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| In today's Daily Pitch, you'll find: | | | | | |
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| Cross-border payments at a crossroads | | About 2% of total fintech VC funding has gone to the cross-border payments industry this year. But widespread innovation in bank technology, payment infrastructure and generative AI could propel startups toward further growth.
So far in 2024, 26 cross-border payment specialists have raised over $318 million, and more than half of this funding has gone to European companies, according to our latest Emerging Tech Research. Consumer fintech and B2B startups are driving the sector, but established fintech companies, banks and payment schemes also play a big role. | | | | | | | | | Altana, Thomas Tull's latest AI bet, hits unicorn status | |  | | Thomas Tull (Tiffany Rose/Getty Images) | | | Altana, a New York-based startup specializing in AI for supply chain management, has raised a $200 million Series C and reached a $1 billion valuation. It's the latest company to join the growing portfolio of Thomas Tull's US Innovative Technology Fund.
The firm has been making big moves in the AI space, investing more than $100 million into almost every round it's joined. | | | | | | | |
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| Payment insights for software leaders | | From emerging payment technologies to the importance of intuitive software design, the world of Embedded Payments is rapidly evolving. How do you stay ahead while serving up what merchants really want in your software offerings?
The Merchant Insider report is here to help, offering unique insights into the merchant perspective. It analyzes responses from over 500 merchants in the U.S. and spans key industries, so you can understand the challenges, preferences, and expectations that are shaping software development today.
Download the Merchant Insider Report to learn: - What keeps merchants happy
- The importance of payment capabilities
- Why security is a must
- The need to offer sector-specific solutions
Download now | | | | | | | |
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| India's Ola Electric plans $734M IPO amid country's listings surge | |  | | (Punit Paranjpe/AFP/Getty Images) | | | Ola Electric, an electric scooter manufacturer, is preparing for an IPO in India at a $4 billion valuation, which would make it one of the biggest VC-backed exits in that market.
India's IPO market is looking to maintain its momentum, fed by a strong domestic economy and an increasingly liquid stock market. | | | | | | | | | Checking in on our 2024 predictions for US PE | | PE managers came into 2024 anticipating as many as six interest rate cuts from the Federal Reserve. Although this didn't materialize, they've found relief through lower spreads being charged above those base rates due to increasing competition within the private credit sector, and the revival of the syndicated loan market.
Another surprise was the bustle of fundraising activity—with H1 seeing $155 billion in capital committed, maintaining the near-record pace set last year. In our midyear update to the 2024 US Private Equity Outlook, our analysts review their forecasts for the year, from continuation funds hitting "critical mass" to PE-backed company holding periods reaching new records. | | | | | | | | | Venture's asset growth has become an albatross around its neck | |  | | (Vicki Jauron, Babylon and Beyond/Getty Images) | | | The venture industry grew rapidly over the past decade because it outperformed other asset classes. That size is now a liability, raising the bar for returns at a time when exits are hard to find.
Cash distributions—the money flowing back to LPs—continue to decline as a share of assets, sinking to the lowest level since the global financial crisis.
The combination of large portfolios and low exits suggests that a massive turnaround in tech IPOs is needed to return VC to the performance that underpins its reputation. | | | | | | | | | European PE shows signs of recovery in Q2 | | Our Q2 2024 European PE Breakdown reveals a market that is on the rebound. In the second quarter, total deal value rose more than 27% from Q1, as rallying markets and monetary easing by the European Central Bank helped buoy investor confidence.
Liquidity also improved in the region, with exit values surging over 90% from the first quarter—driven by 23 mega-exits, including 10 IPOs. Fundraising for the first half of 2024 has put Europe on course for another record year, with mega-funds such as Partners Group's €14.2 billion Direct Equity V accounting for a significant share of value. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 613 Deals | 2486 People | 913 Companies | 36 Funds | | | | | | |
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The Daily Benchmark:
2019 Vintage Global Debt Funds | | | | | | |
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Osapiens, a German ESG platform provider, raised a $120 million Series B led by Goldman Sachs Asset Management.
Spear Bio, a biotech startup developing technology to measure protein molecules in diagnostic self-tests, raised a $45 million Series A led by Foresite Capital and Bio-Techne.
Oats Overnight, a startup creating oatmeal products, secured a $35 million Series B led by Enlightened Hospitality Investments.
Unspun, a startup developing 3D fabric-weaving machines with a goal of decreasing clothing overproduction, raised a $32 million Series B led by DCVC.
Simple Energy, an Indian electric scooter maker, has completed a $20 million Series A.
Aveni, a Scotland-based company developing an AI-powered financial platform, raised an £11 million round led by Puma Private Equity.
Rillet, a New York-based accounting platform provider, has secured $13.5 million in a round led by First Round Capital and Creandum.
Tset, a Vienna-based cost and carbon management startup, has secured a €12.7 million Series A from investors including Brose Group, Carbon Removal Partners and Ingenics.
Female Invest, a London-based company offering a finance app for women, has raised an $11.2 million Series A led by Educapital and Rubio Impact Ventures. | | | | | |
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| Don't miss our upcoming webinar | | The US VC ecosystem continues to experience downward pressure when it comes to dealmaking momentum and exit activity. Low exit count is at the core of lingering liquidity constraints, with just 35 public listings so far in 2024.
Join PitchBook analysts and experts from our sponsors JP Morgan, Dentons, Deloitte, and Juniper Square on August 1 for a live discussion of our Venture Monitor created in partnership with the National Venture Capital Association.
Register now to secure your spot. | | | | | | | |
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Enstar, a Nasdaq-listed global insurance group, has been acquired by Sixth Street in a $5.1 billion take-private deal that includes participation from Liberty Strategic Capital and JC Flowers.
Canopius, a specialty and property insurance company, may be sold by Centerbridge Partners, or file for an IPO that could value the company at around £3 billion, Bloomberg reported.
Olympus is near a deal to exit its stake in Soliant, a US healthcare and school staffing company, to Vistria Group for $2 billion, the Financial Times reported.
SePRO, a company developing sustainable chemicals for the agriculture industry, has been acquired by Stanley Capital Partners from Excellere Partners.
Trio Mobil, a developer of industrial workplace safety software, raised $26.5 million in growth financing in a round led by NewSpring Capital.
ArcLight Capital Partners has launched a new investment vehicle, SkyVest Renewables, with $500 million targeted at solar and wind farms.
American Restoration, a Texas-based company providing restorative services for damaged buildings, has been acquired by Morgan Stanley Capital Partners.
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| PitchBook Tech Talks webinar | | Join PitchBook senior analyst Aaron DeGagne for an in-depth discussion with founders and investors in the emerging food-as-medicine space. This conversation will provide an overview of the food-as-medicine landscape and touch on the sector's momentum driven by an expanding roster of high-quality startups, growing body of supporting research, and support from government and nonprofit entities. Key topics include: - Evolution of food-as-medicine and the current market opportunity.
- The future state: improving access to nutrition services, impact on chronic disease management, and how food-as-medicine companies can scale up.
- Key considerations for investors—and what is most misunderstood about food-as-medicine.
Register now to secure your spot. | | | | | | | |
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Amulet Capital Partners, a PE firm investing in healthcare companies, closed its third capital fund on about $1.2 billion.
London-based firm Kennet raised €266 million for its largest fund yet. Kennet VI focuses on high-growth B2B and SaaS companies. | | | | | |
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| Thoma Bravo has raised $2.7 billion after selling 41.6 million of its shares in the Nasdaq, about half of the shares the firm owns. | | | | | |
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