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| In today's Daily Pitch, you'll find: | | | | | |
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| Supply chain funding ebbs, but opportunities—and deal sizes—grow | | Funding for supply chain tech startups has tapered off, in line with broader trends in venture capital dealmaking. Last quarter, VCs invested $8.6 billion in the industry, down nearly 40% compared to both Q1 2022 and Q2 of last year.
Still, emerging technologies are poised to capitalize on numerous opportunities as the complexity in global supply chains continues to increase, according to our latest Emerging Tech Research. Takeaways from the report include: - Last-mile delivery accounted for the largest share of both deal count and value, with startups in that sector raising $3.8 billion in total.
- Enterprise supply chain management ranked second in overall deal value, but fell below warehousing tech in deal count.
- Despite the broader funding slowdown, median deal sizes for supply chain tech startups at all stages increased through June 30 over 2021.
- Median pre-money valuations fell for late-stage companies in H1, yet both early-stage and angel and seed startups recorded an increase compared to 2021's figure.
| | | | | | | | | Market Map: Entertain me in the metaverse | |  | | (Chaosamran_Studio/Shutterstock) | | | Billions of dollars have been invested into the metaverse, but its nature remains a mystery. What's clear is that much of the money and effort is being spent on novel ways to entertain and connect people.
Our latest market map explores where money is going in the metaverse ecosystem, with details on the entertainment sector. | | | | | | | |
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| How to compete for M&A deals in a dynamic market | | The surge of M&A activity in 2021 will likely continue through the end of this year, fueled by greater sell-side efficiency and nearly $1 trillion in US private equity dry powder. These latest insights provide strategies to help you move fast and with conviction to win M&A deals.
Find your competitive edge | | | | | | | |
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| Europe faces worst year for PE-backed IPOs since debt crisis | |  | | (MOZCO Mateusz Szymanski/Shutterstock) | | | This year has been gloomy for PE-backed IPOs in Europe—which are down dramatically compared with 2021 and previous years.
A notable exception to the shortage of public market exits this year was Norway's Vår Energi, which listed on Oslo's stock exchange in February and continues to trade above its offer price despite macroeconomic headwinds. | | | | | | | | | Despite exit headwinds, VC looks ahead to brighter days | | The VC storyline this year has been a sea change from the record-shattering figures of 2021. Market volatility and falling valuations have altered the dealmaking and exit landscapes, and the future has, at times, seemed bleak.
Yet there are reasons for optimism, as public market performance has begun to stabilize and dealmaking carries on, according to our latest Quantitative Perspectives Report, which features more than 30 charts on VC deals, exits, valuations and more. Takeaways include: - Valuation multiples for recently public VC-backed companies have dropped sharply, as VC-backed listings had much further to fall than the broader market.
- Although rising interest rates and market declines tend to reduce activity, VC dealmaking has remained above long-term trends across all stages and sectors.
- Dealmaking has swung in favor of investors, and GPs are poised to capitalize on valuation declines amid a lively fundraising environment and a sharp increase in startups' demand for capital.
| | | | | | | | | | Even in a down market, private equity investors are looking for new, untested managers. [Institutional Investor]
With workers continuing to stay home post-pandemic and housing in short supply, developers in Texas metros are giving a second life to old office buildings. [Texas Monthly]
The dollar is as strong as ever. Isn't it? [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 7 Deals | 9 People | 1 Companies | | | | | | |
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| 2012 Vintage Global Funds-of-Funds | | | | | | |
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| API management startup Gravitee.io nabs $30M | | | | | | | | Revolving Games raises new funding for Web3 games | | | | | | | | Maternity care clinic Millie raises $4M | | | Millie has raised $4 million in seed financing led by BBG Ventures and TMV. The company provides maternity care services from 48 hours after a positive pregnancy test to one year postpartum. | | | | | |
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| PitchBook webinar: H1 European private market update | | Join PitchBook Sept. 14 for a webinar examining the progress of Europe's private capital markets for the first half of 2022. Our analysts will discuss notable deals and fundraising activity, along with what could be on the horizon for the landscape in the remainder of 2022. Key topics include: - European VC and PE dealmaking between portfolio companies and investors in H1 2022.
- The exit market for PE- and VC-backed companies and investors.
- The fundraising landscape for GPs and LPs.
Register now to secure your spot. | | | | | | | |
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| KKR-backed Sapphiros acquires rapid diagnostics company | | | KKR-backed Sapphiros has acquired Flexotronix Limited, the UK-based developer of a high-volume manufacturing process for diagnostic tests such as lateral flow tests. | | | | | | | Klis Capital lands Flower Kingdom | | | Mexico City-based Klis Capital has acquired Flower Kingdom. Headquartered in Florida, the company provides custom floral arrangements, plants and other gifts. | | | | | |
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| Bain Capital weighs sale of Works Human Intelligence at $2B valuation | | | Bain Capital is weighing the sale of Works Human Intelligence, a Tokyo-based human resources software developer, for up to $2 billion, Bloomberg reported. Bain acquired the company in 2019. | | | | | |
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| MetaWeb Ventures raises $30M blockchain fund | | | MetaWeb Ventures, a VC firm focused on pre-seed and seed investments in crypto startups, has raised $30 million for its debut fund. | | | | | |
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| Apollo co-founder Josh Harris launches asset management firm 26North | | | Apollo Global Management co-founder Josh Harris has launched 26North, an alternative asset management firm. It will initially focus on private equity and credit, with $5 billion AUM. | | | | | |
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