PitchBook News - Seven predictions for VC's 2022

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The Daily Pitch: VC

December 20, 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:

The future of SPACs, the continuing rise in corporate VC and more PitchBook predictions for VC in 2022.

Our latest ranking of the most active lenders in US PE.

Parent-tech startups have raised nearly $1.4 billion this year, as VCs' interest in the vertical grows.

Today's Top Stories

After a year for the record books, what will shape US VC in 2022?

(peterschreiber.media/Getty Images)

The US VC industry shattered records left and right in 2021, as the private markets raced through economic recovery and soared to new heights. What's in store for next year?

Our 2022 US Venture Capital Outlook details seven predictions from PitchBook analysts on the trends that will shape VC in 2022, from the future of SPACs to the continued expansion of corporate investment. The forecasts include:

US investors will make more foreign investments than ever before.

At least 25% of all 2020 SPACs will not execute a deal prior to the two-year mark.

More than 1,500 corporate VCs will make a deal in the US next year.

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Ranking the most active lenders in US PE

Seven different US firms issued at least 40 loans to PE-backed companies in Q3, with the most active three all notching no less than 60 in a ferociously busy quarter for private equity.

Curious to see who else is on the leaderboard? Our Q3 US PE Lending League Tables, sponsored by NXT Capital, are now available.

The tables rank PE's most active lenders in Q3 in an interactive format that breaks down the data from the private debt market in a range of ways.

Sort by deal type, debt type, geography, sector and more for a detailed view of the lending landscape in PE's last quarter.

Recommended Reads

One columnist's thoughts on the risk of avoiding emerging markets. [The New York Times]

Animals can recover from injury and adapt to new circumstances, but robots and AI systems still struggle to do so. Here's how some scientists are trying to bridge the gap. [Bloomberg]

Theranos' rise and fall highlighted the worst side of PR. Now startups are prioritizing data and transparency in their press. [Protocol]

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Quick Takes


	The Daily Benchmark
	2011 Vintage Global Growth Funds
	VC Deals
	Future Meat lands $347M
	Airbyte collects $150M in new funding
	HungryPanda gobbles up $130M Series D
	Biotech startup NorthSea secures $80M
	Valeas leads $70M Series B for Well
	Supply chain startup Nowports snags $60M
	Proxymity picks up $31M Series B
	Drone security startup Dedrone raises $30M+
	Austria's USound draws in $30M
	SaaS startup Hevo closes $30M Series B
	Full Harvest bags $23M to fight food waste
	Exits & IPOs
	Rezolve valued at $2B in SPAC deal
	GoTo taps banks for $1B IPO
	Fundraising
	Healthcare-focused Omega closes $650M fund
	Kraken Ventures wraps $65M crypto fund

The Daily Benchmark

2011 Vintage Global Growth Funds

Median IRR

11.91%

Top Quartile IRR

18.62%

1.47x

Median TVPI

Select top performers

COPE Opportunities 2

Accel-KKR Growth Capital Partners

Palvelurahasto I

*IRR: net of fees

24 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Future Meat lands $347M

Israeli startup Future Meat has raised a $347 million Series B that will be used to create a production facility in the US, Bloomberg reported. ADM Ventures, the corporate VC arm of agriculture giant Archer Daniels Midland, reportedly co-led the round, with additional support from Tyson Foods. Future Meat's food products are made from cultured cells that originate from animals including chickens, cows and lambs.

View details

View 7 competitors »

Airbyte collects $150M in new funding

Airbyte, the creator of an open-source data integration platform, has been valued at $1.5 billion after raising $150 million in Series B funding. Altimeter Capital and Coatue led the round, with participation from Thrive Capital, Salesforce Ventures, Benchmark, Accel and SV Angel. Airbyte was valued at $123 million earlier this year, according to PitchBook data.

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View 3 competitors »

HungryPanda gobbles up $130M Series D

UK-based Asian food delivery company HungryPanda has secured $130 million in a round led by Perwyn Advisors, bringing the company's total raised to $220 million. Founded in 2017, HungryPanda now operates in 60 cities across 10 countries.

