A key VC ecosystem thrives amid COVID-19

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The Daily Pitch: VC

November 5, 2020

Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A

Today's Top Stories

Deal activity persists amid the pandemic in a key European ecosystem

Private equity investors logged €67 billion worth of deal value across Austria, Germany and Switzerland through the first nine months of 2020, a higher sum than in three of the past four full years. VCs, meanwhile, completed €6.3 billion worth of deals through the end of September, more than in nine of the past 10 full years.

The region has turned into an increasingly key part of the European ecosystem over the last decade. And it is displaying impressive resilience in the midst of a global health crisis.

PitchBook's 2020 DACH Private Capital Breakdown offers a detailed picture of the latest data and trends from the three nations—including a look at why exit activity hasn't been keeping up with dealmaking:

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Thematic investing pays off for PE

CEO Kewsong Lee said high-growth sectors like healthcare and tech were key to The Carlyle Group's Q3. (John Lamparski/Getty Images)

Another earnings season is in the books for the biggest publicly traded private equity firms. How did they fare in the third quarter of a year unlike any other?

Our latest analyst note ties together some common threads from Blackstone, KKR and other major firms' latest quarter, including their lucrative emphasis on thematic investing. The note also examines the growing popularity of permanent capital vehicles and lays out a quantitative look at how the firms compare across fee-related earnings, assets under management and more:

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A message from gener8tor & ECMC Group

Unveiling the Education & Workforce Innovation Investment Trends Report

Join gener8tor and ECMC Group on Nov. 19 as they unveil the PitchBook x OnRamp Education & Workforce Innovation Investment Trends Report highlighting notable investment activity between CVCs, VCs and startups.

gener8tor and ECMC Group developed the OnRamp Education & Workforce Innovation program with the goal of seeding innovation and facilitating connections between edtech and future-of-work startups, corporations and investors. We hosted the first conference virtually this year and were joined by 49 corporate partners and over 250 startups, facilitating nearly 450 one-on-one pitch meetings.

As a part of our ongoing efforts to highlight innovation and capital in the education and workforce landscape, we are proud to partner with PitchBook to present the inaugural 2020 Education & Workforce Innovation Investment Trends Report, featuring:

2020-2021 investment trends
Ranking of the most active education and workforce innovation investors
Startups to track

Register for the webinar, to be held on Thursday, Nov. 19, from 12 p.m.-1 p.m. CT.

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Recommended Reads

For an unlucky few, COVID-19 has turned into a monthslong health nightmare. The disease's curious longevity is a mystery doctors are just beginning to crack. [The Wall Street Journal]

A tale of outlaw bikers, opioids and a doctor from suburban Philadelphia whose pursuit of the high life turned into a tragedy. [HuffPost]

TikTok has become the media platform of choice for millions of younger Americans. So on election night, TikTok was where they turned. [The New York Times]

Since yesterday, the PitchBook Platform added:

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Quick Takes


	The Daily Benchmark
	2015 Vintage Global Buyout Funds
	VC Deals
	Meat Tech gets $7M for 3D-printed meat
	Podcastle records $1.7M+ round
	Exits & IPOs
	Intel secures VC-backed AI startup Cnvrg.io

The Daily Benchmark

2015 Vintage Global Buyout Funds

Median IRR

13.80%

Top Quartile IRR Hurdle Rate

20.26%

1.31x

Median TVPI

Select top performers

Gridiron Capital Fund III

Main Capital IV

Francisco Partners IV

*IRR: net of fees

104 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Meat Tech gets $7M for 3D-printed meat

Meat Tech 3D, a startup developing technology to produce 3D-printed meat, has raised $7 million in a round led by Psagot. Last week, the Israeli company confidentially filed for an IPO. Meat Tech is developing a bioprinter that would use animal cells and nutrients to create cultured meat.

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Podcastle records $1.7M+ round

Podcastle, the developer of a streaming platform and podcast creation tools, has picked up $1.75 million in seed funding led by Sierra Ventures. Andrew Ng's AI Fund and Correlation Ventures also contributed to the round. After a successful launch earlier this year, the startup plans to add more features to make it easier to create podcasts. So far, Podcastle has raised a total of $2 million in private funding.

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Exits & IPOs

Intel secures VC-backed AI startup Cnvrg.io

Intel has acquired Cnvrg.io, the developer of a machine learning-powered platform designed to build AI models more efficiently, according to TechCrunch. The Israel-based company raised an $8 million round last year from investors including Jerusalem Venture Partners and Hanaco Venture Capital that valued it at $17.8 million, according to a PitchBook estimate.

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Chart of the Day

"The sheer volume of SPAC launches is unprecedented, with 2020 values already topping any other year on record. The structure of many SPACs, whereby founder shares equal to 20% of the SPAC's value post acquisition (known as the 'promote') are purchased for a nominal sum by the SPAC sponsor, may incentivize SPACs to finalize a deal above all else."

Source: PitchBook's Q3 2020 US PE Breakdown