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European Venture Capital Dealmaking and Fundraising Activity Achieved New Annual Records in 2020

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SEATTLE, Jan. 26, 2021 /PRNewswire/ — PitchBook, the premier data provider for the private and public equity markets, today released its 2020 Annual European Venture Report, which found venture capital (VC) deal value remained aloft and set a new annual record despite COVID-19 and the subsequent macroeconomic damage. Pandemic-induced opportunities and existing VC companies within technology and healthcare were well positioned to grow at the same time the deluge of capital deposited into larger rounds continued a decade-long trend. Capital from the US flowed freely into Europe and deal value with corporate VC (CVC) participation set a new annual record. After a lethargic start, exit value gathered momentum as the year progressed with one of the strongest quarterly showings ever in Q4. The pandemic created favourable market conditions for VC-backed companies seeking an exit in sectors such as biotech and pharma. European VC fundraising also achieved a record high in 2020 as LPs and GPs across the continent shrugged off long-term concerns posed by COVID-19. Fundraising processes have successfully adapted to remote tools, while larger VC vehicles have attracted burgeoning heaps of capital from existing and nontraditional investors to target pandemic-proof and pandemic-induced opportunities. Restrictions on travel, recessions and battered sectors have not stifled commitments from LPs, as GPs have been supplied with record levels of capital to put to work heading into 2021.

To download the full report and underlying data, click here.

“Few predicted the insatiable appetite to commit to and invest in VC in 2020. While other asset classes crumbled amid widespread volatility, Europe's maturing VC ecosystem – and venture as an investment strategy – showed remarkable resilience with dealmaking, fundraising and CVC participation reaching record highs,” said Nalin Patel, PitchBook EMEA Private Capital Analyst. “We believe capital will continue to pour into pandemic-driven areas as recoveries commence and the allure of a return to normality will drive capital into resurgent pre-pandemic trends, both of which will combine to hold overall VC activity aloft in 2021.”

Investment Activity

  • VC deal value reached a new annual record of €42.8 billion across 9,341 deals, representing a 14.8% year-over-year increase in value from the previous record set in 2019.
  • Deals sized over €25 million represented a record 61.8%, or €26.5 billion, of capital invested in 2020. CureVac's €560.0 million late-stage round in Q3 was the largest deal of the year. Klarna, Deliveroo, N26, Revolut, and Northvolt all closed deals over €500 million as well, whereas just two companies raised such a sum in 2019.
  • Investors deployed €14.5 billion into the software sector across 2,123 deals, marking a marginal 7.9% year-over-year increase and more substantial 22.3% year-over-year decrease, respectively. The sector remains the most popular investment strategy, representing a third of total European VC deal value in 2020, but investment into biotech & pharma startups jumped 41.1% year-over-year to €5.4 billion as COVID-19 held attention globally.
  • All regions apart from Central & Eastern Europe beat their respective deal value figures from 2019. The UK & Ireland remained the highest deal value provider with a record €14.3 billion in 2020, providing a third of the total in Europe despite Brexit.
  • CVC participation accrued €19.4 billion in value through 2020, easily surpassing the previous record of €15.6 billion set in 2019. CVCs participated in many of 2020's largest rounds, including Deliveroo's €527.6 million round and Hopin's €106.2 million round.

Exit Activity

  • Despite market volatility, total European VC exit value rose 13.9% year-over-year to €18.6 billion across 697 deals. The European exit market gained momentum after a lethargic Q1, closing on €7.6 billion in value in Q4.       
  • Biotech & pharma companies capitalized on increased interest in the sector, securing €6.7 billion in venture exit value in 2020, or 35.9% of Europe's total. Notable exits in the sector include the IPOs of CureVac and ADC Therapeutics, both totalling over €200 million, and the acquisition of Themis Bioscience, which sold for €1.1 billion.
  • As was the case in 2019, the DACH region (Austria, Germany, and Switzerland) generated the most liquidity of any European ecosystem, closing on €4.6 billion in 2020, or 24.7% of the continent's total. The region's expertise in developing highly valued biotech & pharma companies bolstered exit figures.
  • VC-backed IPOs grew slightly to 50 in 2020 from 46 in 2019, suggesting that some startups were bullish and willing to list even amid such a turbulent year. The resurgence of public equities and lack of listings in the second and third quarters created pent-up demand for IPOs, and healthcare startups such as Compass Pathways, Freeline and Nanox decided it was the perfect time to exit.

