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In today's Daily Pitch, you'll find: - Our latest Emerging Tech Research explores agtech's resilience amid rough terrain.
- PitchBook analysts predict another rocky year for VC in our 2023 US Venture Capital Outlook.
- Chart of the day: VC deal value by country, from our DACH Private Capital Breakdown.
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| Agtech plows through turmoil | | Extreme weather events, geopolitical turmoil, supply chain disruptions: There is no doubt that 2022 has been a crazy year. And the crazier it's gotten, the more apparent it has become that investors should be focusing on what really matters: food.
While macroeconomic factors have battered other sectors, they've buoyed agtech investment, making Q3 the vertical's third-strongest quarter on record for deal value. However, the sector isn't immune to other funding challenges.
Our latest Emerging Tech Research report unpacks VC activity in agtech, explores emerging opportunities in weeding robots and regenerative agriculture software, and spotlights innovative startups driving forward insect production and farmland investing. | | | | | | | | | Down, down and down around | | 2022 has nearly come to an end. Many investors will be happy to turn the corner on a year that saw crypto ride a remarkable rollercoaster and had VC firms clutching their pearls. But it may not be over quite yet, according to PitchBook analysts.
Next year is shaping up to be an even more stress-inducing ride for investors, according to our 2023 US Venture Capital Outlook. But while our analysts predict some downward movement, there is of course always some upside—if you know where to look. | | | | | | | |
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| A message from Silicon Valley Bank | | |
| SVB survey reveals fundraising expectations | | SVB's data analysis and fund CFO survey indicate that despite a market slowdown, the private equity industry shows strong momentum. Dry powder levels remain near record highs, and investment levels are above pre-pandemic levels. On the fundraising side, 44% of surveyed fund CFOs expect fundraising to reach 2021 levels within 1 to 3 years.
In fact, downturns have historically brought great opportunity, with funds raised during recessions outperforming those of surrounding years.
Nevertheless, industry-specific challenges proliferate, such as persistently elevated valuations and the denominator effect. Fund managers and limited partners are grappling with these and other issues in an increasingly difficult environment.
Read our report every quarter to stay on top of private equity trends CFOs need to know.
Download the report | | | | | | | |
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| Private debt outlook 2023: Risk and opportunity co-exist | |  | | (kudla/Shutterstock) | | | While private debt deal flow and fundraising pace have slowed from last year's record highs, the industry still ended this year on solid footing. But 2023, which is expected to be a tumultuous year, will present the industry with a series of challenges.
Anticipating greater uncertainty in the economy and more rate hikes from the Federal Reserve, investors still view private debt as attractive. However, they will want more downside protections for their private credit investments in this environment. | | | | | | | | | Energy, infrastructure star in Europe's top 10 PE buyouts in 2022 | |  | | (Bullstar/Shutterstock) | | | With many parts of the European economy affected by rising inflation, assets that are more insulated to its effects have become sought after.
A look at the top PE buyouts this year shows that infrastructure assets, including those in renewable energy, are attractive to investors. | | | | | | | | | | Gener8tor is the biggest startup accelerator you've never heard of. [TechCrunch]
Will the US try to curb China's tech ambitions as the latter ramps up production of decade-old chip tech? [Reuters]
Bio-based plastics aim to capture carbon. But at what cost? [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 16 Deals | 31 People | 21 Companies | | | | | | |
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| 2014 Vintage North American Real Estate Funds | | | | | | |
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| Amber raises $300M for crypto trading | | | Amber, a crypto trading platform, has closed a $300 million Series C led by Fenbushi Capital. The startup had been closing on an extension of its Series B when it decided to move forward on a Series C instead. | | | | | | | Virgio rakes in $37M Series A | | | | | | | | Element Energy pockets $28M | | | | | | | | Influencer marketing specialist Howl secures $27M | | | Howl, a startup focused on influencer advertising and marketing, has raised a $27 million Series A led by Highland Capital Partners, The Information reported. Founded in 2020, the startup counts Sephora and Samsung among its clients. | | | | | | | Big banks lead $24M round for Acin | | | | | | | | | | | | | |
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| Advent strikes $6.4B take-private deal with Maxar | | | Advent International has agreed to purchase Maxar Technologies for $53 per share in an all-cash deal valuing the company at $6.4 billion. Maxar makes satellites and provides space intelligence to government and commercial customers. | | | | | | | EQT wraps up $1.7B Billtrust take-private | | | EQT has closed on its acquisition of Nasdaq-listed BTRS Holdings, known as Billtrust, a cloud-based B2B billing software provider. The deal, announced in September, values Billtrust at $1.7 billion, based on EQT's cash purchase of $9.50 per share. | | | | | | | Thoma Bravo closes $710M acquisition of Nearmap | | | Thoma Bravo has acquired Nearmap, an aerial survey company that captures high-resolution images in Australia, New Zealand, Canada and the US. The A$1.06 billion (about $710 million) all-cash deal, announced in August, takes the Australian Securities Exchange-listed company private. | | | | | | | Blackstone's Tallgrass to buy Ruby Pipeline | | | | | | | | Arcadia raises $125M in growth equity | | | | | | |
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| Ridgemont's Hatch sells oil and gas rights | | | | | | |
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"Given its size relative to Germany, Switzerland's VC activity has been strong in recent years. For example, VC deal value was approximately three times larger in Germany than Switzerland through Q3 2022, while Germany's GDP was €4.2 trillion in 2021, roughly five times bigger than Switzerland's €812.9 billion."
Source: PitchBook's 2022 DACH Private Capital Breakdown | | | | | |
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