VC climate-tech funding falls for 3rd year

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The Daily Pitch: VC

January 15, 2025

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

🌎 Climate-tech VC funding fell for the third straight year in 2024, declining 17% to $24 billion in North America and Europe. It's another signal that AI is siphoning venture funding away from other sectors. Read more

💪 Japan, China and India will dominate private investment themes in the Asia-Pacific region in 2024. Dealmaking in the region for both PE and VC slowed last year, but trends in its three biggest economies point to a rebound in 2025. Full story

Plus...
• Meet Europe's new crypto unicorn
• Aussie bank Macquarie inks $5 billion data center partnership

Sygnum rides VC crypto wave to unicorn status

(NurPhoto/Getty Images)

Crypto bank Sygnum has pulled in $58 million in fresh funding, pushing its valuation to more than $1 billion.

VC investment in the crypto space started its recovery last year and is expected to surpass $18 billion in 2025.

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VC Deals

Harbinger, an electric vehicle startup based in Los Angeles, has raised a $100 million Series B co-led by Capricorn and Leitmotif.

Seattle-based immunotherapy startup Umoja Biopharma secured a $100 million Series C co-led by Double Point Ventures and DCVC Bio.

London-based fintech specialist LemFi has raised a $53 million Series B led by Highland Europe.

Bioptimus, a Paris-based startup developing generative AI models for the biotech industry, secured $41 million in a round led by Cathay Innovation.

Orchid Security, a New York-based security orchestration startup, has raised a $36 million seed round co-led by Team8 and Intel Capital.

Fize Medical, a fluid management optimization specialist based in Denver, has raised a $30 million Series A led by Rapha Capital Management.

Robeauté, a Paris-based developer of neurosurgical microrobots, secured $28 million in a round co-led by Plural, Cherry Ventures and Kindred Ventures.

Raspberry AI, a New York-based generative AI startup creating images and videos for the fashion industry, has raised a $24 million Series A led by Andreessen Horowitz.

PE Deals

Bakery and cookie distributor Crumblis exoloring a sale that could value the company at nearly $2 billion, according to Reuters.

Ardian acquired a minority stake in Sicer, an Italy-headquartered ceramic coatings manufacturer.

I Squared Capital is working on a buyout offer for Hong Kong-based telecoms company Hong Kong Broadband Network, Bloomberg reported.

Strategic Value Partners will make a €200 million preferred equity investment in Bjelin Group, a Croatia-based veneer and floor manufacturer.

PE firms, including Advent International, Apollo Global Management, Clayton Dubilier & Rice and PAI Partners, are vying for Reckitt Benckiser's homecare assets, Bloomberg reported.

Directional Capital is nearing a deal to obtain roughly 140 UK Pizza Hut outlets by acquiring franchise-holder Heart With Smart, Sky News reported.

Abu Dhabi Investment Authority has acquired a minority stake, which is set to increase over time to 10%, in Montreal-based Innocap Investment Management.

Thrive, a business efficiency specialist, has received a strategic investment from Berkshire Partners alongside its current investor Court Square Capital Partners.

Data and analytics company Union Healthcare Insight received a strategic investment from New Mountain Capital.

Roark Capital and Kholberg & Co. has formed a strategic partnership with GPRS Holdings, a provider of contractor services.

Exits

Blackstone is considering an IPO or a sale of California-based Liftoff, with its sights set on a valuation of $4 billion for the mobile app marketing provider.

Apollo Global Management is planning an IPO for the India business of Tenneco, a US-based car parts manufacturer, at about a $2 billion valuation, Bloomberg reported.

Digital banking company Super Bank Indonesia is considering a Jakarta IPO at a valuation of up to $2 billion, Bloomberg reported.

VC-backed Parrot AI, an AI-enabled meeting recorder and transcription service headquartered in Boston, has been purchased by Advisor 360.

The ecommerce marketplace eBay has announced it will acquire Caramel, an online automotive transaction specialist backed by FJ Labs.

Middle-market investor Quad-C has completed its sale of @Properties, a real estate services company, to NYSE-listed Compass.

Cengage Group has acquired PE-backed Visible Body, an online platform that assists students and professionals to practice anatomy with interactive content.

Fundraising

StepStone Group has closed its inaugural infrastructure co-investment fund on around $1.4 billion. The vehicle focuses on the energy transition, digital connectivity and AI sectors.

Investors

LBP AM, the asset management subsidiary of French investor La Banque Postale, set up LBP AM European Private Markets to invest in infrastructure debt, corporate direct lending, real estate debt and capital solutions.

Corporate M&A

Cleveland-Cliffs has entered the bid for US Steel and has partnered with Nucor to present an all-cash offer, CNBC reported.

United Rentals has agreed to acquire H&E Equipment Services in a deal valued at $4.8 billion.

Chart of the Day

Source: 2025 Enterprise Technology Outlook

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VC climate-tech funding falls for 3rd year

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