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| In today's Daily Pitch, you'll find: | | | | | |
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| US VC sends mixed signals as deal activity and fundraising diverge | | The third quarter of 2022 saw a less resilient venture landscape in the US compared with the first half of the year. Deal activity across all stages recorded signs of distress, and the market continued to become increasingly consolidated, with fewer exits than at any time in recent history.
Dry powder remains at the highest level in our dataset, after years of record fundraising. This capital will help support seed and early-stage investment, but it is not likely to come to the rescue of highly valued, late-stage companies that are seeing an enormous decline in capital availability.
The latest PitchBook-NVCA Venture Monitor, sponsored by Insperity and J.P. Morgan, now includes league tables ranking the industry's most active players. The report details how dealmaking, exits, fundraising and valuations responded to rising interest rates and complicated macroeconomic trends during Q3. Key takeaways: - Venture-backed companies collected nearly $43 billion during Q3. The figure is below the heights of 2021 and early 2022 but above historical averages—representing a durable, positive trend in the industry.
- On the exit front, there have been just 59 public listings so far this year, compared with 303 in 2021 and 145 in 2020.
- While overall fundraising figures are strong, established managers received the lion's share of commitments while emerging GPs struggled.
| | | | | | | | | Q3 global M&A trends in three charts | |  | | (kenary820/Shutterstock) | | | Economic uncertainties have dampened investors' appetite for M&A bets globally this year, with deal activity recording a third consecutive quarterly decline in Q3 2022.
Our latest Global M&A Report analyzes how M&A dealmaking has fared as investors continue to counter tightening monetary policies, inflation risks, supply chain disruptions and a weak economic outlook. We explore some key takeaways from the report. | | | | | | | |
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| Maximize your startups' growth and access to European markets | | How to maximize your portfolio startups' growth in European markets and generate highest exit value?
Neva SGR leverages Italy's #1 bank's industrial network to accelerate startup's pan-European business development.
Portfolio company testimonials: - Nelson Holzner (MODIFI's Founder): "It's great to have Neva among our investors. It allowed us to [build] a partnership with Intesa Sanpaolo and accelerate our growth."
- Moti Rafalin (vFunction's Founder): "Intesa Sanpaolo Group was our first customer and made an important contribution to the development of our platform."
- Guy Moskowitz (Coro's Co-founder): "Having Neva among our investors is an important step toward conquering European markets thanks to Intesa Sanpaolo Group's ability to support Coro in customer acquisition."
Find out more
Mario Costantini, CEO Neva SGR | | | | | | | |
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| European PE trends for Q3 in six charts | |  | | (koya979/Shutterstock) | | | After a strong start to the year, European private equity may be starting to feel the impact of the bleak macroeconomic outlook. But while dealmaking has slowed down in Q3 compared to Q2, activity is expected to remain robust when compared to the same period in 2021.
Fundraising, on the other hand, is on track for the worst performance in a decade as the industry feels the impact of tighter monetary policy and fewer paths to exit. | | | | | | | | | | How did an iconic American chocolate maker avoid the market meltdown? It turns out Hershey became more American and less reliant on chocolate. [The Wall Street Journal]
PE firms may lose the talent war if they don't think beyond compensation when recruiting the next generation of leadership. [Institutional Investor]
Singapore may soon require retail investors to take a test and not use credit card payments and other forms of borrowing for trading cryptocurrencies. [TechCrunch] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 505 Deals | 2176 People | 580 Companies | 30 Funds | | | | | | |
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| 2012 Vintage Global Real Assets Funds | | | | | | |
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| OpenWeb hits $1.5B valuation | | | OpenWeb has raised $170 million at a $1.5 billion valuation in a round led by Georgian. The Tel Aviv-based company is a developer of a social engagement platform for content creators, publishers and advertisers. | | | | | | | Versa Networks banks $120M | | | Versa Networks has raised $120 million from investors including BlackRock and Silicon Valley Bank. The company is a provider of network security software designed to integrate cloud, networking and security services. | | | | | | | | | HealthJoy has raised a $60 million Series D led by Valspring Capital. The company is a developer of a healthtech platform designed to help employers offer benefits. | | | | | | | Navina brings in $22M Series B | | | Navina has raised $22 million in a round led by ALIVE Israel HealthTech Fund. The company is a developer of a healthtech platform designed to help physicians manage and analyze patient data. | | | | | | | | | Fox Robotics has raised $20 million in a round led by BMW i Ventures. The company is a developer of intelligent forklift robotics designed to autonomously transfer pallets. | | | | | | | Midi Health locks in $14M seed round | | | Midi Health has raised $14 million in a round co-led by Felicis and SemperVirens. Based in the Bay Area, the company is a developer of a virtual healthcare platform designed to help women manage menopause and other health issues. | | | | | |
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| Everstone Capital exits majority stake in Acqueon software | | | | | | | | ESPN sells X Games majority stake to MSP Sports Capital | | | MSP Sports Capital has acquired a majority stake in the X Games from an ESPN subsidiary, ESPN Productions, which founded the televised action sports competition in 1995 and retains a minority stake. Since its founding in 2019, New York-based MSP Sports has invested in Formula 1 racing teams and a German football club, among other entities. | | | | | | | KKR acquires Ness from Rohatyn Group | | | | | | | | Thoma Bravo, Sunstone to buy UserTesting for $1.3B cash | | | Thoma Bravo and Sunstone Partners have agreed to take San Francisco-based UserTesting private for $7.50 per share, valuing the deal at around $1.3 billion. The deal is expected to close in the first half of 2023. At that point, the buyers intend to merge UserTesting with another Thoma Bravo portfolio company, UserZoom. | | | | | | | Sporos invests in cannabis specialist Story Companies | | | Cannabis-focused PE firm Sporos Capital Partners has closed an equity investment in Story Companies, a cannabis company with operations in multiple states. In a statement, Sporos said it was making "an eight-digit investment" in Story, but provided no further details. | | | | | | | Nuveen acquires European private debt manager Arcmont | | | Investment manager Nuveen has agreed to acquire a controlling stake in Arcmont Asset Management, a European direct lender that manages roughly $21 billion in committed capital. The addition of Arcmont will deepen Nuveen's presence in Europe and supplement its new private capital unit, which also houses Churchill Asset Management. | | | | | |
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| Streamlined Ventures collects $140M | | | | | | |
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