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💳 An upswing in valuations for fintech startups is one sign that the sector may be falling back into favor with investors. Median pre-money fintech valuations soared more than 94% year-over-year in 2024. As Klarna, Chime and others prep IPOs, investors are asking: Is it a blip or a boom?
🖋️ BlackRock CEO Larry Fink wrote in his annual letter to investors that the future growth of the private markets will now come from individual investors' private wealth. Fink calls for the "unlocking" of the private markets to high net-worth and individual investor channels as traditional sources of capital continue to shrink. Full story
Plus...
• OpenAI shatters VC records with $40 billion funding round
• ABBA star's firm raises $1.3B debut fund
• Is sulfur key to breaking China's battery dominance? | | | | | | | | | | |
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| Why the largest US banks are betting on startups | | VC is getting a jolt: Banks are leaning in. Financial giants such as JP Morgan, Goldman Sachs and Citi are ramping up their presence with large checks and partnerships, according to our analyst note.
With the rapid expansion of the VC ecosystem and the trend of companies staying private for longer, the opportunity for strategic engagement has never been greater. Banks are stepping in as investors, lenders, and service providers—sometimes acting as all three with the same company. From working with budding startups for basic banking services to taking companies public, they're embedding themselves deeper into the startup lifecycle.
If the regulatory environment becomes more favorable, even more capital—and competition—will flow from the top of the banking sector into the world of VC. | | | | | | | |
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| A message from PitchBook Data | | |
| Ready to engage top PE and VC audiences? | | Our 2025 PitchBook Media Kit offers service providers direct access to 2.1 million engaged professionals through our targeted newsletters and exclusive reports. Backed by PitchBook's trusted global data, our sponsorships amplify your brand via custom reports, asset class insights, website and native content partnerships.
See what's new for 2025 | | | | | | | |
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| Money, money, money: ABBA star's firm raises $1.3B | |  | Bjorn Ulvaeus of ABBA
(Joshua Sammer/Getty Images) | | | Pophouse—a Swedish investment firm co-founded by ABBA star Bjorn Ulvaeus and EQT co-founder Conni Jonsson—held a €1.2 billion (around $1.3 billion) first close for its debut fund to invest in the entertainment industry.
Total PE deal value in the movies, music and entertainment industry in Europe was the second highest on record last year, while dealmaking remained elevated with over 30 pacts each year since 2021. | | | | | | | | | Is sulfur key to breaking China's battery dominance? | | As the limitations of lithium-ion batteries become more pronounced, attention is turning to alternative chemistries. This analyst note explores lithium-sulfur batteries, a long-discussed but underdeveloped technology that may finally be on the cusp of commercialization thanks to advances in nanomaterials and renewed investor interest.
Startups like Lyten, Zeta Energy, and Theion are pushing the boundaries of Li-S technology. Lyten, in particular, has made rapid progress.
Li-S batteries could offer significantly higher energy density at lower material cost, using abundant sulfur in place of more expensive and geopolitically sensitive elements like cobalt and nickel. If these startups succeed in scaling production, they could disrupt both the global battery supply chain and the dominance lithium-ion technology. | | | | | | | | | PE middle-market recovery fires on all cylinders | | PE dealmaking in the middle market made a comeback in 2024. The segment tallied more than $374 billion worth of deals—on pace to hit the second-highest level on record when factoring in late-reporting deals, according to our recent US PE Middle Market Report, sponsored by Stax and Churchill Asset Management.
Exit activity also rebounded after declining for two years in a row. The total value of PE exits from mid-market companies increased 15% year-over-year.
The relative attractiveness of the segment drove dealmaking in the first half of 2024, and improving market conditions helped boost activity in H2. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 344 Deals | 668 People | 308 Companies | 38 Funds | | | | | | |
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The Daily Benchmark:
2022 Vintage Global PE Funds | | | | | | |
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London-based Isomorphic Labs, an AI-driven drug discovery company, raised $600 million in a round led by Thrive Capital.
Retym, a semiconductor company based in California, launched out of stealth with over $180 million raised across multiple rounds, including $75 million Series D led by Spark Capital.
Temporal, a Seattle-area startup developing a microservices orchestration platform, raised a $146 million Series C led by Tiger Global at a $1.72 billion valuation.
Gable, a Washington state-based data management startup, raised a $20 million Series A led by Crane Venture Partners.
Voize, a Berlin-based startup developing AI for speech recognition and diction in healthcare, raised $9 million in a seed round led by HV Capital. | | | | | |
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| Don't miss our upcoming webinar | | In this webinar, PitchBook senior analysts Annemarie Donegan and Navina Rajan will be joined by Jenny Melia, executive director of Enterprise Ireland, to discuss findings from the 2024 All In: Female Founders in the European VC Ecosystem report.
Female-founded companies in Europe collectively raised over €10 billion for the fourth year in a row, while a notable drop in deal count for the period reflects continued headwinds across venture markets. Join our webinar as we share PitchBook data that provides additional insights into how female-founded companies are navigating the VC landscape.
Register now to secure your spot. | | | | | | | |
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Waterous Energy Fund closed its third PE fund on C$1.4 billion (about $1 billion). The firm specializes in Canadian gas and oil investments.
Level Equity Management secured a collective $1.4 billion for its two most recent growth equity funds.
Cendana Capital, a San Francisco-based fund-of-funds focused on early-stage venture, raised $400 million for its sixth flagship fund.
Construct Capital, a Washington, D.C.-based early-stage VC firm investing in tech for industrial sectors, raised $300 million for its third fund.
Maverick Ventures raised $240 million for its fourth flagship fund to invest in early-stage companies, Fortune reported.
Siltstone Capital raised $100 million for its inaugural energy transition fund, Axios reported.
UK real estate investor Newcore Capital held a £100 million first close for Newcore Social Infrastructure Income Fund.
33N Ventures, a European cybersecurity-focused VC firm, secured a commitment from the Luxembourg Future Fund.
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Rocket Companies has entered an agreement to acquire Mr. Cooper Group in an all-stock deal valued at $9.4 billion, creating a combined entity that will oversee a mortgage portfolio valued at $2.1 trillion.
DHL has acquired Cryopdp as the company focuses on enhancing its supply chain capabilities within the life sciences and healthcare sector.
Advanced Micro Devices has completed its $4.9 billion acquisition of ZT Systems, according to the Wall Street Journal.
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