PitchBook News - Cross-border payments at a crossroads

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The Daily Pitch: VC

July 30, 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:

European startups have captured most of the VC funding flowing to cross-border payment specialists in 2024

Altana reaches a $1 billion valuation as the latest company in Thomas Tull's AI portfolio

Scooter-maker Ola Electric prepares for an IPO as India's exit boom stays strong

Our Q2 2024 European PE Breakdown sizes up a rebounding market

Today's Top Stories

Cross-border payments at a crossroads

About 2% of total fintech VC funding has gone to the cross-border payments industry this year. But widespread innovation in bank technology, payment infrastructure and generative AI could propel startups toward further growth.

So far in 2024, 26 cross-border payment specialists have raised over $318 million, and more than half of this funding has gone to European companies, according to our latest Emerging Tech Research. Consumer fintech and B2B startups are driving the sector, but established fintech companies, banks and payment schemes also play a big role.

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Altana, Thomas Tull's latest AI bet, hits unicorn status

Thomas Tull (Tiffany Rose/Getty Images)

Altana, a New York-based startup specializing in AI for supply chain management, has raised a $200 million Series C and reached a $1 billion valuation. It's the latest company to join the growing portfolio of Thomas Tull's US Innovative Technology Fund.

The firm has been making big moves in the AI space, investing more than $100 million into almost every round it's joined.

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Checking in on our 2024 predictions for US PE

PE managers came into 2024 anticipating as many as six interest rate cuts from the Federal Reserve. Although this didn't materialize, they've found relief through lower spreads being charged above those base rates due to increasing competition within the private credit sector, and the revival of the syndicated loan market.

Another surprise was the bustle of fundraising activity—with H1 seeing $155 billion in capital committed, maintaining the near-record pace set last year. In our midyear update to the 2024 US Private Equity Outlook, our analysts review their forecasts for the year, from continuation funds hitting "critical mass" to PE-backed company holding periods reaching new records.

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European PE shows signs of recovery in Q2

Our Q2 2024 European PE Breakdown reveals a market that is on the rebound. In the second quarter, total deal value rose more than 27% from Q1, as rallying markets and monetary easing by the European Central Bank helped buoy investor confidence.

Liquidity also improved in the region, with exit values surging over 90% from the first quarter—driven by 23 mega-exits, including 10 IPOs. Fundraising for the first half of 2024 has put Europe on course for another record year, with mega-funds such as Partners Group's €14.2 billion Direct Equity V accounting for a significant share of value.

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Since yesterday, the PitchBook Platform added:

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913

Companies

36

Funds

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The Daily Benchmark:
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0.81x

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Ares Special Opportunities Fund

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VC Deals

Osapiens, a German ESG platform provider, raised a $120 million Series B led by Goldman Sachs Asset Management.

Spear Bio, a biotech startup developing technology to measure protein molecules in diagnostic self-tests, raised a $45 million Series A led by Foresite Capital and Bio-Techne.

Oats Overnight, a startup creating oatmeal products, secured a $35 million Series B led by Enlightened Hospitality Investments.

Unspun, a startup developing 3D fabric-weaving machines with a goal of decreasing clothing overproduction, raised a $32 million Series B led by DCVC.

Simple Energy, an Indian electric scooter maker, has completed a $20 million Series A.

Aveni, a Scotland-based company developing an AI-powered financial platform, raised an £11 million round led by Puma Private Equity.

Rillet, a New York-based accounting platform provider, has secured $13.5 million in a round led by First Round Capital and Creandum.

Tset, a Vienna-based cost and carbon management startup, has secured a €12.7 million Series A from investors including Brose Group, Carbon Removal Partners and Ingenics.

Female Invest, a London-based company offering a finance app for women, has raised an $11.2 million Series A led by Educapital and Rubio Impact Ventures.

Don't miss our upcoming webinar

The US VC ecosystem continues to experience downward pressure when it comes to dealmaking momentum and exit activity. Low exit count is at the core of lingering liquidity constraints, with just 35 public listings so far in 2024.

Join PitchBook analysts and experts from our sponsors JP Morgan, Dentons, Deloitte, and Juniper Square on August 1 for a live discussion of our Venture Monitor created in partnership with the National Venture Capital Association.

Register now to secure your spot.

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PE Deals

Enstar, a Nasdaq-listed global insurance group, has been acquired by Sixth Street in a $5.1 billion take-private deal that includes participation from Liberty Strategic Capital and JC Flowers.

Canopius, a specialty and property insurance company, may be sold by Centerbridge Partners, or file for an IPO that could value the company at around £3 billion, Bloomberg reported.

Olympus is near a deal to exit its stake in Soliant, a US healthcare and school staffing company, to Vistria Group for $2 billion, the Financial Times reported.

SePRO, a company developing sustainable chemicals for the agriculture industry, has been acquired by Stanley Capital Partners from Excellere Partners.

Trio Mobil, a developer of industrial workplace safety software, raised $26.5 million in growth financing in a round led by NewSpring Capital.

ArcLight Capital Partners has launched a new investment vehicle, SkyVest Renewables, with $500 million targeted at solar and wind farms.

American Restoration, a Texas-based company providing restorative services for damaged buildings, has been acquired by Morgan Stanley Capital Partners.

Exits & IPOs

Spanish firm GED Capital exited its stake in Spanish hospitality equipment Araven to CFS Brands.

Inflexion agreed to sell its stake in David Roberts & Partners Group, a UK insurance broker, to BMS Group.

WeRide, a startup based in China developing autonomous taxis, buses, street cleaners and more, has filed for a US IPO.

Ironshore Therapeutics, a company developing medication for ADHD, has been acquired by Nasdaq-listed Collegium Pharmaceutical.

PitchBook Tech Talks webinar

Join PitchBook senior analyst Aaron DeGagne for an in-depth discussion with founders and investors in the emerging food-as-medicine space. This conversation will provide an overview of the food-as-medicine landscape and touch on the sector's momentum driven by an expanding roster of high-quality startups, growing body of supporting research, and support from government and nonprofit entities. Key topics include:

Evolution of food-as-medicine and the current market opportunity.

The future state: improving access to nutrition services, impact on chronic disease management, and how food-as-medicine companies can scale up.

Key considerations for investors—and what is most misunderstood about food-as-medicine.

Register now to secure your spot.

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Fundraising

Amulet Capital Partners, a PE firm investing in healthcare companies, closed its third capital fund on about $1.2 billion.

London-based firm Kennet raised €266 million for its largest fund yet. Kennet VI focuses on high-growth B2B and SaaS companies.

Investors

Thoma Bravo has raised $2.7 billion after selling 41.6 million of its shares in the Nasdaq, about half of the shares the firm owns.

Chart of the Day

Source: 2024 Australia & New Zealand Private Capital Breakdown

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PitchBook News - Cross-border payments at a crossroads

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