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Venture Capital Fundraising and Investment Dollars Remained Healthy Through 1H 2020 Amid Slowdown in Exits and Deal Count Due to Impacts of COVID-19
Despite external economic headwinds, venture capital (VC) fundraising activity exhibited strength in Q2 2020 while exit and dealmaking activity slowed due to the impacts of the coronavirus pandemic, according to the PitchBook-NVCA Venture Monitor, the authoritative quarterly report on venture capital activity in the entrepreneurial ecosystem jointly produced by PitchBook and the National Venture Capital Association (NVCA), with support from Silicon Valley Bank and Certent. The ten largest funds raised in the first half of the year made up over half of all VC fundraising value so far. Many of these funds likely began fundraising before the uncertainty of the coronavirus pandemic affected the markets, but closing such massive vehicles remains an impressive feat. Exit activity continued its pandemic-induced struggle during the second quarter, with exit count in 2020 tracking to be the lowest since 2011. With this significant reduction in the number of companies achieving liquidity for investors, there could be serious implications for the rest of the VC ecosystem in the coming years. On the dealmaking side, activity has decelerated rather significantly when looking at figures for the broader industry. However, late-stage financings have outpaced early-stage financings as companies took advantage of high capital availability and investors looked to protect their largest and best investments. While this phenomenon may simply be a COVID-related anomaly in the long term, the high activity at the late-stage is the culmination of many of the recent trends within the US VC industry.
To download the full report and data packs, please click here. PitchBook and NVCA will also be hosting a webinar in partnership with Silicon Valley Bank and Certent on August 5, 2020 from 10:00 – 11:00 am PDT. Please click here to register.
“The massive disruptions roiling across the country have forced venture investors and startups to be agile and adaptable in order to sustain operations, with many difficult decisions being made amid the global pandemic and its economic ramifications,” said Bobby Franklin, President and CEO of NVCA. “Layoffs and shutdowns have been an unfortunate reality for some companies, but we’ve also seen the resilience of the ecosystem, thanks to a combination of fiscal stimulus, monetary easing, robust VC support of portfolio companies, and the rise of startup sectors meeting the country’s growing healthcare, edtech, consumer services, and other needs brought about by COVID-19. Uncertainty still looms large as we enter the second half of the year, but a strong VC industry along with many startup sectors seeing significant growth offer hope for the country’s path to economic recovery.”
“The strength of VC exits over the past few years has provided LPs with capital to commit to new funds. As a result of strong fundraising, GPs have built up a large stockpile of dry powder, which should allow them to weather the economic downturn due to COVID-19,” said John Gabbert, founder and CEO of PitchBook. “However, the short-term aspect of this disruption is crucial, as an extended economic decline would change some longer-term behaviors around commitments to VC. This is even more important now that funds are taking longer to liquidate and are retaining higher proportions of unrealized value than we saw in past downturns.”
Fundraising Activity
Through the first half of the year, US VCs closed 148 funds totaling more than $42.7 billion, which has already surpassed the full-year total for every year of the decade except 2016, 2018 and 2019. VC mega-funds ($500 million+) have been especially prolific in 2020 with 23 closed so far, which nearly equals the full-year number for 2019. This uptick in outsized funds drove the 2020 median fund size back over $100 million for the first time since 2007 and also contributed to a spike in the average fund size to $300.9 million. Notable large funds that closed this quarter include General Catalyst with a $2.3 billion vehicle and a trio of Lightspeed Venture funds each over $890 million. Much of the success of established VCs has to do with their positive historical performance and name recognition, which has been particularly helpful in a period when no face-to-face meetings are taking place. First-time funds have seen a noticeable drop in new closed funds through Q2 2020, only raising $1.5 billion across 14 vehicles. This is likely due to an inability to capitalize on existing investor relationships, and it doesn’t look like first-time fundraising activity will rebound in 2020, as economic uncertainty could encourage LPs to cut down on new allocations to VC, especially to unproven managers.
