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Looking ahead to 2023: What do our analysts forecast for US venture next year? The first of our 2023 outlooks covers VC down rounds, mega-rounds, valuations, fundraising, and much more. Check it out.
Sneak peek: We'll give a wide release to our latest Agtech Report in Monday's newsletter, but you can get early access to the VC data trends and more from our free preview by clicking here.
Join our team! Our research teams are hiring as we head into the new year. Check out the roles below and consider sharing them with your networks: | | | | | |
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| We improved our data on impact funds. Then we tracked the flow of capital. | | | When I was an LP, one of my many responsibilities was implementing an impact investment portfolio through various funds.
But with a very specific mandate, it was tough to find partners who were able to advance our mission.
I learned a few things from that assignment, one of them being that impact investing is not homogenous—every investor has a different idea of what they want to impact.
When I got to PitchBook in 2020, taking on a research role in part having to do with ESG and impact investing, I realized that while it was great that we were tagging funds for "seeking impact," a person searching our platform would get a long list of funds that needed to be whittled down.
If the user had a very specific impact mission, the vast majority of the list would be of no interest.
We needed to have a second tier of tagging, something that would allow users to filter down to the funds most likely to be in line with a particular investor's chosen cause.  | | Click for more on how we've categorized impact funds. | I was a little afraid that I'd need to come up with the categories we would use for tags—the world really doesn't need another sustainable investing framework—but thankfully I stumbled across the GIIN's IRIS+ framework, which had been built for investors to segment the landscape by categories of impact. With this framework in hand, we were able to tag impact funds with the types of impact investments they were seeking to make. Through a lot of keyword searches and a lot of manual effort, we ended up with a unique data set: over 2,500 funds labeled as seeking impact, most of which have at least one IRIS+ category tag. Once we had the data, we could start to work with it. Pulling all of the funds and their impact category tags, plus their strategy (PE, VC, real assets, etc.) and geography, we were able to analyze where and when funds have been flowing to various types of impact. While I've sliced and diced the data in a number of different ways, clients of PitchBook are now able to do their own searches on our platform to try to identify investors that align with their personal definitions and goals for impact investing. I have known LPs with impact assets to put to work, but they have labored to find funds that matched their mission. I also have known GPs with interesting impact strategies who have struggled to find the LPs who were looking for what they had to offer. I hope that this new data set is able to help smooth the flow of capital between these investors. For a deeper look at our new impact funds data, download the free research: Impact Investing Update | | | | | | | |
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The energy crisis that followed Russia's invasion of Ukraine has accelerated the demand for alternative energy, especially low-carbon sources that can be produced domestically.
Meanwhile, growing investment in clean energy supply chains and hefty government spending measures provide a foundation for future growth.
It all adds up to a fertile environment for startups in the space, according to our Clean Energy Launch Report, as we unveil new full-time analyst coverage on the vertical: - VC activity has been remarkably resilient, with $11 billion raised across 401 deals this year, on pace to match 2021's record.
- Intermittent renewable energy, especially solar, has outperformed relative to last year. So have clean fuels, led by low-carbon hydrogen.
- The Inflation Reduction Act, signed into law in August, gives significant support to clean energy production. Its effects are already being felt.
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PE's mega-buyouts dominated the market over the past few years, pushing middle-market funds into the backseat.
But this dynamic could shift in the future as take-privates take aim at smaller companies.
In our Q3 US PE Middle Market Report, we show how dealmaking could shift to the middle market as mega-buyouts become increasingly difficult to finance: | | | | | | Fundraising for private real assets investing slowed in Q3, but the vehicles collecting LP commitments are ballooning in size.
Meanwhile, returns are sitting at 15-year highs, the most recent data shows.
Infrastructure funds' rolling one-year IRR reached a post-global financial crisis peak of 16.7% through Q1. That's good news for the strategy, as infrastructure investments have made up the vast majority of real assets in 2022.
