| | | | | The Daily Pitch: VC, PE and M&A | | June 24, 2025 | | The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data | | | | | | | 📝 We've launched our 2025 Sustainable Investment Survey and would like to hear what challenges private market ESG and impact investors face. We invite you to share your views on topics including: - Are concessionary returns really the expectation of impact investors?
- Are your clients advocating for the use of ESG or against, or are you stuck in the middle with both?
- What sustainable investment themes are most financially attractive right now?
All who complete the survey will have the opportunity to enter a prize drawing, and for each completion, PitchBook will make a donation to World Central Kitchen. Take the survey here
🦎 Version One is a chameleon among Canadian VCs: It's based up north, but often shows up on the cap tables of US startup stars. Although Canada's startup ecosystem is young, Version One founder Boris Wertz says looking outside of its national borders is what the industry should do to strengthen itself. Full story | | | | | | | | | | | | | | Tariffs shifted VC outlook, but by how much? | | As 2025 unfolds, the VC landscape is evolving in unexpected ways. While early-year optimism pointed to a rebound in liquidity and a revitalized IPO market, global tariff tensions have reshaped the narrative. IPO activity has slowed, but resilience is emerging in new forms, according to our 2025 US Venture Capital Outlook: Midyear Update.
Despite headwinds, six US companies have achieved billion-dollar valuations through successful listings. Meanwhile, M&A activity is thriving, with VC-backed companies—especially AI-driven startups—leading a record 36% of acquisitions. H2 will be pivotal for the market. | | | | | | | | | A message from Oracle NetSuite | | | | How to lead AI transformation with confidence | | From supply chain shocks to cash shortfalls, today's business risks can surface fast—and escalate faster. Blind spots, bad data, and aging systems only make things worse.
Download the "C-Suite's Risk Management Checklist"—a quick, high-impact guide to help leaders get ahead of 8 critical risks in 2025. | | | | | | | | | | | UK cybersecurity startups struggle for VC funding despite surge of threats | |  | | (Thoman Samson/Getty Images) | | | Despite high-profile cyberattacks and government plans to support cybersecurity startups, VC funding in the space continues to drop.
The UK's Cyber Growth Action Plan promises up to £16 million (about $21.7 million) in funding to support the creation and scaling of startups, but there are concerns that the plan falls short. | | | | | | | | | Morgan Stanley notches $3B+ middle-market fund | |  | | (Jordan Lye/Getty Images) | | | Morgan Stanley raised $3.2 billion in just 12 months for its latest middle-market PE fund—surpassing its $2.5 billion target and reaching the vehicle's hard cap.
The quick close reflects how private equity funds in Q1 secured quicker fundraising off the back of improved exit activity in 2024, though analysts warn the pace may not last. | | | | | | | | | Advent-led group's $5B+ Spectris offer set to spark bidding war | |  | | (Nata Serenko/Getty Images) | | | UK-listed precision equipment maker Spectris has agreed to a take-private offer from an Advent International-led group, rejecting an earlier offer from KKR.
KKR said after the deal that it is still "actively engaged in the advanced stages of due diligence." Spectris' share price rose as much as 15% following the deal to a high of £37.90 (about $51.25), surpassing Advent's offer price as shareholders speculate a bidding war. | | | | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 559 Deals | 2067 People | 695 Companies | 22 Funds | | | | | | | | | | | Legal AI startup Harvey raised a $300 million Series E led by Kleiner Perkins and Coatue at a $5 billion valuation, Fortune reported.
PhysicsX, a London-based company developing AI for physics simulations, raised a $135 million Series B led by Atomico.
Customer service AI startup Decagon raised a $131 million Series C led by Accel and Andreessen Horowitz at a $1.5 billion valuation.
Amsterdam-based banking startup Finom raised a €115 million Series C led by AVP.
Canada-based Conquest Planning, the developer of a financial planning platform, raised an $80 million Series B led by Goldman Sachs Alternatives.
Financial-software developer Spinwheel raised a $30 million Series A led by F-Prime.
Botpress, a Canada-based company focused on AI agent infrastructure, raised a $25 million Series B led by Framework.
Snowcap Compute, the developer of superconducting architecture for data centers, launched with a $23 million seed round led by Playground Global.
AllSpice, a startup developing workflow collaboration software for hardware engineers, raised a $15 million Series A led by Rethink Impact, TechCrunch reported. | | | | | | | | | | | | | | | | | | Wealthfront, a fintech startup developing an automated investing and advisory platform, confidentially filed for a US IPO.
Germany-based payments startup Kadmos, which targets shipping companies and seafaring workers, agreed to be acquired by Tokyo Stock Exchange-listed NYK Line.
Jewelry retailer Claire's, which is backed by Elliott Management and Monarch Alternative Capital, is exploring a sale, Bloomberg reported.
Walmart's digital payments company PhonePe, which is widely used in India, is preparing to file for an IPO that could raise up to $1.5 billion, Bloomberg reported.
Munich-based Brainlab, which develops medtech software, is seeking to raise up to €400 million in its Frankfurt IPO.
Iceye, a military satellite maker based in Finland, is exploring options for an IPO in 2026, Bloomberg reported. | | | | | | | | | | | | Austin-based Greenbelt Capital Partners closed its latest fund, Greenbelt Capital Partners III, on $1 billion.
Warsaw-based Movens Capital launched a €60 million fund to back founders from Central and Eastern Europe. | | | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | Investors | | | | Companies | | | | | | | | | | | | |
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