A path to recovery for Europe's VC valuations

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The Daily Pitch: VC

August 21, 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:

AI helps drive Europe's unicorns to an all-time high in overall value

Sources say emerging GP Invidia's debut fund has a target set at $850 million

Agriculture drones help sow hope for agtech VC dealmaking

Today's Top Stories

European VC valuations on the path to recovery

Europe's early-stage market continued to see growth in median valuations in the first half of the year, while recovery in price tags for more mature startups has been slower. The overall value of the region's unicorns reached an all-time high, driven in part by AI's momentum, according to our Q2 2024 European VC Valuations Report.

Exit valuations have also improved—barring the median for public listings, which have included a negligible number for VC-backed companies. With further rate cuts anticipated this year, the outlook for European VC valuations is expected to continue to improve.

read the report

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Exclusive: Ex-Goldman Sachs partner's PE healthcare fund targets $850M

(Westend61/Getty Images)

Invidia Capital Management is targeting $850 million for its first fund.

The fund target, which PitchBook learned from people familiar with the matter, places the new healthcare-focused firm in competition with other established and first-time fund managers during a particularly challenging period for emerging GPs.

CORRECTION

Due to a labeling error, the figures in The Daily Benchmark graphics from July 16 to Aug. 2 were incorrect. However, the associated fund rankings for those days were unaffected.

VC Deals

Pathalys Pharma, a North Carolina-based biopharma startup developing treatments for chronic kidney disease, raised a $105 million Series B led by TCGX.

Fortera, a startup manufacturing low-carbon cement, raised an $85 million Series C from investors including Khosla Ventures and Temasek.

Kong, a San Francisco-based startup developing a unified cloud API platform, raised about $80 million, according to SEC filings.

Defcon AI, a Virginia-based company building tools for military logistical operations, raised a $44 million seed round led by Bessemer Venture Partners.

Finture, a company operating an electronic credit payment platform popular across Southeast Asia, raised about $30 million in a Series B led by MindWorks Capital.

New Zealand-based Kami, which offers an education platform to increase accessibility and student engagement, received an investment from BV Investment Partners that values the company at around $175 million.

Eppo, a startup developing a platform to centralize experimental processes for enterprises, raised a $28 million Series B led by Innovation Endeavors.

Trunk Tools, a company working to automate administrative construction processes by using AI, raised a $20 million Series A led by Redpoint Ventures.

Reliant AI, a generative AI data analytics software provider based in Berlin and Montreal, raised $11.3 million in a round led by Tola Capital and Inovia Capital.

Clarium, the developer of an AI-powered platform to automate workflow for healthcare organizations, raised a $10.5 million round led by General Catalyst.

PostEx, a Pakistan-based startup offering financial and logistic services to online merchants, raised $7.3 million in a round led by Dubai-based Conjunction Capital.

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PE Deals

Main Capital Partners acquired a majority stake in Whitevision, a Dutch provider of intelligent document processing software.

The Carlyle Group agreed to invest in Barcelona-based Seidor, which offers IT consulting and maintenance.

KKR has acquired six industrial warehouse properties in the US for about $377 million.

Connecticut-based Hobson & Motzer, a company developing surgical devices, has been acquired by Vantedge Medical, a portfolio company of Aterian Investment Partners.

All Star Auto Parts, a distributor of specialty auto parts, was sold to Clearlake Capital Group-backed BBB Industries by Atlantic Street Capital.

Exits & IPOs

V-Wave, a developer of implantable devices to treat heart failure, has agreed to be acquired by Johnson & Johnson for up to $1.7 billion.

Corezi, which provides cloud and other digital solutions to financial businesses, has been acquired by Nobl Q.

Fundraising

BlackRock has raised $1.3 billion for its latest infrastructure debt fund, which is targeting a $2.5 billion close, Infrastructure Investor reported.

UVC Partners reached a €250 million close of its fourth fund after six months in the market.

Chart of the Day

Source: Q2 2024 US VC Valuations Report

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A path to recovery for Europe's VC valuations

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