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In today's Daily Pitch, you'll find: - After a decade of growth, the alternative protein industry is struggling to maintain momentum.
- Amid the downturn, alternative financing has emerged as an attractive option for startups in need of some extra cash.
- Despite a myriad of economic challenges, European venture activity has remained robust. We explore five key trends from the first half of 2022.
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| Are investors hungry for more alternative proteins? | | The alternative protein industry—referring to food, drinks or ingredients made with non-animal sources of protein—has experienced explosive growth over the past decade. However, the industry has struggled recently to maintain momentum and faces pressure in the current inflationary environment.
Alt-protein startups collected $883.8 million across 57 deals in Q1 2022. However, quarterly deal values are down 62.6% from the peak in Q3 2021.
Our latest Emerging Tech Research analyst note explores the rise of cultivated protein along with opportunities in sectors including alternative fat and seafood in the face of shifting market conditions. The report includes key VC deals and company spotlights on Meati Foods and BlueNalu. | | | | | | | | | In VC slowdown, alternative financing emerges as a path to funding | |  | | (mikroman6/Getty Images) | | | As venture capital has become much harder to secure amid the downturn, more startups are turning to venture debt and alternative funding products for extending their runway.
Revenue-based financing has emerged as an especially appealing capital solution for companies with contractual or predictable revenue models.
"We have become one of the most attractive [financing] options," said Harry Hurst, co-founder and co-CEO of Miami-based Pipe, a marketplace for selling and buying recurring revenue streams. "It's showtime for us now." | | | | | | | |
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| Top 100 early-stage companies to work for in 2022 | | The Top 100 features Seed and Series A B2B tech companies who are on-mission and creating human-first cultures that contribute to their employees' sense of meaning, value, well-being and belonging.
Visit Will Reed's Top 100 Early-Stage Companies to Work for in 2022 to see which companies and founders are shaping the new workplace. | | | | | | | |
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| European venture trends in five charts | |  | | (OsakaWayne Studios/Getty Images) | | | Despite a myriad of economic challenges, European venture activity has remained robust with about $55.53 billion invested in H1 2022.
Here are five key trends from our Q2 2022 European Venture Report showing how the continent's VC ecosystem has fared in the first half of the year. | | | | | | | | | Credit markets brace for recession: LCD survey | |  | | (Spencer Platt/Getty Images) | | | Our colleagues over at LCD, PitchBook's platform for credit market news and data, just completed the latest quarterly Leveraged Finance Survey of buy-side, sell-side and advisory professionals. The survey indicates a significant decline in market sentiment, with a majority of market players bracing for an even rougher road ahead.
Some of the main findings in the survey: - The percentage of respondents forecasting a recession has skyrocketed.
- Leverage multiples of buyouts are set to decline.
- The worst of the volatility is yet to come.
- Institutional investors are maintaining PE allocations.
| | | | | | | | | | When stocks started to tumble early this year, the booming market for carbon credits unexpectedly fell with them. [The Wall Street Journal]
Facing the reality of what ESG can—and cannot—achieve. [The Economist]
How the influence of popular value benchmarks challenges investor faith in the style and even the business of some value managers. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 28 Deals | 220 People | 65 Companies | | | | | | |
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| 2011 Vintage Global Debt Funds | | | | | | |
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| | | TomoCredit has raised $122 million in equity and debt from investors including Morgan Stanley and MasterCard. Based in the Bay Area, the company designed its digital financial platform to help users build credit and qualify for loans. | | | | | | | | | Theator has raised $24 million in a Series A extension round led by Insight Partners. The company's surgical intelligence platform helps healthcare professionals manage surgical processes. | | | | | | | | | EdgeIQ has raised $8.5 million in a round led by First Analysis. Its API-based software manages the lifecycle of devices and their data. | | | | | |
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| Oak Hill commits $250M to Omni Fiber | | | Oak Hill Capital has formed and invested $250 million in Omni Fiber, which aims to bring fiber internet, TV and phone services to homes and businesses in communities across the Midwest. | | | | | | | Brookside Capital backs The Porch Swing Company | | | | | | | | Sixth Street lands additional 15% stake in FC Barcelona's TV rights | | | Sixth Street and FC Barcelona have agreed to acquire an additional 15% stake in the soccer club's LaLiga broadcasting rights. The new deal comes after Sixth Street landed a 10% share June 30. | | | | | |
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| Rockland seeks $500M for power plant fund | | | Rockland Capital is targeting $500 million for its latest fund, which will focus on buying power plants, The Wall Street Journal reported. The firm had collected more than $100 million for the vehicle as of mid-May. | | | | | |
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