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In today's Daily Pitch, you'll find: - We mapped the leading fintech specialists in five categories and the most prominent companies seeking to emulate their success.
- Our Emerging Tech Indicator report examines how newer segments like decentralized finance and gaming are hauling in VC funding.
- Impossible Foods has raised a $500 million funding round as alternative protein makers race to grab market share.
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| Web3 & DeFi deals highlight shift in VC funding trends | | The Emerging Tech Indicator provides a quarterly overview of startups receiving seed- and early-stage investments from a limited subset of VC funds. In the third quarter of 2021, our analysts tracked 189 early-stage and seed deals that involved the top 15 VC firms—totaling $6 billion in capital investment.
The Q3 2021 Emerging Tech Indicator takes a look at five emerging market segments, including Web3 & DeFi, enterprise SaaS and gaming, and offers unique perspectives on the products and technologies driving innovation and growth opportunities. | | | | | | | | | | Mapping the fintech world's top players and their most successful imitators | |  | | (elenabs/Getty Images) | | | Many fintech companies have steered clear, for now, from significant international expansion—in large part due to regulatory differences between regions.
This has allowed a plethora of startups to replicate the most successful fintech models and adapt them to their local markets.
We mapped fintech's leaders in five categories and the most prominent companies seeking to emulate their success in different parts of the world. | | | | | | | |
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| A message from Corporate Resolutions, Inc. | | |
| Protecting board integrity: Reputation is often a predictor of performance | | The board of directors sets a company's ethical tone. Whether it is shareholder value, diversity or growth, boards are constantly striving to enhance the company's conduct. Due diligence on potential board candidates is the only way to ensure the board is comprised of directors who mirror the values of the company.
In this unique environment, where M&A is at an all-time high, Corporate Resolutions has witnessed clients pay as much attention to their boards as they do the returns on their next investments. Telling your investors you safeguard the board's composition and performance is not nearly as convincing as showing them. An independent background investigation on board candidates provides this transparency and guarantees the preservation of the board's integrity.
Connect with Corporate Resolutions at www.corporateresolutions.com | | | | | | | |
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| Impossible Foods tops record-setting year for alt protein investment | |  | | (Courtesy of Impossible Foods) | | | Impossible Foods has raised $500 million in a funding round led by Mirae Asset Global Investments as alternative protein makers race to grab market share. - Companies creating bio-engineered foods—which includes plant-based, cultivated and fermented proteins—have raised $5.2 billion in global VC funding this year, a 68% increase over 2020's total.
- Impossible Foods' round, the largest of any alternative protein maker this year, follows the launch of several new products, including meatballs, sausages and chicken nuggets. The California company had been seeking a $7 billion valuation in the round, Bloomberg reported last month, but it did not disclose a final valuation.
- Beyond Meat, the segment's publicly traded bellwether and Impossible Foods' chief rival, has a market capitalization of about $4.7 billion following weak third-quarter results. Beyond Meat is slated to launch a partnership with McDonald's next year to counter Impossible Foods' plant-based tie-up with Burger King.
Related read: Lab-grown protein is cultivating investor interest | | | | | | | | | | French manager Ardian starts work on IPO | |  | | (patpitchaya/Getty Images) | | | Paris-based private equity investor Ardian has started making preparations for an IPO, Bloomberg reported, potentially adding it to a growing list of publicly traded PE firms.
The asset manager, which has around $120 billion in assets under management, is said to be speaking with advisers as it decides where and when it could list.
The news comes two months after Antin Infrastructure Partners listed in Paris, priced at the top of its range at a €4.1 billion (about $4.6 billion) valuation. UK firm Bridgepoint also went public in July with a blockbuster London debut. Tikehau, another Paris-based firm, and Swedish firm EQT also went public in 2017 and 2019, respectively.
Among these firms, Ardian would be the largest in terms of AUM. Earlier this year the GP reached a €7.5 billion close on its seventh buyout fund, a more than 60% increase on its predecessor vehicle.
A recent PitchBook analyst note reveals that in the US, where many more PE firms are traded publicly, shares in the largest asset managers have outperformed the S&P 500 over the past year. | | | | | | | | | | Pension funds and other big investors that have made the leap into crypto are outperforming their peers—at least for now. [Institutional Investor]
Scientists have created a 3D-printable bacterial ink that's ability to grow and heal itself could make it a crucial renewable building material. [The New York Times]
Has Amazon's growing mass of customer data become so large that the company can no longer protect it? [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 453 Deals | 3494 People | 468 Companies | 28 Funds | | | | | | |
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| 2018 Vintage Global Funds-of-Funds | | | | | | |
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| Niantic secures $300M at $9B valuation | | | Pokémon Go creator Niantic has raised $300 million from Coatue at a $9 billion valuation. The company is the developer of an augmented reality platform. The funding will be used in part to expand the San Francisco-based company's new AR developer kit. | | | | | | | | Speech recognition startup Verbit lands $250M | | | Verbit has raised a $250 million Series E led by Third Point Ventures. Founded in 2017, the company provides AI-powered speech recognition technology for use in transcription and captioning. The funding values Verbit at $2 billion, double the valuation it garnered after a $157 million Series D in May. | | | | | | | | Vercel picks up $150M Series D | | | Vercel has raised $150 million at a $2.5 billion valuation in a round led by GGV Capital. The company is the creator of a front-end web development platform. In May, Vercel raised $102 million at a $1.1 billion valuation, according to PitchBook data. | | | | | | | | | Luma Health has raised a $130 million Series C led by FTV Capital. Based in the San Francisco area, the company is the developer of a patient engagement platform for healthcare providers. | | | | | | | | Peek.com books $80M Series C | | | | | | | | | | | | | |
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| BlueHalo acquires Asymmetrik | | | | | | | | | Boss Industries lands HIPPO Multipower | | | | | | | | | Petershill stakes STG Partners | | | Goldman Sachs-owned Petershill Partners has acquired a minority stake in STG Partners for $60 million, Reuters reported. Palo Alto-based private equity firm STG controls nearly $3 billion in assets under management, according to PitchBook data. | | | | | |
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| Vendis Capital hands off Sylphar for $326M | | | Vendis Capital Management has agreed to sell over-the-counter drugmaker Sylphar to Sweden's Karo Pharma for €290 million (about $326 million). Belgium-based Sylphar offers a portfolio of leading OTC drugs mainly sold through online marketplaces, web shops and e-pharmacies. | | | | | | | | Manscaped to go public via SPAC | | | Venture-backed men's grooming company Manscaped plans to complete a reverse merger to go public through a SPAC, Bright Lights Acquisition Corp. San Diego-based Manscaped is expected to receive about $305 million in proceeds from the deal and achieve a valuation of around $1 billion. The company has received past funding from investors including Social Leverage, Rx3 Growth Partners, Kaktus Capital. | | | | | |
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| Blackstone raises $5.6B GP stakes fund | | | Blackstone has closed its second strategic capital holdings fund on $5.6 billion. The vehicle will specialize in value-added, long-term minority investments in the management companies of leading private equity firms. | | | | | | | | Seaya Ventures, Cathay Innovation hold first close of $125M Latin American fund | | | Venture firms Seaya Ventures and Cathay Innovation have completed the first close of a $125 million multi-sector fund for startups across Latin America. Based out of Mexico City, the Seaya Cathay Latam Fund will help startups in fintech, proptech, healthtech and other industries achieve sustainable growth through Series A and B investments. | | | | | |
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