Hunger wanes for alternative proteins

Venture lenders take the stage; Europe's H1 venture trends; credit markets bet on recession; TomoCredit nabs $122M; Rockland fund targets power plants
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The Daily Pitch: VC, PE and M&A
July 25, 2022
The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data
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In today's Daily Pitch, you'll find:
  • After a decade of growth, the alternative protein industry is struggling to maintain momentum.

  • Amid the downturn, alternative financing has emerged as an attractive option for startups in need of some extra cash.

  • Despite a myriad of economic challenges, European venture activity has remained robust. We explore five key trends from the first half of 2022.
 
Today's Top Stories  
Are investors hungry for more alternative proteins?
The alternative protein industry—referring to food, drinks or ingredients made with non-animal sources of protein—has experienced explosive growth over the past decade. However, the industry has struggled recently to maintain momentum and faces pressure in the current inflationary environment.

Alt-protein startups collected $883.8 million across 57 deals in Q1 2022. However, quarterly deal values are down 62.6% from the peak in Q3 2021.

Our latest Emerging Tech Research analyst note explores the rise of cultivated protein along with opportunities in sectors including alternative fat and seafood in the face of shifting market conditions. The report includes key VC deals and company spotlights on Meati Foods and BlueNalu.
read it now
 
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In VC slowdown, alternative financing emerges as a path to funding
(mikroman6/Getty Images)
As venture capital has become much harder to secure amid the downturn, more startups are turning to venture debt and alternative funding products for extending their runway.

Revenue-based financing has emerged as an especially appealing capital solution for companies with contractual or predictable revenue models.

"We have become one of the most attractive [financing] options," said Harry Hurst, co-founder and co-CEO of Miami-based Pipe, a marketplace for selling and buying recurring revenue streams. "It's showtime for us now."
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A message from Will Reed  
Top 100 early-stage companies to work for in 2022
The Top 100 features Seed and Series A B2B tech companies who are on-mission and creating human-first cultures that contribute to their employees' sense of meaning, value, well-being and belonging.

Visit Will Reed's Top 100 Early-Stage Companies to Work for in 2022 to see which companies and founders are shaping the new workplace.
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European venture trends in five charts
(OsakaWayne Studios/Getty Images)
Despite a myriad of economic challenges, European venture activity has remained robust with about $55.53 billion invested in H1 2022.

Here are five key trends from our Q2 2022 European Venture Report showing how the continent's VC ecosystem has fared in the first half of the year.
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Credit markets brace for recession: LCD survey
(Spencer Platt/Getty Images)
Our colleagues over at LCD, PitchBook's platform for credit market news and data, just completed the latest quarterly Leveraged Finance Survey of buy-side, sell-side and advisory professionals. The survey indicates a significant decline in market sentiment, with a majority of market players bracing for an even rougher road ahead.

Some of the main findings in the survey:
  • The percentage of respondents forecasting a recession has skyrocketed.

  • Leverage multiples of buyouts are set to decline.

  • The worst of the volatility is yet to come.

  • Institutional investors are maintaining PE allocations.
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Recommended Reads
When stocks started to tumble early this year, the booming market for carbon credits unexpectedly fell with them. [The Wall Street Journal]

Facing the reality of what ESG can—and cannot—achieve. [The Economist]

How the influence of popular value benchmarks challenges investor faith in the style and even the business of some value managers. [Institutional Investor]
 
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Quick Takes  
  The Daily Benchmark  
  2011 Vintage Global Debt Funds  
  VC Deals  
  TomoCredit nabs $122M  
  Theator secures $24M  
  EdgeIQ picks up $8.5M  
  PE Deals  
  Oak Hill commits $250M to Omni Fiber  
  Brookside Capital backs The Porch Swing Company  
  Sixth Street lands additional 15% stake in FC Barcelona's TV rights  
  Fundraising  
  Rockland seeks $500M for power plant fund  
 
 
The Daily Benchmark  
2011 Vintage Global Debt Funds
Median IRR
8.16%
Top Quartile IRR
9.55%
1.28x
Median TVPI
Select top performers
Davidson Kempner Long-Term Distressed Opportunities Fund
ABRY Advanced Securities Fund II
FCP Fund II
*IRR: net of fees
34 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
TomoCredit nabs $122M
TomoCredit has raised $122 million in equity and debt from investors including Morgan Stanley and MasterCard. Based in the Bay Area, the company designed its digital financial platform to help users build credit and qualify for loans.
View round
 
View 15 competitors »
 
Theator secures $24M
Theator has raised $24 million in a Series A extension round led by Insight Partners. The company's surgical intelligence platform helps healthcare professionals manage surgical processes.
View round
 
View 16 competitors »
 
EdgeIQ picks up $8.5M
EdgeIQ has raised $8.5 million in a round led by First Analysis. Its API-based software manages the lifecycle of devices and their data.
View round
 
View similar company »
 
 
PE Deals  
Oak Hill commits $250M to Omni Fiber
Oak Hill Capital has formed and invested $250 million in Omni Fiber, which aims to bring fiber internet, TV and phone services to homes and businesses in communities across the Midwest.
View deal
 
View similar company »
 
Brookside Capital backs The Porch Swing Company
Brookside Capital Partners has invested in The Porch Swing Company, a retailer of porch swings, swing beds and other outdoor furniture.
View details
 
View 139 investments »
 
Sixth Street lands additional 15% stake in FC Barcelona's TV rights
Sixth Street and FC Barcelona have agreed to acquire an additional 15% stake in the soccer club's LaLiga broadcasting rights. The new deal comes after Sixth Street landed a 10% share June 30.
View deal
 
View similar company »
 
 
Fundraising  
Rockland seeks $500M for power plant fund
Rockland Capital is targeting $500 million for its latest fund, which will focus on buying power plants, The Wall Street Journal reported. The firm had collected more than $100 million for the vehicle as of mid-May.
View fund
 
View 39 investments »
 
 
Chart of the Day  
Source: PitchBook's Q1 2022 Global Private Fund Strategies Report
 
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