Exit Activity
By quarter’s end, exit counts showed the extent of the steep decline that began with the onset of COVID-19 in March. Only 147 exits closed in Q2 worth $21.2 billion, bringing the 1H total to $45.3 billion. It’s hard to measure these figures against 2019 given the massive IPOs that closed last year, but exit values are pacing to drop back towards levels seen pre-2017. Given the exit market provides the release valve to the massive amount of capital that has built up in VC, without a functioning pathway to liquidity, the whole industry could suffer. On the IPO front, there was some positive momentum toward the end of Q2 with companies outside of the biotech industry or special purpose acquisition companies (SPACs) completing or filing for public listings. As an example, the Vroom IPO valued the car selling platform at just over $2 billion, which is especially notable as the automobile space has been significantly impacted by the pandemic, potentially implying that the IPO window could be open for a wide swath of startups. Although the pandemic’s effects on potential liquidity haven’t yet reached the dire levels we saw from 2008 through 2010, the next couple of years still hold plenty of uncertainty that may further depress activity.
Investment Activity
Venture deal activity slowed in the second quarter with $34.3 billion invested across 2,197 deals, a 23.2% decline in deal count compared to Q1 2020. While angel activity stayed relatively steady, completed seed deals saw a massive slowdown in Q2. It’s also unlikely that 2020 will see the third consecutive year of early-stage investments exceeding $40 billion, as investors reevaluate portfolios and shore up balance sheets for the quarters to come. Investors have also doubled down on portfolio companies as follow-on financing activity heavily outweighed first-time financings during Q2. Unexpectedly, there has not been a drop in late-stage activity with deal count tracking at a higher pace than 2019. 57 late-stage mega-deals ($100 million+) closed this quarter, bringing the total of late-stage mega-deals to more than 100 so far in 2020, easily on track to surpass the 175 closed in 2019. These high figures can be attributed to some sectors realizing newfound growth and capitalizing on capital availability while other sectors experienced disruption to growth and needed to raise unplanned rounds to weather the market downturn. Nontraditional participation did not subside through Q2, either, as corporate VCs participated in 26% of all US VC deals, a new high. PE firms have been investors in 13.9% of VC deals, a higher level than any previous full-year figure.
The full report will include the following components:
- Executive summary
- NVCA policy highlights
- Overview
- Angel, seed & first financings
- Early-stage VC
- Late-stage VC
- Deals by region
- Deals by sector
- SVB: Adaptation and acceleration in VC
- Female founders
- Nontraditional investors
- Certent: Venture in the COVID-19 era
- Exits
- Fundraising
- Methodology
Fintech PR
Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore
SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.
Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.
Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”
The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.
Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.
The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.
For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.
Photo: https://mma.prnewswire.com/media/2565374/Synapse_2024.jpg
Logo: https://mma.prnewswire.com/media/2565373/Nucleus_Software_Logo.jpg
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OTTAWA, ON, Nov. 22, 2024 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) announces its financial results for the third quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.
“As the markets continue to change, the Mint is proving its ability to seize on new opportunities thanks to its diversified structure and flexible business strategy” said Marie Lemay, President and CEO of the Royal Canadian Mint.
The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.
Financial and Operational Highlights
- The financial results for the third quarter of 2024 were ahead of target and higher than 2023 levels. Higher gold market pricing and foreign circulation volumes combined with lower fixed costs were the main drivers for the quarter over quarter increase. These increases were partially offset by lower than expected bullion volumes from the continued soft demand in the global bullion market. The Mint expects to meet its financial goals for 2024, as set out in its 2024-2028 Corporate Plan, the Mint’s Leadership team continues to actively monitor its status.
- Consolidated revenue decreased to $252.7 million in 2024 (2023 – $360.6 million).
