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In today's Daily Pitch, you'll find: - Our latest emerging tech research provides a detailed look at the foodtech space, exploring why a decline in deal value and count could be the first step in a larger market recalibration.
- A rebound in investor-protective deal terms could keep an increase in venture down rounds at bay.
- Private equity investors cannot seem to get enough of European sports investments, but actions by some sports bodies underscore that PE money is not always welcome.
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| VCs pull back from foodtech sector amid market recalibration | | Venture funding for the foodtech industry fell in Q1, with $6.9 billion funneled into 359 deals, representing quarter-over-quarter declines of 41% and 13%, respectively. This may indicate the first step in a larger market recalibration, but the true impacts of the macroeconomic climate aren't yet visible in the data.
Our latest Emerging Tech Research takes a detailed look at the foodtech landscape, diving into emerging opportunities in areas like continuous glucose monitors for personalized nutrition and 3D food printers. The report also includes an ecosystem market map and league tables showing the most active foodtech accelerators, VC investors, strategic acquirers and more. Other highlights include: - Public market volatility contributed to a decline in exit activity in the foodtech sector, which recorded only two public listings and one buyout, a stark contrast to 2021.
- Despite a funding dip, valuations continued to experience upward pressure. This resulted in record highs across all VC stages, with the greatest growth taking place at the early stages.
- Meal kits waned in popularity during the mid-2010s but regained popularity at the start of the pandemic. Despite supply chain issues and inflation, Q1 saw several investments in the space, a possible indication that VCs continue to be optimistic about its market opportunity.
| | | | | | | | | | Europe's big sports deals: Governing bodies resist PE incursion | |  | World Rugby chief executive Alan Gilpin
(Brendan Moran/Getty Images) | | | European sports have seen a wave of PE investment over the past three years, culminating in CVC Capital Partners' €2 billion (about $2.1 billion) LaLiga deal in January, but some sports bodies may resist future investment.
More deals are in the works, the most notable being Chelsea Football Club's £4.25 billion (about $5.23 billion) takeover, but with English soccer's Premier League looking to ban leveraged buyouts and World Rugby calling time on PE investment for now, fewer deals could materialize. | | | | | | | |
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| 2022 Technology Fast 500 awards | | The ability to drive technological innovation empowers society to more efficiently and effectively overcome whatever challenges the future holds. Deloitte believes businesses that pioneer ideas that break the mold and contribute to rapid growth deserve recognition.
The Deloitte Technology Fast 500 is a leading technology innovation awards program in North America, combining technological advancement, entrepreneurship, and resilience. Fast 500 companies—large, small, public, and private—are leaders in hardware, software, telecom, semiconductors, life sciences, fintech, and energy tech. Spanning a variety of industry sectors, they don't just reside on the cutting edge; they define it by changing the way people live, work, and play.
Learn more about the program and how your company could benefit from winning. | | | | | | | |
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| Investor-protective deal terms may keep down rounds at bay | |  | | (Sezeryadigar/Getty Images) | | | Down rounds continue to make up a very small portion of venture capital deals, with just 5% of completed rounds in Q1 coming with a smaller valuation than a company's previous raise, according to PitchBook's latest US VC Valuations Report.
That figure could change in coming quarters if market headwinds persist. But before there is a significant growth in down rounds, venture-backed companies will likely see a rebound in investor-protective deal terms, said Kyle Stanford, a senior analyst at PitchBook. | | | | | | | | | | SoftBank's losses signal the end of a VC era | |  | | (Tomohiro Ohsumi/Getty Images) | | | In recent years, SoftBank has become something of a totem for venture capital largesse. The firm has become VC's most prolific investor, backing iconic startup success stories—and some of the biggest failures.
Now, things are turning sour indeed. SoftBank's Vision Fund recently posted a record investment loss of 3.5 trillion yen (about $27 billion) for its latest fiscal year. The Japanese giant will likely survive this latest humbling episode, but it certainly feels like the end of an era, not just for the company, but also for the VC industry it has championed. | | | | | | | | | | Why do so many women ditch science careers? The astronomical scale of harassment might have something to do with it. [Bloomberg]
The story of how Dollar General quietly became the biggest US retailer by number of outlets. [Forbes]
Will the shuttering of Melvin Capital spark a wave of hedge fund closures? [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 32 Deals | 204 People | 77 Companies | | | | | | |
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| 2020 Vintage Global Real Estate Funds | | | | | | |
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| Caribou joins unicorn herd with $115M Series C | | | Caribou has raised a $115 million round led by Goldman Sachs Asset Management, bringing the auto lending startup's valuation to $1.1 billion. Founded in 2016 and based in Washington, DC, Caribou offers an insurance comparison platform and connects car owners with lenders from credit unions, community banks and other financial institutions. | | | | | | | | Inceptor Bio reveals $37M funding to support cancer treatment | | | Inceptor Bio, a biotech startup creating cell therapies for cancers that are difficult to treat, has raised a $37 million Series A led by Kineticos Ventures. The new funds will be used in part to support the completion of a cell and gene therapy manufacturing site in Florida. | | | | | | | | Homethrive brings home $20M | | | Homethrive has raised a $20 million Series B led by Human Capital, Axios reported. The Illinois-based healthcare services company offers a platform for unpaid family caregivers and their employers that provides personalized coaching, service coordination and more. | | | | | | | | | Nikola Labs has raised a $20 million Series A led by G2 Venture Partners. The Ohio-based company's sensor network monitors manufacturing equipment to predict upcoming faults, enabling machines to be repaired before failure. | | | | | | | | Dig exits stealth with $11M seed round | | | Tel Aviv-based Dig has raised $11 million in seed funding led by Israeli VC firm Team8. The company's cybersecurity platform offers real-time visibility, control and protection of data assets in the cloud. | | | | | |
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| TPG, CD&R offer to take Covetrus private for nearly $3B | | | TPG and Clayton, Dubilier & Rice have offered to take pet-care company Covetrus private at $21 a share, valuing the company at nearly $3 billion, The Wall Street Journal reported. The offer represents a 17% premium to Covetrus' closing stock price May 19. | | | | | | | | RedBird Capital nears $1.4B deal for AC Milan | | | RedBird Capital Partners has reached a preliminary agreement to purchase AC Milan from Elliott Management in a deal that could value the Italian soccer club at €1.3 billion (about $1.4 billion), according to reports. It's believed that Elliott Management would maintain a minority stake in AC Milan. | | | | | | | | Apollo in talks to inject $528M into Air France-KLM | | | Apollo Global Management is in talks to provide €500 million (about $528 million) to an affiliate of Air France-KLM. The capital will allow the airline group to repay French state aid and finance future spare engine acquisitions. Bloomberg reported that a deal would not result in Apollo taking an equity stake in the company. | | | | | | | | Sixth Street to invest in Real Madrid | | | Real Madrid has agreed to partner with Sixth Street and its portfolio company Legends, a specialist in sports and entertainment venue management, to develop new events and businesses at the Spanish football club's stadium, Santiago Bernabéu. As part of the deal, Real Madrid will receive roughly €360 million (about $380 million) to invest across a range of the club's activities. | | | | | |
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| Vista portfolio companies to gauge greenhouse gas emissions | | | Vista Equity Partners has announced that all majority-owned portfolio companies acquired prior to July 1, 2021 have agreed to measure greenhouse gas emissions, set a reduction target and offset emissions on an annual basis. The agreement is part of the companies' commitment to the firm's climate pledge. | | | | | |
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