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In today's Daily Pitch, you'll find: - Our latest Emerging Tech Research update on fintech breaks down the sector's dip in VC funding, emerging opportunities in alternative financing and more.
- Asia-focused PE fundraising has slowed from last year's record pace as investors contend with challenges in global markets.
- With the market shifting away from favoring founders, take our term sheet quiz to refamiliarize yourself with investor-friendly deal terms.
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| Fintech investment simmers down in Q2 | | On the heels of a breakthrough year for fintech investment, VC activity in the sector is simmering down. In Q2 2022, VC investment in fintech companies fell 17.8% from the previous quarter to $24.1 billion, the largest percentage drop since Q3 2018. Exits have also stalled as IPO activity grinds to a halt, and analysts expect fintech startups will attract the attention of incumbents looking for M&A opportunities.
Our latest Emerging Tech Research update on fintech explores VC trends in the space and highlights emerging opportunities in DeFi lending and non-dilutive startup financing. The report also includes a comprehensive market map of key players across each fintech sub-segment and takes a closer look at companies such as Percent, Parafin, OpenNode and Celo. | | | | | | | | | PE fundraising for Asia cools in H1 | |  | | (MirageC/Getty Images) | | | PE fundraising for Asia investments has slowed from last year's record pace, as investors contend with volatility and other challenges in global markets.
In the first half of the year, nine Asia-focused PE funds raised $10.6 billion, a roughly 64% decline from the $29.6 billion gathered by 39 vehicles during the same period last year, according to PitchBook data. Through the end of July, only $18.5 billion was raised, setting a pace that, if sustained, is unlikely to surpass last year's total fundraising value of nearly $41 billion. | | | | | | | |
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| A message from DealCloud, by Intapp | | |
| Why CRE firms need a purpose-built pipeline solution | | Today's commercial real estate (CRE) firms have both immediate and long-term motivations to implement a purpose-built CRM solution. Instead of wasting time on low-value data gathering, team members are empowered with the visibility, access, and trust they need to find and execute deals with the highest likelihood for success and with the highest potential returns for investors. The trick is finding a solution that equips every contributor and stakeholder along the investment and asset lifecycle with the most relevant, timely, and high-value information.
Download the guide to explore the importance of choosing and implementing a deal, relationship, and workflow management solution that prioritizes the unique deliverables contributed by each role in your CRE firm.
Download to read more | | | | | | | |
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| Are you on top of term sheets? Take our quiz | |  | | (Jenna O'Malley/PitchBook News) | | | For the first time since 2020, valuations and deal terms are trending in investors' favor. Entrepreneurs will have to adapt.
This brave new world is bringing back investor-friendly deal terms, several of which had fallen out of fashion in recent years. Consider this quiz your primer for venture capital's new reality. | | | | | | | | | How macro uncertainty is reshaping global M&A | | The global M&A environment is a blend of uncertainty and opportunity. Major macroeconomic headwinds and geopolitical tension are driving down transaction value and volume, yet M&A deals will still close, and certain sectors remain healthy.
Take-privates are a common theme across industries, as buyers seek to take advantage of lower multiples, according to our Q2 2022 Global M&A Report, sponsored by Liberty GTS, BDO and iDeals Solutions. Other takeaways include: - North American M&A continued its decline, with deal volume and value both falling more than 30% from Q4 2021.
- Private equity continues to grow its market share in European M&A, with more than a third of deals in Q2 closed by a PE sponsor.
- Amid ongoing disruptions, supply chain is a key M&A theme, with several of Q2's top deals involving logistics companies.
- Europe's energy needs have spurred global M&A activity, with last quarter's deal value in the sector topping $100 billion—its highest total since 2019.
