Unwrapping outlooks on tech for 2023

Crypto's topsy-turvy 2022 timeline; low valuations reach early-stage insurtech; PE investors boost due diligence; Mubadala to sell stake in OMV

Read online | Don't want to receive these emails? Manage your subscription. Log in The Daily Pitch: VC, PE and M&A December 22, 2022 The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data In today's Daily Pitch, you'll find: Our latest timeline looks back on crypto's topsy-turvy ride through 2022. Predictions abound. Our 2023 Industry and Technology Outlook forecasts trends for the coming year, and our analyst note on the post-digital era envisions the next tech supercycle. Chart of the day: Months to close for private capital funds, from our Global Private Market Fundraising Report.   Today's Top Stories   Unwrapping tech's crystal ball It's the most wonderful time of the year, and to celebrate, we have an early gift: our tech analysts' outlooks for 2023 and beyond. Which verticals are on the nice list and poised for greater investment? And which areas are saddled with coal and headed toward rougher waters for the new year? Our 2023 Industry and Technology Outlook compiles predictions for the year ahead. But what comes after next year? Paul Condra, our head of Emerging Technology Research, has you covered with a bonus stocking stuffer. His analyst note on the post-digital era envisions the next tech supercycle. Share: Insurtech's valuation declines spill over into the early stages While insurance giants keep calm and carry on, many recently listed insurtech companies have floundered, indicating that they were overvalued before going public. Now, these corrections are catching up with the private markets, and PitchBook analysts foresee a challenging market ahead for VC-backed insurtech startups. Our latest Emerging Tech Research highlights the biggest players in insurtech and breaks down the sector's rocky third quarter. The report also spotlights opportunities in geospatial intelligence and specialty insurance for new markets. read the preview   Share: Come one, come all: Crypto's wild ride in 2022 (Leonard Zhukovsky/Shutterstock) FTX founder Sam Bankman-Fried's extradition to the US caps a topsy-turvy year for crypto. Bitcoin fell more than 60%. Bored Apes were held hostage. Larry David had the last laugh. Tens of billions of dollars in value vanished from investors' funds—not to mention users' accounts. Here's a look back at the events that reshaped the industry. see the timeline   Share: PE investors strengthen due diligence amid a cooling deals market (Proxima Studio/Shutterstock) Financial buyers have been taking more time to perform due diligence and, in some cases, have been negotiating stronger indemnity provisions to protect themselves against downside risks facing the assets they are looking to buy. As the deals market cools amid sinking valuations and rising borrowing costs, sellers may see a smaller pool of suitors, making it easier for buyers to dig into a target's financial standing and negotiate better legal terms. read more   Share: Recommended Reads A look inside crypto's largest liquidity provider, Tether, which has withstood multiple multibillion-dollar redemption runs. [Forbes] Many companies and investors are eager to recycle batteries from electric vehicles, but it could take a decade or more before enough used lithium-ion batteries become available. [The New York Times] Buzzy products like ChatGPT and DALL-E 2 will have to turn a profit eventually. Will that kill their magic? [The Atlantic]   Since yesterday, the PitchBook Platform added: 458 Deals 1810 People 618 Companies 32 Funds See what our data software can do   Quick Takes     The Daily Benchmark     2012 Vintage Global VC Funds     People     Sequoia exec exits for Workday     VC Deals     Enveda Biosciences lands $68M     BetterPlace adds $40M to Series C     Deepfake studio Deep Voodoo grabs $20M     Biomica secures $20M     PE Deals     PAI Partners to acquire $900M ingredient business     CC Wellness buys Shibari product line     American Equity rejects unsolicited bids from rival     Exits & IPOs     Mubadala to sell 25% stake in Austria's OMV     Fundraising     Louisiana pension fund commits $125M to GTCR     Investors     Sixth Street, others lend $2.3B for Maxar buyout       The Daily Benchmark   2012 Vintage Global VC Funds Median IRR 20.00% Top Quartile IRR 33.95% 2.14x Median TVPI Select top performers BioGeneration Ventures II Emergence Capital Partners III Flagship Ventures Fund IV *IRR: net of fees 41 Funds in Benchmark » Check out the latest version of PitchBook Benchmarks   People   Sequoia exec exits for Workday Carl Eschenbach, a partner at Sequoia, is leaving his role to become co-CEO of Workday with co-founder