PitchBook News - Trump-VC ties deepen

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The Daily Pitch: VC

December 9, 2024

Presented by Silicon Valley Bank

Today's Top Stories

🏛️ Craft Ventures co-founder and "PayPal Mafia" member David Sacks was tapped to be the "White House AI & Crypto Czar," the incoming administration's latest move to bring tech allies into the fold.

Sacks won't be leaving Craft Ventures, but the role would grant him wide leverage to direct the executive branch's approach to crypto and AI regulation—areas that could carry sweeping consequences for the startup world, including companies in Craft Ventures' portfolio. Full story.

🥡 Foodtech VC funding remained stagnant in Q3, but new investment in the struggling ultrafast food delivery sector served up excitement, according to our latest Emerging Tech Research. Zepto secured a $340 million Series G as it reportedly plots an IPO next year, and Flink raised a $150 million round. Read the preview.

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German VC trends upward as PE dealmaking stumbles

Germany's venture market saw a rebound in the third quarter, with total deal value reaching its highest peak in two years. Private equity, on the other hand, saw the reverse as PE deal value almost halved from Q2, according to our Q3 2024 Germany Snapshot.

Growth for the country's economy has been weak overall this year in terms of GDP, but Q3 did see an uptick. Germany's main index, the DAX 40, beat both the FTSE 100 and France's CAC 40 year-to-date, with the financials segment seeing strong performance.

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Small bets, big rewards in European secondaries

(Mara Potter/PitchBook News)

The relative nascence of the secondary scene in Europe has left secondary buyers in pockets across the continent without much competition.

Case in point: Estonia-based Siena Secondary Fund, one of the only VC secondaries-specific funds focusing on buying small stakes in startups in the Nordics and Baltics now on the market. With its local network and limited competition, Siena has been able to get in on the ground floor of some of Europe's most highly valued companies.

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VC Deals

Denver-based AMP Robotics has raised a $91 million Series D led by Congruent Ventures for its AI-powered sortation technology for the waste and recycling industry.

Zopa, a London-based challenger bank, raised over €80 million in a round led by A.P. Moller.

Axiado, a San Jose-based cybersecurity chipmaker, has raised a $60 million Series C led by Maverick Silicon.

New York-based Sollis Health, a concierge medical provider startup secured a $33 million Series B led by Foresite Capital.

Planet A Foods, a Munich-based maker of cocoa-free chocolate, raised a €30 million Series B led by Burda Principal Investments and Zintinus.

Oxford Flow, a UK-based developer of valve technology, secured a $25 million Series C led by bp Ventures and Energy Impact Partners.

Enterpret, a San Francisco-based customer feedback intelligence platform, has raised a $20.8 million Series A led by Canaan Partners.

PE Deals

London-based infrastructure investor Covalis Capital teamed with French waste management company Suez Group in a £5 billion bid for Britain's Thames Water.

The South African Rugby Union rejected Ackerley Sports Group's bid for the commercial rights of the national rugby team.

Vector Capital has acquired Bigtincan Holdings, which provides sales enablement software and AI solutions.

Mubadala Capital has acquired a 42% stake in credit manager Silver Rock Financial.

Main Capital-backed Omnidocs has acquired UK-based Presentation Solutions, a developer of document productivity software.

Harbour Beach-backed Rose Paving has merged with Tenex Capital-backed Atlantic Southern Paving and Sealcoating and will continue to receive investments from both PE firms.

Exits

Hg is looking to hold a €19 billion IPO in Europe for Visma, a Norway-based cloud enterprise software developer, the Financial Times reported.

EQT is looking to exit Banking Circle, a Luxembourg-based payment specialist, for $3 billion to $4 billion, Bloomberg reported.

GIC-backed Yes! Communities is exploring an IPO that could raise $1 billion or more, Bloomberg reported.

Fundraising

Berlin-based pre-seed investor Fly Ventures closed its third fund on €80 million.

French growth investor Lauxera Capital Partners held a €300 million first close for Lauxera Growth II.

Metta Sandiford-Artest, a former Los Angeles Lakers basketball player, is launching Tru Skye Ventures with Stephen Stokols, the former CEO of Boost Mobile. They aim to raise $100 million.

Corporate M&A

Vodafone has received approval from the UK's Competition and Markets Authority on a £15 billion merger with Three, to create one of the largest telecommunications operators in Britain.

Chart of the Day

Source: Q3 2024 AI & ML Report

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PitchBook News - Trump-VC ties deepen

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