Business Blog: VC medtech funding pulses to $4B+

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The Daily Pitch: VC, PE and M&A

June 20, 2025

The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data

💸 Discounts on VC secondaries in both startup shares and LP fund interests have been on the rise as more private market sellers seek liquidity. That movement has created many deeply discounted buying opportunities, but a study by StepStone Group found that startups with smaller discounts generated higher returns. The firm is instead sticking to its strategy: paying more for top secondary stakes. Read more

💼 A big shift in UK tax policy is prompting high-net-worth individuals—including some PE executives—to relocate, raising concerns about London's standing as a global financial hub. More changes may be on the way. Full story

Plus...
• Two endowment employees aim to bring together the next generation of allocators
• Adverb Ventures, founded by prominent former Silicon Valley execs April Underwood and Jessica Verrilli, is seeking to raise $125 million for its second fund

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VC pumps $4B+ into medtech startups

The pulse of VC funding in the medtech industry is quickening. Startups collected over $4 billion in Q1—the highest quarterly figure since early 2022, according to our latest Emerging Tech Research.

Growing investor interest in whole-body screening, smart diagnostics and longevity tech helped boost the sector. PE dealmaking also surged, with Q1 tracking well ahead of last year's pace. On the exit front, M&A is alive and well, but IPOs remain more limited amid a murky regulatory environment.

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PE gold rush could drive retail evergreen funds to $220B by 2029

(Colin Hawkins/Getty Images)

PE firms are increasingly targeting the private wealth channel, with retail-focused evergreen strategies projected to more than triple in AUM by 2029.

Amid a slowdown in traditional fundraising and exits, managers are developing new products and investing in infrastructure to tap retail investors seeking alternatives to public markets.

VC gaming deals touch down at lower levels

VC dealmaking in the gaming industry has stabilized after several quarters of correction, settling at lower levels. Startups collected $1.2 billion across 134 pacts in Q1, the lowest quarterly deal tally since mid-2019, according to our recent Emerging Tech Research.

Early-stage funding continued to shrink, while late-stage and venture growth rounds gained ground. Meanwhile, major players like Roblox and Discord doubled down on in-game advertising strategies, signaling a potential adtech renaissance in a segment historically resistant to standardization.

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The next generation of allocators

(Drew Sanders/PitchBook News)

Throw a stone inside any Midtown bar after work on a Thursday in New York City, and you'll likely hit an investment banker or a PE analyst. But unlike bankers and private fund associates, the next crop of investment talent at endowments, foundations and public pensions is dispersed across investment offices nationwide.

To address the disconnect, Grace Brown, an investment manager for Vanderbilt University's $10.2 billion endowment, and Luke Blanton, an investment analyst at the fund, co-founded the Emerging Allocators Association in 2023 with the express purpose of bringing together young talent from the investment offices of foundations, pensions and endowments across the US.

Since yesterday, the PitchBook Platform added:

504

Deals

1865

People

613

Companies

Funds

See what our data software can do

The Daily Benchmark: 2017 Vintage Global Secondaries Funds

Median IRR

16.90%

Top Quartile IRR

18.91%

0.64x

Median DPI

Select top performers

RCP Secondary Opportunity Fund III

Timber Bay Fund I

Commonfund Capital Secondary Partners II

*IRR: net of fees

16 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Jet HR, an Italian payroll automation platform, closed a €25 million Series A led by Base10 Partners.

Profound, a New York-based AI visibility platform, raised a $20 million Series A led by Kleiner Perkins.

Tadaweb, a Luxembourg-based small data operating system provider, raised $20 million in a round led by Arsenal Growth and Forgepoint Capital International.

Sifflet, a New York-based data observability platform, raised $18 million from EQT Ventures, Mangrove Capital Partners and Capmont Technology.

UK-based Project Eleven raised $6 million in a round co-led by Variant Fund and Quantonation to develop quantum-secure cryptographic solutions

PE Deals

Chicago-based family office HC Private Investments has acquired and merged Snackwerks and Specialty Bakers into Artisan Bakery, a premium snack manufacturer.

Hg-backed Cube has acquired Acin, a London-based provider of operational risk AI and technology for the financial service sector.

Apollo Asset Management is one of a group of creditors set to acquire NC-based semiconductor maker Wolfspeed under a prepackaged bankruptcy proposal, Bloomberg reported.

Mutares acquired German logistics and transport company inTime Group from Super Group Limited.

Main Capital Partners acquired CarWise and AutoDisk, two companies specializing in software for the leasing and car rental sector in the Benelux, in a €200 million deal.

Andera Partners acquired Jaws Group, a France-based digital marketing consultancy, from Momentum Invest.

CVC-backed infrastructure investor CVC DIF is in talks to back JT Group's £500m acquisition of Manx Telecom, Sky News reported.

Fundraising

Macquarie Asset Management closed Macquarie Infrastructure Partners VI with over $8 billion of total fund and co-investment commitments.

Ares Management launched its first ELTIF, the Ares European Strategic Income ELTIF Fund.

UK-based VC firms Parkwalk Advisors and Northern Gritstone launched the Northern Universities Fund.

Tech and healthcare investor Keensight is eyeing €4 billion in fundraising across multiple vehicles.

Investors

Luxembourg-based Lagfin, which controls distiller Campari Group, is acquiring a minority stake in consumer-focused PE firm Bluegem Capital Partners, Bloomberg reported.

Ares took control of three funds managed by Northstar Group, an Indonesian PE firm, Bloomberg reported.

Bank of Montreal agreed to buy Canada-based Burgundy Asset Management for C$625 million in shares.

CVC Capital Partner launched CVC Catalyst, a sector-agnostic PE strategy targeting mid-market businesses predominantly in Europe.

Boston-based asset manager Wellington Management is looking to step foot in private markets secondaries, Bloomberg reported.