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The Daily Pitch: VC

September 27, 2021

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

In today's Daily Pitch, you'll find:

Dealmaking activity has rebounded in the France and Benelux region this year. From exits to fundraising, our latest report breaks it all down.

Sweden's financial watchdog is looking into whether EQT violated disclosure regulations in a $2.7 billion share sale.

The third installment in our research note series on venture returns by stage.

Today's Top Stories

Dealmaking activity makes a comeback in the France and Benelux region

The France and Benelux region has seen a huge rebound this year, as private capital activity is on track to surpass previous annual bests. In only two quarters, PE dealmaking virtually reached pre-pandemic levels, while records have been broken in the region on the VC side.

PitchBook's 2021 France & Benelux Private Capital Breakdown examines the PE and VC markets in France, Belgium, the Netherlands and Luxembourg, breaking down trends across deals, exits, fundraising and sectors. Key highlights include:

Activity in Europe's second-largest PE ecosystem reached €87.6 billion in the first half of the year, marking a year-over-year increase of 55.2%.

Swelling VC deal sizes put the region on the path to new heights.

Fundraising activity had a robust start to the year for both PE and VC investors.

read the report

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Sweden opens probe of EQT over partners' insider sales

(Stefan Cristian Cioata/Getty Images)

Sweden's financial watchdog is investigating whether one of Europe's largest PE firms violated regulations concerning the disclosure of insider information.

EQT is facing a probe into whether it failed to publicize in a timely manner that former and existing partners were selling shares in the firm totaling $2.7 billion. The public offering allowed senior executives to exit some of their stock earlier than planned under a lock-up agreement that was supposed to last until late 2022.

Financial regulator Finansinspektionen said that it decided to open an investigation over the "postponed publication of inside information" after being notified of the move by EQT on the same day as the share sale.

After being contacted to justify the delay, EQT said in a statement that the firm "has handled the information correctly" and "looks forward to a continued positive and constructive dialogue with the Authority."

Partners including chairperson Conni Jonsson and CEO Christian Sinding sold approximately 6% of the firm's issued share capital for 370 Swedish kronor (about $42.75) apiece. The partners said in a press release that they would commit to reinvesting 50% of the proceeds into EQT vehicles over the next fund cycle.

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A message from RBC Capital Markets

What's driving record capital in genetic medicine?

Genetic medicine has attracted record-breaking capital in biotech, with roughly $150 billion invested since 2013. Gene editing enables scientists to precisely tackle the genetic root causes of diseases. Such an approach can be "one and done" and thus avoid the chronicity of the current standard of care. Rapid advancements in this field are creating a robust product pipeline and attracting record capital. But despite all the enthusiasm, companies should tread cautiously with this technology.

Find out more

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How early-stage VC deals drive inordinately high returns

(RapidEye/Getty Images)

Investors are consistently allocating larger amounts of capital to startups that go on to exit successfully—a trend especially distinct with later-stage financing.

Our recent analyst note is the third in our series breaking down venture returns by round. In this new installment, we've refined our approach to enable richer analysis of the flow of capital. Key takeaways include:

The data suggests a clear relationship between capital raised and the success or failure of a company.

The earliest stages, especially Series A, show asymmetrically high returns compared with later-stage deals.

The attractive VC fund returns of the past few years have accelerated the increase in capital allocated to venture investing.

read it now

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Recommended Reads

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As China doubles down on banning crypto transactions, NFT marketplaces are using clever workarounds. [Protocol]

Never before in history have so many people been under the gaze of so many strangers. One writer muses about what the internet has become, and what happens when the experience of celebrity becomes universal. [The New Yorker]

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Quick Takes


	A message from McDermott Will & Emery
	How to prepare for the future of healthcare investing
	The Daily Benchmark
	2011 Vintage North American Venture Funds
	VC Deals
	Momenta drives off with $300M
	Emerge secures $130M
	Sternum lands $27M
	Intelinair gathers $20M Series B
	Exits & IPOs
	Udemy plans for public offering

A message from McDermott Will & Emery

How to prepare for the future of healthcare investing

Are you prepared for the unique challenges facing private equity investors in the current healthcare landscape? At this year's HPE New York 2021 conference, an elite faculty of PE leaders will explore the most pressing challenges facing buyers and sellers.

Join industry peers at this virtual event on October 15. Panels include:

The Need for Speed: Critical Issues Facing Buyers
Supercharging Sellers' Strategies for Today's Market
Prepare for Tomorrow: How Government Actions Will Impact the Market

Register for HPE New York 2021 now

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The Daily Benchmark

2011 Vintage North American Venture Funds

Median IRR

15.87%

Top Quartile IRR Hurdle Rate

24.08%

2.00x

Median TVPI

Select top performers

Union Square Ventures 2012 Fund

Storm Ventures Fund IV

Oregon Angel Fund 2011

*IRR: net of fees

31 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Momenta drives off with $300M

Momenta, a Chinese startup developing autonomous driving technologies, has received a $300 million investment from General Motors. The company's other backers include Toyota, Dailmer, Tencent and Temasek.

View round

View 22 competitors »

Emerge secures $130M

Emerge has raised a $130 million Series B co-led by 9Yards Capital, Spruce House Investment Management and Tiger Global. The Arizona-based company offers a logistics management platform for freight operations.

Additional Investors:

Greycroft, NewRoad Capital Partners

View round

View 28 competitors »

Sternum lands $27M

Sternum has raised a $27 million Series B led by Spark Capital. The Tel Aviv-based company offers a platform to secure Internet of Things devices.

Additional Investors:

Hinrich Foundation, Square Peg Capital, Btov Partners

View round

View 83 competitors »

Intelinair gathers $20M Series B

Intelinair has raised $20 million from investors including Regulator Group and Scientia Ventures. The company offers a crop intelligence platform to help growers make data-based decisions. Intelinair was valued at $41.25 million in 2018, according to PitchBook data.

Select Additional Investor:

Takiff Family Foundation

View round

View 15 competitors »

PitchBook Webinar: Q2 2021 EMEA Private Market Update

Don't miss our upcoming webinar. It will take place on Sept. 28 at 7 a.m. PDT/3 p.m. BST and will cover how European venture capital and private equity performed in Q2.

Our analysts will explore the records set throughout the first half of the year, despite lingering uncertainty around COVID-19 and macroeconomic volatility. Key statistics include:

VCs completed €47.1 billion worth of transactions in H1 2021, signaling that the VC dealmaking environment has never been stronger.

European PE posted its second-highest quarterly dealmaking total on record, thanks—in part—to growing vaccination rates and strong debt markets for leveraged buyouts.

Register here to secure your spot.

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Exits & IPOs

Udemy plans for public offering

Udemy, a company that offers online courses, is gearing up to file for an IPO at a valuation between $6 and $8 billion, The Information reported. The edtech company was last valued at $3.3 billion when it raised $50 million in November. The offering could be as early as next month.

View details

View 49 competitors »

Chart of the Day

"Asia has not managed to grow share, despite private capital being a maturing model in the region. 2020 fundraising only totaled $93.1 billion, a lower figure than any of the prior six years'. Asia's 2021 fundraising through June totaled $42.9 billion, a little behind the pace to match 2020."

Source: PitchBook's Q2 2021 Private Fund Strategies Report

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PitchBook News - A comeback for France and Benelux

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