Additional Investors:

83North, Burda Principal Investments, Felix Capital, Kinnevik, Kreos Capital, Piton Capital, Vintage Investment Partners

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View 4 competitors »

Biotech startup NorthSea secures $80M

NorthSea Therapeutics has raised $80 million in Series C funding co-led by Ysios Capital and Forbion Growth. Hercules Capital also participated in the round for the Dutch company, which is developing novel treatments for metabolic disorders.

Select Additional Investors:

BGV, New Science Ventures, Novo Seeds, Sofinnova, VenBio

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View 29 competitors »

Valeas leads $70M Series B for Well

Consumer-focused startup Well Dot has raised $70 million in a round led by Valeas Capital Partners, with participation from investors including General Catalyst and partners of Hellman & Friedman. Well is the developer of a health improvement platform.

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Supply chain startup Nowports snags $60M

Mexico's Nowports has raised $60 million in a Series B led by Tiger Global, with participation from the SoftBank Latin America Fund and DST, alongside existing backers. The logistics company streamlines import and export processes for Latin American companies and plans to expand its digital freight forwarding services.

Additional Investors:

Base10 Partners, Broadhaven Ventures, Foundation Capital, Monashees, Mouro Capital

View round

View 79 competitors »

Proxymity picks up $31M Series B

Proxymity has raised $31 million in funding from BNY Mellon, Citi, Computershare, Deutsche Bank, Deutsche Börse, JP Morgan and State Street. The London-based startup provides an investor communications platform.

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Drone security startup Dedrone raises $30M+

Axon has led a $30.5 million Series C funding round for drone detection and tracking startup Dedrone. Backers including Aqton Partners, Menlo Ventures, TempoCap, Felicis Ventures and Target Partners also participated in the funding for the airspace security company, which has partnered with commercial, government and military customers across 33 countries.

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Austria's USound draws in $30M

USound has raised $30 million in a round led by eQventure, with participation from Hermann Hauser, Longzhong Yang and the European Investment Bank. The Austrian startup develops and manufactures micro-electro-mechanical speakers for personal devices and wearables such as hearing aids.

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View 10 competitors »

SaaS startup Hevo closes $30M Series B

Sequoia India has led a $30 million funding round for no-code data pipeline platform Hevo Data, TechCrunch reported. Investors including Qualgro, Lachy Groom and Chiratae Ventures also took part in the Series B for Hevo, which is headquartered in San Francisco and Bengaluru.

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Full Harvest bags $23M to fight food waste

Telus Ventures has led a $23 million Series B for Full Harvest, TechCrunch reported. New investors Rethink Impact, Citi Impact, Doon Capital, Stardust Equity and Portfolia Food & AgTech Fund also participated, alongside existing backers. San Francisco-based Full Harvest operates a B2B marketplace for produce to help reduce waste of surplus or imperfect crops.

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View 5 competitors »

Exits & IPOs

Rezolve valued at $2B in SPAC deal

Rezolve has agreed go public via a merger with blank-check company Armada Acquisition Corp. in a deal that values the mobile commerce platform at about $2 billion, The Wall Street Journal reported. The merger includes a $40 million PIPE deal with investors Betsy Cohen and Christian Angermayer. London-based Rezolve has raised funding from backers including the UK government.

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GoTo taps banks for $1B IPO

GoTo Group has hired banks as it seeks to raise around $1 billion in an initial public offering, Bloomberg reported. The company, formed by the merger of Gojek and Tokopedia, is said to be prepping for an Indonesian IPO that would be followed by a US listing. Last month, GoTo raised more than $1.3 billion in a pre-IPO round from investors including Google, Fidelity International and the Abu Dhabi Investment Authority.

View details

View 17 competitors »

Fundraising

Healthcare-focused Omega closes $650M fund

Omega Funds has closed its seventh flagship vehicle on $650 million, exceeding the original $500 million target. The Boston-based VC backs life sciences companies in the US and Europe targeting severe, unmet medical needs in areas including oncology, immunology and rare diseases.

View fund

View 124 investments »

Kraken Ventures wraps $65M crypto fund

Kraken Ventures has raised $65 million for its first vehicle, which will target early-stage investments across the crypto and fintech sectors. The fund, which is anchored by the Kraken crypto exchange, has made investments in companies including Blockdaemon and Messari.

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