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| In today's Daily Pitch, you'll find: | | | | | |
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| Large-scale investors flock to venture debt's 'phenomenal returns' | |  | | (eamesBot/Shutterstock) | | | Venture debt was a small, poorly understood asset class a decade ago.
But as startups have grown, so have their borrowing needs. Large asset managers and private equity firms have been piling into venture debt in recent years, drawn to the asset class' surprisingly lucrative returns and relatively low risk.
However, venture debt's unique characteristics make it difficult for newcomers with traditional credit experience to transition to lending to unprofitable startups. | | | | | | | | | Developers buckle down on quality amid crypto winter | | Home to the likes of Galaxy Digital, Fireblocks and OpenSea, New York City is quickly earning its title as crypto capital of the world. In late September, the city played host to Mainnet, where investors, developers and entrepreneurs met to review the latest in the world of cryptocurrency.
In our newest analyst note, senior emerging technology analyst Robert Le shares his key takeaways from the conference, including: - With capital tightening, particularly from VCs, many crypto projects are focusing on building real use cases, attracting long-term users and following prudent business practices—aspects that were largely absent during the last bull market.
- Companies working to secure cross-chain bridges—one of the most vulnerable aspects of crypto infrastructure—are attracting VC dollars.
- While the idea of an "ethereum killer" has mostly faded over the past year, which company will emerge as the second-most dominant L1 player remains unclear.
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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 540,000 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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| Lithuania, Ireland stand out for Europe's female founders | |  | | (Mary Long/Shutterstock) | | | Lithuania and Ireland have proven to be among the most female founder-friendly countries in Europe, as VC investments in the region involving women entrepreneurs have grown over the last few years.
Check out our map to see where female-founded startups have garnered the highest percentage of overall VC deals. | | | | | | | | | | Many companies that have shifted enterprise-technology tools into the cloud in recent years, in part as a cost-saving measure, are still waiting for those investments to pay off. [The Wall Street Journal]
Is the era of fast, cheap genome sequencing finally here? [Wired]
While EV adoption is growing rapidly, many buyers still have doubts. Here's a comparison of the range of electric and gas-powered cars. [Visual Capitalist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 15 Deals | 130 People | 66 Companies | | | | | | |
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| 2017 Vintage Global PE Funds | | | | | | |
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| | | | | | | | Web3 security company Blowfish banks $11.8M | | | Paradigm has led an $11.8 million round for Blowfish, a provider of API security integrations designed to help wallets and custodians protect their users against attacks. | | | | | |
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| Vista, Elliott complete $16.5B Citrix deal | | | | | | | | EnCap eyes $6B+ sale of oil and gas assets | | | | | | | | Triwest acquires Monarch Industries | | | | | | | | LLCP's Prime Global lands Earthware | | | | | | | | Olympus to pick up EyeSouth Partners | | | | | | |
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| Intel's Mobileye files for IPO | | | Mobileye, an Intel-owned company that makes technology for self-driving cars, has filed for an IPO, according to an SEC filing. Intel acquired the company for $15.3 billion in 2017. | | | | | |
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"Deals of $100 million or more have symbolized the growth of VC worldwide, especially in Greater China. These deals had outpaced those in the US in 2016 and 2017 but have not kept pace with the growth in number since. Just 56 mega-rounds have closed in 2022, well below the 356 in the US and on a slower pace than 2021, when a record 261 mega-deals closed in Greater China."
Source: PitchBook's H1 2022 Greater China Venture Report | | | | | |
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