PitchBook News - Ranking Q3's busiest investors

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The Daily Pitch: VC

November 19, 2024

Presented by Silicon Valley Bank

Today's Top Stories

🏅 Our interactive Global League Tables have arrived for Q3. We rank everything from the most active law firms in the venture universe to the busiest PE investors by region. See who made the leaderboards.

🌏 EQT set a $14.5 billion hard cap for its latest Asia PE fund—$2 billion higher than its initial target. Reaching either of the benchmarks would make it the largest PE fundraise in Asia this year. Read more.

🩺 Tribe Capital, a VC firm known for its bets on Elon Musk’s xAI and the failed crypto exchange FTX, raised nearly $50 million for its first healthcare fund. Specialist healthcare VC funds have struggled to attract dollars this year, especially those like Tribe that are targeting healthtech. Full story.

🚀 French reusable spacecraft startup The Exploration Company raised $160 million in Series B funding. European space VC investment has doubled this year to surpass €1 billion (about $1.06 billion). Go deeper.

Enterprise fintech dealmaking slows amid uncertainty

After a strong second quarter, VCs were more cautious about the enterprise fintech market in the Q3 2024, according to our latest Emerging Tech Research. Startups collected $3.4 billion across 212 deals in Q3—a quarter-over-quarter decline of around 36% and over 38%, respectively.

Uncertainty on the economy and US presidential election may have taken a toll. But emerging opportunities remain, including agentic AI applications, which can autonomously handle more complex tasks.

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A message from Silicon Valley Bank

Fintechs navigate headwinds, AI offers reasons for optimism

SVB's new Future of Fintech 2024 report reveals a fintech sector that's cutting costs and finding opportunities in generative AI while managing headwinds from higher interest rates and heightened regulatory oversight and security concerns. A nearly 80% improvement in year-over-year EBITDA margins demonstrates how founders remain laser-focused on efficiency.

The report shows that VC investment remains muted, hovering near a six-year low for the sector, as deal flow has shifted toward the early stage, with more than three seed deals for every one Series A. AI is also emerging as a bright spot for the industry as investors and founders explore its growing role in the sector.

Access the full report to gain exclusive insights, data-driven analysis and expert commentary on the future of fintech.

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Pharma services funding nears quarterly record

(Warut Lakam/Getty Images)

PE funding for the pharma services industry accelerated to a near-record level in Q3—driven by growing investor interest in life sciences and the opportunity to consolidate drug manufacturers. PE firms sealed an estimated 110 deals in the sector, the highest in nearly three years. That total falls just shy of the record 114 pacts reached in Q1 2022.

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Autonomous farming powers agtech dealmaking in Q3

VC funding for the agtech sector is on the rise, with total deal value up 15% in Q3 from the previous quarter—hitting $1.6 billion across 159 pacts, according to our recent Emerging Tech Research.

Some of the sector's biggest deals were in the autonomous agricultural space, with tractor provider Monarch raising a $133 million Series C and robotic weeding startup Carbon Robotics pulling in a $70 million Series D.

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Since yesterday, the PitchBook Platform added:

2231

People

814

Companies

57

Funds

See what our data software can do

The Daily Benchmark:
2021 Vintage Global Debt Funds

Median IRR

10.70%

Top Quartile IRR

13.50%

0.23x

Median DPI

Select top performers

Owl Rock Technology Finance Corp.

Bain Capital Special Situations Europe II

Star Asia Japan Special Situations V

*IRR: net of fees

119 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

SeQura, a Spanish buy now, pay later startup, has raised over €410 million led by Citi in debt and equity.

HealthKart, an Indian nutrition startup, secured $153 million in secondary funding led by ChrysCapital, taking its valuation up to $500 million.

India-based hospitality startup Oyo is looking to raise $65.1 million from Redsprig Innovation Partners in a deal that would value the company at $3.8 billion.

Quanta Dialysis Technologies, which develops compact dialysis systems, raised a $60 million Series E led by Novo Holdings, Glenview Capital and B2venture.

Belgium-based biotech startup ATB Therapeutics raised a €54 million Series A led by EQT Life Sciences and MRL Ventures Fund.

SuperAnnotate, a Los Angeles-based startup developing software for managing large-scale AI datasets, raised a $36 million Series B led by Socium Ventures.

QPLIX, a German wealth-tech startup, raised more than €25 million from Partech.

UK-based business payments startup Kody raised $20 million in Series A funding.

Outsmart Education, which works to make college education more accessible, raised a $13 million seed round led by Khosla Ventures.

Key trends shaping the future of Impact and ESG

Our fifth annual Sustainable Investment Survey reveals a compelling shift in the investment landscape: Despite the controversies surrounding ESG and Impact, practitioners are not just adapting but innovating. With insights from over 1,000 global respondents, including asset owners, VCs and family offices, this survey uncovers the strategies and motivations driving ESG and Impact practitioners. We also delve into the perspectives of those who have opted not to incorporate ESG into their investment programs, shedding light on their rationale and decision-making processes.

Our Sustainable Investment Survey is just one of many ESG and Impact research efforts we provide to help investors create a double bottom line of financial returns and positive social or environmental impact. PitchBook Research helps our customers navigate complexity across the entire investment cycle, including contextualizing sustained trends in evolving spaces such as ESG.

Download our report.

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PE Deals

Brookfield is considering a €7 billion offer to buy Grifols, a Spanish biotech company that focuses on plasma-derived products.

Accounting firm PKF O'Connor Davies has been acquired by Investcorp and PSP Investments.

Carr, Riggs & Ingram, an Alabama-based accounting and tax firm, has been acquired by Centerbridge Partners.

Implan Group, a company that develops data analytics software, has been acquired by Charlesbank Capital Partners from Boathouse Capital, The Wall Street Journal reported.

NSI Industries, which supplies products to electrical and HVAC companies, has been acquired by Sentinel Capital Partners.

Exits

Delivery Hero, a food delivery platform headquartered in Germany, is eyeing a $10 billion valuation for a Dubai IPO of its Middle Eastern unit, Talabat, Bloomberg reported.

HKBN, an internet provider based in Hong Kong, is in talks to be acquired by China Mobile in a HK$6.5 billion deal (about $835 million), Bloomberg reported. MBK Partners and TPG are HKBN's biggest shareholders.

Fundraising

Silver Point Capital raised $8.5 billion at the close of its third specialty credit fund.

Melbourne-based Boman Group is targeting $1 billion for a VC fund to invest in Austalia-based startups looking to grow operations into China, The Financial Review reported.

Gaming-focused VC firm Play Ventures, based in Singapore, raised $140 million for its latest fund.

Kris Fredrickson, a former managing partner at Coatue Management, has launched his first fund for new VC firm Verified Capital, The Wall Street Journal reported.

Corporate M&A

With its merger with JetBlue blocked earlier this year, Spirit Airlines has filed for Chapter 11 bankruptcy protection to restructure $1.6 billion in debt.

Chart of the Day

Source: Q3 2024 Launch Report: Food & Beverage CPG

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PitchBook News - Ranking Q3's busiest investors

Older messages

Headwinds hit retail fintech VC funding

Post-election chill for climate startups

PE's tide finally turns

Supply chain tech looks to Japan

Fund performance down but not out

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