deal could value the business at 2.57 billion Polish zloty (about $654 million).

Waterland Private Equity invested in Beyond Law Group, which offers corporate and consumer legal services.

Mayfair Equity Partners has acquired VG, a provider of private wealth, corporate and fund administration services.

Tekion, a company developing cloud-built technology for automotive retailers, secured $200 million in financing from Dragoneer Investment Group. Tekion is now valued at over $4 billion.

Matera, a Brazil-based company developing financial software, received a $100 million growth investment from Warburg Pincus.

National Arbitration and Mediation, a company providing dispute resolution services as an alternative to a traditional courtroom process, received a growth investment from Thompson Street Capital Partners.

Ellit Groups, an IT consulting firm in the healthcare industry, has formed a strategic partnership with PE firm Lumerity Capital, a new investor.

Imker Capital led an acquisition of the subsidiaries of Dutch IT services group Centric Holding.

Chappal Energies, a Mauritius-based investment firm, has bought a minority share worth $860 million in the Shell Petroleum Development Company of Nigeria from TotalEnergies.
 
Fundraising  
Italian investor Nextalia has closed Nextalia Ventures on its €150 million hard cap six months after launch. The fund focuses on technology companies in Europe and the US.

13books Capital, a UK-based firm focused on late seed and Series A investments, has reached a £121 million close on its fintech fund.

Menlo Ventures has partnered with AI research specialist Anthropic for a $100 million VC fund targeted at AI companies.
 
Investors  
Credit-focused Oak Hill Advisors has partnered with New York-based asset manager One Investment Management to invest up to $5 billion in European private credit.
 
Corporate M&A  
EssilorLuxottica, a French eyewear manufacturer, has agreed to acquire clothing brand Supreme from VF Corporation for $1.5 billion in cash. The deal is EssilorLuxottica's first pivot from the eyewear and lenses industry.
 
Chart of the Day  
Source: Q2 2024 PitchBook-NVCA Venture Monitor
 
About PitchBook | Terms of use | Advertise with us | Contact
Follow us: in twtr fb

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

PitchBook Data Inc., 901 Fifth Avenue, Suite 1200, Seattle WA 98164, United States

© 2024 PitchBook. Win what's next. All rights reserved.

Older messages

Biotech stocks drive hybrid VC funds

Wednesday, July 17, 2024

Fundraising for climate tech swings up; public medtech buyouts may inspire startup M&A; has VC's investor-friendly environment peaked? Read online | Don't want to receive these emails?

VC's $1.2 trillion problem

Tuesday, July 16, 2024

Semiconductor stocks lead AI, machine learning; how digital health, healthcare IT stocks influence private peers; 44.01 bags $37M Read online | Don't want to receive these emails? Manage your

Feast, famine for public healthcare services

Monday, July 15, 2024

Thomas Tull's USIT leads Halo's $80M Series B; IPO enthusiasm boosts fintech's secondary valuations; PE redirects capital toward pharma services Read online | Don't want to receive

Will VC recovery bring staffing recovery?

Sunday, July 14, 2024

Plus: VC's muddled reality, PE's slice of healthcare & more Read online | Don't want to receive these emails? Manage your subscription. Log in The Weekend Pitch July 14, 2024 Presented

AI is a bandage, not VC's cure

Saturday, July 13, 2024

Also: The Fed may be on hold, but PE got its rate cuts in H1; VC ranks low in 2023 private capital fund performance; Check out our new comp sheets... Read online | Don't want to receive these

You Might Also Like

🔍 Hostage Tape's Post Purchase Flow

Wednesday, October 9, 2024

October 08, 2024 | Read Online All Case Studies 🔍 Learn About Sponsorships I'm sure you've seen Hostage Tape. They've blown up in the last few years to a $40M run rate. First, their funnel

🤖 Help AI tools help you

Tuesday, October 8, 2024

Humanizing AI content is key for finding customers and making sales. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

[1 HOUR🔔] Amazon webinar you can’t afford to miss!

Tuesday, October 8, 2024

Don't miss out—1hr until your business future changes View in browser ClickBank In just ONE HOUR FROM NOW, you're going to see a proven method that will allow you to use Amazon as your personal

Dan Gallagher Tipped as Top Choice for SEC Chair Under Trump

Tuesday, October 8, 2024

Plus The Microstrategy Divergence MSTR Surges While Markets Dip ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Bitcoin ETF Options Could Send Bitcoin Much Higher

Tuesday, October 8, 2024

Today's letter is brought to you by The Art of Reading! ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Why all brands need an executive social media presence

Tuesday, October 8, 2024

Key benefits and examples to inspire your strategy ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

ET: October 8th 2024

Tuesday, October 8, 2024

Exploding Topics Logo Presented by: Exploding Topics Pro Logo Here's this week's list of rapidly trending topics, insights and analysis. Topic #1 Vitamin C Scrub Chart Vitamin C scrubs are

Giveaway: Win Our Best-selling Course + Last Week’s Winner Announcement!

Tuesday, October 8, 2024

Hey Reader, We're back with another chance to win our "Find a Profitable Product to Sell on Amazon" course this week! 🎉 This Week's Featured Video What It's Really Like to Work at

Ditch your subscription

Tuesday, October 8, 2024

I killed 3 startups because of recurring payments ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Your invite: $1B Amazon formula

Tuesday, October 8, 2024

Your Amazon breakthrough starts TODAY View in browser ClickBank Hey, Today's the day! Dan & Dylan are pulling back the curtain on the “boring” Amazon strategy that's generated over $1