Aneel Bhusri. Eschenbach will continue as a venture partner with Sequoia. View details       VC Deals   Enveda Biosciences lands $68M Biotech startup Enveda Biosciences has closed on $68 million in debt and equity. The Series B equity was led by Dimension with participation from investors including Two Sigma Ventures and Lux Capital. The startup uses machine learning to find new compounds for drug research. View round   View similar company »   BetterPlace adds $40M to Series C SaaS platform BetterPlace has closed a $40 million extension of its Series C, for a total of $64 million, according to reports. Investors including Jungle Ventures and British International Investment contributed to the extension. View round   View 8 competitors »   Deepfake studio Deep Voodoo grabs $20M "South Park" creators Matt Stone and Trey Parker have received a $20 million investment in their special effects deepfake startup Deep Voodoo, according to reports. The round was led by Connect Ventures, an investing partnership between NEA and talent agency CAA. View round   View similar company »   Biomica secures $20M Biomica, a startup specializing in microbiome-based drug therapies, has received a $20 million investment led by Shanghai Healthcare Capital. View round   View similar company »     PitchBook Webinar: 2023 Private Equity Outlook Join us in examining PitchBook's recent analyst note: 2023 Private Equity Outlook. The discussion will cover the new era of buyouts, along with fundraising trends that are helpful for navigating a challenging environment. Key topics include: PE dealmaking pace remains muted, but new opportunities arise during market volatility. Exploring developments in the stunted exit market. Fundraising trends: Who will be the winners in the increased competition for capital? Register to secure your spot. Share:   PE Deals   PAI Partners to acquire $900M ingredient business PAI Partners has agreed to buy Savory Solutions Group from International Flavors and Fragrances in a deal valued at roughly $900 million. The carved-out business creates ingredients for prepared foods and food service businesses in Canada, Mexico, Thailand and several European countries. View details   View 2 competitors »   CC Wellness buys Shibari product line Catalus Capital Management-backed CC Wellness, which makes medical devices, cosmetics and other products, has acquired sexual wellness brand Shibari's lubricant business. Catalus bought CC Wellness in 2015. View deal   View similar company »   American Equity rejects unsolicited bids from rival Insurance company American Equity Investment Life Holding has rejected two all-cash acquisition bids from rival Prosperity Group, which is backed by Elliott Management. Prosperity bid $45 per share for American Equity, or $3.9 billion. View details   View 15 competitors »     Exits & IPOs   Mubadala to sell 25% stake in Austria's OMV Mubadala has agreed to sell a 24.9% stake in Austrian integrated oil and gas company OMV to Abu Dhabi National Oil Company. The deal expands ADNOC's exposure to petrochemical producer Borealis. In April, ADNOC bought a 25% stake in Borealis from Mubadala; the remaining 75% is owned by OMV. View details   View 26 competitors »     Fundraising   Louisiana pension fund commits $125M to GTCR PE firm GTCR has received a $125 million capital commitment from the Louisiana State Employees' Retirement System for GTCR Fund XIV, Pensions and Investments Online reported. View fund   View 742 investments »     Investors   Sixth Street, others lend $2.3B for Maxar buyout Sixth Street has agreed to lead a $2.3 billion loan to Advent International that would aid the PE firm's $6.4 billion proposed buyout of Maxar Technologies, the Financial Times reported. View details   View 9 serviced firms »     Chart of the Day   Source: PitchBook's Q3 2022 Global Private Market Fundraising Report   Who's in the newsletter today? People Carl Eschenbach Investors Abu Dhabi National Oil Company Advent International Aneel Bhusri CC Wellness Catalus Capital Management Connect Ventures Dimension Jungle Ventures Lux Capital Mubadala PAI Partners Sequoia Shanghai Healthcare Capital Two Sigma Ventures Companies American Equity Investment Life Holding BetterPlace Biomica Borealis British International Investment CAA Deep Voodoo Elliott Management Enveda Biosciences GTCR International Flavors and Fragrances Maxar Technologies NEA OMV Prosperity Group Savory Solutions Group Shibari Workday Limited Partners Louisiana State Employees' Retirement System Service Providers Sixth Street   About PitchBook | Terms of use | Advertise with us | Contact Follow us: This email was sent to edwardlorilla1986.paxforex@blogger.com via the PitchBook Platform. 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