New VC hotspots emerge in Europe in 2020

Joe Montana's firm eyes $100M fund; WeRide nabs $200M for autonomous cars; Drug discovery startup raises $109M; WarnerMedia eyes HBO Max expansion
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The Daily Pitch: VC
December 24, 2020
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Today's Top Stories
Hot or not: Where European VC funding went in 2020
With its $160 million round, e-scooter startup Voi helped Sweden hit $3.2 billion of venture funding in 2020. (Courtesy of Voi)
Including Israel, European companies collected $46 billion in venture funding as of Dec. 14, outpacing last year's high, according to PitchBook data.

The UK still accounts for the majority of VC deal flow in the region. But deal value in the country increased less than 2% in 2020, PitchBook data shows. For other countries, including Norway and Germany, it was a year when venture investment soared to new highs.
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Dyal, Owl Rock make $12.5B SPAC deal official
(Suppachok Nuthep/Getty Images)
Dyal Capital Partners and Owl Rock Capital have formally announced plans to combine their operations by merging with a SPAC, with the transaction valuing the two asset managers at a combined $12.5 billion.

Dyal, which specializes in GP stakes investing, and Owl Rock, which is known for its direct lending, will combine with Altimar Acquisition, a SPAC launched by HPS Investment Partners. Dyal already owns existing stakes in Owl Rock and HPS. The deal also involves a $1.5 billion PIPE investment from several investors, including Iconiq Capital and an affiliate of Koch Industries. The new entity will be known as Blue Owl Capital, trading under the OWL ticker on the NYSE.

Earlier this month, when news of the deal first came to light, our analyst team examined what the SPAC-backed mega-merger will mean for the private equity industry.
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Quick Takes
  The Daily Benchmark  
  2015 Vintage Global Funds-of-Funds  
  VC Deals  
  WeRide picks up $200M  
  Drug discovery startup nails down $109M Series A  
  Exits & IPOs  
  Nuro takes over fellow self-driving startup Ike  
  AT&T buys tech to aid HBO Max expansion  
  Fundraising  
  Joe Montana's Liquid 2 Ventures eyes $100M  
 
 
The Daily Benchmark
2015 Vintage Global Funds-of-Funds
Median IRR
13.85%
Top Quartile IRR Hurdle Rate
16.85%
1.34x
Median TVPI
Select top performers
HarbourVest Partners X-Venture
Adams Street 2015 US Fund
Commonfund Capital Venture Partners XI
*IRR: net of fees
47 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
WeRide picks up $200M
WeRide has raised a $200 million Series B1 from commercial vehicle manufacturer Yutong Group. The funding follows a $150 million round the Guangzhou-based startup raised in 2018. WeRide, which is a developer of tech for autonomous vehicles, obtained China's first driverless testing permit in July. Yutong and WeRide plan to collaborate on developing self-driving buses.
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Drug discovery startup nails down $109M Series A
Neomorph, which uses targeted protein degradation to develop drug therapies for cancer and other diseases, has raised $109 million. Established by Deerfield Management earlier this year, the San Diego-based company plans to use the new funding in part to advance lead programs and expand its research team.
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Exits & IPOs
Nuro takes over fellow self-driving startup Ike
Nuro has acquired Ike in a merger of two self-driving vehicle startups. Two-year-old Ike is developing autonomous technology for the trucking industry, and Nuro focuses on last-mile delivery. Nuro has owned a minority stake in Ike since 2018. Ike has reportedly raised more than $50 million in funding from investors including Redpoint Ventures, Bain Capital and Fontinalis Partners.
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AT&T buys tech to aid HBO Max expansion
WarnerMedia, a unit of AT&T, has bought You.i TV, which offers technology to build video apps for mobile, streaming and gaming devices. WarnerMedia plans to use the technology to deploy its HBO Max streaming app worldwide. You.i TV had received prior funding from investors such as WarnerMedia, Kayne Anderson and Wise Ventures.
View details
 
View 36 competitors »
 
Fundraising
Joe Montana's Liquid 2 Ventures eyes $100M
Liquid 2 Ventures, an early-stage venture firm led by football legend Joe Montana, has set a $100 million target for its third fund, according to an SEC filing. The firm's portfolio includes Colombian delivery startup Rappi, healthtech company Nurx and GitLab, a maker of open-source tools used by software developers.
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View 212 investments »
 
Chart of the Day
Source: PitchBook's Q3 2020 Private Fund Strategies Report
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