PitchBook News - Crypto VCs size up Trump's SEC pick

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The Daily Pitch: VC

December 6, 2024

Presented by Fidelity Private Shares^SM

Today's Top Stories

₿ Crypto VCs are "cautiously optimistic" on President-elect Donald Trump's pick for SEC chair. Paul Atkins is expected to de-escalate the regulator's current approach, which could prompt a wave of crypto startups returning to the US. Full story.

🐌 Dealmakers see no quick comeback for the IPO market. Uncertainty surrounding the new administration's policy agenda and the trajectory for interest rates is leading some dealmakers to feel gloomy about 2025. Read more.

🔋 EQT launched a new energy transition strategy with the purchase of German battery storage company ju:niz Energy. Infrastructure funds with energy transition investments have attracted the bulk of LP capital. Go deeper.

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An incoming tailwind for insurtech

A decrease in interest rates has altered the atmosphere in the insurtech sector, resulting in both additional innovation opportunities and new challenges for startups in the space.

The insurtech industry saw $1.6 billion invested across 101 VC deals in Q3 2024, according to our latest Emerging Tech Research—representing a slight uptick in deal value, though combined PE and VC investment remained on par with previous quarters.

The interest rate adjustment may lower capital costs and allow companies to invest in new technology, but it could also strain profitability, specifically in the life insurance market.

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Lawhive's $40M Series A adds to legal tech's record VC year

(Alengo/Getty Images)

London-based legal-tech startup Lawhive has raised a $40 million Series A. VC deal value for the sector has already reached record levels this year as mega-rounds pile up.

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Since yesterday, the PitchBook Platform added:

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The Daily Benchmark:
2019 Vintage Global Real Estate Funds

Median IRR

8.65%

Top Quartile IRR

14.95%

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VC Deals

Nuvig Therapeutics, a biotech startup focusing on autoimmune diseases, has raised a $161 million Series B led by Sanofi Ventures, Blue Owl Healthcare Opportunities and Norwest Venture Partners.

Atlanta-based Tractian, a manufacturing AI and logistics startup, has raised a $120 million Series C led by Sapphire Ventures.

Cleerly, a Denver-based cardiovascular imaging startup, has raised a $106 million Series C led by Insight Partners and Battery Ventures.

Zopa, a London-based digital bank, is finalizing an £80 million investment, Sky News reported.

Sage, which offers a platform for senior living operations management, has raised a $35 million Series B led by IVP.

D-Fend Solutions, an Israeli defense tech startup, raised $31 million in a round led by Israel Growth Partners.

Tuskira, an AI cybersecurity startup based in San Francisco, has emerged from stealth and raised $28.5 million from Intel Capital and SYN Ventures.

San Francisco-based BRM, an AI vendor management and procurement specialist, has raised $21.6 million in a combined seed round and Series A led by Caffeinated Capital and Base10.

FibreCoat, a Germany-based developer of space materials, secured a nearly €20 million Series B led by NewSpace Capital and Goose Capital.

PE Deals

Family-owned Spectra Confectionary has agreed to be acquired by SK Capital Partners, marking the firm's seventh investment in the food ingredients sector.

Emerging manager The Brydon Group has acquired Better Impact, a software developer that specializes in volunteer management and engagement.

Spindrift Beverages is close to striking a deal with Gryphon Investors, potentially valuing the sparkling water company at more than $650 million, The Wall Street Journal reported.

Air Innovations, a manufacturer of environmental process control systems, has been acquired by Altus Capital Partners.

Boston-based Truck 9 Partners has made an investment in waterworks and wastewater products distributor Ti-SALES.

FortyAU, a software development company that provides solutions to healthcare clients, has received an investment from ASH Investment Partners. The deal marks the firm's second platform investment with capital originating from its $150 million digital services fund.

Backcast Partners has made a strategic investment in World Water Works, a company specializing in water treatment services, building on a growth investment made by Chartwell Investments Entrepreneur & Founder Capital.

Apollo affiliates have acquired a 50% stake in Texas solar and battery energy storage system portfolio from TotalEnergies.

Kudu Investment Management has made a minority investment in RiverNorth Capital Management as the firm undertakes a growth initiative and expands its closed-end fund platform.

Splitero, a tech company that focuses on making home equity more accessible for homeowners, has received a $350 million commitment in home equity investments from Blue Owl.

Exits

Experian has purchased Audigent, a data activation and identity management platform for the advertising community, for an undisclosed amount.

Fundraising

Seraya is preparing the second iteration of its pan-Asia infrastructure fund, after the firm has witnessed swift deployment of its $800 million predecessor, Infrastructure Investor reported.

Cambridge, Massachusetts-based Atlas Ventures has raised $450 million for its fourteenth fund focused on biotech investing.

Chart of the Day

Source: Who has the most to lose from Northvolt’s failure?

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PitchBook News - Crypto VCs size up Trump's SEC pick

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