China's VC dealmaking resilient, uncertain

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The Daily Pitch: VC

March 29, 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 latest episode of "In Visible Capital" explores how private equity is driving innovation in the behavioral health industry.

VCs invested nearly $114 billion in Greater China last year, but the future still remains uncertain.

Today's Top Stories

VC dealmaking in Greater China remains resilient, but uncertainty looms

VCs invested a near-record $113.8 billion in Greater China last year—a remarkable total given tightened regulations from Beijing on foreign IPOs that should have drastically affected the venture market.

The impact could still occur, according to our H2 2021 Greater China VC Report, as investors active in the region signal that they may be increasingly cautious. Still, strong dealmaking across a range of sectors and stages underscores the importance of Greater China to global investors. Highlights from the report:

Capital continued to flow in from abroad, with more than 950 deals including participation from an investor based outside the region.

Exit value totaled a record $239 billion, a significant portion of which came from IPOs, highlighting VC liquidity's reliance on healthy public markets.

Fundraising continued to fall, with the lowest total raised since at least 2015 and a third consecutive year of declining fund count.

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Quick Takes


	The Daily Benchmark
	2020 Vintage Global Debt Funds
	VC Deals
	Celona picks up $60M Series C
	Dispatch loads up $50M
	Shoreline lands $35M
	Space-tech startup Pixxel snags $25M
	Fundraising
	Regeneration.VC captures $45M for climate innovation

The Daily Benchmark

2020 Vintage Global Debt Funds

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Top Quartile IRR

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Clearlake Flagship Plus Partners

HIG Bayside Loan Opportunity Fund VI

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VC Deals

Celona picks up $60M Series C

Celona, the developer of an enterprise networking platform designed to deploy and integrate a 5G cellular network within existing infrastructures, has raised $60 million in a round led by DigitalBridge Ventures. The company was valued at $109 million in 2020, according to PitchBook data.

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Dispatch loads up $50M

Dispatch has raised a $50 million Series C led by PeakSpan Capital. The Minnesota-based company offers a last-mile delivery platform for B2B customers.

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Shoreline lands $35M

Shoreline has raised a $35 million Series B led by Insight Partners. The Bay Area-based company is the developer of an incident-automation platform for cloud operations.

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Space-tech startup Pixxel snags $25M

Pixxel has raised a $25 million Series A led by Radical Ventures. The company is a developer of imaging satellites used to aid in agriculture, mining and environmental applications.

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Don't miss our upcoming ESG webinar

Sustainable investing and ESG continue to carve out a niche in the market, but this growth hasn't been without ambiguity or a lack of consensus on what these trends are and how they operate.

This webinar will explore some of the prevailing sustainable investing philosophies, the groups behind them, and how this intersects with topics like greenwashing and impact.

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Fundraising

Regeneration.VC captures $45M for climate innovation

Los Angeles-based Regeneration.VC has wrapped its first fund on $45 million to support consumer-powered climate innovation across consumer brands, packaging, reverse logistics and more. The firm's portfolio includes Clean02, which repurposes commercial building emissions into carbon-captured products, and VitroLabs, a developer of lab-grown leather.

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Chart of the Day

"Early-stage valuation step-ups showed a huge increase in 2021. At the median, these values were growing 2.8x from the previous round. On average, the valuation increase hit 4.9x, highlighting the frenzied nature of early-stage dealmaking in 2021."

Source: PitchBook's 2021 Annual US VC Valuations Report