PitchBook News - Scoping out medtech's future

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The Daily Pitch: VC

December 11, 2024

Presented by Silicon Valley Bank

Today's Top Stories

👔 Enterprise resource planning startups grabbed 42% of enterprise SaaS VC funding in Q3, a sign that investors spy a chance to disrupt a market dominated by the likes of Oracle and SAP. The broader SaaS sector continued its recovery. Go deeper.

🤝 Japan's largest insurance deal is underway as Nippon Life Insurance nears a pact to buy Resolution Life Group Holdings for $8.2 billion. Full story.

🗾 Speaking of Japan, its VC market is recovering. These six charts show what's driving the trend. Read more.

🏛️ FTC commissioner Andrew Ferguson will replace Lina Khan as chair of the consumer protection agency, President-elect Donald Trump announced Tuesday.

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The future of medtech lies in diagnostics

The medical diagnostics sector has been propelled forward by innovations in imaging, precision medicine and rapid testing—with AI integration and improved accessibility fueling robust growth. Over the last five years, diagnostics startups have collected over $24 billion in VC funding.

Our latest Emerging Tech Research sees growth for mid- to late-stage diagnostic companies over the next few years. Investor interest in the next generation of technology like gene sequencing and point-of-care blood collection could propel the sector even further.

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VC stands out in muted Q3 for Italy's private markets

Italy's venture and private equity markets diverged in the third quarter, with the former seeing dealmaking rise well above Q2's levels and the latter suffering a significant drop in deal value. Several pan-European private capital firms have recently opened offices in the country, offering a glimmer of hope for the year ahead, according to our latest Italy Market Snapshot.

The country's macroeconomic environment has remained muted, with GDP staying flat quarter-over-quarter. Year to date, FTSE MIB returns have performed well against other European indexes, driven by outperformance in financials and industrials.

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London scores 2 potential IPOs, but Ashtead joins exodus with US float

(Courtesy of Ashtead Technology)

Ashtead Technology is the latest to announce a relocation of its primary listing to the US, following a similar move by Just Eat Takeaway on Nov. 27.

French TV streaming platform Canal+ and AI SaaS company Pri0r1ty, however, are showing their confidence in the London stock market.

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Since yesterday, the PitchBook Platform added:

1912

People

684

Companies

35

Funds

See what our data software can do

The Daily Benchmark:
2017 Vintage US PE Funds

Median IRR

18.70%

Top Quartile IRR

25.40%

0.65x

Median DPI

Select top performers

Spectrum Discretionary Overage Program

SSC Partners Cantium

Great Hill Equity Partners VI

*IRR: net of fees

92 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Mumbai-based Mintifi, which offers a platform for supply chain financing, raised a $180 million Series E led by Teachers' Venture Growth, an arm of the Ontario Teachers' Pension Plan.

Speak, a startup developing a language learning platform, secured a $78 million Series C led by Accel that values the company at $1 billion.

Cybersecurity startup Astrix Security raised a $45 million Series B led by Menlo Ventures.

Aqemia, a Paris-based drug discovery startup, raised $38 million in a round led by Cathay Innovation.

Tel Aviv-based Riverside, which offers a podcast recording platform, secured a $30 million Series C led by Zeev Ventures.

WeaveGrid, which specializes in integrating electric vehicle adoption, raised a $28 million round led by Woven Capital.

Next Sense, an Amsterdam-based smart-building specialist, completed an €1.5 million Series A led by ABP and ETF Partners.

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PE Deals

Walgreens is in talks with Sycamore Partners for a take-private deal that could value the drugstore chain at nearly $8 billion, The Wall Street Journal reported.

Topcon is considering takeover bids from KKR, EQT and Japan Investment, with a second bidding round expected by the end of December, Bloomberg reported.

Bakery chain Gail's, based in the UK, is in talks to be acquired by McWin Capital Partners, Bloomberg reported.

Ardian acquired Atout-Box, a French self-storage provider.

Star Capital acquired Subsea Technology & Rentals, a Texas-based subsea sensor equipment provider.

Invalda plans to buy shares in Romania's Pehart Group, a paper products producer.

Lee Equity agreed to acquire Cooper Parry from Waterland Private Equity.

Exits

TeamViewer acquired New York-based DEX solutions provider 1E from The Carlyle Group for $720 million.

Portugal-based bank Novo Banco has begun exploring opportunities for an IPO.

ServiceTitan, a California-based software startup, is seeking a $5.95 billion valuation in its IPO.

WPAI, a startup that develops AI integration solutions for WordPress, has been acquired by VC-backed Automattic.

Fundraising

Apollo Global Management is preparing to launch its 11th PE fund targeted at $25 billion, Bloomberg reported. The fund would be Apollo's largest PE fund to date.

Munich Private Equity Partners closed its fifth fund-of-funds program, MPEP V, with €440 million, surpassing its target of €300 million.

Laude Ventures, a new VC firm owned by Andy Konwinski, Pete Sonsini and Andrew Krioukov, raised $150 million for its first fund, Forbes reported.

Investors

Pacific Avenue Capital Partners opened a European office in Paris led by Xavier Lambert as managing director.

Corporate M&A

President Joe Biden will block the $14.1 billion acquisition of US Steel by Nippon Steel, Bloomberg reported.

A US judge blocked the $24.6 billion deal for Kroger to acquire Albertsons.

Chart of the Day

Source: Market Map: Customer support startups help lead an enterprise SaaS rebound

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PitchBook News - Scoping out medtech's future

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