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| In today's Daily Pitch, you'll find: | | | | | |
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| Market jitters return with growing energy crisis fears | | With the return of the Jackson Hole Economic Symposium, central bankers reiterated their resolve to fight the inflation that is hamstringing most economies. Comments of further tightening in the US and Europe, and more warnings about pain ahead for consumers and businesses, sent equity and debt markets lower in August.
Corporate credit spreads and benchmark rates continue to balloon, leading new issue yields for US middle-market transactions to reach a peak of 8.4%, according to LCD data.
Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also includes private markets activity, including major deals, fundraising, IPO performance, lending volumes, and unicorn creation. In this monthly digest, we provide the datasets that PitchBook's Institutional Research team is keeping an eye on as markets remain volatile. | | | | | | | | | The price of being a serial entrepreneur | | Besieged with pitch decks and fundraising requests, VCs seek to mitigate risk as much and as quickly as possible. Particularly in a challenging market, they have long favored experienced founders when choosing which investments to make.
Serial entrepreneurs outpace their unproven counterparts in nearly all aspects of startup funding. They raise more money with less time between rounds, receive higher valuations and command larger valuation step-ups, and these gaps don't close later in the venture lifecycle—they widen.
But serial founders also pay a price for their smoother path to capital, according to our latest analyst note, as they often give away more equity than novice entrepreneurs. | | | | | | | |
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| Latest Transaction Trends issue gives insider look into BMO Sponsor Finance's portfolio | | In the current issue of Transaction Trends, BMO Sponsor Finance provides insight into its portfolio with a review of Industrial purchase multiples across sub-sectors, recent trends in EBITDA adjustments at close, and a deep dive into the active car wash sector.
To learn more, read the full issue of Transaction Trends
You can also contact Stephen R. Isaacs, Managing Director and Head of BMO Sponsor Finance, at stephen.isaacs@bmo.com. | | | | | | | |
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| Unicorn formation continues recent slump | |  | | (Drew Sanders/PitchBook News) | | | The PitchBook Unicorn Tracker shows that billion-dollar VC-backed company formation remains depressed but is showing signs of stabilizing. - Only 14 new unicorns were created last month, which is a small increase over the number minted in July but still down significantly from the heyday of 2021 and early 2022.
- This decline in unicorn creation is also reflected in valuation, with the combined valuation for new unicorns totaling $20.7 billion in August. This is a far cry from the combined monthly valuations posted in the last four years and more in line with what was seen in 2017.
- Notable rounds in August included ticket platform SeatGeek's $238 million Series E at a $2 billion valuation, which followed the termination of a SPAC deal. HR tech company Incredible Health raised $80 million at a $1.65 billion valuation, and Adam Neumann's real estate startup Flow reportedly raised $350 million from Andreessen Horowitz to become a unicorn.
| | | | | | | | | | Environmentalists are worried that England's tree-planting initiatives are just creating tree cemeteries. [Vice]
For tech companies, going private can come with benefits, like focusing on long-term growth rather than quarterly numbers. [The Wall Street Journal]
New research indicates that women managers make fairer pay decisions than their male counterparts. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 380 Deals | 1519 People | 414 Companies | 15 Funds | | | | | | |
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| 2016 Vintage Global Secondaries Funds | | | | | | |
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| A message from PitchBook Media | | |
| PitchBook's 2023 Media Kit released | | Year to date, PitchBook's newsletters have over 115 million impressions and over 540 million report downloads. Partnering with PitchBook Media is a way to feature your firm's insights in one of the most popular venues for timely and relevant PE and VC articles, news, asset class reports and custom white label reports.
The brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.
Click here to download it today or to speak to someone on the media team. | | | | | | | |
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| | | Alloy has raised $52 million at a $1.55 million valuation in a round co-led by Avenir Growth Capital and Lightspeed. Based in New York, the company helps banks and financial institutions automate identity decisions, manage regulatory processes and reduce fraud risk. | | | | | | | | | OneSignal has raised $50 million in a round led by Balyasny Asset Management. The company is the developer of a customer engagement platform intended to help businesses offer personalization at scale. | | | | | | | Fairmarkit picks up $35.6M Series C | | | Fairmarkit has raised $35.6 million in a round led by OMERS Growth Equity. Based in Boston, the company is the developer of an automated sourcing platform intended to accelerate the bid-to-buy process of goods and services for enterprises. | | | | | | | | | Falkon has raised $16 million in a round led by OMERS Ventures, TechCrunch reported. Based in Seattle, the company is the developer of a sales analytics platform. | | | | | |
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| Diversis' Fishbowl Inventory acquires Red Salt | | | Diversis Capital-backed Fishbowl Inventory, a provider of desktop and online manufacturing and warehouse management solutions for small businesses, has acquired Red Salt, Fishbowl's exclusive distribution partner in Australia, New Zealand and Singapore. | | | | | | | Fortis Solutions Group lands Digital Dogma | | | | | | | | LLCP-backed Technical Safety Services picks up CEPA Operations | | | | | | | | Osceola's PayrHealth adds on Supero Healthcare Solutions | | | | | | |
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| TPG weighs sale of India's Fourth Partner Energy | | | TPG is considering selling its 52% stake in Indian renewable energy company Fourth Partner Energy, Bloomberg reported. A potential sale could value the company at up to $600 million. | | | | | | | Carta acquires VC-backed Capdesk | | | | | | |
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