Bill Gates' climate VC raises $839M for new fund

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The Daily Pitch: VC

August 1, 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:

VC funding for the enterprise fintech industry broke a downward trend with modest growth in Q2 2024

Bill Gates-backed climate VC Breakthrough Energy Ventures has gathered $839 million in its effort to raise the firm's third flagship fund

At $34 billion, Ares Management's latest direct lending fund is over twice the size of the next biggest private credit vehicle in the market

Crypto's election-year question: How would digital currencies fare under Harris or Trump?

Today's Top Stories

Bill Gates’ climate VC raises $839M toward new fund

(Kevin Dietsch/Getty Images)

Bill Gates-backed climate VC Breakthrough Energy Ventures has gathered $839 million in its effort to raise the firm's third flagship fund, according to a regulatory filing, making it the largest climate fund raised so far this year.

Breakthrough first launched the fund in July 2023, having closed its 2021 vintage second fund on $1 billion.

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PE comes to the aid of enterprise SaaS M&A

Our recent Emerging Tech Research covers the primary drivers of M&A's recovery in the enterprise SaaS industry. Kicking off regular updates on M&A activity across the sector, analyst Derek Hernandez highlights the stabilizing factors as dealmaking settles into a new normal, starting with PE and leveraged buyouts.

The analyst note also covers key segments in the space and maps trends across six years of data—providing a view of where M&A activity has been and where it may be going.

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Since yesterday, the PitchBook Platform added:

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VC valuations

2331

People

1017

Companies

31

Funds

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The Daily Benchmark:
2017 Vintage Global Funds-of-Funds

Median IRR

22.92%

Top Quartile IRR

28.60%

1.08x

Median DPI

Select top performers

Raspberry Street Fund II

Top Tier Venture Velocity Fund 2

HighVista Private Equity VII

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VC Deals

Spring Health, which offers a personalized mental health platform for employees and health plans, raised a $100 million Series E led by Generation Investment Management. The round values the company at $3.3 billion.

Thumbtack, a startup creating a platform for home maintenance and improvement, raised $75 million from Silicon Valley Bank and Hercules Capital.

Airna, a biotech company developing RNA editing therapeutics, raised $60 million led by Forbion, to bring its Series A total to $90 million.

Rhombus, a Sacramento-based startup that develops security hardware like cameras and sensors, raised a $45 million Series C led by NightDragon.

Ema, a San Francisco-based startup AI technology specialist, raised $36 million led by Accel and S32, bringing its Series A to a total of $50 million.

Perchwell, whose platform streamlines workflows in the real estate industry, raised a $25 million Series B led by Lux Capital.

Applied Carbon, a company developing technology to transform agricultural waste into a resource for CO2 removal, raised a $21.5 million Series A led by TO:VC.

Haus, a marketing sciences platform developer, raised $20 million in funding led by 01 Advisors.

Lineaje, a software startup for chain-security technology, raised a $20 million Series A led by Prosperity7 Ventures, Neotribe Ventures and Hitachi Ventures.

Leanpay, a London-based buy now, pay later startup, closed a €10 million Series B led by BlackPeak Capital and Catalyst Romania.

PE Deals

Avantus, a company developing solar energy technology, has been acquired by KKR and also received a $522 million investment from the firm and Sumitomo Mitsui Banking Corp.

Digital insurance platform developer Boost has been acquired by PE firm BHMS Investments.

Inflexion has acquired Tierarzt Plus Partner, Germany’s largest group of veterinary practices, via its sixth buyout fund.

Exits & IPOs

AutoDS, a company creating tools for managing dropshipping processes, has been acquired by NYSE-listed Fiverr.

Accounting and advisory firm Marcum's non-attest business has been acquired by NYSE-listed CBIZ in a transaction valued at around $2.3 billion.

Forgital Group, an Italian company developing industrial parts for aerospace and other sectors, is in talks to be sold by The Carlyle Group in a deal that could value Forgital at up to €2 billion, Bloomberg reported.

Parques Reunidos, a Madrid-based company that operates amusement parks, is in talks to have its US operations sold by EQT for up to €1 billion, Reuters reported.

WeTransfer, an Amsterdam-based file-sharing service developer, has been acquired by Milan-based mobile app developer Bending Spoons.

Dopt, a Bay Area-based startup developing software to help companies onboard customers, has been acquired by Airtable in the company's push toward AI tools.

Elemica, a company developing software to streamline supply chain processes, could be sold by PE firm Eurazeo, Bloomberg reported.

Fundraising

Platinum Equity has raised $12.6 billion for its sixth buyout fund, Buyouts Insider reported. The vehicle is the largest in the firm's history.

Silver Hill Energy Partners has closed its latest fund on $1.13 billion. Silver Hill primarily invests in natural gas, oil and other energy assets.

Gaia Fund Managers, a South Africa-based firm, is raising $200 million for a new fund focused on renewable energy infrastructure in Africa.

Chart of the Day

Source: Q1 2024 US PE Middle Market Report

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Bill Gates' climate VC raises $839M for new fund

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