PitchBook News - Bay Area's AI funding bonanzaβ€”or waste?

HR tech lawsuit alleges spy scheme; healthtech VC inches toward recovery; Alphabet back in talks for cyberscurity specialist Wiz
Read online | Don't want to receive these emails? Manage your subscription.
PitchBook
Log in
The Daily Pitch: VC
March 18, 2025
Presented by Deloitte
Ads
πŸ€– The Bay Area raked in more than half of all VC dollars spent on AI and machine learning deals in 2024, according to PitchBook data, but some investors at the HumanX conference in Vegas last week warned that more money isn't always better. Find out why

βš–οΈ HR tech provider Rippling is suing Deel, one of its chief rivals, alleging the latter planted a spy at the company who stole information about customers, pricing and personnel. Read more

πŸ”’ Alphabet is back in talks to acquire buzzy and fast-growing cybersecurity specialist Wiz, according to The Wall Street Journal. This time, the price tag is reportedly $30 billionβ€”a significant bump from its prior talks at $23 billion.

Plus...
β€’ Private credit lenders are looking closely at tariffs
β€’ Healthtech VC dealmaking is showing signs of improvement
β€’ PepsiCo nabs prebiotic beverage company Poppi

Sign up for The Credit Pitch for weekly news and analysis of the US leveraged loan and private credit markets.
 
Healthtech dealmaking inches toward recovery
The healthtech market may finally be recovering from a difficult post-pandemic adjustment period, with 179 deals closed in Q4 2024, according to our latest Emerging Tech Research. Overall, 24 mega-rounds worth $100 million-plus were raised last year in the sector, up from 18 in 2023.

Finland-based smart-ring developer Oura led the way with its $200 million Series D at a $5.2 billion valuation. Exit value at the end of 2024 was up slightly from the previous two years. But startups may have to take valuation haircuts or explore other M&A options moving forward in an exit environment that's still far from its peak in 2021.
read the preview
 
Share: Email LinkedIn Twitter Facebook
 
A message from Deloitte  
Explore the future of fintech with informed perspectives
This quarter’s Road to Next highlights how the cryptocurrency, blockchain, and digital assets (CB&DA) sector is experiencing significant growth despite persistent challenges. Price volatility and short track records keep some investors cautious. However, expansion-stage dealmaking remained robust in 2024, with nearly $1 billion amassed from 91 transactions. Projected regulatory changes in 2025 could further integrate digital assets into the broader fintech ecosystem. While private markets are actively supporting this evolution, dealmaking still lags behind pandemic-era figures. Despite these challenges, rising interest from retail and individual investors indicates a gradually warming recognition of digital assets, underscoring the sector's transformative potential in fintech.
Share: Email LinkedIn Twitter Facebook
 
Tariffs rise to top of due diligence checklist in private credit
(Michal Krakowiak/Getty Images)
Some private credit lenders are shying away from deals in tariff-sensitive sectors amid rapidly changing policies and heightened market volatility, while others are forging on under pressure to deploy dry powder.

Direct lending dealmaking was suppressed at the start of 2025, as M&A and LBO deal activity were bruised by "a rapidly shifting regulatory environment" and political turmoil, according to PitchBook LCD's US Private Credit Monitor.
read more
 
Share: Email LinkedIn Twitter Facebook
PepsiCo acquires prebiotic soda brand Poppi for nearly $2B
(Peter Dazeley/Getty Images)
Pepsi has acquired prebiotic soda-maker Poppi in a $1.95 billion deal, expanding its presence in the functional beverage market. The move positions Pepsi to compete with Coca-Cola's SimplyPop as health-conscious consumers increasingly seek better-for-you drink options.
read more
Share: Email LinkedIn Twitter Facebook
India's private markets in flux: IPO boom, VC slowdown, PE resilience
India's private markets are navigating a mixed landscapeβ€”VC dealmaking continued to battle headwinds in 2024, down over 50% from peak levels. Meanwhile, PE has remained more resilient, with non-domestic investors increasing their stakes in the country's high-growth sectors.

Our Q4 2024 India Market Snapshot dives into the macro trends, key deals and what's next as India heads into a shifting economic cycle.
read it now
 
Share: Email LinkedIn Twitter Facebook
 
Since yesterday, the PitchBook Platform added:
18
VC valuations
2358
People
615
Companies
43
Funds
See what our data software can do
 
The Daily Benchmark:
2018 Vintage Global Real Estate Funds
Median IRR
9.27%
Top Quartile IRR
12.55%
0.44x
Median DPI
Select top performers
Exeter Europe Value Ventures III
Invesco Strategic Opportunities III
Blue Heron Real Estate Opportunity Fund III
*IRR: net of fees
76 Funds in Benchmark Β»
Check out the latest version of PitchBook Benchmarks
 
People  
Blue Owl has hired Blake Shorthouse, a former executive at KKR, as global head of family capital.
 
VC Deals  
Latigo Biotherapeutics, which develops non-opioid pain treatments, raised a $150 million Series B led by Blue Owl Capital.

Seattle-based Curevo Vaccine, the developer of a shingles vaccine, raised a $110 million Series B led by Medicxi.

Maxion Therapeutics, a UK-based biotech startup, secured a $72 million Series A led by General Catalyst.

Dalma, a Paris-based pet insurer, raised a €20 million Series B led by Breega.

Gradial, a startup developing AI agents for enterprise marketing, raised a $13 million Series A led by Madrona.
 
