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Geopolitical risk threatens VC's global strides

US PE middle market tops $600B in 2021; Cowbell rings up $100M amid cyber insurance wave; Nutcracker Therapeutics nabs $167M
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The Daily Pitch: VC
March 15, 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 US PE middle market had its busiest year on record in 2021, with over 1,000 deals closed.

  • How war in Europe is making geopolitical risk a front-burner concern for venture capitalists.

  • KKR has closed its latest infrastructure fund on $17 billion amid rising demand for investment in energy transition, transportation and other sectors in the space.
Today's Top Stories
Geopolitical risk threatens to trip up venture capital's global strides
(Joey Schaffer/PitchBook News)
War in Europe is making geopolitical risk a front-burner concern for venture capitalists, a striking turnabout for an industry that in recent years had epitomized the freewheeling globalization of finance and technology.

In the wake of economic sanctions imposed on Russia over its invasion of Ukraine, much of the international business world is shutting down its Russian commercial interests.

The war in Ukraine is also likely to prompt many VCs to be more discerning about accepting capital from investors based in geopolitical hot zones.
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US PE middle market tops $600B in 2021, but inflation looms
The US PE middle market recorded its busiest year ever in 2021, closing 4,121 deals worth an aggregate $602.6 billion—around 50% above the previous annual records for both figures, set in 2019.

Ample dry powder and easy debt funding shaped the dealmaking environment, but the future remains uncertain amid current challenges, according to our 2021 Annual US PE Middle Market Report, sponsored by Antares, Stout, Baker Tilly and Datasite. Highlights from the report include:
  • Inflation is top of mind for middle-market firms, as consumer price index gains have surpassed 7% in 2022 and financial fallout continues from Russia's invasion of Ukraine.

  • Middle-market fundraising showed signs of a slower recovery compared with the broader PE fundraising landscape, with capital raised and fund count both falling just shy of 2020's totals.

  • Exit count spiked above 1,000 for the first time on record, as rising multiples pushed many portfolio companies to hit price targets well ahead of schedule.
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A message from Ansarada
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Cowbell Cyber raises $100M as investors catch cyber insurance wave
(d3sign/Getty Images)
Cowbell Cyber has raised a $100 million Series B led by Anthemis Group, in the latest large bet on cyber insurance tech.

With the increasing risk of digital attacks, the cyber insurance segment has been growing, with rising premiums and market expansion expected to sustain its growth in the future.
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KKR closes $17B fund to cash in on infrastructure boom
(BNBB Studio/Getty Images)
KKR has announced a final close of $17 billion for its latest infrastructure fund as it looks to take advantage of rising demand for investment in digital communications, energy transition, transportation and other infrastructure sectors.
  • KKR Global Infrastructure Investors IV will focus on investments in North American and Western European countries in the Organisation for Economic Co-operation and Development.

  • The new fund is more than double the size of its predecessor, and exceeded its initial fundraising target.
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On the podcast: PE's public market play
After some of the largest private equity firms—including Blackstone, The Carlyle Group and Ares Management—went public nearly a decade ago, a new wave of US and European PE firms is hitting the public markets.

In this episode of "In Visible Capital," private equity reporter Ryan Prete sits down with Wylie Fernyhough, PitchBook lead PE analyst, to discuss the performance of these publicly traded PE firms. Topics include:
  • What factors led to the pause in PE firms going public.

  • How PE firms have adapted to having public shareholders.

  • How current market volatility may impact other firms going public.
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Recommended Reads
Telecommunications companies have spent hundreds of billions of dollars preparing for a fifth generation of cellular technology. So, what's holding back 5G? [The Wall Street Journal]

How China's gig workers are pushing back against their algorithmic bosses. [Wired]

The FTC has required companies to destroy algorithms twice before. Now, it could become a standard punishment for tech companies that violate privacy and use deceptive data practices. [Protocol]
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Quick Takes
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  VC Deals  
  Nutcracker Therapeutics raises $167M Series C  
  Insight Partners leads $50M round for Socotra  
  Rumble brings in $15M  
 
 
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VC Deals
Nutcracker Therapeutics raises $167M Series C
Nutcracker Therapeutics has raised $167 million in a round led by Arch Venture Partners. The Emeryville, Calif.-based company is developing mRNA therapeutic drug products. Nutcracker was valued at $954.5 million in September 2021, according to PitchBook data.
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Insight Partners leads $50M round for Socotra
Socotra has raised $50 million in a round led by Insight Partners. The company is the developer of a cloud-based platform designed to help insurance companies launch new products and automate operations.
View round
 
View 40 competitors »
 
Rumble brings in $15M
Rumble has raised $15 million in a round led by Decibel. The Austin-based company's platform is designed to help IT and security teams find and identify every device on a network.
View round
 
View similar company »
 
Don't miss our upcoming webinar on women in VC
Join PitchBook on March 16 for a webinar on women in the VC and startup ecosystems. Our panel of experts will examine the continued increase of female founders and angel investors, boardroom equity, obstacles exacerbated by COVID-19 and other timely developments. Key topics will include:
  • Applying PitchBook-tracked data to examine the ratio of female funding compared to the overall market.

  • Why female GPs are a catalyst for increasing the number of female founders.

  • Covering PitchBook's female founder data surrounding fintech, biotech and pharma, cleantech, digital health and software.

  • Appointing existing female employees to boards as window dressing versus retaining independent directors willing to challenge the status quo.
Register today to secure your spot
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Chart of the Day
"Given the maturity of late-stage startups, this group of companies has experienced a large influence from the activity of nontraditional investors. Coupled with the ever-increasing size of traditional venture capital (VC) funds, late-stage deals have seen their median size double in the past five years and their median valuation nearly triple."

Source: PitchBook's 2021 US VC Valuations Report
Who's in the newsletter today?
Companies
Nutcracker Therapeutics
Rumble
Socotra
Investors
Arch Venture Partners
Decibel
Insight Partners
 
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