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In today's Daily Pitch, you'll find: - Some VCs are starting to urge their portfolio companies to seek out extension rounds and strategic buyers before it's too late.
- Severe disruptions have revealed weaknesses in the global supply chain, opening opportunities for PE investment in the sector.
- We take a look at TPG's largest deals since its public debut.
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| 'Put up the for-sale sign,' more VCs tell founders as market sours | |  | | (Gwengoat/Getty Images) | | | After years of telling their portfolio companies to grow at all costs, some investors are urging their weaker startups to sell to a strategic buyer at a discount rather than risk going out of business.
Some companies that are short on capital are trying to raise a financing round and run a sale process simultaneously.
"I've called founders [to say], 'I think you should sell,'" said Chris Farmer, a partner and CEO at early-stage firm SignalFire.
While there haven't been many fire sales in this market cycle so far, FTX is now reportedly getting close to a $25 million deal for crypto lender BlockFi, which was last valued at $4.75 billion, according to PitchBook data. | | | | | | | | | Exploring PE opportunities in supply chain tech | | Supply chain tech—which leverages data and analytics, AI and machine learning—is crucial to the transformation of the supply chain. Severe global disruptions in the last couple years revealed critical weaknesses across operations and have highlighted the need to strengthen and transform the industry, placing new urgency on stakeholders to re-evaluate their strategies.
Our recent analyst note explores the growing complexity of the supply chain due to globalization and ecommerce, and how private equity can benefit from investments in this tech sector.
Some key takeaways include: - Global supply chains buckled under labor shortages, distortions to demand and constricted capacity of manufacturing and logistics services. Technology is crucial to strengthen their resilience by improving efficiency, flexibility and visibility.
- Private equity investors can benefit from the fragmented tech-enabled services market to drive scale and value in more established companies through additional capital, add-on acquisitions and expansion in both geography and services.
- Logistics and transportation are core subsegments of supply chain tech in which technological capabilities can drive significant long-term growth.
| | | | | | | | | TPG's top deals since going public | |  | | (Peter Cade/Getty Images) | | | Since TPG's IPO nearly six months ago, the private equity firm has completed or announced 51 deals amid a global market struck by inflation and rising interest rates.
Here's a look at the firm's largest deals since its public offering. | | | | | | | | | | New scientific research shows how microbes living in a salty spring near the North Pole might resemble those that could have survived on Mars or in ocean worlds. [Wired]
A look at Hong Kong's road to reinvention in the 25 years since the city was returned to China. [The New York Times]
How corporate climate action—and, in some cases, greenwashing—has become an employee perk for some. [The Atlantic] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 344 Deals | 1732 People | 514 Companies | 46 Funds | | | | | | |
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| 2017 Vintage Global Real Assets Funds | | | | | | |
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| Pure Harvest nabs $180.5M | | | | | | | | Evolved by Nature bags $120M Series C | | | | | | | | Faeth Therapeutics takes off with $47M | | | Faeth Therapeutics has raised a $47 million Series A led by S2G Ventures. Based in San Francisco, the cancer metabolism company is developing precision nutrition therapy, digital tools and other therapeutics for the treatment of the disease. | | | | | | | | | Snowplow has raised a $40 million Series B led by NEA. The London-based company is a provider of behavioral data intended for use in AI, machine learning and advanced analytics applications. | | | | | | | GV leads $30M seed round for Modular | | | Modular has raised $30 million in a round led by GV, TechCrunch reported. The company offers an AI developer platform that integrates front-end infrastructure into a wide range of hardware back ends and cloud environments. | | | | | | | | | | | | |
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| Sixth Street, Royalty Pharma to provide $1.25B to Blueprint Medicines | | | Sixth Street and Royalty Pharma have agreed to provide up to $1.25 billion in strategic financing to Blueprint Medicines, a publicly listed precision therapy company that develops treatments for individuals with cancer and blood disorders. | | | | | | | TPG lands majority stake in DOC Generici | | | | | | | | Knox Lane agrees to back Elevation Labs | | | | | | | | Fortis completes Anchor Printing add-on deal | | | Fortis Solutions, a provider of printed packaging solutions that's backed by Harvest Partners, has acquired Anchor Printing. Based in Michigan, Anchor is a flexographic and offset printing specialist that offers shrink sleeves, flexible packaging and pressure-sensitive labels to clients in industries like medical, health, paint and automotive. | | | | | |
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| Modsy shutters design services | | | Modsy, a digital interior design startup, has stopped offering design services and laid off its design team, according to reports. The seven-year-old company has raised roughly $73 million in equity from investors including TCV, Norwest Venture Partners and GV, according to PitchBook data. The layoffs reportedly follow the falling through of an expected acquisition. | | | | | |
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| PE-backed Clarios revives IPO plans | | | | | | |
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| Sequoia eyes $2B+ for new funds | | | Sequoia is targeting $2.25 billion across two US-focused funds that it expects to close in July, The Information reported. The VC firm plans to earmark $1.5 billion for a growth fund as well as $750 million for a vehicle dedicated to early-stage deals, the report said. | | | | | | | Ember Infrastructure banks $340M | | | Ember Infrastructure has closed its debut fund on $340 million, The Wall Street Journal reported. The vehicle will invest in companies that aim to reduce carbon emissions. | | | | | | | Shore Capital closes second food and beverage fund | | | Chicago-based Shore Capital Partners has closed its second fund dedicated to small companies in the food and beverage sector on $292 million, The Wall Street Journal reported. | | | | | |
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