Revenue from the Precious Metals business decreased to $217.6 million in 2024
(2023 – $328.4 million):- Gold bullion volumes decreased 38% quarter over quarter to 106.1 thousand ounces (2023 – 170.1 thousand ounces) while silver bullion volumes decreased 20% to 2.7 million ounces (2023 – 3.4 million ounces).
- Gold and silver market prices increased quarter over quarter by 27% and 23%, respectively.
- Sales of numismatic products decreased 12% quarter over quarter mainly due to the high demand in 2023 for the Queen Elizabeth II’s Reign products.
- Revenue from the Circulation business increased to $35.1 million in 2024
(2023 – $32.2 million):- Revenue from the Foreign Circulation business increased 77% quarter over quarter, a reflection of higher volumes produced and shipped in 2024 as compared to 2023.
- Revenue from Canadian coin circulation products and services decreased 12% quarter over quarter as fewer coins were required to replenish inventories, combined with lower program fees in accordance with the memorandum of understanding with the Department of Finance.
- Overall, operating expenses decreased 27% quarter over quarter to $28.3 million (2023 – $36.0 million) mainly due to planned reductions in consulting and workforce expenses.
Consolidated results and financial performance
(in millions)
|
13 weeks ended |
39 weeks ended |
|||||||||||
|
Change |
Change |
|||||||||||
|
September |
September |
$ |
% |
September |
September 30, 2023 |
$ |
% |
|||||
|
Revenue |
$ |
252.7 |
$ 360.6 |
(107.9) |
(30) |
$ 861.2 |
$ 1,841.8 |
(980.6) |
(53) |
|||
|
Profit (loss) for the period |
$ |
5.7 |
$ (5.8) |
11.5 |
(198) |
$ 24.1 |
$ 15.0 |
9.1 |
61 |
|||
|
Profit (loss) before |
$ |
1.4 |
$ (8.7) |
10.1 |
(116) |
$ 12.3 |
$ 23.4 |
(11.1) |
(47) |
|||
|
Profit (loss) before |
0.6 % |
(2.4) % |
1.4 % |
1.3 % |
||||||||
|
(1) Profit (loss) before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit before income tax and other items is included on page 13 of the Mint’s 2024 Third Quarter Report. |
|
(2) Profit (loss) before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before income tax and other items. |
|
As at |
||||||||||
|
September 28, 2024 |
December 31, 2023 |
$ Change |
% Change |
|||||||
|
Cash |
$ |
58.4 |
$ |
59.8 |
(1.4) |
(2) |
||||
|
Inventories |
$ |
71.5 |
$ |
68.8 |
2.7 |
4 |
||||
|
Capital assets |
$ |
174.2 |
$ |
173.0 |
1.2 |
1 |
||||
|
Total assets |
$ |
376.8 |
$ |
380.4 |
(3.6) |
(1) |
||||
|
Working capital |
$ |
99.2 |
$ |
97.8 |
1.4 |
1 |
||||
As part of its enterprise risk management program, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects changes in the macro-economic environment and other external events around the globe to continue to impact its performance in 2024. The Mint continues to mitigate potential risks as they arise through its enterprise risk management process.
To read more of the Mint’s Third Quarter Report for 2024, please visit www.mint.ca.
About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours. As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services. As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations.
For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedIn, Facebook and Instagram.
FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES
This Earnings Release contains non-GAAP financial measures that are clearly denoted where presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other corporations reporting under IFRS.
This Earnings Release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance, and business prospects and opportunities. Forward-looking statements are typically identified by words or phrases such as “plans”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysis in the Mint’s 2023 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2023. The forward-looking statements included in this Earnings Release are made only as of November 20, 2024 and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.
For more information, please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/royal-canadian-mint-reports-profits-and-performance-for-q3-2024-302314428.html
Fintech PR
OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers
MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.
The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures.
The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.
On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact.
The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries.
With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.
For more information: www.asharedpassion.com
Video: https://mma.prnewswire.com/media/2565600/ViniPortugal_and_OIVE.mp4
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