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The Daily Pitch: VC

February 25, 2025

Presented by CIBC Innovation Banking

🤔 Coinbase's SEC win leaves a big question unanswered. The crypto exchange said that the securities regulator agreed in principle to drop its lawsuit against the company. But even if approved, uncertainty around cryptocurrencies' legal status would remain. Experts emphasize that congressional action is needed for regulatory clarity. Go deeper

🏢 Apollo's $1.5 billion deal for real estate investor Bridge underscores a GP consolidation wave and adds to hopeful signs of a real estate market recovery. Large managers have been gobbling up specialist GPs of scale to build diversified platforms that can appeal to more investors. Full story

🥡 Tech investor Prosus will buy Just Eat Takeaway for over €4 billion. The Amsterdam-listed food delivery company fell on hard times after demand dropped following the end of the pandemic. Read more

Plus...
• Footwork Ventures jogs off with $225M for second fund
• What's behind gaming's SaaS-powered future
• Blackstone inks $5.6B marinas deal

Data dive: Emerging opportunities in VC

Our second annual VC Emerging Opportunities report provides quantitative data for investors to stay on top of quickly shifting VC trends. The report covers 12 sectors, from AI to climate tech and gaming.

SaaS companies continue to stand out, with many early-stage investment opportunities and high exit probabilities—calculated by our VC Exit Predictor. The report forecasts underperformance from foodtech, agtech and digital health, with an analysis of each space.

read the report

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Today’s innovators need a financial partner who understands the innovation ecosystem and can fuel them in all conditions. Since 2018, CIBC Innovation Banking has injected $10.8 billion into tech startups. Find out what CIBC can do for yours.

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Footwork Ventures raises $225M in warm welcome for second fund

(Dan Kurtzman/Getty Images)

Footwork Ventures, an early-stage firm focused on consumer tech, has closed on $225 million for its second fund, according to a regulatory filing.

Having invested at the peak of the tech market, firms that launched a debut vehicle in 2020 and 2021 have faced an uphill battle to prove performance to their LPs. But Footwork's success with this fund suggests a warm reception from limited partners.

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Since yesterday, the PitchBook Platform added:

16

VC valuations

2176

People

585

Companies

24

Funds

See what our data software can do

The Daily Benchmark: 2014 Vintage Global VC Funds with less than $250M

Median IRR

14.08%

Top Quartile IRR

24.68%

1.06x

Median DPI

Select top performers

Ludlow Ventures II

BEK I

Armory Square Ventures

*IRR: net of fees

52 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Schroders Capital, the private investment arm of asset manager Schroders, appointed Vikram Bhandari to the newly created role of head and CIO.

VC Deals

IT platform developer NinjaOne raised $500 million in Series C extensions led by ICONIQ Growth and CapitalG at a valuation of $5 billion.

Just Salad, the operator of a fast-casual restaurant chain in the US, raised $200 million in a round led by Wellington Management that values the company at $1 billion.

Lending startup Flow48 raised $69 million in debt and equity in a Series A led by Breega.

Cambium, which develops supply chain technology for the wood industry, raised an $18.5 million Series A led by VoLo Earth Ventures.

RAD Security, a cybersecurity startup focused protecting on cloud-based infrastructure, raised a $14 million Series A led by Cheyenne Ventures.

PE Deals

Blackstone is in talks to acquire VaxCare, a vaccine management platform developer backed by Summit Partners, in a $1.7 billion deal, Bloomberg reported.

Bain Capital made a bid for Chemring Group, a London-listed defense technology company, Sky News reported.

CVC Capital Partners agreed to sell up to 54% stake in India-based cancer care specialist Healthcare Global Enterprises to KKR for up to $400 million.

GA Group, which is backed by Oaktree Capital Management, has agreed to acquire the assets of bankrupt craft retailer Joann alongside a group of lenders.

Boeing's potential sale of defense drone manufacturing unit Insitu, which could be valued at around $500 million, is drawing interest from PE buyers, Bloomberg reported.

Exits

KKR is considering a sale of IT management company BMC Helix in a deal that could value it up to $2 billion, Bloomberg reported.

Boeing is considering a sale of its defense drone manufacturing unit, Insitu. It could be valued around $500 million, Bloomberg reported.

VC-backed Voyage AI has been acquired by Nasdaq-listed MongoDB for $220 million.

Australia-based financial firm Perpetual will look to sell its wealth management unit after rejecting an offer from KKR to buy it along with a corporate trust unit.

RedBird Capital Partners is looking to sell its stake in cricket team Rajasthan Royals, which plays in the Indian Premier League, Bloomberg reported.

China-based Deep Blue Aerospace, which is one of the country's largest rocket manufacturers, expects to pursue an IPO.

Fundraising

London-based Gemcorp is eying $2 billion for a private credit fund.

Cambridge Innovation Capital's new growth fund, which has £100 million, will write checks up to £20 million for deep-tech and life sciences companies.

Talomon Capital and Kepler Partners launched an open-ended fund, KLS Talomon PE Alpha Fund.

Investors

London-based PE firm ICG opened its first Swiss office in Zurich.

Indonesia will give $20 billion to newly created Danantara, its second sovereign wealth fund, Bloomberg reported.

Chart of the Day

Source: Aging buyout portfolios reach decade high at 3.4-year hold period

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PitchBook News - Data dive: Emerging opportunities in VC

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