PitchBook News - Accel-backed Cyera hits $3B valuation

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The Daily Pitch: VC

November 21, 2024

Presented by Silicon Valley Bank

Today's Top Stories

European VC valuations are on the upswing

European startup valuations are recovering as interest rates stabilize and inflation slows. Our Q3 2024 European VC Valuations Report shows higher deal values across all stages, putting the year on course to beat 2023's figures.

The data suggests that European VC may be past the worst of the downturn. Read the report.

Also...

🛡️ Cybersecurity company Cyera more than doubled its valuation to $3 billion in just eight months. Accel led the $300 million round, the third time it has led an investment in the company. These kinds of inside-led rounds have become far more common. Full story.

🤝 Vista Equity Partners sold a minority stake in LogicMonitor in a deal that valued the IT infrastructure provider at $2.4 billion, nearly twice what it reportedly sought earlier this year. The investment, led by Golub Capital and PSG Equity, will focus on enhancing the company's AI capabilities to meet demand for data center solutions. Go deeper.

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Startups are swimming their way into aquaculture

Farms aren't just for plants and livestock—innovations in aquaculture, or fish farming, have turned this agriculture practice into the largest source of seafood production worldwide. Startups in the space hauled in a record $1 billion across 63 deals in 2023.

Our latest analyst note highlights developments in aquaculture technology and what future opportunities look like in the sector. VC-backed companies are uniquely positioned to drive innovation in fish management software and hardware, water quality management, and infrastructure for both closed-loop and offshore farms.

read the preview

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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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Post-election chill for climate startups

(Caroline Suttie/PitchBook News)

In the VC world, the "Valley of Death" refers to the period when a startup is spending money—on research, personnel, laboratory or office space—but isn't yet generating significant revenue.

For the climate tech startups now navigating this stage, it's going to be a rough six months. As the industry adjusts to a new energy policy regime under President-elect Donald Trump, there'll be a chill in the air for both project financing and major fundraising for companies in the line of fire.

Potentially on the chopping block are key provisions of the US Inflation Reduction Act, the Department of Energy's budget and Treasury guidelines on tax credits. Offshore wind and hydrogen projects are two areas that are thought by VCs to be especially precarious.

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The Daily Benchmark:
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VC Deals

Odoo, a Belgium-based enterprise software startup, raised €500 million in a secondary funding round led by CapitalG and Sequoia.

Kong, a San Francisco-based cloud API technology company, raised a $175 Series E led by investors including Tiger Global, Balderton and Ontario Teachers' Pension Plan.

Vertical farming startup Oishii, known for its strawberries, raised a $150 million Series B led by NTT, Fortune reported.

Aquaria, a startup developing atmospheric water generators, raised $112 million in equity and debt—consisting of $100 million in project debt from Upwell Water and $12 million in equity from investors including Mistletoe, Ciri Ventures, Soma Capital, Axios reported.

Ladder, which offers virtual strength-training services, raised a $15 million Series B led by Point72 Ventures and ADvantage VC, and $90 million from General Catalyst, Axios reported.

Tokamak Energy, a UK-based nuclear fusion startup, secured $75 million in a funding round led by East X Ventures and Lingotto Investment Management.

Portugal-based drone startup Tekever raised a €70 million round led by Baillie Gifford and the Nato Innovation Fund.

KoRo, a Berlin-based snack specialist, secured a €35 million Series C led by Coefficient Capital.

Apaleo, a Munich-based property management platform, raised €20 million in a growth equity round led by PSG Equity.

Descycle, a London-based metal recycling tech company, collected a £10.2 million Series A led by BGF and Vorwerk Ventures.

PE Deals

Blackstone is nearing a deal for Tokyo Garden Terrace Kioicho, a mixed-use office complex, for 400 billion Japanese yen (about $2.6 billion), Bloomberg reported.

Italian soccer team Hellas Verona is shopping majority and minority stakes, and Texas-based Presidio Investors is raising up to €75 million for a bid at the controlling stake, Bloomberg reported.

Nordic Capital and Ontario Teachers' Pension Plan jointly acquired Max Matthiessen, a Swedish insurance broker.

Partners Group took a majority stake in Spanish hotel group Bluesea via a continuation fund of existing investor Portobello Capital.

Nordic Capital-backed Surgical Information Systems, which provides software for surgery centers, bought peer Surgical Notes.

Oakley Capital invested in Germany's Konzept & Marketing, an underwriting agent for property, accident and liability insurance.

Exits

Chroma, a VC-backed audiovisual company, was purchased by Bronze, a London-based AI music startup, Tech Crunch reported.

According the Bloomberg, IDG Capital-backed Qinghai Lihao Semiconductor Material is seeking to make a Hong Kong IPO as early as the second half of 2025 with the potential to raise $138 million.

Fundraising

Frazier Healthcare Partners closed its latest flagship vehicle on a $2.3 billion hard cap. Frazier Healthcare Growth Buyout Fund XI will seek out middle-market healthcare companies.

Bling Capital raised $270 million for its fourth flagship seed vehicle, part of which is designated for opportunity investments.

Accolade Partners closed its Accolade Blockchain III fund-of-funds on $202 million. The vehicle will target seed and early-stage firms, secondary stakes and GP stakes.

BNP Paribas Asset Management launched the BNP Paribas Future Forest Fund with the International Woodland Company to invest in sustainable forestry.

Investors

PE firm VSS Capital Partners received a minority investment from Pinnacle Investment Management Group.

Chart of the Day

Source: Q3 2024 US VC Valuations Report

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PitchBook News - Accel-backed Cyera hits $3B valuation

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