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In today's Daily Pitch, you'll find: - Our 2021 Annual Agtech Report takes a detailed look at the sector's investment activity, emerging opportunities and more.
- The US PE middle market had its busiest year on record in 2021.
- The supply of capital in the VC industry is increasing rapidly, helping startup founders push their preferences in term sheet negotiations.
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| Agtech books strongest year yet for VC funding and exit value | | Agtech startups are capitalizing on innovative technologies that promise financial, social and environmental returns to an increasingly diverse set of backers including tech, impact and nontraditional investors. VCs invested $10.5 billion across 751 deals in agtech startups in 2021, a deal value increase of more than 58% year-over-year.
Ag biotech companies are expected to continue drawing substantial investment amid demand for environmentally friendly agricultural practices and an increasing awareness of climate change and food security issues.
Our 2021 Annual Agtech Report dives deep into the sector's investment activity, comprehensively assessing emerging opportunities across market segments like indoor farming, ag biotech and agricultural finance. | | | | | | | | | | Increasing capital in VC industry gives founders an edge in dealmaking | |  | | (Feodora Chiosea/Getty Images) | | | US VC firms had a record year for fundraising in 2021, helping startup founders access a deeper and wider pool of capital.
As the supply of funding increases, founders are likely to have more options in searching for capital, working with more partners and potentially finding attractive deal terms.
We took a deep dive into how trends in startup-friendly term sheets and more are coinciding with robust VC fundraising activity in the US. | | | | | | | |
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| A message from Allvue Systems | | |
| Four family office trends to watch in 2022 | | Which trends are dominating the conversation surrounding family offices in 2022? The latest infographic from Allvue Systems breaks down the key concerns that single- and multi-family offices are facing this year, including: - The large-scale shift family offices are making in their allocations to alternatives in response to an evolving market.
- How surging interest in sustainable investing has renewed focus on ESG strategies, even as family offices sort through murky guidance without any clear industry definition.
- The ever-increasing challenges of cybersecurity and online privacy as cyber attacks become nearly ubiquitous.
- How to meet the growing demand for real-time data and reporting transparency even as portfolios become more complex.
Read it here | | | | | | | |
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| US PE middle market tops $600B in 2021, but inflation looms | | The US PE middle market recorded its busiest year ever in 2021, closing 4,121 deals worth an aggregate $602.6 billion—around 50% above the previous annual records for both figures, set in 2019.
Ample dry powder and easy debt funding shaped the dealmaking environment, but the future remains uncertain amid current challenges, according to our 2021 Annual US PE Middle Market Report, sponsored by Antares, Stout, Baker Tilly and Datasite. Highlights from the report, which is now updated with league tables, include: - Inflation is top of mind for middle-market firms as consumer price index gains have surpassed 7% in 2022 and financial fallout continues from Russia's invasion of Ukraine.
- Middle-market fundraising showed signs of a slower recovery compared with the broader PE fundraising landscape. Capital raised and fund count both fell just shy of 2020's totals.
- Exit count spiked above 1,000 for the first time on record, as rising multiples pushed many portfolio companies to hit price targets well ahead of schedule.
| | | | | | | | | | On the podcast: M&A in a time of change | | As we come off a record year for M&A deals, 2022 is already shaping up to be a year of change.
In this week's episode of "In Visible Capital," PitchBook financial writer Marina Temkin interviews Union Square Advisors' Emily Anderson, who leads that tech-focused investment bank's private equity practice. Topics include: - How declining valuations and rising interest rates will affect PE activity.
- Why the current IPO market makes acquisitions an attractive exit option for some VC-backed companies.
- The impact of potentially tighter regulations on the M&A ecosystem.
| | | | | | | | | | Despite all the excitement around cities like Austin and Miami, the biggest tech expansion has been quietly taking place in Toronto. [The New York Times]
Why some astronomers are tallying the growing carbon footprint of space science. [Wired]
The Nebraska cattlemen planning to build their own plant to bypass the meat-processing giants with a monopoly on cattle prices. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 440 Deals | 1550 People | 502 Companies | 44 Funds | | | | | | |
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| 2012 Vintage Global PE Funds between $250M-$500M | | | | | | |
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| A big year in Philadelphia | | Philadelphia's VC ecosystem had a record-breaking 2021, with almost $8 billion invested during the year. Almost half of that amount was raised by one company, Gopuff, which is becoming a poster child for the city's consumer scene. Perhaps most tellingly, outside investors are validating Philadelphia's ecosystem. In 2021, New York-based VCs more than doubled the number of investments they made in Philadelphia. Investors from Silicon Valley and Boston also flocked to the city last year.
In conjunction with PitchBook, PACT Philadelphia has released its 2021 Philadelphia Venture Report. The report covers dealmaking trends across sectors, stages, exits and fundraising, among others.
To download the report, click here. | | | | | | | |
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| CommerceIQ brings in $115M Series D | | | | | | | | | Bionic snags $65M in Series B | | | | | | | | | Glia hits unicorn status with $45M Series D | | | Glia, a provider of digital customer service solutions, has raised a $45 million round led by Insight Partners, bringing the startup's total funding to $152 million and propelling its valuation to over $1 billion. Glia's tech is used by banks, credit unions, insurance companies and others. | | | | | | | | | | | | | | | Satellite intelligence startup scores $16M | | | | | | | | | Sequoia debuts accelerator program | | | VC firm Sequoia has launched Arc, a program focused on growing seed-stage companies in the US and Europe. Startups will receive a $1 million investment and participate in eight-week sessions to learn how to start, build and scale their businesses. | | | | | |
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| Nielsen rejects $9B takeover offer from group including Elliott, Brookfield | | | | | | | | | Apollo to back Spain's Primafrio | | | Apollo Global Management has agreed to invest in Spanish temperature-controlled infrastructure and logistics company Primafrio. The company operates a fleet of roughly 2,300 vehicles and over 45 logistics centers across more than 25 countries in Europe. | | | | | | | | Apollo co-founder, Oaktree, Centricus among Chelsea FC bidders | | | | | | |
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| Don't miss our upcoming ESG webinar | | Sustainable investing and ESG continue to carve out a niche in the market, but this growth hasn't been without ambiguity or a lack of consensus on what these trends are and how they operate.
This webinar will explore some of the prevailing sustainable investing philosophies, the groups behind them, and how this intersects with topics like greenwashing and impact.
Sign up now | | | | | | | |
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| Qualcomm launches $100M fund | | | Qualcomm has raised $100 million to launch its Snapdragon Metaverse Fund, which is intended to support immersive reality and related AI startups in sectors including gaming, health, media and education. | | | | | |
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| Berkshire Hathaway to acquire Alleghany for $11.6B | | | Berkshire Hathaway has agreed to acquire insurer Alleghany for $11.6 billion in cash. Berkshire will pay $848.02 per Alleghany share, representing a 29% premium to the company's average stock price over the 30 days prior to the announcement. The deal is expected to close in the fourth quarter of this year. | | | | | |
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