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The Daily Pitch: VC

April 8, 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 allure of the insurance subsector has driven record dealmaking in European PE.

Brookfield hopes to strengthen its influence in the auto industry with the purchase of CDK Global in an $8.3 billion deal.

Some PE firms are vying to boost their infrastructure portfolios with bids for Italian airport and motorway operator Atlantia.

Today's Top Stories

Insurance brokers' allure drives rise in European PE dealmaking

(Nikolay Pandev/Getty Images)

Among the many records set by PE dealmakers in 2021 was a new high-water mark of deal volume for European insurance brokers. The insurance subsector has accounted for the majority of PE activity in Europe's financial services industry, particularly as a buy-and-build strategy.

The trend is expected to continue, as a convergence of factors drives demand for tailored insurance coverage, according to our latest analyst note. While the insurance subsector is not without risk, emerging tech trends are also poised to transform the space.

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Venture lenders reassess deal terms as stock market volatility sparks valuation rethink

(Ekspansio/Getty Images)

For years, venture lenders offered fast-growing startups borrower-friendly terms as they competed for deals. But they're starting to take a more conservative stance amid 2022's stock market volatility.

According to industry investors and lawyers, the power is shifting back to lenders, who are seeking tighter loan terms and smaller deal sizes.

The venture debt market, however, is showing no signs of slowing down, with demand from borrowers expected to rise.

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Blackstone, GIP, Brookfield vie for Italian infrastructure giant Atlantia

(Ilya Lukichev/Getty Images)

Private equity firms have begun bidding for Italian airport and motorway operator Atlantia in hopes of boosting their infrastructure portfolios.

A potential sale price is yet to be made public, but Atlantia holds a market value of roughly $18 billion.

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Brookfield set to purchase auto software provider CDK in $8.3B deal

(welcomia/Getty Images)

Brookfield Business Partners has agreed to acquire CDK Global as the firm looks to strengthen its influence in the automotive industry. Brookfield will pay nearly $55 a share for CDK, giving the Illinois-based company an enterprise value of $8.3 billion.

CDK, a provider of retail technology and SaaS solutions for auto dealers and manufacturers, is part of an industry that's been hit hard by US inflation.

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Nord Security jumps to $1.6B valuation with first outside fundraise

(Courtesy of Nord Security)

After a decade of bootstrapping, Nord Security reached a $1.6 billion valuation after Novator Ventures led a $100 million round for the internet privacy startup.

Nord, which is now Lithuania's second unicorn, joins a rare group as one of the few startups to reach a billion-dollar valuation with its first outside capital.

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Quick Takes


	The Daily Benchmark
	2019 Vintage Global Real Estate Funds
	VC Deals
	Tech rental platform Grover lands $330M Series C
	Fetch Rewards brings in $240M
	Latin American grocer bags $152M in General Atlantic-led round
	Improbable collects $150M for metaverse network
	Viz.ai reaches unicorn valuation with $100M Series D
	CertiK doubles valuation to $2B
	SamCart secures $82M
	Built Robotics walks off with $64M
	Lilt grabs $55M Series C for translation tech
	Eleanor Health snags $50M
	Energy storage provider raises $25M
	Exits & IPOs
	Bolt to buy VC-backed Wyre in $1.5B deal
	Fundraising
	Lead Edge Capital doubles firepower with new fund
	Imaginary Ventures lands $500M
	LionBird raises $85M for third fund

The Daily Benchmark

2019 Vintage Global Real Estate Funds

Median IRR

12.95%

Top Quartile IRR

18.04%

1.10x

Median TVPI

Select top performers

Lone Star Real Estate Fund VI

Banner Oak BOV

Banner Oak Core Multifamily

*IRR: net of fees

57 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Tech rental platform Grover lands $330M Series C

Grover has raised $330 million in debt and equity, valuing the Berlin-based startup at over $1 billion. Grover offers a monthly tech rental subscription for products including smartphones, laptops, wearables and smart home appliances. Energy Impact Partners led the round.

View round

View 1 competitors »

Fetch Rewards brings in $240M

Fetch Rewards has raised $240 million in debt and equity, bringing its valuation to more than $2.5 billion. Hamilton Lane led the round for the startup, which provides a consumer rewards app. Investors including SoftBank's Vision Fund 2 also participated.

