PitchBook News - Mapping VC valuation trends

European VC sees strong start to 2022; Oyster hits $1B+ valuation; Foodics bags $170M; Mutiny seizes $50M; Snorble secures $10M
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The Daily Pitch: VC
April 21, 2022
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
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In today's Daily Pitch, you'll find:
  • Five charts from our recent PitchBook-NVCA Venture Monitor report depict US VC trends in Q1.

  • Our Q1 European Venture Report explores the key trends that shaped the quarter—breaking down activity across dealmaking, exits and fundraising, as well as regions.

  • We take a look at the 10 most active French VCs by deal count since the start of 2017.
Today's Top Stories
Q1 US venture capital trends in five charts
(Sean Gladwell/Getty Images)
The first quarter of 2022 showed signs of a slowdown for US venture dealmaking and exits compared to last year's record highs. While public market volatility is expected to have a trickle-down effect on other venture metrics in coming quarters, the start of 2022 also suggests the onset of a healthy recalibration period for both startups and VC investors.

What else did Q1 bring? Here's a closer look at five key trends that depict the state of the venture market after 2021's frenzied activity.
see the charts
 
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European VC sees strong start to 2022 despite global uncertainty
After a bumper 2021, Europe's VC ecosystem kept up momentum in Q1 with €27.5 billion invested. Investment levels may have remained elevated despite a rise in interest rates, but the surge in the cost of living and ongoing uncertainty surrounding the war in Ukraine could make the rest of 2022 a challenging year.

Our Q1 European Venture Report takes a deep dive into the key trends that shaped this first quarter, breaking down activity across dealmaking, exits and fundraising, as well as regions.

Highlights include:
  • Late-stage VC continues to dominate deal value figures, accounting for 71.6% of total capital invested.

  • Exit value plummeted from 2021's heights amid a widespread tech public equity sell-off.

  • VC fundraising got off to a solid start in terms of capital raised, but fund count dropped significantly.
read it now
 
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A message from West Monroe
Special report: The future of diligence in private equity
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The 10 most active French VCs
(Sylvain Sonnet/Getty Images)
France's VC ecosystem has been rapidly maturing over the past five years, and its investors are becoming more prolific both domestically and internationally.

But who are the most active? We take a look, focusing on the top French VCs by deal count since the start of 2017.
see the list
 
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Recommended Reads
A look at how one investment management firm is playing the space-tech venture market. [Institutional Investor]

Since the 1970s, critics have argued that the California Environmental Quality Act is doing more harm than good. Now, a housing battle in Berkeley has revived the debate. [Bloomberg]

Why interest rate hikes could threaten companies acquired in the leveraged buyout boom. [The Wall Street Journal]
Since yesterday, the PitchBook Platform added:
23
VC valuations
1965
People
467
Companies
25
Funds
See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2017 Vintage Global Real Estate Funds  
  VC Deals  
  Foodics lands $170M  
  Oyster hits $1B+ valuation with $150M round  
  Mutiny nabs $50M Series B  
  Playground Global leads $44M funding round for D-Matrix  
  Levels brings in $38M Series A  
  Snorble secures $10M  
  Plant-based meat company Nowadays raises $7M  
  Investors  
  AWS Impact Accelerator commits $30M to underrepresented founders  
 
 
The Daily Benchmark
2017 Vintage Global Real Estate Funds
Median IRR
11.06%
Top Quartile IRR
14.75%
1.26x
Median TVPI
Select top performers
Principal Strategic Real Estate Equity Fund II
Cabot Industrial Value Fund V
Realterm Logistics Fund II
*IRR: net of fees
70 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
Foodics lands $170M
Foodics has raised $170 million in a round co-led by Prosus and Sanabil Investment. Based in Riyadh, Saudi Arabia, the company offers a payments platform for restaurants across the Middle East and North Africa.
View round
 
View 34 competitors »
 
Oyster hits $1B+ valuation with $150M round
Oyster has raised a $150 million Series C led by Georgian. The funding values the company at more than $1 billion. Oyster's platform allows companies to hire and retain workers across borders, offering tools to manage payroll, benefits and local legal compliance.
View round
 
View 41 competitors »
 
Mutiny nabs $50M Series B
Mutiny has raised $50 million in a round co-led by Tiger Global and Insight Partners. Based in the Bay Area, the company offers a no-code platform that helps customers such as Snowflake and Qualtrics access AI-based marketing tools.
View round
 
View similar company »
 
Playground Global leads $44M funding round for D-Matrix
D-Matrix has raised $44 million in a round led by Playground Global. Based in Santa Clara, Calif., the company is the developer of an AI compute platform that uses machine learning tools, frictionless software and chiplets to integrate multiple programming engines.
View round
 
View similar company »
 
Levels brings in $38M Series A
Levels has raised $38 million from investors including Andreessen Horowitz at a valuation of $300 million. Founded in 2019, the company uses data from biosensors to provide users with real-time feedback on how their diet and lifestyle is impacting their metabolic health.
View round
 
View 2 competitors »
 
Snorble secures $10M
Snorble has raised $10 million in a round led by GK Venture Partners. The New York-based company's interactive app is designed to help children and families develop healthy habits and bedtime routines.
View round
 
View similar company »
 
Plant-based meat company Nowadays raises $7M
Nowadays has raised $7 million in seed financing led by Stray Dog Capital. Based in the Bay Area, the company provides plant-based nuggets developed using organic pea protein, mushroom extracts and more.
View round
 
View similar company »
 
Investors
AWS Impact Accelerator commits $30M to underrepresented founders
AWS Impact Accelerator announced that it has committed more than $30 million to early-stage startups with Black, Latino, LGBTQ and female founders. Qualifying startups will receive a cash grant of $125,000 in addition to mentoring and technical guidance.
View details
 
View 56 investments »
 
Chart of the Day
Source: PitchBook's 2021 Annual US VC Valuations Report
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