Podcaster quickly grabs $400M for 20VC fund

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The Daily Pitch: VC

October 16, 2024

Presented by Fidelity Private Shares^SM

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

Oncology healthtech startups chase innovation in the cancer screening and treatment market

Podcaster Harry Stebbings' VC firm quickly hit a $400 million close on its latest fund

A shortage of top-tier AI founders has translated into a more favorable dealmaking environment

Amid signs of an improved IPO market, Platinum Equity plans an exit from Ingram Micro

Our Q3 valuations data for public companies in the fintech and payments sector

Today's Top Stories

Podcaster pulls in $400M for latest 20VC fund

20VC founder Harry Stebbings
(Dustin Preick/Flickr)

London-based 20VC, podcaster Harry Stebbings' venture firm, has raised $400 million in just fourth months for its third fund.

The vehicle will target seed and Series A investments in Europe and the US.

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Startups race to revolutionize cancer screening and care

Despite technological leaps in treatment and screening, cancer remains one of the leading causes of death globally—but oncology healthtech startups are finding ways to break through. Challengers are still innovating and finding success in a market dominated largely by incumbents, according to our latest Emerging Tech Research.

With VC deal value for the space already surpassing 2023's, at $2.8 billion so far this year, investors are bullish on the sector's prospects. Key to growth is the diagnostics and life sciences segment, accounting for nearly half of total deal value in 2024—including mega-deals for screening startups, like BillionToOne's $130 million Series D.

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AI nabs better deal terms than the rest of VC

(Tippapatt/Getty Images)

AI startups are netting better deal terms than the rest of the VC market, according to the latest PitchBook-NVCA Venture Monitor. The sector continues to tighten its grip on VC—and further pull away from other verticals.

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Market conditions push fintech toward higher returns

Fintech and payments companies had a successful quarter overall, following the general rebound of the stock market. With median returns positive across all fintech market segments, investors appear to be open to taking risks as inflation moderates and interest rates are cut. However, valuations remain muted due to possible hesitation regarding long-term profitability.

Our Q3 2024 Fintech & Payments Public Comp Sheet and Valuation Guide tracks stock performance, valuations, revenue growth, and EBITDA margins for key publicly traded companies.

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Platinum Equity-backed Ingram Micro prepares IPO

(Hiroshi Watanabe/Getty Images)

As the market for public listings regains stability, Platinum Equity is seeking to exit technology distributor Ingram Micro with an IPO valuing the company at $5.4 billion.

This comes after a previous attempt in 2022 and follows a valuation of $8 billion reported by Bloomberg earlier this year.

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Lower-middle-market PE firm inks latest founder-owned deal

(Sky Noir Photography by Bill Dic/Getty Images)

Falfurrias Management Partners, a PE firm that targets the lower middle market, has struck a deal with a bootstrapped municipal tech company. The transaction is another example of middle-market investors' keen interest in founder-owned businesses.

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Since yesterday, the PitchBook Platform added:

2730

People

921

Companies

38

Funds

See what our data software can do

The Daily Benchmark:
2020 Vintage Global Secondaries Funds

Median IRR

20.30%

Top Quartile IRR

25.96%

0.13x

Median DPI

Select top performers

PA Secondary Fund VI

Pantheon Private Debt PCO II

RCP Secondary Opportunity Fund III Overage Fund

*IRR: net of fees

25 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Crusoe, a data center startup operating facilities for AI companies, is in talks to raise $3.4 billion in debt financing in order to build a data center for OpenAI, The Information reported.

The Exploration Company, a German space exploration startup, is in talks to raised €150 million at a €450 million valuation, Sifted reported.

Koloma, a Denver-based startup specializing in green geologic hydrogen technology, raised a $50 million Series B extension from investors including Osaka Gas and Mitsubishi Heavy Industries, Axios reported.

Generative AI evaluation and observability startup Galileo raised a $45 million Series B led by Scale Venture Partners.

Xscape Photonics, a California-based company developing a platform to address data center performance challenges, raised a $44 million Series A led by IAG Capital Partners.

Azra Games, which develops role-playing games for mobile devices, raised a $42.7 million Series A led by Pantera Capital.

Surplus inventory marketplace startup Ghost raised a $40 million Series C led by L Catterton, Fortune reported.

Germany's OroraTech, developer of a wildfire intelligence platform, received a €25 million Series B led by Korys, the European Circular Bioeconomy Fund and Bayern Kapital.

Stoïk, a Paris-based cyber insurance startup, completed a €25 million Series B led by Alven.

Tebi, which is building a management platform for retail and hospitality businesses, raised a €20 million Series A led by Index Ventures.

PE Deals

Blackstone will invest $8.2 billion in building data centers in the Aragon region of Spain, following similar investments from Microsoft and Amazon.

Data center and IT services provider DataBank, based in Dallas, raised $2 billion in an investment led by Melbourne-based AustralianSuper.

Zinnia, which specializes in life insurance technology, raised $300 million from Vista Credit Partners.

Summa Equity invested in EA Technology, a UK-based manufacturer and developer of smart-grid hardware and software.

Exits & IPOs

WorkForce Software, developer of a workforce management platform, has been acquired by Nasdaq-listed ADP for around $1.2 billion.

Chinese autonomous driving software developer Horizon Robotics attracted Alibaba Group Holding and Baidu as cornerstone investors for its Hong Kong IPO, Bloomberg reported.

JD Sports-backed British sports nutrition group Applied Nutrition is looking to raise up to £220 million in a London IPO.

Software assistance provider Command AI has been acquired by Nasdaq-listed Amplitude.

UpLink, a company developing a cloud-based document portal, has been acquired by DataSnipper, which focuses on audit and finance workflows.

Financial data software developer FinTron has been acquired by fintech company Apex Fintech Solutions.

Fundraising

Apollo Global Management's credit business has closed its second large-cap direct lending fund on $4.8 billion.

Insight Partners closed its third continuation fund on $1.5 billion.

Carne Group and Willis Towers Watson, which provide services for the investment industry, plan to launch a PE co-investments fund.

Chart of the Day

Source: Meet the 10 most active VC investors in femtech startups

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Podcaster quickly grabs $400M for 20VC fund

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