Leveraged loan outlook: Following PitchBook's acquisition of LCD, we hosted a webinar with LCD analysts examining a more challenging and volatile US leveraged loan landscape—including a spotlight on tech LBO lending. Watch here for free.
All about logistics: How has the global supply chain evolved in recent years? What role can VC and tech play going forward? We're discussing these topics and more in a free webinar Thursday. Register here. | | | | | |
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| Despite headwinds, alt-proteins retain positive long-term outlook | | Alt-proteins are one of the most electrifying categories in foodtech, attracting a spectrum of investors interested in the potential financial, social and environmental opportunities. The plant-based race to market dominance began between Beyond Meat and Impossible Foods in the early 2010s, and plant-based meat products are available today at thousands of grocers and restaurants globally. At the same time, emerging alt-protein technologies such as precision fermentation and cell cultivation have significantly improved, and the first products have reached the market.  | | Alt-protein funding in 2021 doubled YoY. | Annual VC funding for alt-protein startups reached $6 billion in 2021, doubling 2020's total deal value. Investor enthusiasm appears to have slackened in H1 due to market volatility and disappointing retail sales performance of public plant-based providers. However, megadeals like Meati's $150 million Series C continue to close. The narrowing of the IPO window and a contraction of funding opportunities will encourage consolidation in the near term. However, alt-protein technologies are in their infancy, and the future remains bright. The challenges of climate change and global food security are only gaining in urgency, and alt-proteins will likely be an essential tool in these fights. One of the major challenges to alt-protein adoption has been retail pricing, which is generally much higher than conventional animal proteins. In June, ProVeg International identified that the average price of plant-based meat in the Netherlands had fallen below conventional animal meats, primarily due to elevated grain costs, which impacted the cost of animal feed. Continued elevated grain prices may drive a significant uptick in alt-protein sales and adoption in the near term. In the future, we can expect to see more diverse alternative proteins available globally and beyond. Startup Nature's Fynd recently sent a biomass fermentation bioreactor into space aboard a SpaceX rocket to explore the potential to grow alternative proteins aboard the International Space Station. Meanwhile, startups on earth are developing new alt-proteins, including fish, lobster, and even exotic meats like zebra and elephant. Although it seems futuristic, tomorrow's edible foodtech may be just around the corner. For more on the evolving alternative protein category, read the full note for free: Alt-Protein Industry Advances Despite Costs and Red Tape | | | | | | | |
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The global M&A environment is a blend of uncertainty and opportunity.
Major macroeconomic headwinds and geopolitical tension are driving down transaction value and volume, yet M&A deals will still close, and certain sectors remain healthy.
Take-privates are a common theme across industries, as buyers seek to take advantage of lower multiples, according to our Q2 2022 Global M&A Report. Other takeaways include: - North American M&A continued its decline, with deal volume and value both falling more than 30% from Q4 2021.
- Amid ongoing disruptions, the supply chain is a key M&A theme, with several of Q2's top deals involving logistics companies.
- Europe's energy needs have spurred global M&A activity, with last quarter's deal value in the sector topping $100 billion—its highest total since 2019.
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A couple of more items for your calendar: - Aug. 18: What's the state of the US venture industry? Our quarterly Venture Monitor webinar will feature insights from professionals at Venture Forward, Insperity and J.P. Morgan. Register here.
- Aug. 24: Want actionable guidance on how to navigate ESG efforts at your firm? Hosted by Venture Forward, NVCA, PitchBook, and the Nasdaq Entrepreneurial Center, this educational workshop for investors focuses on practical strategies and guidance for taking action. More details here.
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Our insights and data featured in the press: - The Bay Area attracted $52.3 billion in VC cash in the first half of the year—36% of the total for the US. [Bloomberg]
- Venture investors raised 1,179 first-time funds from 2017 to 2021. [WSJ]
- The top 10 climate tech investors by VC deal count. [Axios Pro]
- The European tech sector continues to play a vital role in the continent's PE landscape but is nonetheless subject to the same private equity slowdown. [PYMNTS]
If you're a journalist interested in interviewing our analysts or requesting data, contact our PR team. | | | | | |
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Highlights from our other recent research:
Market updates
Thematic research
Emerging Technology Research
Coming next week (subject to change) - Global Markets Snapshot: July
- Global Private Market Fundraising Report
- 2022 Venture Capital Outlook: H1 Follow-Up
- 2022 European Private Capital Outlook: H1 Follow-Up (sneak peek!)
- ETR: Q2 Fintech Update
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| | Since yesterday, the PitchBook Platform added: | | 413 Deals | 1930 People | 606 Companies | 23 Funds | | | | | | |
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