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In today's Daily Pitch, you'll find: - Our new market map explores the evolving landscape for fintech companies that specialize in digital payments.
- PitchBook analysts examine emerging applications for hydrogen fuel cells in sectors like trucking, aerospace and warehousing.
- Our analysts assess their predictions for US venture capital in 2022.
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| Market Map: Fintech payment startups hold their own in uncertain times | |  | | (PCH-Vector/Getty Images) | | | The increasing digitalization of financial services has benefited fintech startups over the last few years, with the pandemic speeding up this trend. The payments segment, in particular, has seen rapid change, leading to the rise of venture-backed startups selling corporate credit cards, payroll software and checkout services.
Explore our fintech market map to see where investors are putting their money. | | | | | | | | | Emerging opportunities bring hydrogen fuel cells back to the stage | | Hydrogen fuel cell technology, once viewed as the future of green cars, has fallen by the wayside as lithium-ion batteries have gained traction as the primary means of powering electric vehicles. While many larger corporate and state players have made substantial investments in the space, VC activity has remained limited compared with investment into battery-powered mobility solutions.
Our latest Emerging Tech Research analyst note tracks recent VC deal activity in the hydrogen EV subsegment and explores emerging applications in trucking, aerospace, warehousing and marine vessels, sectors wherein the climate-friendly fuel has the potential to outperform its gas and electric peers. | | | | | | | |
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| A message from Allvue Systems | | |
| Video: How to streamline management of combined equity and credit portfolios | | Despite managing portfolios that include both private equity and private debt investments, many fund managers find their back-office workflows have been segregated by disconnected accounting systems.
In this two-minute demo, Robert Sims, Head of Solutions Engineering, Europe, shows how Allvue can change this. Allvue's credit investment accounting subledger seamlessly integrates with our private equity fund accounting general ledger, helping to streamline operations and reduce risk for diversified firms.
See how Allvue simplifies back-office workflows by giving you: - Operational control over complex assets
- Customizable dashboards to easily view detailed position history
- Automatically generated subledger entries
- Agency support with notice generation
Watch now and see it in action | | | | | | | |
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| Revisiting our 2022 US VC predictions | | At the start of the year, PitchBook analysts mapped their projections for the US venture capital market in 2022. Midway through the year, trends are beginning to crystallize, and our recent analyst note updates the scorecard.
Takeaways include: - Roughly 1,173 corporate venture capitalists have made a deal in the US, which bodes well for our prediction of more than 1,500 for the year.
- The 10 most active venture ecosystems are on pace to hit our projection of more than 400 deals each.
- Macroeconomic forces have undercut our forecast of a year-over-year increase in public listings by VC-backed companies.
| | | | | | | | | Middle-market PE firms prepare for a shift | |  | | (PM Images/Getty Images) | | | As the private equity world begins winding down from a torrid year of dealmaking, some sponsors in the middle market have switched into "risk-off" mode.
The public markets' downturn and subsequent volatility, along with rising interest rates and the possibility of a recession, are leading middle-market sponsors to begin changing their approach to dealmaking after 2021's good times. Those factors are creating opportunities to scale platform companies through add-on acquisitions, and buy high-growth businesses held in VC portfolios at lower prices. | | | | | | | | | | The head of Maersk's venture client unit is using her perspective as a former founder to improve the experience for startups working with corporations. [Sifted]
Climate tech startups are embracing the public benefit corporation, a formerly niche way of incorporating, as a way of holding themselves accountable. [Protocol]
SPAC market fumbles have touched even the king of SPACs, Chamath Palihapitiya, as two of his blank-check companies file to push back their deadlines to make acquisitions. [Bloomberg] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 689 Deals | 2675 People | 980 Companies | 62 Funds | | | | | | |
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| 2018 Vintage European VC Funds | | | | | | |
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| Biotech startup Orna raises $221M | | | Orna Therapeutics has held an initial close of a $221 million Series B, consisting of $121 million at signing and an additional $100 million subject to closing conditions. Investors included Merck, which contributed a reported $100 million and will partner on drug development with the company, which creates medicines using circular RNA. | | | | | | | | | | | | | | Senda Biosciences secures $123M Series C | | | | | | | | Moximed scores $40M in debt and equity | | | Moximed has raised $40 million in debt and equity financing led by Advent Life Sciences, with support from investors including NEA and Future Fund. The Fremont, Calif.-based company's implantable shock absorber helps patients suffering from knee osteoarthritis. | | | | | | | Modulate rakes in $30M Series A | | | Modulate has raised $30 million in a round led by Lakestar. Based in the Boston area, the company is the developer of a platform intended to help online game developers reduce toxic behavior online. | | | | | | | Omni launches with $27M in funding | | | Omni has raised $26.9 million, comprising a $17.5 million Series A led by Redpoint and $9.4 million in seed funding led by First Round. The startup, which announced its launch Tuesday, is the developer of a business intelligence platform. | | | | | | | Talent development startup GrowthSpace picks up $25M | | | GrowthSpace has raised a $25 million Series B led by Zeev Ventures, with support from M12 and Vertex Ventures. The New York-based company provides a talent development platform with group coaching, mentoring and workshops for corporate employees. | | | | | | | Arc banks $20M to help startups raise nondilutive funding | | | | | | |
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PitchBook, NVCA and Beyond the Billion join forces for a deep dive into the state of women funders and founders at next year's SXSW.
Vote for their session "Investing in Inclusion: Women Funders and Founders" in SXSW Panel Picker to make sure they take the stage in March. Voting closes Sunday, Aug. 21. | | | | | | | |
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| Macquarie, KKR bid for Singaporean waste collector | | | 800 Super Waste Management's founders are close to selling the company in a deal that could value the Singaporean waste collector at around $300 million, Reuters reported. Macquarie Asset Management and KKR, which already owns a minority stake in the company, are said to be among the final bidders. | | | | | | | Thoma Bravo looks to take Darktrace private | | | Thoma Bravo is in early talks with UK cybersecurity firm Darktrace over a possible take-private. Thoma Bravo has until Sept. 12 to make a firm offer for the company. | | | | | | | TA to stake wildfire science specialist Technosylva | | | TA Associates has agreed to make a growth investment in Technosylva, a provider of wildfire simulation modeling, risk analysis and operational response solutions. Founded in 1997, the company has offices in California and Spain. | | | | | | | Crestview backs Digicomm International | | | | | | | | Frontline invests in LivWell Infusions | | | | | | | | TSCP's WeVideo acquires PlayPosit | | | | | | | | Riverside's Convergence adds on Swat Systems | | | | | | |
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| BlackRock, Fidelity cut Ant valuation | | | Global investors who acquired private shares in Ant Group prior to its suspended IPO have again lowered the fintech giant's valuation, Bloomberg reported. BlackRock lowered the company's valuation from $174 billion to $151 billion in March. In May, T. Rowe Price shaved it down to $112 billion from $189 billion last year, while Fidelity Investments dropped its estimate to $70 billion, down from $78 billion in 2021 and $235 billion in 2020. | | | | | |
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| | | Thompson Street Capital Partners has closed its sixth PE fund on more than $1.5 billion. TSCP VI will make equity investments of up to $250 million in sectors including life sciences and healthcare, software, and business and consumer services. | | | | | |
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"As round sizes have grown larger, time periods to reach financing stages have remained relatively flat, indicating companies have attracted greater sums of capital in similar time frames to the past decade."
Source: PitchBook's Q2 2022 European VC Valuations Report | | | | | |
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