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In today's Daily Pitch, you'll find: - Venture lenders are reassessing loan terms amid this year's stock market volatility.
- International investors remained a strong source of capital for VC-backed Chinese companies in 2021, despite a crackdown on tech specialists.
- Our 2021 Annual Retail Healthtech Report dives into market segments such as clinical care, biometric wearables and dietary supplements.
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| Exclusive: Venture lenders reassess deal terms as stock market volatility sparks valuation rethink | |  | | (Ekspansio/Getty Images) | | | For years, venture lenders offered fast-growing startups borrower-friendly terms as they competed for deals. But they're starting to take a more conservative stance amid 2022's stock market volatility. - According to industry investors and lawyers, the power is shifting back to lenders, who are seeking tighter loan terms and smaller deal sizes.
- The venture debt market, however, is showing no signs of slowing down, with demand from borrowers expected to rise.
| | | | | | | | | | Telehealth and digital therapeutics push retail healthtech deals to record highs | | Retail healthtech startups strive to improve personal health and wellness at a lower cost and higher quality than traditional alternatives. The burgeoning vertical relies largely on tech that enables convenient at-home or mobile use, the ability to integrate with other services and large-scale data collection to help drive personalized offerings.
In 2021, global retail healthtech companies raised $18.3 billion across 537 venture capital deals, a 106% year-over-year deal value increase.
Our 2021 Annual Retail Healthtech Report deep dives into the industry's investment activity and trends, comprehensively assessing emerging opportunities and industry drivers across market segments such as clinical care, biometric wearables, dietary supplements and personalized medicines. | | | | | | | |
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| Ortho market shrugs off turmoil | | The US orthopedic market continues to be an active space for private equity. Deal flow in 2020 and 2021 was unaffected by the pandemic; investors are more attuned to demographic shifts, market fragmentation and a steady wave of retiring physicians. Those same dynamics are pushing up add-on numbers, as PE-backed practices build themselves into regional or national providers.
In partnership with PitchBook, Vector Medical Group has released US Orthopedics Deal Activity Shrugs Off Pandemic, its latest review of the orthopedic market. Learn why deal flow is not expected to slow in 2022 and why more investors are entering the space than ever before.
To download the report, click here. | | | | | | | |
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| China's tech crackdown did little to deter foreign VCs | |  | | Beijing's Zhongguancun Science Park (Sino Images/Getty Images) | | | Did a rout for Chinese tech stocks last year dampen enthusiasm for the region's startup scene? Not for international investors.
Non-Chinese investors stepped up their exposure to VC-backed companies in the region in 2021, signaling confidence throughout a whirlwind year for tech regulation.
More good news for IPO-ready businesses could be on the way, as Chinese regulators have signaled progress with their US counterparts on rules for listed companies. | | | | | | | | | | Who are Russia's most active private equity investors? | |  | | (NurPhoto/Getty Images) | | | The war in Ukraine has unleashed a wave of sanctions on Russia that have wide-ranging consequences, not just for the regime, but also for its people and industries.
The situation is likely to get worse before it gets better, impacting businesses and investors that have grown up in a country that, until recently, was globally connected. We took a look at the most active players in the Russian private equity industry, which now faces an uncertain future behind a new Iron Curtain. | | | | | | | | | | Last year, the NCAA dropped longtime advertising bans on athletes. Now, a Gonzaga star's casino ads signal a growing relationship between college sports, marketing and gambling. [The Wall Street Journal]
Online brands try a traditional marketing strategy: physical stores. [The New York Times]
China's markets have experienced short spells of outflows in recent years only to see them reverse quickly, but some foreign investors are more concerned this time around. [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 398 Deals | 1807 People | 546 Companies | 54 Funds | | | | | | |
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| 2013 Vintage European PE Funds | | | | | | |
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| Astronomer picks up $213M Series C | | | Astronomer has raised $213 million in a round led by Insight Partners. The company offers a platform to collect and prepare data for business analytics. | | | | | | | | Broadband provider Tarana Wireless secures $170M | | | | | | | | | RapidAPI hits $1B valuation in SoftBank-led round | | | RapidAPI has raised a $150 million Series D led by SoftBank's Vision Fund 2, valuing the company at $1 billion. Based in the Bay Area, the company operates a platform that connects software developers with API tools. It was valued at $355 million in April 2021, according to PitchBook data. | | | | | | | | Island brings in $115M for browser security | | | Island has raised a $115 million Series B led by Insight Partners, with support from Stripes and Sequoia. The funding values the Dallas-based company at $1.3 billion. Island offers an enterprise browser platform that's intended to help security professionals manage network operations. | | | | | | | | Israel's Datagen lands $50M | | | Datagen has raised a $50 million Series B led by Scale Venture Partners. Founded in 2018, the company's synthetic data platform helps computer vision teams train machine learning models via simulation. | | | | | | | | | Kargo has raised a $25 million Series A led by Sozo Ventures. Based in San Francisco, the company's tech is used to automate shipping and receiving processes and access supply chain analytics. | | | | | |
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| Macquarie, PSP bid for Uniti Group at $3.6B valuation | | | | | | | | | Broad Sky Partners backs Fair Harbor | | | Broad Sky Partners has invested in Fair Harbor, a beachwear company founded in 2014 that makes products from post-consumer recycled plastic bottles. | | | | | |
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| Ardian mulls $3.3B sale of Dedalus | | | Ardian is weighing a $3.3 billion sale of Italian healthcare software provider Dedalus, according to Bloomberg. Ardian acquired Dedalus in 2016. | | | | | | | | Actis considers $100M sale of Singapore Intercultural School Group | | | Actis may offload its Indonesian private-education company, Singapore Intercultural School Group, Bloomberg reported. A potential sale could be worth $100 million. The group operates schools in Indonesia, India, Myanmar and South Korea. | | | | | |
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| FTV Capital closes Fund VII on $2.3B | | | FTV Capital has closed its seventh fund on $2.3 billion. The firm's largest to date, the vehicle will focus on investments in the enterprise technology, financial services and payments sectors. | | | | | | | | Serent Capital wraps up $1.1B fund | | | Serent Capital has closed its fifth fund at $1.1 billion. The fund is the firm's largest to date and will focus on founder-led, bootstrapped B2B software companies. | | | | | |
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