| Here's a look at today's VC briefing. - 👩🏻 U.S. female-led climate tech startups bagged 6.6% of the total funding
- 🌎 Global VC funding in 2023 slumped to its lowest levels since 2019
- 📋 VC firm The Column Group wants to take NGM Biopharmaceuticals private
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| 1 | | U.S.-based female-led climate tech startups raked in 6.6% of the total climate tech funding in 2023, per Pitchbook data seen by GreenBiz. Female founders bagged $80M of the total funding in 2023, nearly a quarter less than 2022's tally of $106M. More: - Female founder-led startups claimed 21 of the 319 climate tech deals in the U.S.
- The situation is almost the same globally, where female founders closed 58 out of the 826 funding rounds.
- Notable female-led startups that raised funding last year include seawall construction company Kind Design's $5M seed round and environmental data platform Amini's $4M seed funding round.
- GreenBiz believes that the funding disparity still exists as the VC sector is dominated by men who typically tend to favor male-led ventures over female-led ones.
- A Boston Consulting Group study shows that female-founded companies have generated twice the revenue per dollar compared to companies founded by men.
- Despite this, females continue to face a tougher fundraising process than their male counterparts.
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| 2 | | VCs invested $345.7B in global startups in 2023, about half of 2021's record high of $744.8B, per preliminary data published by Pitchbook and NVCA. 
What the numbers say: Global VC funding slumped 35% compared to 2022's tally of $531.4B. The U.S. mimicked the global trend and closed out 2023 with $170.6B, roughly half of the amount invested in 2021. Relevance: Large IPO listings were scarce in 2023, lowering the number of exit opportunities globally. Exit value in the U.S. was $61.5B by the end of 2023. Europe saw exits worth just $12.92B, the lowest annual exit value in a decade. Asia defied the global VC slump by recording $143B in exit value over the year. Where to see the impact: U.S.-based investors closed funds worth $66.9B in 2023, the lowest on record since 2017. European investors received commitments worth $17.7B towards VC funds in 2023. Globally, investors raised funds worth $160.9B in 2023. Although investors have a high amount of dry powder available at their disposal, they will likely continue to be cautious about deployment this year. | | |
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| 3 | | VC firm The Column Group presented a non-binding "expression of interest" to NGM Biopharmaceuticals' board to take the company private. The Column Group currently has a 26.7% stake in NGM and plans to purchase all outstanding shares of the firm. The VC firm's take private offer comes after a troubled couple of years for NGM, during which it slashed its workforce by a third, had a clinical trial failure, and was looking for partners for its four drug-development programs to conserve cash. More: - NGM was founded in December 2007 as a diabetes and weight loss drug company before pivoting into making drugs for nonalcoholic steatohepatitis, cancer, retinal diseases, and other conditions.
- The firm went public at a $16 per share price in Apr. 2019, netting about $111.9M through the transaction.
- Current stock prices have fluctuated between $0.60 and $5.68 over the past few weeks and closed the trading day on Tuesday at $1.25.
- NGM burned nearly $700M in cash through Sept. 30 last year.
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| 4 | | Columbia Capital has secured capital commitments worth $977M for two funds, per SEC filings seen by Business Journals. $654.7M of the capital is earmarked for Columbia Capital Equity Partners VIII fund and the remaining $322.3M for Columbia Capital Opportunities Fund I. The firm will use the proceeds to invest in communications and technology startups. More: - The firm has about $5B in funding commitments, including a $600M seventh fund and a $437M sixth fund.
- Columbia Capital has backed 175 companies to date, the most notable of which are cyber intelligence startup Nisos, geolocation technology company NextNav, and satellite communications company Omnispace.
Zoom out: - The latest capital infusion is among the largest sums raised by a D.C.-area VC firm in 2023.
- Other larger funds raised by VC firms in the vicinity include New Enterprise Associates, which raised two funds worth $6.2B, and QED Investors, which raised $925M last May.
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| 5 | | Goldman Sachs Asset Management closed its debut life sciences-focused VC fund at $650M. The West Street Life Sciences I fund crossed its initial target by about $150M. The firm intends to back early and mid-stage therapeutic startups that are developing new approaches to diagnosis, disease treatment, and life science tools. More: - Goldman Sachs has already deployed $90M of the capital raised into five companies: MOMA Therapeutics, Nested Therapeutics, TORL Biotherapeutics, Septerna, and Rapport Therapeutics.
- The firm will primarily focus on precision medicine, genetic medicine, cell therapy, immunotherapy, synthetic biology, and AI-driven oncology.
Zoom out: - First-time VC funds raised $11.6B in 2023, making it the lowest fundraising total for debut funds since 2013, per Pitchbook.
- In comparison, emerging fund managers raised debut funds worth $25.6B in 2022.
- Due to recent advancements in the life sciences and biotech sector, J.P. Morgan also established a life sciences-focused investment division in November 2022.
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| 6 | | Today's Funding: Biotech - Small molecule therapies biotech startup Remix Therapeutics secured $60M in fresh funding led by The Column Group. Investors participating in the round include Atlas Venture, Foresite Capital, Alexandria Venture Investments, Arch Venture Partners, and others.
- Clinical-stage radiopharmaceutical firm Radionetics Oncology raised a Series A round worth $52.5M led by Frazier Life Sciences, 5AM Ventures, and DCVC Bio.
Cybersecurity - Cloud-native cybersecurity startup Aqua Security retained its unicorn status by extending its previous $135M Series E funding by another $60M. Evolution Equity Partners led the extension round, with additional support from existing backers Lightspeed Venture Partners, Insight Partners, and StepStone Group.
Fintech - Bumper, a fintech startup offering flexible payment options for car repairs, closed its Series B round at $48M (£40M). Autotech Ventures led the round, joined by Shell Ventures, JLR's InMotion Ventures, Porsche Ventures, and Revo Capital.
Healthcare - Nalu Medical Inc., a healthcare startup developing minimally invasive and non-opioid solutions for chronic neuropathic pain, raised $65M in fresh funding led by Novo Holdings. Existing investors Gilde Healthcare, MVM Partners, Endeavor Vision, Decheng Capital, Longitude Capital, Advent Life Sciences, and others participated in the round.
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| 7 | | Quick Hits: - Need to close more deals faster? See 6 tips on how Calendly helps sales & marketing teams automate the meeting lifecycle and grow revenue. Read the blog.*
- Japan's sovereign development bank, the Development Bank of Japan Inc., agreed to invest in biotech-focused VC firm 4BIO Capital's third fund, which is expected to reach a final close between $200M and $300M this year.
- Forward Consumer Partners, a PE firm launched by former L Catterton partner Matt Leeds, secured $425M in capital commitments towards its debut fund.
- Two former Wall Street traders, Stephanie Rieben and Joe Hammill, established Diadem Capital to serve as a "warm introduction network" to high-growth startups and reduce the time taken to raise capital.
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 | Analyst | | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot. | | This newsletter was edited by Aaron Crutchfield |
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