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In today's Daily Pitch, you'll find: - How private valuations for fintech companies might fare, based on the performance of their public counterparts.
- Some legacy tech companies are turning to PE as they navigate the complicated transition to cloud-based subscription models.
- Our Female Founders Dashboard breaks down another difficult quarter for female-founded startups looking to raise funds.
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| PE investors offer patient capital to tech companies in take-privates | |  | | (Jirsak/Shutterstock) | | | The recent downturn in software valuations has not only offered PE firms a chance to scoop up cheap companies, but has also made some listed software developers consider replacing public shareholders with patient capital from private investors as they undertake the complicated transition to cloud-based subscription models.
For companies like Tufin, which was acquired this year, going private can provide insulation from shareholder pressure while undergoing this transition and contending with public market volatility.
Managing communication with public shareholders can be even more difficult for small-cap companies, especially in a volatile market, industry experts say. As a result, these companies often consider significant transitions with private capital partners. | | | | | | | | | Public fintech valuations remain far off their highs | | Many of the recent traditional IPOs and de-SPAC transactions have not resulted in as big a payday as expected for late-stage fintech investors, as stocks of fast-growth, low-profit companies in the sector are 60% to 80% off their peak.
Our analysts believe a challenged IPO market with lower valuations means that executing an IPO will be more difficult and valuations will be lower, at least in the short term. The trend could affect the performance of certain growth equity and late-stage VC funds.
Our Fintech Q3 Public Company Valuation Guide tracks stock performance, revenue forecasts, and market caps of key publicly traded fintech companies in sectors including payments, insurtech and property tech. | | | | | | | |
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| At $12.9 billion, life sciences dealmaking remains resilient | | 2021 may hold all-time records for private markets dealmaking in life sciences, but this year is proving unexpectedly resilient. At $12.9 billion across 461 deals, investment is still strong across the life sciences expansion-stage ecosystem. Deloitte's latest Road to Next installment breaks down how and why this sector is poised for robust investment and significant change, with highlights including: - How private market corrections in valuations are impacting life sciences companies in particular
- Key regulatory developments to watch
- Data on cumulative unicorn valuations, financing metrics and more
Read it now | | | | | | | |
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| Female founders' fundraising sees weakest quarter in nearly two years | | PitchBook's Female Founders Dashboard shows that in Q3, startups with female founders completed the fewest deals and raised the least capital since Q4 2020. - With only $8.2 billion raised across 734 deals, Q3 saw the fourth consecutive quarterly decline in fundraising by female-founded companies, a clear end to the momentum of 2021.
- So far this year, female founders have raised a total of $32.4 billion across 2,815 deals. While that activity lags the highs seen last year, 2022 is still the second-best year on record.
- Software companies were the strongest drivers of growth in Q3 2022, with startups in the industry raising $2.6 billion across 249 deals. Notable deals included a $175 million Series F for education platform developer Guild and a $152 million Series C for identity verification platform developer Alloy.
| | | | | | | | | Swings in foreign exchange markets round out a volatile Q3 | | Global markets continue to see headwinds, as inflation-fighting central banks deal with volatility and contradictory fiscal policy, leading to a bumpy ride for foreign exchange markets. Investors looking for stability are struggling to find havens. Global bond indexes sold off along with equities and commodities during September. Entering Q4, recession fears have tightened their grip on markets, placing central bank reactions to the current environment at top of mind.
Our recent Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also includes private markets activity, including major deals, fundraising, IPO performance, lending volumes and unicorn creation. In this monthly digest, we provide the datasets that PitchBook's Institutional Research team is keeping an eye on as markets remain volatile. | | | | | | | | | | Despite the global slowdown, China's domestic IPO market has remained active. [Bloomberg]
One writer's thoughts on how mismanagement and "monster trains" have wrecked US rail. [The New York Times]
US banks are likely to stockpile billions to prepare for potential losses from bad loans. [Financial Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 558 Deals | 1707 People | 547 Companies | 23 Funds | | | | | | |
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| 2018 Vintage European PE Funds | | | | | | |
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| Foodology gobbles up $50M | | | Foodology, a Colombia-based cloud kitchen and virtual restaurant company, has raised $20 million in equity and $30 million in debt, according to reports. Investors including Andreessen Horowitz, Wollef and Kayyak participated in the funding. | | | | | | | | | | | | | | | | Trendsi has raised $25 million in a round led by Lightspeed. The funding values the Bay Area-based company at $134.5 million, according to PitchBook data. Trendsi offers an ecommerce platform designed to help consumer brands manage operations. | | | | | | | Endor Labs secures $25M seed round | | | | | | | | | | ARTA has raised an $11 million Series A led by AXA Venture Partners. The New York-based company is a developer of fulfillment technology designed to help merchants, marketplaces and auction houses manage transactions of high-value goods and collectibles. | | | | | |
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| PitchBook webinar: Best practices for cash flow forecasting | | Don't miss our webinar on the best practices for cash flow forecasting.
We'll discuss the best strategies that allocators and private market investment advisers can use to manage alternatives portfolios. Our analysts will touch on best practices for setting commitment schedules and thinking about liquidity needs due to uncalled commitments. Key takeaways include: - Hear about cash-tiering strategies for uncalled commitments from PitchBook analyst and former LP Hilary Wiek.
- Learn how our analysts approach commitment pacing challenges by focusing on data and patience.
- Explore the LP cash flow forecasting and commitment pacing models now available to our clients.
Register now to secure your spot. | | | | | | | |
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| Advent's Imperial Dade acquires Alabama company | | | New Jersey-based Imperial Dade, which distributes food service and janitorial supplies and packaging, has made its fifth add-on acquisition since Advent International acquired the company from Bain Capital through a leveraged buyout in June. The purchase of Alabama-based Mobile Janitorial & Paper will expand Imperial Dade's product offerings, the company said. | | | | | | | Sunstone's Knowtion Health adds on Amplus | | | | | | |
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| Getir in talks to buy Gorillas | | | Turkish food delivery startup Getir is in advanced talks to acquire Berlin-based competitor Gorillas, Bloomberg reported. The deal would involve a mixture of cash and equity, according to the report. Gorillas has raised funds from investors including Coatue, DST Global and G Squared. | | | | | |
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| Churchill collects $12B+ for latest funds | | | Churchill Asset Management has raised more than $12 billion from roughly 150 institutional and high net worth investors to close a series of funds, including levered and unlevered senior loan vehicles, publicly registered vehicles and separately managed accounts. | | | | | | | Hy24 closes clean hydrogen infrastructure fund with $1.9B | | | | | | |
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