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In today's Daily Pitch, you'll find: - Our debut ecommerce report breaks down the market and examines the trends, opportunities and risks in Q3.
- After months of going quiet, the secondary market is starting to show signs of life.
- Chart of the Day: Private capital fundraising by manager experience, from our Global Private Markets Fundraising Report.
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| Ecommerce VC market finds its footing after 2021 funding spike | | The surge in online shopping through the pandemic was followed by a boost in VC funding for ecommerce specialists. While that extra lift has waned, the market has displayed strength through 2022, with $20 billion raised for an increase of 44.5% from 2020. When excluding 2021's sky-high numbers, this is in line with previous year-over-year increases, despite high inflation and supply chain obstacles.
VC funding has been weighted toward late-stage deals in recent years. Nearly 79% of 2022 deal value has fallen into that category, reflecting the maturity of the ecommerce ecosystem. At the same time, the number of deals has been more evenly distributed among deal stages, showing how investors continue to support emerging technologies, including VR and AR shopping and livestream commerce.
Our inaugural Emerging Tech Research report on the ecommerce VC market examines five segments and their various trends, opportunities and risks in Q3. These segments define startups that facilitate different steps in the sales process, from prepurchase to postpurchase, along with startups that span all categories. | | | | | | | | | Secondary trading picks up as market settles into discount mentality | |  | Stripe co-founder and CEO Patrick Collison
(Matt Winkelmeyer/Getty Images) | | | Secondary market trading of late-stage startups was mostly frozen in Q2 and Q3 2022. But over the last couple of months, buyers and sellers have begun to agree on deals at significant discounts to 2021 valuations.
Buyers, which now include sovereign wealth funds and traditional venture firms, are seeing opportunities to invest in strong companies at a large discount. Meanwhile, sellers have accepted that 2021 prices are not coming back anytime soon.
While low by historical standards, secondary market activity should increase next year as more founders, employees and early backers will look to get liquidity in companies that had been planning IPOs for 2022 and early 2023. | | | | | | | |
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| ESG at the expansion stage: How fast-growth companies are navigating ESG priorities | | After a record-breaking 2021 for dealmaking in ESG's primary arenas of cleantech, climate tech and impact investing, this year has seen robust tallies of investment at the expansion stage, totaling $15.7 billion across a few hundred completed deals. Yet, balancing ESG priorities with rapid growth can prove challenging. The latest edition of Deloitte's Road to Next series explores key metrics emerging from dealmaking data while discussing insights on key priorities and how ESG implementation can aid growth, with highlights including: - How factoring in risks stemming from governance ripple effects future-proofs businesses
- What growth in available capital for ESG-related enterprises entails, especially in environments of rising risk
- A spotlight on under-discussed segments of cleantech
Read it now | | | | | | | |
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| Norway's Oda loses unicorn status with new round | |  | | (eamesBot/Shutterstock) | | | Grocery delivery company Oda has seen its valuation shrink by almost two-thirds following a $150 million round.
Increasingly challenging market conditions have put pressure on valuations, and certain sectors, including grocery delivery, have seen investor appetite wane. | | | | | | | | | FTX collapse exposes power imbalance between founders and investors | |  | | (Jenna O'Malley/PitchBook News) | | | The collapse of crypto exchange FTX has unleashed one of the biggest scandals in the venture world. What exactly transpired has yet to be revealed, but the broad strokes are that the company has a murky relationship—to say the least—with its trading firm, Alameda Research, whose losses founder Sam Bankman-Fried tried to patch up with FTX client funds.
The scandal, the latest in a string of mishaps, bankruptcies and improprieties to hit the crypto world, has left many uncertain about the industry's future. And the FTX implosion has forced investors to confront the question of how such a massive fraud could seemingly pass under the noses of some of the world's most sophisticated venture capitalists.
But context is important. | | | | | | | | | | PepsiCo is well known for pumping out fizzy drinks and household snacks, but the company has another, more inconspicuous product: CEOs. [Fortune]
Researchers have developed what they hope is a one-and-done gene therapy for patients with severe hemophilia B. The price tag? $3.5 million. [Wired]
How upgrading small businesses' tech could reinvigorate supply chain resilience. [Harvard Business Review] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 523 Deals | 2172 People | 540 Companies | 25 Funds | | | | | | |
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| 2018 Vintage Global PE Funds | | | | | | |
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| Asset management industry spotlight: Valuation, dealmaking & market trends | | Asset managers are currently navigating financial market volatility, inflation and economic uncertainty, and geopolitical tensions. As a result, asset management firms face challenges in delivering returns for their investors, resulting in tightening margins for the asset management companies.
At the same time, dealmaking innovation in the sector continues to evolve with a variety of M&A deals, PIPE transactions, and GP stakes investments. Similarly, more sophisticated valuation approaches are recommended for asset management firms to accurately capture the drivers of value. This report provides an overview of asset management firm valuations and covers the latest market trends and capital market transactions.
Download the report now | | | | | | | |
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| A16z taps former CFTC commissioner | | | Andreessen Horowitz has appointed Brian Quintenz as its new head of policy for crypto. Quintenz previously served as the commissioner of the Commodity Futures Trading Commission under Presidents Obama and Trump. | | | | | |
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| Fanatics reaches $31B valuation | | | | | | | | GameOn scores $35M for chat platform | | | | | | | | | | | | | | | | | | | | | | | | Automation software startup MetalSoft has closed a $16 million Series A. DNS Capital led the round for the Chicago-based company, which offers software used in data centers. | | | | | | | | | | | | | | RepAir captures $10M round | | | | | | |
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| Aldrich-backed Rhythm acquires Equis Consulting | | | | | | | | Kian Capital reinvests in Sdii Global | | | Kian Capital Partners has made its second investment in Florida-based Sdii Global, a forensic engineering firm that serves the property and casualty insurance industry. Kian made its first Sdii investment in 2016. | | | | | | | Blackstone's Legence lands ESG consultancy | | | | | | | | Silversmith backs Proven Optics | | | Silversmith Capital Partners has obtained a majority stake in software company Proven Optics, which specializes in automating the management of IT budgets. The deal marks Proven Optics' first time receiving outside capital. | | | | | |
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| Lovell Minnick targets $1.5B | | | | | | | | Avalon wraps up $135M for biotech startups | | | California-based venture capital firm Avalon BioVentures has closed its first venture vehicle, which will specifically target early-stage biotech startups, on $135 million. | | | | | |
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