Fundraising Activity

  • European VC funds raised a record €19.6 billion in 2020, representing a 35.2% year-over-year increase as LPs and GPs across shrugged off long-term apprehension posed by COVID-19. The quantity of closed VC funds ticked up to 172, reversing a two-year decline.
  • VC funds over €100 million represented 82.0% of the total capital raised in Europe in 2020, just below the peak of 83.8% set in 2019, and we expect they will continue gaining share in 2021. Fund sizes have climbed during the last decade, buoying overall capital raised year to year.
  • The UK & Ireland raised the most capital for venture funds with €5.1 billion, narrowly topping the DACH region, which raised €5.0 billion in 2020. Israel-based VC funds have now raised over €1.0 billion in each of the last five years, with a record €2.7 billion raised in 2020, and we believe GPs based in this region have the capital resources to develop their ecosystem even further and compete globally for commitments.

Additional coverage in this report includes:

  • Introduction
  • Overview
  • Corporate VC
  • Spotlight: 2021 Outlook
  • Exits
  • Fundraising

For more information about PitchBook, click here.

About PitchBook
PitchBook is a financial data and software company that provides transparency into the capital markets to help professionals discover and execute opportunities with confidence and efficiency. PitchBook collects and analyzes detailed data on the entire venture capital, private equity and M&A landscape—including public and private companies, investors, funds, investments, exits and people. The company's data and analysis are available through the PitchBook Platform, industry news and in-depth reports. Founded in 2007, PitchBook has offices in Seattle, San Francisco, New York and London and serves more than 45,000 professionals around the world. In 2016, Morningstar acquired PitchBook, which now operates as an independent subsidiary.

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SOURCE PitchBook

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INVESTOR ACTION ALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Ebix, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

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LOS ANGELES, Feb. 25, 2021 /PRNewswire/ — The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Ebix, Inc. (“Ebix” or “the Company”) (NASDAQ: EBIX) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between November 9, 2020 and February 19, 2021, inclusive (the ''Class Period''), are encouraged to contact the firm before April 26, 2021. 

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Ebix lacked audit evidence to prove legitimate purposes for large and unusual transactions in its India gift card business. The Company suffered from material weaknesses in internal controls over gift cards and prepaid revenue. The Company's auditor was likely to resign over $30 million put into a trust account commingled with its outside legal counsel. Based on these facts, the Company's public statements were false and materially misleading. When the market learned the truth about Ebix, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com 
Office: 310-301-3335
[email protected]

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SOURCE The Schall Law Firm

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Hagerty names its Top Gear Agents for 2021

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TRAVERSE CITY, Mich., Feb. 25, 2021 /PRNewswire/ — Hagerty, the world's largest provider of specialty insurance for vintage vehicle owners and enthusiasts, has named its Top Gear Agents for 2021, based on their outstanding 2020 sales performances.

“By putting more car enthusiasts behind the wheel, this elite group of agents contributes directly to furthering Hagerty's mission to keep driving and car culture alive for future generations,” said McKeel Hagerty, CEO of Hagerty.

This year's Top Gear Agent list includes:

  • American Mutual Insurance Services, Bothell, Washington
  • Bay Area Insurance Shop Inc., Clearwater, Florida
  • Classic Automobile Insurance Agency, Indianapolis, Indiana
  • Coverica Inc., Dallas, Texas
  • Crankshaft Motors, Holly Springs, North Carolina
  • Eastern Insurance Group LLC, Wakefield, Massachusetts
  • Edward Van Eckert, Metuchen, New Jersey
  • FBinsure LLC, Taunton, Massachusetts
  • Full Octane Insurance, Brentwood Tennessee
  • Gingerbread Insurance Agency, Clermont, Florida
  • HWI Motorsports, Southborough, Massachusetts
  • JMG Insurance Corp., Norwalk, Connecticut
  • John Abrams & Associates, Newburgh, New York
  • Rally Insurance Group, Volo, Illinois
  • Rogers & Gray Insurance Agency, Inc., South Dennis, Massachusetts
  • Southern Classic & Custom LLC, Garner, North Carolina
  • Stonewall Insurance Group, Wilbraham, Massachusetts
  • Texan Insurance, Houston, Texas
  • The Phoenix Insurance, Dallas, Texas
  • Wilcox & Reynolds Insurance, Storrs, Connecticut