| | | | | | | | | | The advocates making the case that bitcoin differs from the crypto projects that sent the market into a tailspin. [The New York Times]
Developing nations frozen out of global bond markets are turning to risky bank loans. [The Wall Street Journal]
In the wake of Russia's invasion of Ukraine, investors are reevaluating how they use emerging markets indexes. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 465 Deals | 1862 People | 511 Companies | 32 Funds | | | | | | |
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| 2009 Vintage Global Funds-of-Funds | | | | | | |
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| Tabby scores $150M in debt | | | | | | | | Aisera secures $90M Series D | | | Aisera has raised a $90 million Series D led by Goldman Sachs and Thoma Bravo. The company offers an AI-driven platform that automates the resolution of IT, sales and customer service inquiries. | | | | | | | | | Parafin has raised a $60 million Series B led by GIC. The San Francisco-based startup enables marketplaces, payment processors and other companies to offer one-click financing to sellers on their platforms. | | | | | | | Homeward raises $50M to improve rural healthcare access | | | | | | | | Nabr collects $48M for custom housing | | | Nabr has raised $48 million in equity and debt in a round led by 2150. The direct-to-consumer housing startup's first building of rent-to-own apartments is planned for San Jose. | | | | | | | Arena scoops up $32M Series A | | | Initialized Capital and Goldcrest Capital have led a $32 million Series A for Arena. The startup seeks to automate business decisions such as pricing, inventory management and manufacturing quality assurance. | | | | | | | ZayZoon earns $25.5M for on-demand wages | | | ZayZoon has gathered $25.5 million in funding: $13 million in debt and $12.5 million in equity. Carpae Investments and Alpenglow Capital led the equity portion of the round. The Canadian company partners with US businesses to give employees access to their wages between paydays. | | | | | | | | | | | | |
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| Don't miss our upcoming webinar | | US venture capital has been faced with market challenges in the first half of 2022, but segments of the VC ecosystem like early-stage startups and larger VC firms have stayed resilient and continued to flourish. In this webinar, our speakers will explore the causes behind these disparities and what they anticipate in the market's future, informed by the findings from our latest PitchBook-NVCA Venture Monitor.
Key topics: - Reviewing US venture activity from Q2 2022.
- Analyzing the importance of a human capital strategy with Insperity.
- Discussing developments in the venture ecosystem with J.P. Morgan.
Register now to secure your spot. | | | | | | | |
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| Thoma Bravo to take Ping Identity private for $2.8B | | | Thoma Bravo has agreed to acquire Denver-based Ping Identity for $2.8 billion. Through the take-private, the firm will pay $28.50 per share for the identity management specialist, representing a premium of around 63% to the company's Aug. 2 closing share price. | | | | | | | Crestview's SyBridge Technologies acquires Calframax | | | | | | | | Trilantic North America backs TSC Miami | | | Trilantic North America has invested in TSC Miami, a provider of on-demand screen print and fulfillment services for merchandise in ecommerce, retail and other end markets. | | | | | | | TSCP invests in Benefit Recovery Group | | | | | | |
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| JC Flowers lands $1.1B+ for fifth PE fund | | | JC Flowers has closed its fifth flagship fund on more than $1.1 billion. The firm focuses on investments within the financial services sector. | | | | | | | HighPost raises $535M for debut fund | | | HighPost Capital has closed its inaugural fund on $535 million. The vehicle will target companies in the consumer sector. | | | | | | | Turning Rock closes Fund II on $475M | | | Turning Rock Partners has closed its second fund on $475 million. The fund will target North American small and mid-capitalization businesses. | | | | | | | VMG Catalyst collects $400M for Fund II | | | VMG Catalyst has closed its second flagship fund on $400 million. The firm, which launched in 2019, has now raised $650 million across its two vehicles. | | | | | | | Spur seeks $200M for seventh fund | | | Spur Capital Partners has raised nearly $74 million for its seventh core fund, TechCrunch reported. The firm, which has a target of $200 million for the new vehicle, invests in venture capital funds. | | | | | | | L'Attitude wraps up $100M+ | | | L'Attitude Ventures has closed its debut institutional fund on more than $100 million. The firm invests in early-stage companies with Latino founders. | | | | | | | Ulta Beauty launches Prisma Ventures | | | Beauty products retailer Ulta Beauty has launched Prisma Ventures, a $20 million fund that will invest in early-stage emerging tech startups. The fund will target four areas: personalized and data-driven technology; AR, VR and the metaverse; technology-powered custom beauty products and in-store services; and social commerce. | | | | | |
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| KKR to launch democratized products for PE, infrastructure | | | KKR is planning to allow individual investors, in the US and internationally, access to its private equity and infrastructure products. The announcement came during the firm's Q2 earnings call. | | | | | |
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