PitchBook News - Seven predictions for VC's 2022

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The Daily Pitch: VC

January 4, 2022

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 the venture industry in 2022.

Thoma Bravo dominated what was a banner year for PE-backed software buyouts.

A breakdown of where European VC funding landed in 2021.

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 this year.

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Thoma Bravo dominates PE's record year for software buyouts

(kentoh/Getty Images)

Private equity bet big on software companies in 2021, but Thoma Bravo outshone all other firms by landing five of the top 10 largest global buyouts in the sector and leading the way in take-private deals.

Software investment has been on a red-hot run, especially since the onset of the pandemic. But the sector is not entirely without risks.

Recommended Reads

The pandemic has redrawn corporate policies and caused many major companies to offer work location flexibility. But who goes into the office and when largely depends on where employees fall on the org chart. [Bloomberg]

Meet the new AI auditing startups on a mission to prove that responsibility can also be profitable. [Protocol]

Instant delivery startups have rushed to expand in large cities, resulting in increased expenses and causing many to test major business model changes. [The Information]

Since yesterday, the PitchBook Platform added:

45

VC valuations

1552

People

434

Companies

23

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2019 Vintage Global Growth Funds
	People
	Former Theranos CEO Elizabeth Holmes found guilty on four charges
	VC Deals
	Aimmo lands $12M for data labeling tech
	SoftBank backs Brazil's Abstra
	Exits & IPOs
	Amylyx Pharma sets IPO terms
	Vigil Neuro plans public debut

The Daily Benchmark

2019 Vintage Global Growth Funds

Median IRR

18.90%

Top Quartile IRR

51.49%

1.29x

Median TVPI

Select top performers

Providence Strategic Growth IV

Insight Venture Partners XI

Dyal Capital Partners IV

*IRR: net of fees

34 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Former Theranos CEO Elizabeth Holmes found guilty on four charges

Elizabeth Holmes, former CEO of now defunct blood-testing company Theranos, has been found guilty on four of 11 charges in a criminal trial. Theranos received extensive backing from investors including Draper Fisher Jurvetson, Black Diamond Ventures and Sandbox Industries, according to PitchBook data. Sunny Balwani, former president and COO of Theranos, faces a separate fraud trial that's reportedly set to begin in February.

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VC Deals

Aimmo lands $12M for data labeling tech

South Korea-based Aimmo has raised a $12 million Series A from investors including DS Asset Management, Industrial Bank of Korea, Hanwha Investment & Securities and S&S Investment, TechCrunch reported. Founded in 2016, the software company is the creator of a data annotation and AI data labeling platform.

Additional Investors:

Korea Asset Investment Securities, Toss Investment, VentureField

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SoftBank backs Brazil's Abstra

Abstra, the developer of a no-code platform for building apps, has raised a $2.3 million round led by SoftBank's Latin America Fund, TechCrunch reported. Founded in 2020, the Rio de Janeiro-based startup was a member of Y Combinator's spring 2021 cohort.

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PitchBook Webinar: 2022 Private Equity Outlook

Private equity defied all expectations in 2021, beginning with a quick recovery from its slump in 2020 and ending the year on record-breaking numbers. Following these unprecedented results, many are watching the space, interested to see if these trends will continue.

Join our PitchBook experts on Jan. 6 for a discussion on emerging trends, noteworthy PE activity and predictions for what will follow in 2022.

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Exits & IPOs

Amylyx Pharma sets IPO terms

Biotech startup Amylyx Pharmaceuticals is seeking to raise up to $175 million at a fully diluted valuation of more than $1.1 billion in its upcoming IPO. Cambridge, Mass.-based Amylyx is developing therapies for ALS and other neurodegenerative diseases. The company was valued at $580 million last year, according to PitchBook data, and has received backing from investors including Viking Global and Morningside.

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Vigil Neuro plans public debut

Vigil Neuroscience, a developer of antibody therapies for neurodegenerative diseases, plans to sell 7 million shares for between $15 and $17 apiece in its upcoming IPO. A midpoint pricing would raise $112 million and give the company a fully diluted valuation of about $491 million. Based in the Boston area, the company plans to trade on the Nasdaq under the symbol VIGL.

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Chart of the Day

"In Q3 2021, valuations in the UK & Ireland across all quartiles paced strongly above 2020 figures. The late-stage median valuation spiked to €15.8 million, 52.9% higher than the peak in 2020. ... It is clear that the UK & Ireland has remained the main VC hub of Europe despite Brexit. Although some operations have had to move back into the EU, VC dealmaking and valuations have developed impressively."

Source: PitchBook's Q3 2021 European VC Valuations Report