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In today's Daily Pitch, you'll find: - Our latest Emerging Tech Research breaks down the decline in VC funding for supply chain tech, maps emerging opportunities and more.
- Northzone's recruitment adviser for startups discusses the outlook on hiring and retention in a downturn.
- Chart of the Day: Seed deal values continue to rise, from our PitchBook-NVCA Venture Monitor.
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| VCs extend pullback from supply chain tech | | VC funding for the supply chain tech industry continued to ebb in the third quarter, as pressures on the system eased somewhat amid waning demand. Startups around the world added $3.3 billion across 188 deals—representing a year-over-year decline of 77.2% and 55.7%, respectively.
Our latest Emerging Tech Research update explores VC trends in the supply chain space and highlights opportunities like blockchain technology and autonomous warehouse and delivery operations. The report also includes company spotlights on DLT Labs, Phantom Auto and Lumachain. Takeaways include: - While the number of exits in Q3 rose slightly quarter-over-quarter, overall exit value fell 59%.
- Public listings dropped 73% year-to-date, but buyout activity ticked up.
- Startups that offer technology for improving tracking and visibility in the supply chain—shortcomings exposed by the pandemic and recent geopolitical pressures—could see a tailwind.
| | | | | | | | | Q&A: Northzone on how to attract startup talent in a downturn | |  | | (Ink Drop/Shutterstock) | | | Attracting and retaining talent has been a major pain point for startups, and today's deteriorating market environment makes that task even more challenging.
We spoke with Elena Pantazi, a partner at London-based venture firm Northzone, about ways startups can manage employee recruitment and retention in the current economic climate. | | | | | | | |
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| A message from DealCloud, by Intapp | | |
| Recession-driven opportunities remain for dealmakers amid market uncertainty | | The Autumn 2022 edition of the Dealmaker Pulse Survey Report is live. - 59% believe valuations in the coming 6 months will be lower than current levels
- 61% are concerned about overlooked or increased risk as a pricing obstacle
- Yet 73% anticipate the same or higher volume of deal closings
Download a copy for more insights from private equity professionals on deal activity and fundraising, as well as data-driven analysis on the trends, factors, and challenges dealmakers may face in the months ahead.
Download the report | | | | | | | |
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| Female founder dealmaking slump remains as year-end nears | |  | | (mapo_japan/Shutterstock) | | | Data from PitchBook's US VC Female Founders Dashboard shows that dealmaking is still in a slump, as startups with female founders end the year with a whimper.
Two months into Q4, such startups have completed 496 deals worth $4.8 billion, the fewest number of deals completed in this timespan since 2015. - Relative to the overall US VC market, it was a mixed bag: Female-only founded startups have garnered just 2% of all capital raised this year, the lowest share since 2016. Companies with both male and female founders, however, saw their share increase to 15.4%, a five-year high.
- In November, healthcare services and systems companies raised the most money among female-only startups at $112 million, led by a $90 million round for digital health platform developer Maven.
- Angel and seed stage deals have made up a larger-than-usual share of capital raised for female-only founded startups, representing roughly a quarter of capital raised in Q4 for those enterprises. This comes at the expense of early-stage VC deals, which made up only 32.7% of capital raised in that same time period, far less than its normal share.
| | | | | | | | | Fundraising funk hits up-and-coming firms hardest | | Raising private capital became more difficult in Q3. Aggregate fundraising across the private investing universe was down 7.7% to $1.35 trillion in the 12 months leading up to Sept. 30, as only those funds focusing on venture capital and real assets managed to surpass year-ago levels.
But as some GPs—particularly emerging firms—get nervous, institutional investors have gained leverage in discussions around fund terms, DEI mandates and ESG data.
Our Q3 2022 Global Private Markets Fundraising Report (formerly known as the Global Private Fund Strategies Report) explains how each private strategy survived—or thrived—while fundraising this autumn. Key takeaways include: - November PE fund marketing rule changes from the SEC could add to the burdens of small GPs as they work to comply.
