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| In today's Daily Pitch, you'll find: | | | | | |
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| VCs pull back from mobility tech as EV IPOs struggle | | VC activity in mobility tech continued to slump in Q3. Only $5.5 billion was invested in the sector, a decline of 55% quarter-over-quarter and 79% year-over-year. But while VCs are sitting on the sidelines, chipmakers are joining the game.
As EVs become increasingly reliant on digital components and data, car manufacturers are moving aggressively to establish tighter ties with chipmakers and bring design in-house. Meanwhile, new chip architectures like RISC-V promise to disrupt the market by offering flexibility and undercutting the price of licensing from traditional players like ARM.
Our Q3 2022 Mobility Tech Report explores VC trends in the space. The report also includes a comprehensive market map and company highlights for INRIX, Smartcar and SiFive. | | | | | | | | | Public mobility tech valuations reverse amid industry headwinds | | Mobility tech was the ultimate good news story in 2021, but reality has caught up with expectations in the sector as the costs of materials rise, supply chain issues persist and vehicle production fails to keep up with demand.
PitchBook analysts note a bright spot for the sector: the successful IPO of Intel's Mobileye autonomous driving unit, which offered hope for companies that can demonstrate revenue growth and earnings.
Our Mobility Tech Public Company Valuation Guide tracks stock performance, revenue forecasts and market caps of key publicly traded companies in sectors including electric vehicles, battery makers and self-driving cars. | | | | | | | |
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| A message from DealCloud, by Intapp | | |
| Understanding and preparing for each stage of an M&A transaction | | Each stage of an M&A transaction requires intelligence, thoroughness, and perseverance. And even with those strengths, any number of mid-stage surprises can derail a deal.
The good news? You can beat those dismal odds by understanding the deal phases of a typical M&A transaction and investing in the tools your deal team needs to successfully execute each stage.
Download the whitepaper | | | | | | | |
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| PE touts diverse managers for NYC pension plans | |  | | (Stephan Guarch/Shutterstock) | | | A new report from New York City's comptroller highlights improved levels of diversity among the asset managers of the city's five largest public pension plans. Private equity, in particular, was the asset class with the highest percentage of assets managed by emerging and minority- and women-owned firms in the 2021-22 fiscal year.
But for the city's pension plans—and the wider institutional investor community—the numbers are still strikingly low relative to the total AUM of the plans. Of the retirement systems' nearly $240 billion, only $16.82 billion was invested with or committed to diverse and emerging managers at the end of fiscal year 2022. | | | | | | | | | Fintech VC activity returns to pre-2021 levels in DACH | |  | | (Postmodern Studio/Shutterstock) | | | The fintech sector has been significantly affected by the global downturn, and the DACH region is no exception.
Venture dealmaking is on track to come in below 2021's record numbers, but fintech is still proving to be a popular vertical for investors across Germany, Switzerland, Austria and Liechtenstein. | | | | | | | | | | The metals for your EV are stuck in a 30-mile traffic jam. [Bloomberg]
Why dispensing used cars like chocolate bars is becoming a tough sell for Carvana. [Financial Times]
Who's really at the wheel of Tesla in China? [The Atlantic] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 16 Deals | 125 People | 53 Companies | | | | | | |
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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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| | | Vivrelle has raised a $35 million Series B led by 3L Capital. The New York-based company is a developer of a membership-based platform designed to help users access a shared closet of designer handbags and accessories. | | | | | | | 3Nets nabs $11M seed round | | | 3Nets has raised $11 million in a round led by Taiwania Capital. It offers a network-infrastructure platform for application delivery. | | | | | | | Yes Hearing rakes in $10M Series A | | | Yes Hearing has raised $10 million in a round led by Blue Heron Capital. The New York-based company offers hearing aid devices, along with a network of audiologists and hearing care specialists. | | | | | |
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| Don't miss our upcoming webinar | | With the end of 2022 approaching, the differences in the VC market from this year to last continue to come into focus.
In this webinar, our speakers will explore the lost momentum of 2022, as well as the inverse dynamic between deal sizes and deal count. They will analyze the factors that contributed to this decline and whether current market conditions will continue or revert.
Register now to secure your spot. | | | | | | | |
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| Apollo sells tower builder to PE-backed Harmoni | | | | | | | | Five firms to land TIAA Bank | | | | | | | | Petershill picks up stake in LLR Partners | | | | | | | | Voyager Interests, Clearlake swap Knight Energy Services | | | | | | | | PE-backed Triple Oak sells Texas wind farm to Fengate | | | Fengate Asset Management has acquired a wind power project under development in Texas from Triple Oak Power. As part of the transaction, Meta agreed to purchase 100% of the output of the 160-megawatt project, dubbed Prairie Switch Wind. EnCap Investments, Yorktown Partners and Mercuria created Triple Oak through investments in 2020. | | | | | | | WindRose acquires Bank's Apothecary for pharmacy platform | | | | | | | | L2 Capital's Ecotone scoops up shoreline specialist | | | | | | |
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| Tech-focused Sumeru Equity closes $1B+ fund | | | Sumeru Equity Partners has closed its fourth namesake fund on $1.3 billion. Sumeru Equity Partners Fund IV, which had a target of $1 billion, will invest in founder-owned software companies in North America and Europe. | | | | | | | Dick's Sporting Goods launches $50M VC fund | | | Dick's Sporting Goods has launched DSG Ventures, a $50 million venture fund that will invest in sports-focused consumer brands and marketplaces. | | | | | |
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