| | | | | The Daily Pitch: VC, PE and M&A | | July 24, 2025 | | The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data | | | | | | | 🗽 Q2 data shows PE's US slowdown after tariff announcements wasn't evenly spread. Some regions, along with smaller funds dedicated to those areas, felt the impact more acutely than others. In the Midwest and South, the number of PE deals inked in Q2 plummeted by 32%. See the map
🔒 Cybersecurity startups held their ground in the first quarter, collecting $3.3 billion across 182 deals—flat in value QoQ despite a drop in deal count. Consolidation emerged as a defining theme, with larger companies acquiring smaller specialists, amid a shift toward integrated, AI-focused platforms. Preview the report
Plus...
• 5 things startups should know about the Trump administration's AI Action Plan
• Bargain-hunting US firms are grabbing a bigger slice of European PE | | | | | | | | | | | | | | How institutional VC direct secondaries are reshaping liquidity | | Institutional VC direct secondaries are emerging as a dynamic segment of the private markets, with total deal value reaching $14.7 billion last year—the highest annual figure since 2021. Our latest analyst note covers the evolving role of this asset class and uses proprietary modeling to estimate the European market for VC direct secondaries.
As secondary deals become a more prominent exit route, especially when liquidity is limited, this trend could reshape exit strategies across early- and late-stage VC portfolios. | | | | | | | | | | | Q2 life sciences VC dealmaking remains chilly as M&A heats back up | | VC funding in the US life sciences sector cooled significantly in Q2, reaching a decade low in deal volumes. Despite fewer startups raising capital, those that did secured historically large rounds. Meanwhile, exits remained sluggish, but a larger share occurred via strategic acquisitions. This edition also features a roundtable discussion on what's driving the shift toward nontraditional funding sources, how companies can tap into state-level programs, and how investors and operators are adapting their strategies in response to this changing landscape.
Key takeaways: - Q2 2025 life sciences VC deal volumes reached a decade low.
- Median deal sizes and valuations are growing as the pipeline of later-stage companies grows, which will pressure exits in the years to come.
- M&A is driving exits, with median deal values hitting fresh heights.
Read the full report for more insights into the trends reshaping life sciences VC. | | | | | | | | | US PE bargain-hunters are back in Europe | |  | | (Oleg Elkov/Getty Images) | | | US investors drawn by attractive valuations increased their share of overall PE activity in Europe, accounting for 19% of transactions in the first half of 2025 and over a third of all deal value.
With firms such as KKR, TA Associates and Silver Lake leading the charge, US GPs are supporting European PE dealmaking despite a cooling macroeconomic environment. | | | | | | | Get in early, stay liquid: Why crossover funds are gaining ground | | Want early access to tomorrow's unicorns and some of the flexibility of public markets? Crossover funds combine private and public market assets into a single structure.
From Fidelity's early stake in Facebook to Sequoia's fund overhaul and the rise of PIPEs, the traditional lines between private and public funds are increasingly blurry. Our recent analyst note covers how these hybrid models could unlock new opportunities—and hidden risks—for all types of investors. | | | | | | | 2025 is already the best year for female founders on record | |  | | (Julia Midkiff/PitchBook News) | | | Funding for US female founders has surpassed all previous highs just halfway through 2025, according to our female founders dashboard. At the midway point of the year, startups with at least one female founder have raised $78.8 billion over 1,428 deals, blowing past 2021's record of $68.7 billion. - The first two quarters of 2025 were the best on record for startups with at least one female founder, totaling $51.2 billion and $27.6 billion, respectively. This was powered by two massive AI deals—a $40 billion OpenAI round in March and a $14.3 billion round for Scale AI in June.
- Other notable deals in Q2 included a $2.57 billion Series D for World View, a space exploration and technology startup co-founded by former Strategic Advisor Jane Poynter, and a $115 million Series C for Glycomine, a drug developer founded by former CEO Dr. Agnes Rafalko.
| | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 796 Deals | 2691 People | 919 Companies | 27 Funds | | | | | | | | | | The Daily Benchmark: 2019 Vintage Global Debt Funds | | | | | | | | | | | | | | | | | Compliance and security software developer Vanta raised a $150 million Series D led by Wellington Management at a $4.15 billion valuation.
AI medical diagnostic startup Aidoc, based in Israel, raised a $150 million round led by General Catalyst and Square Peg.
Berlin-based property management startup Buena secured $58 million in a round led by GV.
Swift Navigation, a startup developing satellite and robotics positioning technology, raised a $50 million Series E led by Crosslink Capital.
April, which is developing an AI tax platform, raised a $38 million Series B led by QED Investors.
UK-based Inforcer, which develops software for managed service providers, secured a $35 million Series B led by Dawn Capital.
Germany-based 4screen, a driver-interaction technology specialist, raised a $21 million Series B led by Bosch Ventures. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | | | | | | | | | | | | | | | |
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