Mobility tech's most likely IPO candidates

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The Daily Pitch: VC

October 4, 2024

Presented by Fidelity Private Shares^SM

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

Our analysts explore the very edge of AI development

Blackstone adds a $10 billion fund target to its Asia push

The mobility tech startups most likely to go public

What is Europe's unicorn herd really worth?

Today's Top Stories

IPO watchlist: The mobility tech startups most likely to go public

(MikkelWilliam/Getty Images)

Mobility tech IPOs have stalled, and the heyday of SPAC deals for flying taxis and electric vehicle makers feels like a distant memory. But a sea change in electrified and autonomous transportation is still creating opportunities.

We put together a list of 10 mobility tech specialists primed to go public when the time is right—using PitchBook's VC Exit Predictor.

see the list

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Can AI level up its smarts?

Autonomous AI that can reason, problem-solve and perform new challenges without task-specific programming seems closer than ever—yet still so far out of reach. Our latest Emerging Space Brief covers this field known as AGI, or artificial general intelligence, which has attracted more interest and investment recently as the capabilities of frontier AI models expand.

Median valuations have exploded for startups researching and experimenting with AGI, reaching $1 billion as companies race to create smarter AI. PitchBook analysts Ali Javaheri and Brendan Burke dive into the history of the space, the market's outlook, frontier AI labs to track and more.

read it now

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Capturing Climate Tech Opportunity in 2024: US Startup Landscape

Presented by Fidelity Private Shares^SM, this comprehensive report dives into the emerging trends and innovations driving climate technology forward as well as key market forces and opportunities impacting the future of this fast-evolving sector.

Whether you're a founder, investor, employee, or industry stakeholder, this report is your guide to seizing new opportunities and gaining unique insights into this dynamic industry.

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What is Europe's unicorn market really worth?

With over half of Europe's combined unicorn value sitting with companies last valued in 2021 or 2022, doubts have been cast over the worth of the region's herd. VC valuations have come under pressure in recent years, and growth rates for the region's unicorn market have stalled.

Our analyst note maps out various scenarios of how much aggregate unicorn value could be wiped out if the herd were valued in line with current market levels. In the worst-case scenario, the figure could be nearly €100 billion (about $110 billion).

read it now

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Blackstone targets $10B for third Asia fund as region picks up

(DoctorEgg/Getty Images)

Blackstone is setting a $10 billion target for its third Asia-focused private equity fund, capitalizing on a rebound in regional fundraising.

As fundraising momentum grows in Asia, accounting for nearly 9% of global PE capital, the firm plans to expand its investments—particularly in India, where a mature market offers diversified exit strategies.

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Private debt is attracting a new crowd

Private debt funds are gaining traction with new investors, according to our H1 2024 Global Private Debt Report. Notably, there is significant interest from individual investors and insurers, with the US wealth channel alone expected to contribute $60 billion to private debt funds this year.

The robust fundraising trend is partially attributed to the superior fund performance of private debt, which delivered a net return of over 9% in 2023, almost matching the 10.5% return achieved by private equity.

read the report

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The Daily Benchmark:
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VC Deals

Poolside, a Paris-based AI coding startup, received a $500 million Series B led by Bain Capital Ventures.

Fintech startup Zepz, which focuses on money transfer services in African markets, raised a $267 million round led by Accel.

Submer, a Barcelona-based developer of sustainable waterless data centers, raised $55.5 million in a round led by M&G.

Chemical sourcing company Mstack raised a $40 million Series A led by Lightspeed and Alpha Wave.

Enara Bio, a UK-based developer of immunotherapies for solid tumors, secured a $32.5 million Series B led by Pfizer Ventures and M Ventures.

Sun Metalon, a startup developing metal heating technology to reduce carbon dioxide emissions, raised a $21 million Series A from investors including JIC Venture Growth Investments, HITE Hedge Asset Management and Sumitomo Corporation Global Metals.

Voyage AI, a Bay Area-based startup that pairs AI tools with knowledge bases to ensure more accurate answers, raised a $20 million Series A led by CRV.

Supply chain management system developer Pallet raised an $18 million Series A led by Bain Capital Ventures.

Integrated Biosciences, a biotech startup developing treatments for diseases related to aging, raised a $17.2 million seed round led by Sutter Hill Ventures.

PE Deals

IPI Partners, an investment firm that focuses on data center infrastructure, is in talks to be acquired by Blue Owl in a $1 billion deal, Bloomberg reported.

Crown Castle's fiber business assets could be acquired by either TPG or Zayo Group. The assets might be valued at around $10 billion, Reuters reported.

Ares Management is nearing a deal to purchase a stake in the Miami Dolphins for about $8.1 billion, Bloomberg reported.

Ireland-based data center developer Atlantic Hub received an investment from DTCP.

Exits & IPOs

SmartTrade Technologies, a French company specializing in trading and payment software, is in talks to be sold by Hg, and could be valued as much as €1 billion, Bloomberg reported.

Betterbin, which is developing a platform for recycling education, has been acquired by Better Earth.

Septerna, a biotech company developing treatments for thyroid disease, has filed for an IPO, according to SEC filings.

Fundraising

Summit Partners closed on $9.5 billion for its latest US growth equity fund.

LGT Capital raised $7 billion for its latest fund targeted at secondary deals in both PE and VC markets, The Wall Street Journal reported.

PE firm GHK Capital Partners closed on $870 million for its second fund.

Paris-based Kurma Partners has held a €140 million first close for Biofund IV, a €250 million VC fund.

Investors

Initialized Capital, a San Francisco-based VC firm founded by Garry Tan and Alexis Ohanian, is conducting layoffs amid a restructuring that includes the exit of several prominent investors.

Chart of the Day

Source: Q2 2024 Enterprise SaaS Report

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