PitchBook News - AI bookkeeping startup scores $200M

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The Daily Pitch: VC

September 9, 2024

Presented by SVB

In today's Daily Pitch, you'll find:

Foodtech's VC funding has dipped, but online grocery delivery and cultivated proteins still look tasty

Both PE and VC dealmaking are recovering in the UK

The 10 most active VCs in ecommerce may still be shopping through the contraction

Today's Top Stories

AI-powered bookkeeping startup grabs $200 million

(Thanasis/Getty Images)

Accounting platform Finally has raised a $200 million Series B, joining a new crop of startups that have attracted investment by weaving AI into enterprise fintech software.

The round includes a $50 million equity investment from PeakSpan Capital and a $150 million credit facility from Encina Capital Partners.

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UK private market activity surges in Q2

UK private markets saw strong activity in Q2 against a backdrop of encouraging macroeconomic data. Our Q2 2024 UK Market Snapshot shows that GDP grew by 0.6% quarter-over-quarter alongside slowing inflation and robust wage growth. Both private equity and venture capital dealmaking have recovered.

In particular, discounted valuations in the UK—as with the rest of Europe—are once again proving a draw for overseas PE investors seeking buyouts and take-privates.

On the VC side, we saw a quarter-over-quarter and year-over-year increase in investment, to £5.5 billion for the quarter. Our heatmap ranking the country’s most active cities by various metrics shows that while London remains the national VC hub, Manchester now ranks third for activity volume.

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Private equity giants enter a new era

Among the seven largest US-listed alternative managers, a new era is being ushered in as GPs increasingly target other GPs—with such deal counts up 84% in 2024 and on track to set an all-time record.

In the thick of the hunt was Blue Owl, which completed its acquisition of Kuvare Asset Management in early July, effectively adding $20 billion in AUM.

Along with the increase of GP mergers, our Q2 2024 Public PE and GP Deal Roundup covers the rise in fundraising—43.7% year-over-year in H1 across all strategies, driven primarily by private credit.

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How VC could switch up the gaming space

The gaming sector is stabilizing, with $1.8 billion invested across 136 deals in Q2 2024, according to our recent Emerging Tech Research. Several gaming-specific funds have emerged over the first half, and early-stage startups continue to receive healthy investments.

The report covers ways startups can continue to innovate—highlighting Stash, a company helping to make integrated storefronts more accessible for game developers.

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Since yesterday, the PitchBook Platform added:

2

VC valuations

398

People

154

Companies

22

Funds

See what our data software can do

The Daily Benchmark:
2020 Vintage Global PE Funds

Median IRR

14.00%

Top Quartile IRR

21.11%

0.09x

Median DPI

Select top performers

SSC Partners II

OpCapita Consumer Opportunities Fund III

Tenex Capital Partners III

*IRR: net of fees

143 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Poppy Gustafsson, the CEO of UK-based cybersecurity company Darktrace, is stepping down from her role ahead of the public company's private takeover by Thoma Bravo. Jill Popelka, the company's COO, will take over Gustafsson's role, The Financial Times reported.

VC Deals

OrsoBio, a biopharma startup developing treatments for obesity, raised a $67 million Series B led by Ascenta Capital and Woodline Partners.

Los Angeles-based E-Pal, developer of a social platform for gaming, raised $30 million in total funding, including two new rounds led by Andreessen Horowitz and Galaxy Interactive.

Enterprise AI platform developer Fiddler, based in the Bay Area, raised about $18.9 million, according to SEC filings.

Sedric, a startup developing compliance AI technology for the finance industry, raised an $18.5 million Series A led by Foundation Capital.

C-Zero, a climate tech startup developing technology to separate hydrogen from methane gas, is in the process of raising an $18 million round, according to SEC filings.

Andreessen Horowitz is looking to invest in UK AI startup 11x AI, Sky News reported. 11x AI raised just over £2 million in a round led by Benchmark Capital in June.

PE Deals

AXA Investment Managers is to fully acquire Capza, a mid-market PE and private debt investor based in France. AXA IM, a long-standing investor in Capza, will increase its position from majority shareholder to full ownership by 2026.

KKR, General Atlantic, HongShan and Gaorong Capital invested $600 million in Dongchedi, a car trading platform owned by TikTok parent Bytedance, at a $3 billion valuation, Bloomberg reported.

Vista Equity Partners and Blackstone are in talks to acquire Washington-based productivity software developer Smartsheet at a $7 billion valuation, Reuters reported.

The Genetics & IVF Institute, a reproductive services and treatment provider based in Virginia, has been acquired by PE firm Amulet Capital Partners.

Covr, a company developing workplace management software for nursing and healthcare facilities, received an investment from RF Investment Partners.

Exits & IPOs

AGS Health, a revenue management platform developer for healthcare providers, is in talks to be sold by owning firm EQT, Bloomberg reported.

Lab equipment supplier Antylia Scientific could be sold by GTCR and Golden Gate Capital in a transaction that would value the company over $2 billion, The Financial Times reported.

Cesium, a company specializing in 3D geospatial technology, has been acquired by Nasdaq-listed Bentley Systems.

Fundraising

Ardabelle Capital, a new firm led by Eurazeo’s former CEO Virginie Morgon. is looking to raise €500 million for a climate-focused PE fund, Bloomberg reported.

Aiga Capital Partners, a firm focused on investing in sustainable infrastructure companies, raised $240 million at the close of its first climate infrastructure fund.

Finnish asset manager Mandatum raised €140 million for MAM Growth Equity II Fund to invest in Finnish and Nordic growth companies in the scale-up phase.

Foundamental, a Berlin-based VC firm focused on investing in construction and design startups, will soon close its third fund at around $120 million, Venture Capital Journal reported.

Chart of the Day

Source: Paris Olympics open investors’ eyes to women’s sports

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PitchBook News - AI bookkeeping startup scores $200M

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