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The Daily Pitch: VC

September 24, 2024

Presented by SVB

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

Our Global VC Ecosystem Rankings are back and improved—also explore our interactive dashboard of the world's top startup cities

KKR is one of several PE giants diversifying into sub-strategies that include the middle market

The 10 most active VCs driving mobility tech

Our analysts offer a fresh look at telehealth, sports and wellness, and other digital health technology

Today's Top Stories

San Francisco reigns among startup cities

Our Global VC Ecosystem Rankings are back and better than ever. San Francisco remains in a league of its own, but there are changes afoot elsewhere.

Hefei, a hub for China's electric vehicle industry, has displaced Dubai as the fastest-growing VC city amid an upheaval in the global auto industry. The UK is the most developed country in Europe, but no nation is growing its startup ecosystem faster than Switzerland.

The report includes a refined methodology and updated data to help investors and founders navigate a shifting landscape. You can also explore our interactive dashboard of the world's top startup cities.

read the analyst note

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The 10 most active VCs driving mobility tech

(Julia Midkiff/PitchBook News)

Investors are getting more mileage out of mobility tech. Dealmaking in the electric vehicle and autonomous-driving segments is powering the sector forward as VCs pour more capital into the space.

We created a list of the 10 most active VC investors steering mobility tech ahead.

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A message from SVB

SVB's State of the Markets H2 2024 report breaks down the latest VC trends

SVB's outlook and analysis of the trends shaping the innovation economy is back with the H2 2024 State of the Markets report.

Explore the factors driving more capital flow to US startups this year than in 26 of the last 30 years—despite US VC investment falling below previous peaks. While many companies are finding it harder to raise, the best are making it happen—led by those capitalizing on the boom in AI.

Discover the dynamics at play as SVB breaks down the uneven recovery and the process of recalibration across venture-backed company operations, fundraising, investments and exits.

Get the report

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Digital health is evolving into a more personalized experience

As digital health technology becomes more mainstream, a new wave of innovation has emerged to bring patients closer to their healthcare. Over the past year, VC funding in digital health startups has stayed consistent, according to our latest Emerging Tech Research, indicating a new wave of stability for the sector and a positive outlook for exits moving into 2025.

Our newly defined taxonomy and expanded dataset provide key insights into the sector—featuring telehealth, digital care and treatments, care management, and sport and wellness startups. These companies are innovating in areas such as specialized telehealth and at-home treatment options, using new technology to connect more patients to personalized care.

read the preview

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KKR sets $4.6B mid-market strategy amid logjam of unsold companies

(LaylaBird/Getty Images)

Large private equity firms like KKR and Thoma Bravo are betting on the potential of middle-market opportunities, as PitchBook data illustrates just how many PE-backed companies in this category are ready to exit.

KKR's Ascendant Fund, which the firm announced Monday had closed on $4.6 billion, reflects an increasing interest in mid-sized companies with strong growth potential.

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CVC Capital's Zabka seeks up to $8B valuation in IPO

(NurPhoto/Getty Images)

Zabka, Poland's largest convenience retail chain, is planning an IPO on the Warsaw Stock Exchange that could raise up to $1.5 billion.

The listing marks a resurgence in European PE-backed IPO activity and would be the biggest in Poland since 2020.

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Affinity agrees to $650M+ carveout of Australia's Lumus Imaging

(Picture Alliance/Getty Images)

Asian PE firm Affinity Equity Partners has agreed to buy Lumus Imaging for about $658 million.

PE dealmaking in Australia in 2024, despite having picked up from the slow start in Q1, is looking to be a year of decline. While healthcare is a popular sector in the country, international expansion can prove challenging for companies.

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Since yesterday, the PitchBook Platform added:

22

VC valuations

2799

People

920

Companies

43

Funds

See what our data software can do

The Daily Benchmark:
2018 Vintage Global VC Funds

Median IRR

15.50%

Top Quartile IRR

26.74%

0.08x

Median DPI

Select top performers

Inter-Atlantic Ivy

Collab + Currency

BioStar Ventures III-XF

*IRR: net of fees

76 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Vicebio, a UK-based company biotech developing novel vaccines for respiratory illnesses, raised a $100 million Series B led by TCGX.

Harmonic raised a $75 million Series A led by Sequoia. It values the Bay Area-based AI company at $325 million.

Route 92 Medical, which specializes in technology for treating stroke, extended its Series F with $50 million led by Novo Holdings, bringing the round's total to $82 million.

Pyka, maker of autonomous-flying crop dusting and cargo planes, raised a $40 million Series B led by Obvious Ventures.

Superconducting-wire manufacturer MetOx received $25 million to extend its Series B from investors including Centaurus Capital and New System Ventures, Axios reported.

Clean energy provider David Energy, based in New York, raised a $23 million Series A1 led by Cathay Innovation.

France's Jump, which offers a platform for freelancers, raised an €11 million Series A led by Breega.

FluoRok, a UK-based startup that developed a method for accessing fluorochemicals used in the energy transition and healthcare, raised £7.7 million led by BGF.

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PE Deals

Intel is in talks to receive up to $5 billion from Apollo Global Management, Bloomberg reported. The investment could give Intel an alternative to a potential takeover by Qualcomm.

Alantra invested in SPW Fabrics, a Spanish maker of fabrics for sportswear, swimwear, workwear and healthcare.

Aurelius made a £15 million growth investment in UK cosmetics brand Trinny London.

Supply chain software provider Gnosis Freight received a strategic growth investment from Vista Equity Partners.

Morningstar Commodity Data, a business providing data for commodities and energy, will be acquired by ZEMA Global Data Corporation, a portfolio company of FTV Capital.

Exits & IPOs

EQT is looking to sell a stake in Swedish software group IFS, the Financial Times reported.

Motel chain Motel 6 has been acquired by India-based hotel startup Oyo for $525 million.

PE-backed Point Energy Partners, an oil and gas company focused on the Permian Basin, has been acquired by NYSE-listed companies Vital Energy and Northern Oil & Gas.

Fundraising

Brookfield Asset Management has raised $2.4 billion so far for the Catalytic Transition Fund to target clean energy and energy transition assets.

Monroe Capital will launch the $1 billion fund Drive Forward Fund, which will invest in auto suppliers transitioning to electric vehicles.

Spanish PE firm Miura Partners closed its fourth flagship fund at its €475 million hard cap, making it 44% larger than its €330 million predecessor.

Spanish VC firm Iron Ventures reached a €150 million close on its latest fund and rebranded as Acurio Ventures.

Chart of the Day

Source: H1 2024 MENA Private Capital Breakdown

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