New GPs chase Europe's defense-tech boom

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The Daily Pitch: VC

October 21, 2024

Presented by SRS Acquiom

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

Europe's defense-tech rush has hatched a brood of specialist VCs

See how our benchmark for buyout funds performed in Q3

Harvard's endowment returned 9.6% for fiscal year 2024, trailing rivals Columbia and Brown

Check out Q3 valuations data for public companies in the digital health and healthcare IT sector

Our expanded Private Capital Barometers go beyond PE funds to cover VC, private debt, infrastructure and natural resources

Today's Top Stories

Defense-tech boom spawns wave of new European GPs

(Dragos Condrea/Getty Images)

Europe has seen record levels of VC investment in the defense-tech sector this year while conflicts and success stories increase appetite. As funding grows, so too has the number of emerging managers targeting the sector.

Tech investors historically shied away from the defense-tech market. But their interest has been piqued by dual-use technology—any product or software that can be used for both civilian and military purposes—which has also become more of a focus for startups in the sector.

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VC Deals

Eruditus, an India-based edtech company, raised a $150 million Series F led by TPG that values the company at $3 billion.

Biotech company Terray Therapeutics, which is developing an AI platform for drug development, raised a $120 million Series B led by Bedford Ridge Capital and NVentures.

Mexico City-based Jüsto, an online grocery startup, raised $70 million in equity and debt, comprising a $50 million round led by General Atlantic and a $20 million debt facility from HSBC Mexico.

France's Dottxt which offers a platform for interacting with large language models, raised $11.9 million from investors including Elaia and EQT Ventures.

Rift, a Dutch developer of industrial heating technology, closed an €11 million Series A from investors including Invest-NL, Rubio Impact Ventures and PGGM.

Cambri, a Helsinki-based AI consumer insights platform, secured €8 million from investors including Octopus Ventures, The 98 and S4S Ventures.

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PE Deals

Clayton, Dubilier & Rice will acquire the consumer health business of Sanofi in a deal valuing the unit at around €15 billion (about $16.3 billion), Bloomberg reported.

The board of Japan's Fuji Soft has voted to accept KKR's 558.4 billion yen (about $3.72 billion) buyout offer despite receiving a higher bid from Bain Capital, Reuters reported.

Life sciences specialist Red Nucleus has been acquired by THL Partners from The Riverside Company for over $750 million, PE Hub reported.

Aviation finance platform provider Aquila Air Capital has been acquired by Wafra from Warburg Pincus.

Splitero, a home equity fintech specialist, raised $300 million in a strategic investment from Antarctica Capital.

Portfolio Companies

Swedish battery-maker Northvolt will receive a $300 million debt and equity rescue package, Bloomberg reported.

Exits & IPOs

Platinum Equity may sell Aventiv Technologies, which provides telecommunications services to prisons, as the company faces potential bankruptcy.

Saudi technology service company Ejada Systems is seeking a valuation of as much $1.5 billion for a potential IPO in Riyadh, Bloomberg reported.

IT products company ITsavvy has been acquired by Nasdaq-listed Xerox from GenNx360 Capital Partners for $400 million.

Fotowatio Renewable Ventures is in talks to be sold by Abdul Latif Jameel in a deal that could value the renewable energy company around €2 billion (about $2.2 billion), Bloomberg reported.

Fundraising

San Francisco-based Emergence Capital has raised $1 billion for a new fund to invest in tech startups, Bloomberg reported.

Hong Kong-based Ping An Insurance has reached a $850 million close on its third overseas PE fund.

Czech Republic-based ARX Equity Partners has reached a €78 million first close on its fifth fund, which has a €125 billion hard cap.

Chart of the Day

Source: Q3 2024 PitchBook-NVCA Venture Monitor

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New GPs chase Europe's defense-tech boom

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