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| In today's Daily Pitch, you'll find: | | | | | |
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| Don't sleep on these fast-growing startup hubs | |  | | (Chloe Ladwig/PitchBook News) | | | PitchBook's VC Ecosystem Rankings offer a glimpse into how the winds of change in emerging tech are benefiting startup cities across the globe. Here are some of the fastest-growing hubs on our list: - In Hefei, China, global demand for electric vehicles, semiconductors and solar panels turned this industrial city into an innovation powerhouse.
- In Amsterdam, the needs of urban European life helped give rise to food delivery leaders like Picnic and Just Eat Takeaway.
- Houston's traditional strength in oil and gas helped make it home to emerging energy companies, from geothermal startup Fervo Energy to renewable natural gas producer Archaea Energy.
| | | | | | | | | Infosec's specialist VCs buckle down | | Generalist VCs are leaving the information security sector to the specialist investors after piling in during 2021's highs. Our latest Emerging Tech Research shows that eight Q1 deals were down rounds, including unicorn BigID's $60 million Series E. On the other side of the coin, there were nine mega-deals, a tick up from seven the previous quarter.
Specialist early-stage investors grabbed big exit wins through outliers born from emerging trends, including Avalor and Gem's early-stage acquisitions. | | | | | | | |
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| 2024 Money report: Doomspending out. Doomsaving in. | | Cleo's annual survey of young people and their personal finance habits has yielded a surprising insight this year—the media headlines about a generation of doomspenders doesn't reflect at all: - 57% of young people surveyed between the ages of 18-24, have already started saving money
- 73% of respondents save regularly, with 40 percent saving weekly or monthly, and about half are using these savings for long-term purchases like a car or home.
- 80% of respondents felt that "doom spending" and "soft saving" weren't fully accurate representations of their money habits, with nearly half not identifying with the act of doom spending at all.
Read more | | | | | | | |
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| Workplace browser Island doubles valuation to $3B in 6 months | |  | | (d3sign/Getty Images) | | | Dallas-based enterprise browser startup Island has raised a $175 million Series D led by Coatue and Sequoia, a sign of confidence in the cybersecurity segment from investors looking for opportunities outside of AI.
Enterprise browsers allow organizations more secure access to the internet and internal company files. In December, Palo Alto Networks acquired enterprise browser startup Talon. | | | | | | | | | European PE makes a slow start to 2024 | | PE dealmaking in Europe declined in the first three months of the year as investors largely eschewed mega-deals in favor of smaller add-ons. Our Q1 2024 European PE Breakdown illustrates how overall deal value declined 37.2% from Q4 and 19.6% year-over-year. Exit activity was similarly lackluster.
Nevertheless, the region had a record quarter for fundraising. A handful of final closes for mega-funds buoyed the total. Among them was EQT's 10th flagship vehicle with €22 billion—accounting for more than a third of all Europe PE capital raised in Q1. | | | | | | | | | What CVC Capital's IPO says about a market rebound | |  | | (Jenna O'Malley/PitchBook News) | | | If CVC Capital Partners was the canary in the coal mine for Europe's still-fragile recovery of the IPO market, then it came through chirping.
The IPO, in which CVC raised €1.25 billion (about $1.34 billion) at a €15 billion valuation, represents the largest IPO by market cap for a European PE firm. For comparison, Sweden's EQT went public at a €6 billion valuation in 2019, and London-based Bridgepoint was valued at €3.3 billion in 2021.
The road to publicly listed status was tortuous for the Luxembourg-headquartered firm, which started prepping its Amsterdam debut as early as 2021. But not only has CVC added its name to a growing roster of Europe-listed fund managers, it has given hope for a long-awaited rebound for Europe's IPO market. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 602 Deals | 2528 People | 921 Companies | 32 Funds | | | | | | |
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The Daily Benchmark:
2015 Vintage Global PE Funds with more than $1B | | | | | | |
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| Register for the 2024 NVCA Leadership & Awards Gala in San Francisco | | Registration is open for the 2024 NVCA Leadership & Awards Gala on May 2 in San Francisco. Please join us to celebrate VC industry leaders who have made significant contributions to promote innovation, advance technology and encourage the creation of new companies.
Register now. | | | | | |
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Investcorp will buy the digital tech services business of the National Stock Exchange of India for $120 million, Reuters reported.
Windrose Health Investors has acquired SubjectWell, a patient access marketplace for clinical trials and market-ready treatments.
Riverspan Partners made its first investment in Barretts Minerals, a talc mining and processing company.
Kain Capital has invested in leading Essen Health Care, a large healthcare provider in New York City's Bronx neighborhood.
Blackstone is in talks to acquire Dulwich College International's Asian assets, which are valued at roughly $600 million, including schools from Education in Motion, Bloomberg reported.
Main Capital Partners-backed Omnidocs has purchased a majority stake in Danish document creation software provider Dania Software.
Carlin Consumer Health has acquired Penetrex, a joint and muscle care specialist, and will become a brand within the company's portfolio.
TPG-backed G&A Partners, a company specializing in employer organization and human resources outsourcing, has acquired peer Teamworks Group.
Ufenau Capital Partners has acquired IPP Group, a German provider of engineering services for infrastructure and energy projects.
Thoma Bravo-backed Anaplan agreed to acquire Fluence Technologies, which offers a cloud-based financial services platform.
Sun European Partners agreed to sell Adler & Allan, a UK-based company focused on environmental risk reduction, to Goldman Sachs Alternatives. | | | | | |
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| India-based IvyCap Ventures has closed its third fund on around $250 million. | | | | | |
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