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In today's Daily Pitch, you'll find: - Our Emerging Tech Indicator tracks which types of tech are attracting the most attention from venture capitalists.
- The healthcare services industry, touted as recession-proof, continued to attract PE interest through Q3 2022.
- How private valuations for agtech companies might fare, based on the performance of their public counterparts.
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| Web3 and DeFi hold VCs' attention as tech investment stumbles | | Which technologies are making a splash in the venture world? Check out the latest from PitchBook's Emerging Tech Indicator, which tracks seed and early-stage investment at the world's top-15 most successful VC firms, to gauge which areas of tech—from Web3 and DeFi to healthtech and wellness—are grabbing VCs' attention. Key takeaways include: - ETI investment fell for the third consecutive quarter, down 52% from Q4 2021's record of $9.8 billion across 275 deals. However, median size for early-stage deals reversed course in Q3, hitting an all-time peak of about $28 million.
- Web3 and DeFi topped the charts yet again, notching $879 million. Fintech and biotech followed close behind, while segments like insurtech and mobility gained little traction.
- The number of venture mega-deals is creeping back up to normal, with 10 ETI deals of $100 million or more recorded in Q3.
| | | | | | | | | PE continues to snatch up healthcare services specialists | |  | | (Monster Ztudio/Shutterstock) | | | The healthcare services sector has continued to attract private equity investors this year. While opportunities for platform acquisitions have shrunk, relatively steady add-on activity suggests PE investments are still fueling the consolidation trends in this highly fragmented segment.
PE firms and PE-backed companies completed a total of 725 healthcare services deals in the first three quarters of 2022, according to a PitchBook estimate. That's already higher than 2020's tally, but the pace is unlikely to surpass last year's record, which was an anomaly.
Add-on activity was in line with historical levels, and growth investments remained robust. However, the number of platform acquisitions fell short of the figures recorded for previous years. | | | | | | | |
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| A message from DealCloud, by Intapp | | |
| How Balfour Pacific gained a competitive edge by leveraging technology | | Balfour Pacific, a Vancouver-based private equity real estate firm, needed a platform that could maintain connectivity and transparency with its team that was often on the road visiting clients and properties.
Download the in-depth case study that showcases how Balfour Pacific better manages its real estate pipeline, relationships, and data using DealCloud's technology.
Read the case study | | | | | | | |
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| Underperforming agtech IPOs could dampen exit prospects | | Agriculture technology companies may have to start cutting costs soon as worrying signs abound. Recent IPOs underperformed the S&P 500 by about 10% so far this year, and generally weak stock performance in the sector could also diminish the exit prospects for late-stage VC-backed companies.
Looking inside the companies, many reported shrunken free cash flow in 2021, which could suppress revenue growth as executives look to cut costs. Our latest Emerging Tech Research report on the space lays out agtech comps data through the third quarter, including insights such as which companies are staying profitable—notably, those concerned with animal biotech research. | | | | | | | | | BlockFi bankruptcy is latest fallout from FTX implosion | |  | | (Formatoriginal/Shutterstock) | | | Cryptocurrency firm BlockFi filed for Chapter 11 bankruptcy protection Monday, becoming the latest enterprise to fail as shockwaves spread after the collapse of crypto exchange FTX.
It is the latest event this year to rock the crypto industry, which has been battered by bankruptcies, investor losses and consumer pain. It follows bankruptcy protection filings in July by Celsius Network and Voyager Digital, which both failed after the price of major cryptocurrencies fell sharply. | | | | | | | | | | Business development companies, which lend to private businesses at high interest rates, have become popular in recent years. But it may be time to steer clear of the highly leveraged sector. [Barron's]
Apple and Twitter are facing off as the computer giant cuts back advertising on Elon Musk's platform. [Bloomberg]
Club deals, earn-outs and higher hurdle rates may be back as PE faces pressure. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 380 Deals | 1831 People | 614 Companies | 4 Funds | | | | | | |
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| 2013 Vintage Global Funds-of-Funds | | | | | | |
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| A message from PitchBook Media | | |
| PitchBook's 2023 Media Kit released | | Year to date, PitchBook's newsletters have over 161 million impressions and over 744,000 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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| Strand Therapeutics adds $45M to Series A | | | Biotech startup Strand Therapeutics added $45 million to its latest round, bringing the Series A total to $97 million. New investor FPV Ventures led the financing for the mRNA therapy company. | | | | | | | Bionaut Labs secures $43M+ | | | Healthtech company Bionaut Labs, which uses tiny robots to treat central nervous system diseases, has raised a $43.2 million Series B led by Khosla Ventures. | | | | | | | | | | | | | | Range Energy picks up $8M | | | | | | | | Ejara raises $8M for crypto app | | | Crypto platform Ejara has nabbed $8 million in Series A funding led by Anthemis Group and Dragonfly Capital. | | | | | | | Productivity app Amie lands $7M | | | Berlin-based Amie has secured $7 million in a round led by Spark Capital, TechCrunch reported. The startup offers a scheduling and planning app. | | | | | |
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| Don't miss our upcoming webinar | | Join us for a webinar discussing key components of the difficult market landscape, including tightening credit and liquidity conditions, slowing growth and sharp increases in short-term interest rates, and how these impact PE.
PitchBook analysts Zane Carmean and Andrew Akers will discuss how rising debt costs combined with continued pullback in financing availability will be a significant headwind moving forward. Key topics include: - The window for an economic soft landing has narrowed. Our quantitative recession model predicts that recession odds have risen sharply in recent months.
- While core inflation has slowed modestly in recent months, it has also broadened out into core services.
- Although the US is not currently in a recession, growth drivers such as consumer spending and nonresidential business investment have slowed.
Register now to secure your spot. | | | | | | | |
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| Apollo's Yahoo strikes Taboola deal | | | Apollo Global Management-backed Yahoo has agreed to obtain a roughly 25% stake in Taboola in exchange for a 30-year commercial agreement. The deal will make Yahoo the largest shareholder in Taboola, which will run advertising on all of Yahoo's online properties. | | | | | | | MML Capital picks up OnPoint | | | | | | |
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| KKR-backed BrightSpring nixes IPO plans | | | | | | | | E-scooter company Whoosh eyes Moscow IPO | | | Russian e-scooter company Whoosh is exploring an IPO on the Moscow Exchange which could value it at around 40 billion Russian rubles (about $656 million), Reuters reported. | | | | | | | Everstone considers exiting Everlife | | | Everstone Capital has been asking investment banks for selling options for its Singapore-based platform Everlife Holdings, Bloomberg reported. Potential buyers for the healthcare supplier, which seeks a valuation of up to $1 billion, include PE firms and industry peers. | | | | | |
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| Macquarie raises $13B for infrastructure fund | | | Macquarie Asset Management has raised roughly $13 billion for its Super Core Infrastructure fund. The fund invests in core, regulated and network infrastructure. | | | | | | | Carlyle amasses $3B+ for new European tech fund | | | The Carlyle Group has raised over $3 billion for a European tech fund, Reuters reported. The vehicle will be used to target between 20 and 30 lower-middle-market and growth companies with equity checks of up to about $260 million. | | | | | |
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