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In today's Daily Pitch, you'll find: - Our latest analyst note takes a look at what's in store for companies taking down rounds in the current market.
- PE firms have been ramping up their investments in European asset managers, with deal value breaking last year's mark before the end of Q3.
- St. Louis, Phoenix and Austin top the list of US cities seeing explosive growth in capital raised by female-founded startups.
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| What do down rounds really mean for companies? | | The swift decline of the public markets has left many private startups with extended valuations and no exit opportunities in sight. In such an inhospitable market, many companies will be coming face-to-face with down rounds. But what do down rounds really mean for founders and investors in the long run?
Our latest analyst note dives into the data on post-down round exits, difficult IPO markets and investment returns to determine what's in store for companies taking down rounds in the current market. Key takeaways include: - Just 13% of companies raising a down round from 2008 to 2014 were unable to raise a new round or exit immediately after the down-valuation investment.
- The majority of down rounds occur at the late stage, where there is ample room to adjust valuations that have grown enormously over the past decade.
| | | | | | | | | Check out where female founder fundraising is growing fastest in the US | |  | | Austin (Peter Tsai Photography/Getty Images) | | | While San Francisco and New York City are major hubs for female-founded startups, other cities have seen more significant growth in the amount of capital raised by female founding teams since 2020.
The Southwest, led by Austin, Dallas-Fort Worth and Phoenix, has seen explosive growth in capital raised by female-founded startups since 2020, while Washington, DC, and Denver have also seen a surge. | | | | | | | |
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| A message from Silicon Valley Bank | | |
| Helping you see your way through | | The uncertainty in today's market is being felt by all. Now more than ever, you need a financial partner who's determined to help you succeed.
Learn more here | | | | | | | |
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| PE appetite surges for European asset managers | |  | | (Giulio Benzin/Shutterstock) | | | PE firms have been ramping up their investments in European asset managers in recent years, with acquisition targets ranging from retail-focused companies to large fund administration groups.
This year, the total deal value has already surpassed the figure for all of 2021—before the start of Q4. | | | | | | | | | AI, machine learning startups face market realities | | VC funding slid 27.8% quarter-over-quarter for AI and machine learning startups in Q2. Of the 70 product categories tracked by PitchBook, only 21 are on pace to grow in venture funding in 2022—driven by vertical applications including information security, drug discovery, and sales and marketing.
Our recent Emerging Tech Research report on AI and machine learning includes updated market size estimates and spotlights on private companies including Databricks and DataRobot.
The report also tracks major industry trends—covering AI struggles in code completion, developments in streaming data pipelines, and how synthetic data is being used for robotics and autonomous vehicle training. | | | | | | | | | | With market conditions worsening, it's hard for PE firms to achieve successful outcomes if they focus on nothing but chasing new deals. [Institutional Investor]
The luxury home market has finally faltered thanks to inflation, recession fears and rising interest rates. [The Wall Street Journal]
As the US raises interest rates, the rest of the world bears the pain. [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 394 Deals | 1699 People | 494 Companies | 18 Funds | | | | | | |
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| 2020 Vintage Global Funds-of-Funds | | | | | | |
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| Crypto exchange FTX eyes $1B round | | | FTX is planning to raise up to $1 billion in new funding that would maintain the company's roughly $32 billion valuation, CNBC reported. The crypto exchange operator raised a $400 million Series C in January. | | | | | | | Rivus Pharmaceuticals raises $132M | | | | | | | | AccessFintech banks $60M Series C | | | AccessFintech has raised $60 million in a round led by WestCap. The company offers data sharing and workflow collaboration tools for financial institutions. | | | | | | | Theorycraft Games nabs $50M | | | | | | | | Somewear Labs picks up $13M+ | | | Somewear Labs has raised a $13.7 million Series A from investors including Bling Capital and the Webb Investment Network. Based in the Bay area, the company offers a critical communications platform for a wide range of users, including wildland firefighters and other rescue mission operators. | | | | | |
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| BlackRock lands Paradigm Oral Health | | | | | | | | Shamrock Capital backs AnswerLab | | | | | | | | Stellus Capital partners with +Subscribe | | | | | | |
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| HarbourVest closes Fund XII on $3B+ | | | HarbourVest Partners has closed its 12th flagship fund on over $3 billion. The vehicle will target buyout, micro buyout, venture capital and growth equity investments primarily in the US. | | | | | | | Silver Hill Energy wraps up $1B+ | | | Dallas-based Silver Hill Energy Partners has closed its third fund on $1.02 billion. The vehicle will invest in operated oil, natural gas and related infrastructure assets. | | | | | |
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