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In today's Daily Pitch, you'll find: - How private valuations for fintech companies might fare, based on the performance of their public counterparts.
- Sequoia China's fundraising signals that investor appetite for tech startups in China persists.
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| How public market caution may shape private fintech company valuations | | The stock market decline has brought public valuations to the forefront, along with questions about the future of their private counterparts. In the fintech sector, investors are finding that there's no substitute for core profitability—and their patience might be waning.
Our Fintech Q2 Public Company Valuation Guide tracks stock performance, revenue forecasts and market caps of key publicly traded fintech companies, diving into data that can help illuminate the potential impact of public comps on the private markets. Among the takeaways: - Insurtech stocks have dropped 65% from their peak, outpacing broader market declines, and companies may face investor pressure to restructure or sell.
- Four of the five companies in the neobanks, brokers and crypto segment are expected to generate negative earnings through 2024.
- Stock prices for high-growth payments and fintech companies have fallen 59% from their peak, yet attractive margins might make public investors more patient with the payments sector.
| | | | | | | | | Silverton Partners collects $248M to invest in Texas and beyond | |  | | (Ryan Martinez/Getty Images) | | | Silverton Partners, Texas' oldest active venture investor, has raised $248 million across two vehicles, the largest pool of capital in the firm's 16-year history.
With the new funds, Silverton will stick to its long-term strategy, backing seed- and Series A-stage companies, with two-thirds of the capital going to Texas-based startups. | | | | | | | | | Sequoia raising up to $9B for startups in China | |  | Neil Shen, head of Sequoia China
(South China Morning Post/Getty Images) | | | Sequoia is close to raising $9 billion for four new VC funds, according to The Information, indicating that investor appetite for tech startups in China persists, despite a recent crackdown by Chinese authorities.
The fundraise would be the largest from Sequoia China since it launched in the country in 2005. | | | | | | | | | | One writer's thoughts on why private equity's "Goldilocks era" is coming to an end. [Bloomberg]
Many downtown offices—though threatened by remote work—still have the benefit of a prime location, even if they'll need new facades and nicer interiors. Meanwhile, office parks will need a whole new identity. [The New York Times]
Is Sam Bankman-Fried, the creator of FTX, crypto's last man standing? [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 535 Deals | 1947 People | 465 Companies | 7 Funds | | | | | | |
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| 2010 Vintage Global Real Estate Funds | | | | | | |
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| Klarna in talks to raise round at $6.5B valuation | | | Klarna is planning to raise a new round of funding at a $6.5 billion valuation, The Wall Street Journal reported. The company, which offers buy now, pay later services, became Europe's most valuable VC-backed company in March 2021 at a $31 billion valuation. | | | | | | | VulcanForms valued at $1B+ | | | | | | | | Tesorio picks up $17M for AR platform | | | Tesorio has raised a $17 million Series B led by BAMCAP Ventures. Based in San Francisco, the company offers an accounts receivable management platform. | | | | | | | MarketWolf trots off with $10M Series A | | | MarketWolf has raised $10 million in a round co-led by Jungle Ventures and Dream Capital, according to reports. Based in Mumbai, the company offers a stock-trading platform focused on first-time investors. | | | | | |
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| KKR-led group in the lead for Deutsche Telekom unit | | | | | | | | NFE, Apollo ink $2B deal for infrastructure JV | | | New Fortress Energy has agreed to sell 11 liquefied natural gas vessels to create a joint venture managed by NFE and Apollo Global Management. The deal, which is valued at roughly $2 billion, will create a global marine infrastructure platform that's 80% owned by Apollo and 20% owned by NFE. | | | | | | | Orchestra BioMed lands $110M Series D, reveals SPAC merger plans | | | | | | | | Arcline seals Omega Engineering deal | | | | | | | | GCM Grosvenor, Blue Wolf snag Hallcon | | | | | | |
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| PitchBook Webinar: Private fund strategies, with a spotlight on real estate | | Join PitchBook for a webinar discussing the current state of fund performance, with a spotlight on real estate. Our analysts will dive into market dynamics across asset classes, highlighting trends present in the real estate ecosystem.
Key topics include: - An update on private market fund performance and fundraising.
- Where emerging managers have had success raising funds, where they have struggled, and why.
- How the real estate sector's strategies and property subsectors react to various economic drivers, and what this means for current and future performance.
Register to secure your spot | | | | | | | |
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| Z Capital considers stake sale at $1B valuation | | | Z Capital Group is in preliminary talks with potential investors to sell a minority stake in the firm, Bloomberg reported. A deal could value New York-based Z Capital at $1 billion or above. | | | | | |
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