PitchBook webinar: Focus on private credit CLOs
Late 2024 saw the debut of Europe's first CLO backed primarily by private credit debtβ€”setting the stage for a wave of similar deals in 2025. But what's next for the market?

In this webinar, we'll examine the significance of this event and provide a general market update on key private credit developments, as well as an overall leveraged finance update for 2025 so far. Key topics include:
  • How will CLO issuance shape the private credit market in 2025?

  • What is next for private credit debt in Europe?

  • How does M&A activity compare to projections?
Register now to secure your spot.
Share: Email LinkedIn Twitter Facebook
 
PE Deals  
Investcorp agreed to acquire a majority stake in Miebach Consulting, a Germany-based supply chain management consultancy.

A group of investors led by RRJ Capital has invested $600 million in Dubai-based VistaJet, a private airline group.

Triton Partners acquired a minority stake in Frankfurt-listed waste management and recycling specialist Befesa.

Thoma Bravo invested in cloud-based administration software provider PCMI.
 
Portfolio Companies  
Fast-fashion retailer Forever 21 has filed for Chapter 11 bankruptcy protection for the second time after a failed turnaround of the business by owners including Authentic Brands Group.

Canadian department store Hudson's Bay could begin liquidating locations this week.

The Carlyle Group is delaying planned IPOs of two of its portfolio companies: Acrotec Group and ADB Safegate, Financial News reported.
 
Exits  
AI video startup Hotshot, which develops text-to-video AI foundation models, has been acquired by xAI.

Belgium-based biotech company EsoBiotec, which focuses on cancer treatments, has been acquired by AstraZeneca for up to $1 billion.

Partners Group agreed to sell Ireland-based electricity interconnector cable project Greenlink Interconnector at an enterprise value of €1 billion.

China-based LCD TV display seller Guangzhou Shiyuan Electronic Technology Co. is considering a second listing in Hong Kong, Bloomberg reported.

Asker Healthcare Group seeks to raise about 8.9 billion Swedish kronor (around $880 million) in a Stockholm IPO.
 
Fundraising  
Morgan Stanley Investment Partners closed its fourth global infrastructure fund on $4.1 billion.

Stafford Capital Partners closed Stafford International Timberland Fund X on $1.04 billion.

Madrid-based deep-tech investor Adara Ventures held a first close for its €100 million fourth flagship fund.
 
Chart of the Day  
Source: 2024 Emerging Spaces in Review
 
About PitchBook | Terms of use | Advertise with us | Contact
Follow us: in twtr fb

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

PitchBook Data Inc., 901 Fifth Avenue, Suite 1200, Seattle WA 98164, United States

Β© 2025 PitchBook. Win what's next. All rights reserved.

Older messages

Huge data security deals drive infosec

Tuesday, March 18, 2025

VC interest flows into irrigation tech; health focus spurs growth in food, beverages; PE's aim is to retain female talent Read online | Don't want to receive these emails? Manage your

Female angel investors slower to open pockets

Tuesday, March 18, 2025

Southeast Asia's markets hit by exit lag; biopharma VC bags fewer, larger deals; ranking the Walgreens take-private Read online | Don't want to receive these emails? Manage your subscription.

Hopes waver for IPO recovery

Tuesday, March 18, 2025

AI agents take center stage at HumanX conference; the rising stars of biotech dealmaking; mid-market recovery catches a wave Read online | Don't want to receive these emails? Manage your

Who's buying all these startups?

Tuesday, March 18, 2025

Also: One of the best years ever for the PE middle market; Our all-new report on private credit; New breakdowns for the SE Asia and MENA regions... Read online | Don't want to receive these emails?

Big Tech M&A still frozen post-inauguration

Tuesday, March 18, 2025

Plus: Mid-market recovery chugs along, startups enter M&A big leagues & more Read online | Don't want to receive these emails? Manage your subscription. Log in The Weekend Pitch March 16,

You Might Also Like

😬Weeping and gnashing of teeth

Tuesday, March 18, 2025

Our paid ads team tests a Reddit strategy View in browser Masters In Marketing In a seismic time for SEO marketing, an unlikely winner emerged last year: Reddit. And while nobody seems happy about that

🀯 Get your business up and running faster with AI

Tuesday, March 18, 2025

Discover the AI tools you should start using. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Only 3 spots!

Tuesday, March 18, 2025

Agency owners have been asking for this for a long time ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ 

$164,449 In 15 Days (His side-income SECRET)

Tuesday, March 18, 2025

5-step action-plan to build a brand-new "side-income" View in browser ClickBank Hi there, This Friday (21st March) a top ClickBank client is running an online Strategy Lab where he'll

Canadian Ecom Seller? A New Course Just for You

Tuesday, March 18, 2025

β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ

How independent agencies are staying ahead of the curve

Tuesday, March 18, 2025

Elevating growth amid surging demand for digital media β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ

It's time to bet on emerging platforms

Tuesday, March 18, 2025

Tips to keep your brand adaptable and embrace change ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Elon vs. Sora

Tuesday, March 18, 2025

Google's Veo 2 is in the race too! β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ β€Œ

The secret to CTAs that convert

Tuesday, March 18, 2025

Your call-to-action (CTA) is the final push that turns visitors into customers. But if it's weak, unclear, or generic, you're leaving money on the table. The best CTAs don't just say β€œBuy

ET: March 18th 2025

Tuesday, March 18, 2025

Exploding Topics Logo Presented by: Exploding Topics Pro Logo Here's this week's list of rapidly trending topics, insights and analysis. Topic #1 A Pup Above (trends) Chart A Pup Above is a