- Investors are seeking safety in North America-based funds as they consider the strong dollar and distance from the war in Ukraine.
- High inflation has spooked even real estate investors, whose commitments to funds declined 19% from the prior year through Q3.
| | | | | | | | | PE fund returns soften after last year's peaks | |  | | (hachiware/Shutterstock) | | | Global PE funds recorded a rolling one-year IRR of 29.9% through Q1 2022. And while that bests most private market strategies—except for secondaries and funds-of-funds—it represents a cool-off from last year's strong momentum.
Meanwhile, preliminary data indicates PE funds delivered a -3.2% return in Q2 2022, trailing all other private fund strategies.
PitchBook analysts expect global PE fund returns to remain negative or flat for another quarter or two before climbing back to positive ground, should the volatility in financial markets persist. | | | | | | | | | | In the wake of FTX's dramatic collapse, Commodity Futures Trading Commission chairman Rostin Behnam is pushing for change in the crypto world. [Pensions & Investments]
How cash-hungry companies are getting creative about raising capital. [The Wall Street Journal]
After only a year and a half, Andreessen Horowitz's tech publication Future is dead in the water. [Business Insider] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 13 Deals | 91 People | 38 Companies | | | | | | |
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| 2019 Vintage Global Real Estate Funds | | | | | | |
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| A message from RBC Capital Markets | | |
| Activism is increasingly embedded into M&A strategy | | Shareholder activism has returned after a pandemic lull. How will the rise of activist investors and universal proxies affect deal flow? How are corporate boards responding?
Get in-depth insights from RBC's expert bankers as they discuss topics and trends affecting the global M&A market on M&A Inflection Points, a limited podcast series. | | | | | | | |
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| | | Defense tech company Anduril, which is helmed by Oculus founder Palmer Luckey, closed a $1.48 billion Series E led by Valor Equity Partners. The round valued Anduril at $8.48 billion, up from $4.6 billion in June 2021. | | | | | | | | | | | | | | Healthtech startup ZOE pockets $31M | | | Accomplice has led a £25 million (about $31 million) investment in London-based ZOE. The startup offers personalized nutrition programs. | | | | | | | Reach grabs $30M for wireless power | | | Reach has raised a $30 million Series B led by DCVC. The company said in a statement it is developing technology to deliver power wirelessly "over tens of meters." | | | | | | | | | Robotic smoothie maker Smoodi has raised $5 million in Series A led by Keith Canning, TechCrunch reported. | | | | | |
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| Don't miss our upcoming webinar | | Join us for a webinar discussing key components of the difficult market landscape, including tightening credit and liquidity conditions, slowing growth and sharp increases in short-term interest rates, and how these impact PE.
PitchBook analysts Zane Carmean and Andrew Akers will discuss how rising debt costs combined with continued pullback in financing availability will be a significant headwind moving forward. Key topics include: - The window for an economic soft landing has narrowed. Our quantitative recession model predicts that recession odds have risen sharply in recent months.
- While core inflation has slowed modestly in recent months, it has also broadened out into core services.
- Although the US is not currently in a recession, growth drivers such as consumer spending and nonresidential business investment have slowed.
Register now to secure your spot. | | | | | | | |
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| Coatue, Dragoneer lead $140M UpStream round | | | | | | | | Apollo-Altius joint venture commits $46M to solar deal | | | | | | | | Leeds' LRN acquires Thomson Reuters carveout | | | | | | | | Dog-watcher Skiptown nabs growth funding | | | | | | |
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| Creation Investments closes $270M impact fund | | | Creation Investments Capital Management has held the final close of its latest fund, Creation Investments Social Ventures Fund V, on over $270 million in commitments. The impact fund is designed to increase access to capital in India, Mexico and other emerging markets. | | | | | | | WestView's fifth fund gets $125M commitment | | | | | | |
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| Investcorp to buy Marble Point Credit | | | | | | | | Patria Investments launches VC strategy | | | Latin American asset manager Patria Investments is getting into VC investing following the acquisition of Igah Ventures. Patria already operates private equity and growth equity strategies. | | | | | |
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