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In today's Daily Pitch, you'll find: - Our latest analyst note examines current SPAC market activity and introduces an index to track the public performance of deSPAC combinations.
- VCs invested nearly $114 billion in Greater China last year, but the future of investment in the region still remains uncertain.
- A look at how the war in Ukraine could complicate PE investors' ESG goals.
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| Tracking deSPAC performance through a tumultuous market | |  | | (whyframestudio/Getty Images) | | | SPAC activity in Q1 reached the lowest point since early 2020, with only 78 listings and the median deal size cut in half compared to last year. Meanwhile, aftermarket performance is suffering among SPAC combinations initiated amid the elevated valuation climate of the past two years, as high-growth sectors are revalued in the public markets.
The macroeconomic headwinds for the once-manic SPAC market look to be substantial, and the outlook is uncertain for both new listings and mergers. Our Q1 SPAC Update and Performance analyst note tracks current SPAC market activity and introduces an index to track public performance of deSPAC combinations after the mergers have been completed. | | | | | | | | | | War's ESG dilemma for investors | |  | | (Jorge Juan Perez/Getty Images) | | | The human cost of the war in Ukraine is already staggering, but it could get much worse as economic ripple effects spread. The longer the conflict drags on, the more complex it makes PE investors' duty to their LPs and other stakeholders to stay on track with their ESG commitments.
So far, efforts have mostly involved leaving Russia and cutting off money and support to Vladimir Putin's regime where possible, but while these actions are prudent from an ESG perspective, they're only short-term solutions.
The war has forced the world to confront a new set of challenges—and these won't be tackled by knee-jerk reactions alone. | | | | | | | |
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| The future of food: Breaking down the maturation of the foodtech ecosystem | | Throughout the 2020s, the intersection of food and tech produced many dramatic changes in how people ate, drank, ordered or created their meals. From platforms tackling logistics to R&D-intensive enterprises looking to create new, nutritionally optimized foods more sustainably, the space is experiencing a period of true dynamism. Deloitte's latest Road to Next report explores the key trends within the foodtech space, including: - Analysis of record-breaking private investment activity
- Insights from Deloitte partners surrounding important regulatory changes
- A spotlight on the push toward farm-to-table
Read it now | | | | | | | |
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| VC dealmaking in Greater China remains resilient, but uncertainty looms | | VCs invested a near-record $113.8 billion in the Greater China region last year—a remarkable total given tightened regulations from Beijing on foreign IPOs that should have drastically affected the venture market.
The impact could still occur, according to our H2 2021 Greater China VC Report, as investors active in the region signal that they may be increasingly cautious. Still, strong dealmaking across a range of sectors and stages underscores the importance of Greater China to global investors. Highlights from the report include: - Capital continued to flow in from abroad, with more than 950 deals including participation from an investor based outside the region.
- The IT hardware sector set records in both deal value and count, with the final figures increasing 86% and 26% year-over-year, respectively.
- Exit value totaled a record $239 billion, a significant portion of which came from IPOs, highlighting VC liquidity's reliance on healthy public markets.
- Fundraising continued to fall, with the lowest total raised since at least 2015 and a third consecutive year of declining fund count.
| | | | | | | | | | Market volatility could reshape 2021's wave of PE mega-exits | |  | | (creisinger/Getty Images) | | | The growing size of PE-backed exits became a ubiquitous storyline in 2021, but current market volatility could force the trend to falter.
US mega-exit activity, which refers to transactions of $1 billion or more, had an unprecedented year, with 75 PE-backed companies listed at valuations above the $1 billion mark—a record far beyond previous annual numbers. The median size of PE-backed public listings hit $1.8 billion by the end of 2021, according to our recent analyst note on mega-deals and exit activity.