As Top Gear Agents, the above companies have access to co-op marketing dollars, preferred placement on Hagerty's online agent locator, spotlights on Hagerty's social media channels and more.

About Hagerty

Hagerty is an automotive lifestyle brand with a mission to keep driving alive for car lovers and drive positive change in the world. Hagerty is home to Hagerty Drivers Club, Hagerty DriveShare, Hagerty Valuation Tools, Hagerty Drivers Club magazine, Hagerty Media, MotorsportReg, Hagerty Garage + Social, the Greenwich Concours d'Elegance, the California Mille and more. Hagerty is the world's largest provider of specialty insurance for enthusiast vehicles and supports keeping car culture alive through youth programs, the Historic Vehicle Association (HVA), the RPM Foundation and more. For more information, call (800) 922-4050 or visit www.hagerty.com.

Media Contact
Andrew Heller, [email protected], 231-632-1583
Bobby Hammelman, [email protected], 646-723-3830

 

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SOURCE Hagerty

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McGuigan named Executive Vice President of Laird Norton Company

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SEATTLE, Feb. 25, 2021 /PRNewswire/ — The Laird Norton Company (LNC) today announced the appointment of Brian McGuigan as Executive Vice President, Enterprise Strategy and Corporate Development.  McGuigan, who joined the firm in 2012, will be responsible for developing, communicating, and managing the company's post-COVID-19 strategies and initiatives.  He will also oversee the company's tax, legal and corporate development functions, including its portfolio of direct investments in companies including subsidiaries Laird Norton Wealth Management (LNWM) and Heartland. Additionally, McGuigan will become a director of LNWM and a member of the LNC Real Estate Committee, while continuing to serve on the boards of directors of LNC investments Zevia, WISErg, and Heartland.

“When Brian joined the company in 2012, we intuitively knew that he had significant growth potential,” said Jeff Vincent, LNC CEO.  “It has been extremely satisfying over the past nine years to see him live up to that potential both professionally and personally. I am more excited now to see what Brian will accomplish in the future.”

“The Laird Norton Company is one of the nation's most highly regarded and successful family businesses spanning seven generations dating back to the 1850s.  I am honored to have been entrusted with the essential roles of managing the enterprise's strategic direction and continued development,” McGuigan said.

McGuigan started as Manager, Corporate Investment.  Earlier promotions include Director, Corporate Investments in 2015; VP Corporate Investments and Compliance in 2017; and VP, Strategy and Corporate Development in 2018. 

“In each of these increasingly important and complex roles, Brian has excelled,” Vincent said.

Brian was born in Zimbabwe and grew up in South Africa before starting his career in the UK.  He now calls Seattle his home, where he lives with his wife, Margaret, and two sons.  Brian received a BSc in chemical engineering from the University of Cape Town, and an MBA from the USC Marshall School of Business.  He is a CAIA Charterholder.

ABOUT Laird Norton:

Laird Norton Company (LNC) is a seventh-generation family-owned enterprise that invests in real estate and operating companies. Emerging from the values of the company and its family owners, we strive to create shared value with our unitholders, employees, partners, and communities. Among its many holdings, LNC wholly owns Laird Norton Wealth Management, a wealth management company, Laird Norton Properties, a real estate investment firm, and has a majority investment in Heartland, LLC, a real estate consulting firm. 

For more information, visit LNC's website at www.lairdnorton.com

 Contact:           

Jennifer Polson

[email protected]

206-401-4506

 

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SOURCE Laird Norton Company

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