Mapping the pandemic's effect on US VC funding

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The Daily Pitch: VC

March 16, 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:

SXSW is back after a two-year hiatus, bringing with it music, tech and a sense of normalcy.

Did the Silicon Valley "techodus" result in a flood of capital to the rest of the US? In some places, yes.

Our H2 2021 Global Real Estate Report tracks the pandemic rebound and how the real estate investing landscape may change in an evolving market.

Today's Top Stories

A sobered, reflective SXSW returns, and so does sense of normalcy

(Alexander Davis/PitchBook News)

The throngs of conferencegoers from around the world are here, lining the streets and dodging food trucks and scooters surrounding the convention center in downtown Austin.

So are the marketers and event planners, who occupy dozens of hotels and restaurants as meeting venues to spread their message. And of course there is the almost ever-present pulsing sound of live music blaring from bars and street corners.

SXSW is back—and this time in person.

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Mapping the pandemic's effect on venture funding in US states

(Klaus Vedfelt/Getty Images)

Did the Silicon Valley "techodus" result in a flood of capital to the rest of the US? In some places, yes.

The two years since the pandemic's onset saw most states grow, some shrink and the dominant markets retain their position.

see the map

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A message from Altvia

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Specter of inflation driving real estate out of pandemic funk

Real estate funds raised $152.7 billion in 2021, a year-over-year increase of 6%, as capital committed bounced back only modestly from the dip wrought by COVID-19.

Rising inflation may reshape the future of real estate funds, as the strategy is one of the asset classes expected to provide a hedge. Our H2 2021 Global Real Estate Report tracks the pandemic rebound and how the real estate investing landscape may change in an evolving market. Key takeaways include:

Allocations to real estate are likely to increase amid inflation, with signaled rate hikes dictating which strategies benefit and potentially driving capital to lower-risk areas.

Median and average real estate fund sizes set records in 2021, but funds over $5 billion, which dominate other strategies, remain rare.

The pandemic has redirected capital into sectors including logistics, industrial and life sciences at the expense of retail and hospitality investments.

The share of funding going to emerging managers continues to fall as LPs favor experienced managers and as real estate fund management remains difficult to enter.

read it now

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London Stock Exchange expands beyond public markets with platform deal

(Waltraud Grubitzsch/Getty Images)

London Stock Exchange Group has teamed up with Floww, a digital investment platform provider. The group plans to use the platform to help unlisted companies raise capital as it moves to be one of the first exchanges to straddle both public and private markets.

The move is part of a broader strategy to modernize London's capital markets and comes hot on the heels of efforts by the UK government to reform listing rules to attract more tech startups to the city post-Brexit.

Recommended Reads

SoftBank's net debt is becoming unwieldy relative to the equity value of its holdings—and Masayoshi Son's personal fortune isn't faring much better. [Bloomberg]

America's downtowns have not recovered from the pandemic, and they'll need to change to survive. [The Atlantic]

Crypto may not be useful for dodging sanctions, but it could aid in Ukraine's fundraising efforts. [The Economist]

Since yesterday, the PitchBook Platform added:

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Quick Takes


	The Daily Benchmark
	2017 Vintage Global Debt Funds
	VC Deals
	ConsenSys banks $450M for crypto infrastructure
	Akeneo collects $135M Series D
	Staffbase hits unicorn valuation
	Amplience scores $100M Series D
	Bear Robotics bags $81M
	Infant formula startup Bobbie secures $50M
	Exits & IPOs
	SentinelOne to acquire Attivo Networks

The Daily Benchmark

2017 Vintage Global Debt Funds

Median IRR

9.90%

Top Quartile IRR

13.05%

1.16x

Median TVPI

Select top performers

400 Capital Asset Based Term Fund I

Glendon Opportunities Fund II

Inveready Convertible Finance I

*IRR: net of fees

82 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

ConsenSys banks $450M for crypto infrastructure

ConsenSys has raised $450 million at a more than $7 billion valuation in a round led by ParaFi. The New York-based company is a developer of ethereum blockchain software for enterprise and government applications.

View round

View 20 competitors »

Akeneo collects $135M Series D

Summit Partners has led a $135 million round for France's Akeneo, a product experience and product information management startup. Alven and Partech also took part in the funding.

View round

View 101 competitors »

Staffbase hits unicorn valuation

Staffbase has raised a $115 million Series E led by General Atlantic and joined by Insight Partners. The round values the German company, a provider of employee communications software, at $1.1 billion.

View round

View 54 competitors »

Amplience scores $100M Series D

Amplience has raised $100 million comprising an equity investment from Farview Equity Partners and growth funding from Sixth Street. Octopus Ventures also joined the Series D for London-based Amplience, which provides a digital commerce experience platform.

View round

View 139 competitors »

Bear Robotics bags $81M

Bear Robotics has raised an $81 million Series B led by IMM, with participation from Cleveland Avenue. The company is a developer of autonomous mobile robots designed for the hospitality industry, including restaurants, corporate campuses and hotels.

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View similar company »

Infant formula startup Bobbie secures $50M

Bobbie has raised a $50 million Series B led by Park West. Based in San Francisco, the direct-to-consumer company offers infant formula products through a subscription service.

View round

View 3 competitors »

Exits & IPOs

SentinelOne to acquire Attivo Networks

SentinelOne has agreed to pay $616.5 million in cash and stock to acquire Attivo Networks, the developer of an autonomous cybersecurity platform. Based in California, Attivo has raised funds from investors including Bain Capital Ventures and ForgePoint Capital.

View details

View 46 competitors »