PE firms seized on unusually high valuations to list their portfolio companies, and as public multiples rose—thanks to government stimulus measures and solid corporate earnings amid the pandemic recovery—mega-sized IPOs boomed. | | | | | | | | | | As the 24/7 crypto trade gains traction, blockchain tech could mean the end of traditional brokers. [Financial Times]
Why Apple and Google's push for privacy changes doesn't spell the end of internet tracking. [The New York Times]
Instacart may have won the pandemic, but rivals are catching up. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 537 Deals | 2299 People | 601 Companies | 36 Funds | | | | | | |
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| 2010 Vintage Global Debt Funds | | | | | | |
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| Binance.US valued at $4.5B in $200M seed round | | | Binance.US has raised a $200 million seed round from investors including RRE Ventures, Circle Ventures and Foundation Capital. Launched in 2019 and based in San Francisco, the company offers a platform for buying, selling and trading cryptocurrency. It is now valued at $4.5 billion. | | | | | | | | | Blockchain specialist Near Protocol has collected $350 million in a round led by Tiger Global, with cryptocurrency tracker CoinGecko pegging the company's market cap at over $10 billion, Bloomberg reported. Near Protocol raised a $150 million round in January to accelerate its adoption of Web3. | | | | | | | | BostonGene reveals $150M in new funding | | | BostonGene has raised $150 million in a Series B led by NEC Corporation. The startup's AI-based molecular and immune profiling tech provides personalized medicine for cancer patients. BostonGene will partner with NEC to bring its therapies to countries in Asia. | | | | | | | | IntelyCare picks up $115M for nurse staffing platform | | | IntelyCare has raised a $115 million Series C led by Janus Henderson Investors that values the company at $1.1 billion. The Massachusetts-based startup provides a tech-enabled nurse staffing platform for healthcare organizations throughout the US. IntelyCare raised a $45 million round in 2020. | | | | | | | | | Fidel API has raised a $65 million Series B led by Bain Capital Ventures. The startup's financial infrastructure platform lets developers create experiences triggered by using and accepting payment cards, including digital receipts, loyalty and rewards, and expense management. Launched in 2018, the startup is based in London, with offices in Portugal and New York. | | | | | | | | | Ellevest has secured a $53 million Series B co-led by BMO and Contour Venture Partners. The startup offers digital investing tools, banking services, career and money coaching, learning resources and other financial solutions for women. | | | | | | | | Crypto intelligence startup Coin Metrics bags $35M | | | Coin Metrics has raised a $35 million Series C led by Acrew Capital and BNY Mellon. Founded in 2017, Coin Metrics offers a crypto financial intelligence platform with market data and other insights for institutions. | | | | | | | | Tiger Global leads $31M Series B for Ascend.io | | | Ascend.io has raised $31 million in a round led by Tiger Global. The company is the developer of an automation platform for data engineering and analytics teams. | | | | | | | | SmartHop drives off with $30M | | | Sozo Ventures has led a $30 million Series B for Miami-based SmartHop. The company's AI-powered logistics platform helps independent trucking companies optimize dispatching, fuel, payments, leasing and insurance. SmartHop raised a $12 million Series A last year. | | | | | | | | | Boston-based Eleos Health has raised a $20 million Series A co-led by F-Prime Capital and Eight Roads Ventures. The company's tech captures and analyzes clinician-patient conversations in order to automate operational tasks for behavioral health providers. | | | | | |
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| CPPIB leads $805M round for VerSe | | | | | | | | | | Singapore's sovereign wealth fund, GIC, has led a $240 million round for Grafana Labs, with support from JP Morgan and others. The company offers open-source software for visualizing operational data to customers including Bloomberg, eBay and Sony. | | | | | | | | Reverence Capital funnels $100M into CAIS | | | | | | | | | Shamrock Capital invests $80M in EDO | | | Shamrock Capital has invested $80 million in EDO, a data, measurement and analytics software company that works with media, creative and audience-advertising investments by measuring and optimizing consumer behavior. | | | | | | | | York Capital Management's PE group lands laundry provider | | | | | | |
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| RedBird Capital, Ardent Leisure to offload company to Dave & Buster's | | | | | | |
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| Carlyle wraps up $4.6B fund | | | The Carlyle Group has closed its second credit opportunities fund on $4.6 billion. The fund will provide debt financing to companies seeking an alternative to traditional capital markets or private equity. | | | | | | | | Turn/River Capital closes fifth fund at $1.35B | | | San Francisco-based Turn/River Capital has raised $1.35 billion for its fifth namesake fund, which will focus on growing technology companies. The firm closed its fourth fund at $420 million in 2020. | | | | | | | | JamJar Investments locks down $130M+ for Fund II | | | London-based JamJar Investments has raised more than £100 million (about $130 million) for its latest fund, which will be used to back early-stage consumer brands. Founded in 2013, the firm targets seed and Series A rounds, making investments of up to £3 million. JamJar has earmarked up to half of the new vehicle for follow-on investments. | | | | | | | | Voyager Ventures announces $100M fund | | | Voyager Ventures has launched a $100 million fund that will be used to invest in early-stage climate tech companies throughout North America and Europe. The vehicle is backed by LPs including the founders of Shopify and Tableau, as well as GPs from NEA, Insight Partners and other firms. | | | | | |
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