PitchBook News - Are VC funds on the road to recovery?

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The Daily Pitch: VC

August 19, 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 funds recorded their first positive quarterly return since late 2021

Last-mile delivery startups are driving a modest comeback for supply chain tech

Healthcare services turned a corner in Q2 with a handful of important platform trades

Today's Top Stories

VC fund returns capture best quarter since 2021, eking out 0.4% gain

(PM Images/Getty Images)

VC vehicles finished out the last three months of 2023 in the black, notching the first positive quarterly return since Q4 2021, according to our latest fund performance data.

Meanwhile, long-anticipated rate cuts by the Federal Reserve are primed to render dealmaking more attractive. Are we on the road to recovery?

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VC deals aren't yet in orbit for satellite servicing

As space technology continues to clutter Earth's orbit with debris, startups on the ground are developing solutions to maintain and repair satellites overhead. Our recent Emerging Space Brief highlights the challenges for companies in this new industry.

Our analysts think the key concerns for VC deals to get off the ground are the technical complexities and availability of government support for the sector. The note highlights Starfish Space, a company positioned to make an impact on satellite servicing through its technological innovation and $37.5 million government contract.

read it now

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Since yesterday, the PitchBook Platform added:

2

VC valuations

199

People

70

Companies

7

Funds

See what our data software can do

The Daily Benchmark:
2017 Vintage Global Debt Funds

Median IRR

8.77%

Top Quartile IRR

11.10%

0.68x

Median DPI

Select top performers

Aero Credit Opportunities Fund I

Stellex Capital Partners

Anchorage Illiquid Opportunities VI

*IRR: net of fees

87 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Revolut, a London-based challenger bank, secured a $45 billion valuation in an employee share sale. Investors in the deal included D1 Capital Partners and Tiger Global.

Svante, a Vancouver-based company developing carbon capture and removal technology, raised $100 million from the Canada Growth Fund.

Quantum Circuits, a Connecticut-based startup creating quantum computers, raised a Series B of over $60 million led by Arch Venture Partners, F-Prime Capital, Sequoia and Hither Creek Ventures.

WSPN, a Singapore-based startup creating a stable digital currency for web payments, raised a $30 million seed round led by Folius Ventures and Foresight Ventures.

Jupiter Endovascular, a company developing treatments for pulmonary embolisms, raised a $21 million round from investors including Sonder Capital.

Garden, a startup developing a patent search tool for litigators working in life sciences, raised a $6.8 million seed round led by Spark Capital, Axios reported.

Trumpet, a London-based software sales specialist, raised $6.35 million in a seed round led by AlbionVC.

PE Deals

EQT is acquiring Singapore-based PropertyGuru, which offers an online real estate marketplace, in an all-cash deal valuing the company at $1.1 billion.

Fincentric, which offers digital tools for the financial industry, has been acquired by Stellex Capital Management from S&P Global.

NYSE-listed Avantor agreed to sell its clinical services business to Audax Private Equity for about $650 million.

EQT agreed to acquire KJ Environment, a plastic recycler in South Korea, and affiliated companies from Genesis Private Equity.

SI Solutions, which provides services to the power and critical infrastructure sectors, has been acquired by New York-based firm Midocean Partners.

Exits & IPOs

Nova Biomedical, a private company developing medical devices, is exploring a sale that could value the business at upward of $2 billion, Bloomberg reported.

Ecom Express, an Indian logistics specialist backed by Partners Group and Warburg Pincus, filed for an IPO that could value the business at up to 26 billion rupees (around $310 million).

Ant Group is in talks to buy VC-backed Chinese healthcare platform Haodf, Bloomberg reported.

US Tarp, which manufactures tarp systems for trucks and trailers, has been acquired by Shur-co.

HireClick, the developer of an applicant tracking system, has been acquired by Nasdaq-listed Asure Software.

Fundraising

HarbourVest Partners raised $18.5 million across two new funds, $15.1 million for Dover Street XI and $3.4 million for Secondary Overflow Fund V, The Wall Street Journal reported.

HighPost Capital's investment arm focused on early stage businesses, Hipstr, raised $100 million at the close of its debut fund.

Chart of the Day

Source: Q2 2024 US PE Breakdown

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PitchBook News - Are VC funds on the road to recovery?

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