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| In today's Daily Pitch, you'll find: | | | | | |
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| FTX fallout: What comes next? | |  | | (Felix Mizioznikov/Shutterstock) | | | Leading crypto exchange FTX could collapse if it fails to find financing partners that can fill a multibillion-dollar gap on its balance sheet. While failures are common among VC-backed companies, the demise of a market leader that raised $2 billion from investors would be a larger financial disaster than that of blood-testing company Theranos.
PitchBook analyst Robert Le explores the unanswered questions and likely outcomes of the crypto industry's latest crisis. | | | | | | | | | Downturn in AI chip market reveals emerging trends | | The AI and machine learning semiconductor sector is especially sensitive to market fluctuations, an effect seen in the 69% decline of VC funding this year for startups outside of China. This pressure could boost M&A as a preferred exit strategy and benefit startups whose technologies are attractive to established industry players.
In our latest Emerging Tech Research analyst note, PitchBook analyst Brendan Burke identifies areas of opportunity amid a wider slowdown, such as for chips used to run AI on live data versus the historical preference for training on static data. | | | | | | | |
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| A message from Plante Moran | | |
| The deal is done. Now, how do you plan to create and maximize value? | | In today's competitive private equity landscape, successful PE firms are strategizing to drive growth well beyond the transaction. A "long game" plan for value creation post-acquisition is essential to meeting growth goals and achieving higher returns—the sooner you start, the more you'll increase ROI. Plante Moran experts understand what's at stake; from day-one accounting and tax planning, to optimizing technology and operations for a smooth integration, they'll help kickstart value creation before—and after—deal-close.
Innovative firms rely on Plante Moran's practical, proven expertise every day. Find out how it can help you make the most of your investment.
Learn more | | | | | | | |
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| On the podcast: Seed's silver linings | | Maëlle Gavet, CEO of Techstars, joins the podcast from Web Summit 2022 in this bonus episode of the "In Visible Capital" podcast.
Gavet unpacks Techstars' approach to pre-seed investing and talks investing in the Middle East and Africa, opportunities in the farm-to-fork supply chain, and why she expects VCs to start disappearing as LPs concentrate their capital.
Check out the episode to hear why Gavet is optimistic about the early stage, despite a daunting geopolitical landscape. | | | | | | | | | US PE dashboard: Big public firms' earnings cool down | |  | | (Drew Sanders/PitchBook News) | | | Q3 earnings are all in—and the publicly traded US PE firms' earnings weren't as hot last quarter. A slowdown in exit activity pressured the earnings that asset managers could return to shareholders, and AUM growth was sluggish for the biggest firms.
Our PE dashboard, updated quarterly, tracks trends in key performance metrics for public PE firms—Blackstone, Apollo Global Management, KKR, The Carlyle Group, TPG and Blue Owl Capital—from company filings and PitchBook data. | | | | | | | | | How electrification will supercharge the shift to clean energy | |  | | (zhangyang13576997233/Shutterstock) | | | Transitioning to clean energy requires a fundamental shift in how homes, businesses and transportation are powered. As more services are run through the electric grid, demand for electricity is inarguably going to climb—but by how much?
Both the speed and scale of the surge in US electricity demand are underestimated, according to a recent Morningstar report. The path to eliminating carbon emissions will run through utilities, with far-reaching implications for both infrastructure and investors. | | | | | | | | | PE dials up European telecom deals | |  | | (DG Garci Freelance/Shutterstock) | | | KKR and Global Infrastructure Partners' acquisition of Vodafone's $15 billion tower unit is the latest in a string of PE deals involving European telecom assets.
Since 2018, private equity has been involved in a growing share of acquisitions as Europe's telecom giants shed infrastructure assets. | | | | | | | | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 447 Deals | 2264 People | 569 Companies | 18 Funds | | | | | | |
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| 2011 Vintage Global Debt Funds | | | | | | |
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| A Message from PitchBook Media | | |
| PitchBook's 2023 Media Kit released | | Year to date, PitchBook's newsletters have over 115 million impressions and over 540,000 report downloads. Partnering with PitchBook Media is a way to feature your firm's insights in one of the most popular venues for timely and relevant PE and VC articles, news, asset class reports and custom white label reports.
The brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.
Click here to download it today or to speak to someone on the media team. | | | | | | | |
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| Island adds $60M to Series B | | | Island has extended its Series B with $60 million in a round co-led Georgian and Insight Partners. The company is the developer of an enterprise browser designed to help organizations protect users and their data. The funding values the company at $1.3 billion. | | | | | | | | | Kyte has raised a $60 million Series B led by InterAlpen Partners. Founded in 2019, the company offers on-demand rental car services. | | | | | | | | | Rewst, a robotic process automation platform for managed service providers, has raised a $21.5 million Series A led by OpenView. | | | | | | | Battery Ventures leads $18M round for Coefficient | | | Coefficient has raised an $18 million Series A led by Battery Ventures, with support from Foundation Capital and S28 Capital. The Mountain View, Calif.-based company is the developer of a data analytics platform designed to help teams upload data directly from their spreadsheets. | | | | | | | Fintech startup Tellus raises $16M | | | Tellus has raised $16 million in a seed round led by Andreessen Horowitz. The company offers a savings platform designed to help users earn returns with interest income generated by residential real estate lending. | | | | | | | Skincare company Topicals lands $10M | | | Topicals has raised $10 million in a round led by CAVU Consumer Partners. Based in Los Angeles, the skincare brand focuses on chronic skin conditions such as psoriasis or hyperpigmentation. | | | | | |
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| Primus leads $100M round for Ordergroove | | | Primus Capital Partners has led a $100 million growth equity round for Ordergroove, which handles customer subscriptions for direct-to-consumer brands and retailers. The VC-backed company plans to use the funds to further develop its technology. | | | | | | | Brookfield, MidOcean bid for Origin Energy | | | Brookfield Asset Management and MidOcean Energy, a liquefied natural gas specialist backed by EIG, have bid $9 per share for publicly traded gas and power company Origin Energy. The deal would value Origin at A$18.4 billion (about $11.8 billion) and divide the company. Brookfield would receive Origin's energy markets business, while MidOcean would get its integrated gas business. | | | | | | | Francisco invests in gaming company Glorious | | | Francisco Partners has invested in PC gaming-focused brand Glorious. The deal marks the first time the Dallas-based company, founded in 2014, has raised outside financing. | | | | | | | PE firms back Wrench Group | | | | | | | | Integrity's MBS Highway acquires ListReports | | | | | | |
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| HighBrook closes $632M fund | | | Real estate firm HighBrook Investors has closed its latest fund on $632 million. The vehicle targets investments in the Netherlands, Germany and Denmark, with select properties in the US. So far it has acquired 80 properties—mainly last-mile urban warehouses. | | | | | |
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