As the often long-term, low-risk strategy attracts more attention, our Q3 Global Real Assets Report breaks down who is investing in what, and why: | | | | | |
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The Future of Connected Cars
Connected cars can produce as much as 25 gigabytes of information per hour—and that number is only growing.
But what's being done with all that data?
|  | | Click to access the full market map for connected mobility. | | | |
Our research delves into the history of connected cars—which have moved far beyond their simple onboard diagnostic origins—and explores how sensors and computers are helping manufacturers boost mobility tech.
It also maps out notable players across the sector, from automotive software developers to navigation experts: | | | | | |
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How is this crypto bear market different from past downturns?
What are investors avoiding following the FTX blowup and where do they see opportunities?
We hosted a live discussion this week with a pair of crypto VC investors to get their viewpoints on risk management, security flaws, regulations, and other market trends:
Watch the free replay | | | | | |
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Digital health and medtech analyst Aaron DeGagne weighs in on Tandem Diabetes Care's agreement to acquire AMF Medical, maker of the Sigi patch pump:
"Tandem Diabetes' $207 million acquisition of wearable insulin pump maker AMF Medical, including $140 million of contingent payments, is the largest deal in diabetes tech since Medtronic's purchase of Israeli insulin pump developer Triple Jump in late 2021.
"The deal was a significant step up from AMF's last valuation of $18 million in December 2021 when it raised angel funding; the company received Breakthrough Device Designation by the US Food and Drug Administration shortly after this previous round.
"Tandem now joins Medtronic as the only company in the space to have both an insulin pump and continuous glucose monitor (CGM), though Insulin patch developer Insulet offers a patch pump that is compatible with Dexcom's CGM.
"This deal represents Tandem's first entry into insulin patch delivery, which can be more discreet and convenient for people with diabetes, though the large contingent payment in the deal indicates some market uncertainty, with AMF yet to receive FDA approval for its Sigi patch pump.
"Other VC-backed companies developing wearable insulin pumps include CeQur Simplicity, and Pacific Diabetes Technologies and PhysioLogic Devices, two startups developing combined CGM-pump devices."
| | Aaron DeGagne, CFA
Emerging Technology Analyst
Digital Health & Medtech | | | | | |
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Our insights and data featured in the press: - The downturn in funding for crypto startups will likely stretch well into 2023. [WSJ]
- Early-stage investors are turning their attention from cryptocurrencies and related concepts like Web3 to generative AI technologies. [CNBC]
- Why Getir's major acquisition of Gorillas makes sense strategically as the rapid delivery industry faces growing challenges. [Business Insider]
- As investors brace for a potential recession, infrastructure continues to dominate real asset fundraising. [Institutional Investor]
- Public listings are expected to remain muted, but "companies in the energy sector may look to benefit from increased focus as well as profits and seek an exit." [CNBC]
If you're a journalist interested in interviewing our analysts or requesting data, contact our PR team. | | | | | |
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Highlights from our other recent research:
Market updates
Thematic research
Industry and technology research
Coming next week (subject to change) - 2023 Outlooks for VC, PE, EMEA, and tech
- Analyzing the state of cross-border M&A
- ETR: Agtech
- ETR: Insurtech
- Tech Brief: Carbon Offsets
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| A message from Martis Capital | | |
| Building healthcare leaders | | Since 2011, Martis has partnered with healthcare companies at an inflexion point to help them accelerate their growth. Martis invests in both healthcare services and healthcare technology companies. In 2022, for the second consecutive year, Martis was proud to be the only dedicated healthcare PE firm to receive both the Inc. Founder-Friendly Investors Award and the Top 50 PE Firms Award.
The firm’s investment philosophy is centered around a thematic, research-driven effort that proactively identifies narrow end-markets where there are opportunities to add value. Martis then utilizes a flexible approach to tailor transaction structures to the needs of founders and their companies.
Learn more about Martis’ most recent investments and what healthcare themes it views as attractive in today’s environment. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 349 Deals | 1886 People | 542 Companies | 40 Funds | | | | | | |
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