VC drives freight tech's driverless future

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The Daily Pitch: VC

August 16, 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 paves the way for driverless trucks as supply chain tech regains traction

Private investors jockey for access to Europe's most popular sport

The last few months of 2024 could be an optimal time for fund managers to raise capital

Our index of global unicorns trots toward growth

Today's Top Stories

VC drives the future of freight tech

VC funding for the supply chain tech industry is steadily gaining traction after a few bumpy years. Startups brought in $2.4 billion across 167 deals in Q2 2024, with the latter figure rising for the third straight quarter, according to our latest Emerging Tech Research.

The report also highlights freight-tech specialists, which are paving the way for autonomous trucking. Our analysts focus on companies like Waabi—backed by Uber as well as Volvo and Volkswagen's VC arms—that are making strides in the space.

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Private investment continues apace in European football

England's Premier League kicks off today, joining a wave of teams in Europe's biggest football leagues that are vying to come out on top this season.

Behind the scenes a very different competition is brewing: Private investors continue to jockey for inroads into the top clubs, more than a third of which are backed by PE or VC, according to our dashboard. In the Premier League, half of the 20 teams are backed by private capital, the most of any league. Some key developments since our last update include:

An investor's lawsuit filed in May accusing 777 Partners of fraud sent shockwaves through the footballing world. The firm owned stakes in seven clubs and was in the middle of a deal to purchase Everton FC. That deal has since collapsed.

US-based Oaktree Capital Management assumed control of Italian club Inter Milan in May after the previous Chinese owner defaulted on its debt.

French club AS Saint-Étienne was purchased by Canadian PE firm Kilmer Group in June, Kilmer Group also owns Toronto FC in the MLS.

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Unicorn indexes return to growth

After two years of mostly flat performance, billion-dollar VC-backed companies are showing signs of growth once more, according to the Morningstar PitchBook Global Unicorn indexes.

Our index of global unicorns is up 4.6% this year. From a geographic perspective, European companies have stood out with an 8% rise. Biopharma has led the way among industry sectors, climbing 18.7% this year, followed by AI unicorns at 9.7%.

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Carbon tech chases 2023 dealmaking high

While other VC sectors hit a slump after the heights of 2021, the carbon and emissions tech industry remained strong, with dealmaking peaking in 2023. But if VC dealmaking stays on pace for the second half of 2024, carbon-tech companies will raise nearly $12 billion—which would amount to the lowest yearly figure for the sector since 2020, according to our recent Emerging Tech Research.

The startups receiving the most funding in Q2 were recycling and green chemical specialists. Our analysts also spotlight companies that focus on carbon capture, polymer recycling and geospatial technologies.

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AI-powered legal-tech startups cut the hype, gain more traction

(Jenna O'Malley/PitchBook News)

The legal-tech vertical has gotten a jump-start, driven by AI-infused startups attracting investors' capital and attention. But what's behind the rush?

In one word: restraint. Counter to the hype-driven frenzy surrounding AI, VCs and startups are taking a more measured approach, with some "handholding" lawyers as the AI transition begins.

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Since yesterday, the PitchBook Platform added:

3

VC valuations

711

People

255

Companies

28

Funds

See what our data software can do

The Daily Benchmark:
2018 Vintage Global Secondaries Funds

Median IRR

22.30%

Top Quartile IRR

25.33%

0.36x

Median DPI

Select top performers

ICG Strategic Equity Fund III

VCFA VP VI

Glouston Private Equity Opportunities VI

*IRR: net of fees

17 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

The Canada Pension Plan Investment Board has promoted Caitlin Gubbels to senior managing director and global head of private equity.

VC Deals

Zepto, a Mumbai-based grocery delivery specialist, raised a $340 million Series G led by General Catalyst and Mars Growth Capital at a $5 billion valuation.

Caresyntax, a San Francisco-based company developing data-driven surgery technology powered by AI, raised a $180 million Series C led by Surgical.ai.

ReBuild Manufacturing, a company working to revitalize US manufacturing, received a $120 million investment from General Catalyst.

Histosonics, a Minnesota-based startup developing ultrasound technology to treat cancerous tumors, raised a $102 million Series D led by Alpha Wave Ventures.

World Labs, an AI startup developing tools to process visual 3D data, raised a $100 million round led by NEA that gives the company a valuation over $1 billion, TechCrunch reported.

Chaos Labs, a New York-based startup developing a risk-management platform, raised a $55 million Series A led by Haun Ventures.

Amount, a company developing a software platform for financial institutions, raised $30 million in funding led by Hanaco Ventures.

Flower, a Stockholm-based energy grid startup, raised 290 million Swedish kronor (about $27.5 million) in a round led by Northzone, Impact Loop reported.

Hexarad, a London-based radiology platform provider, secured €13 million in a round led by MTIP.

Eschatology Entertainment, a Cyprus-based game development studio, completed a €10.2 million investment led by Krafton.

PE Deals

Veradigm, an electronic healthcare records company that de-listed from the Nasdaq earlier this year, is in talks to be sold to a PE firm, Axios reported.

Strategic Value Partners secured a deal to buy Irish shopping center Blanchardstown from Goldman Sachs Group, Bloomberg reported. Previous reports valued the asset at €650 million.

M3, a company developing accounting software for hotels, has been acquired by Blackstone.

UBS Group-owned mortgage servicing business Select Portfolio Servicing will be sold to a group of investors led by Sixth Street that includes Davidson Kempner Capital Management, Bloomberg reported.

Service Express, which offers data center infrastructure management, has been acquired by Warburg Pincus from owning firm Harvest Partners.

Exits & IPOs

Nasdaq-listed Roper Technologies agreed to acquire Transact Campus, which provides payments and campus ID services to higher education institutions, for $1.5 billion.

Morpheus Data, a developer of cloud management software, agreed to be acquired by Hewlett Packard Enterprise.

Hera Systems, a San Jose-based startup developing communication and other performance technology for spacecraft, will be acquired by NYSE-listed Redwire.

PE firm Butterfly has sold most of its stake in MaryRuth Organics, a supplements brand, back to the company's founder, Axios reported.

Fundraising

NextGen Growth Partners, a Chicago-based PE firm, raised $165 million at the close of its third fund.

Maverick Capital, a Dallas-based private fund manager, launched a new fund, Maverick Silicon, targeted at AI companies.

Chart of the Day

Source: PitchBook Global Manager Performance Score League Tables

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VC drives freight tech's driverless future

Older messages

A turning point for PE & VC?

Priced out of the AI bidding war

Are VC funds on the road to recovery?

Fund performance outlook brightens

Startups face up to valuation cuts

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