View round

View 6 competitors »

Latin American grocer bags $152M in General Atlantic-led round

Jüsto, an online grocer with operations throughout Mexico, Brazil and Peru, has raised a $152 million Series B led by growth firm General Atlantic. VCs Foundation Capital, Quiet Capital and other investors also participated. Founded in 2019, the startup raised $65 million last year.

View round

View 5 competitors »

Improbable collects $150M for metaverse network

Improbable has raised $150 million in a round led by Andreessen Horowitz and SoftBank's Vision Fund 2. The London-based metaverse technology startup plans to use the funding to launch a network of interoperable Web3 metaverses called MSquared.

View round

View 8 competitors »

Viz.ai reaches unicorn valuation with $100M Series D

Viz.ai, the creator of an AI-based platform for disease detection and healthcare coordination, has raised a $100 million Series D at a $1.2 billion valuation. The round was led by Tiger Global and Insight Partners. San Francisco-based Viz.ai was last valued at $641 million in March 2021, according to PitchBook data.

View round

View 34 competitors »

CertiK doubles valuation to $2B

Web3 and blockchain security startup CertiK has raised $88 million in a Series B3 led by Insight Partners, Tiger Global and Advent International. The new funding comes at a valuation of $2 billion; CertiK was valued at nearly $1 billion with a Series B2 in late 2021.

View round

View 7 competitors »

SamCart secures $82M

SamCart has raised an $82 million Series B led by Eldridge. Based in Austin, the company offers an ecommerce platform designed to sell digital products and online services.

View round

View similar company »

Built Robotics walks off with $64M

Built Robotics has raised a $64 million Series C led by Tiger Global. The company is a developer of software designed to transform heavy equipment into autonomous construction robots.

View round

View 4 competitors »

Lilt grabs $55M Series C for translation tech

Lilt has raised $55 million in a round led by Four Rivers. Based in San Francisco, the company uses AI and automation to provide customers such as Intel and UiPath with translation services and tech.

View round

View 18 competitors »

Eleanor Health snags $50M

Eleanor Health has raised a $50 million Series C led by General Catalyst. Based in the Boston area, the company is a provider of outpatient addiction and mental health services.

View round

View similar company »

Energy storage provider raises $25M

E-Zinc has raised a $25 million Series A led by Anzu Partners. Based in Toronto, the company develops zinc-based electrochemical technology designed to store energy for both on- and off-grid applications.

View round

View 18 competitors »

Exits & IPOs

Bolt to buy VC-backed Wyre in $1.5B deal

Bolt Financial has agreed to acquire cryptocurrency infrastructure startup Wyre Payments. The Wall Street Journal reported the deal value at $1.5 billion, making the merger the largest crypto tie-up not involving a SPAC. Wyre, which is backed by investors including Boost VC, Blockchain Capital and Draper Associates, has raised $55 million in total funding, according to PitchBook data.

View details

View 52 competitors »

Fundraising

Lead Edge Capital doubles firepower with new fund

Growth-stage investor Lead Edge Capital has closed on $1.95 billion for its sixth flagship fund, doubling the size of its predecessor. The New York firm raised $950 million for Fund V in 2020.

View fund

View 119 investments »

Imaginary Ventures lands $500M

Imaginary Ventures has raised $500 million for its third flagship fund. Founded in 2017, the New York-based firm typically targets tech-enabled consumer brands; its portfolio includes organic frozen foods startup Daily Harvest and sustainability-focused clothing company Everlane.

View fund

View 39 investments »

LionBird raises $85M for third fund

LionBird has raised $85 million for its third flagship vehicle. The fund will invest in 15 to 20 early-stage digital healthcare companies. Founded in 2012, the VC firm operates out of the US and Israel.

View fund

View 34 investments »

Chart of the Day

Source: PitchBook's 2021 Annual US VC Valuations Report

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Nord Security bags The Daily Pitch

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Here's how they fared... ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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PitchBook News - Insurance drives Europe's PE dealmaking

Key phrases

Older messages

Tracking deSPAC performance

US VC faces a market full of headwinds

Micro-funds' surprising success

Global Markets Snapshot: Most equities bounce back

The SPAC skeptic who got the SEC to listen

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