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| In today's Daily Pitch, you'll find: | | | | | |
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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 latest 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.
| | | | | | | | | Unicorn formation reverts to mid-2020 pace | | The PitchBook Unicorn Tracker shows that billion-dollar company formation has slowed to a trickle, as July posted the lowest number of new unicorns since June 2020. - Only eight new unicorns were created last month, a far cry from the heyday of 2021 when an average of 49 new unicorns were formed each month.
- This slowdown is also reflected in valuations. The combined valuation for new unicorns created in July was $9.8 billion, the smallest total monthly valuation since March 2017.
- North America remains the top geography for new unicorns, with all eight newly minted companies headquartered in the region.
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| Life sciences VC lost momentum in Q2, but remains elevated since pandemic onset | | Investors continued to feel the impact of several coinciding macroeconomic pressures in Q2, but VC-backed life science companies are weathering the storm. Deal activity reached $8.8 billion in the quarter—a material drop from Q1—but still resulted in a YTD total that exceeds the annual total for 2020. Orrick's Life Sciences Snapshot examines VC activity over the past quarter, including analysis of rising pre-money valuations, repressed exit value and more.
Read the report here | | | | | | | |
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| Charting US PE's performance in Q2 | |  | | (Jorg Greuel/Getty Images) | | | US private equity activity slowed across many metrics in Q2 as firms continue to face an uncertain global market.
We explore five key charts from our latest US PE Breakdown. | | | | | | | | | Mega-deals drive European PE infrastructure investment | |  | | (metamorworks/Shutterstock) | | | 2022 has seen a huge uptick in PE deal value for infrastructure assets, with a five-year high of $41.7 billion reached by late July.
But dealmaking isn't speeding up. Instead, two mega-deals, including Blackstone's $26.5 billion recapitalization of Mileway, are behind the vast majority of the value. | | | | | | | | | | The long-sought idea of shorting startups may be coming to fruition in synthetic derivatives, with which hedge funds can bet against a startup's price and VCs can de-risk an aging portfolio. [Protocol]
Private equity firms are scooping up bargains in Brazil's battered public market. [Bloomberg]
Bio-designed collagen could be the next step in animal protein replacement if demand extends beyond food alternatives to products like faux leather and skin care creams. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 557 Deals | 1778 People | 577 Companies | 28 Funds | | | | | | |
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| 2018 Vintage Global Debt Funds | | | | | | |
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| | | Sironax has raised a $200 million Series B led by Gaorong Capital and Yunfeng Capital. Based in Beijing, the company develops treatments for patients with age-related degenerative diseases. | | | | | | | | | Andreessen Horowitz and Casdin Capital have led a $122 million Series A for IDRx, a biopharmaceutical company developing precision combination therapies for use in cancer treatment. | | | | | | | Kerecis lands $100M for fish-skin therapeutics | | | Reykjavik-based Kerecis has raised a $100 million Series D led by Kirkbi. The startup develops medical products from fish skin and fatty acids for use in cellular therapy and tissue regeneration. | | | | | | | Georgian leads $45M round for Savana | | | Canadian investor Georgian has led a $45 million Series A for Savana. The company's platform helps banks and fintech companies automate digital operations. | | | | | | | | | | | | | | Atia raises $42M Series E | | | Atia Vision has raised a $42 million Series E led by Cormorant Asset Management. The company is developing an intraocular lens intended to restore functional vision in cataract patients. | | | | | | | Boatsetter floats off with $38M | | | Boatsetter, which operates a marketplace for boat rentals and water activities, has raised $38 million in a Series B led by Level Equity. | | | | | | | | | Transformation Capital has led a $33 million Series B for Annexus Health. The company aims to make healthcare affordable and accessible by helping providers automate administrative operations. | | | | | | | Spread harvests $30M for vertical farming | | | Japan-based Spread has raised roughly $30 million in a Series A. The vertical farming startup, which specializes in lettuce, will use the funding to begin growing strawberries. | | | | | | | Cybrary brings in $25M Series C | | | | | | | | Avicena pockets $25M Series A | | | | | | |
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| Don't miss our upcoming webinar | | Join our supply chain webinar to get up to speed on the substantial changes in this industry over the past two years and what to expect in the future. Though supply chains have struggled to meet demands through the COVID-19 pandemic, the space continues to see innovation and VC interest.
In this webinar, our analysts will explore some of the new technologies expected to address major industry pain points and how this may impact future VC activity. Key topics include: - The trajectory of supply chain developments.
- Past and present VC deal activity.
- Emerging tech opportunities that could help global supply chain industries.
Register now to secure your spot. | | | | | | | |
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| ADIA, GIC lead $300M investment in Taibang Biologic | | | | | | | | Hidden Harbor Capital Partners to acquire Dayco | | | Hidden Harbor Capital Partners has agreed to acquire Dayco, an engine products and drive systems supplier for the automotive and aftermarket industries. Founded in 1905, Dayco provides research, design, manufacturing and distribution. | | | | | | | PE-backed Calero-MDSL lands Network Control | | | | | | | | Sverica Capital backs Omeda | | | Sverica Capital Management has invested in Omeda, the Chicago-based provider of a SaaS marketing platform that offers customer data management, marketing and email automation, and more. | | | | | | | Antin Infrastructure to pick up Wildstone | | | | | | |
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| KKR to offload Minnesota Rubber and Plastic for $950M | | | | | | |
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| Fusion Fund locks down $120M | | | Fusion Fund has closed its third namesake vehicle on $120 million. The Palo Alto-based firm will use the capital to back early-stage companies in healthcare, enterprise AI and industrial automation. | | | | | |
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| KKR's PE portfolio falls 7% in Q2, takes net loss of $828M | | | KKR posted a net loss of $827.9 million in Q2, compared to net earnings of $1.3 billion in the same period last year. The firm's private equity holdings lost 7% in the quarter. KKR reported its distributable earnings—the allocation of cash that can be returned to investors—fell 9% year-over-year to $840 million, while its AUM rose 14% YoY to $491 billion. | | | | | | | Crypto specialist Triblock emerges from stealth | | | Triblock, a Boston-based Web3 investment firm, has emerged from stealth. The firm has already made 20 investments since mid-2021; it targets pre-seed and seed-stage rounds across DeFi, gaming, NFTs and more. | | | | | |
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