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| In today's Daily Pitch, you'll find: | | | | | |
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| Crypto industry pines for rules after FTX crash | | The collapse of FTX has made the need for regulatory clarity a mainstream priority within the crypto industry. Done well, new rules could make the task of rebuilding user trust easier and accelerate crypto adoption in the long run.
That's one of the takeaways from our analyst note on the 2023 European Blockchain Convention in Barcelona, where PitchBook was invited to speak. Other takeaways from the conference include: - Improved cryptographic verification methods known as zero-knowledge proofs are gaining attention as privacy concerns rise. Blockchains have allowed for trust through transparency, but they also enable tracking by governments and bad actors.
- Institutional adoption of crypto is maintaining momentum despite a sharp pullback in VC funding. One example is the rise of tokenization, which converts traditional assets such as stocks or bonds and makes them tradable on the blockchain.
| | | | | | | | | LBO trailblazer Thomas H. Lee dies at 78 | |  | | (Dia Dipasupil/Getty Images) | | | LBO trailblazer Thomas H. Lee has died, his family announced Thursday, leaving behind a storied legacy in the private equity industry. Lee opened his buyout firm Thomas H. Lee Partners in 1974 and contributed to the growth of the now $4.4 trillion PE industry.
In 2006, Lee stepped down from the firm in accordance with a succession plan that officially began at the turn of the century and started Lee Equity Partners, a PE shop focused on business, financial and healthcare services, where he sat as chair until his death. | | | | | | | |
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| What's driving middle-market growth in 2023? | | As shown in the Citizens 2023 M&A Outlook, its annual survey of decision-makers across 400 US middle-market businesses and PE firms, nearly two-thirds of companies expect M&A will be their primary growth engine this year. And while economic uncertainties are grabbing headlines, over 90% of companies say their 2023 performance will exceed or match their 2022 results.
Access the 2023 M&A Outlook to discover: - Which sectors enjoy the brightest outlooks
- Where companies and PE firms' views diverge
- Buyers' top reasons for making an acquisition in 2023
Explore the Citizens 2023 M&A Outlook | | | | | | | |
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| Capital remains concentrated in the Bay Area and New York | | At the start of the pandemic, many expected capital to move out of the major startup hubs of New York City and the San Francisco Bay Area. Three years later, our analyst note suggests not much has changed—and there are disadvantages for companies in smaller markets.
Capital has become increasingly concentrated within the New York City and Bay Area markets, where VCs have raised $330.8 billion in commitments since the beginning of 2019 while other funds couldn't secure even half that amount. The median distance between lead investor and target company has increased for nearly all stages due to the pandemic and remote work, but these effects could fade, causing distances to shrink and bringing back barriers for smaller markets and companies to succeed. | | | | | | | | | Weighing agtech's Q4 harvest | | Agtech had a bad harvest in Q4 2022, despite a boom over the past few years. Volatile markets and rising interest rates put a damper on the segment.
So what, if anything, can be salvaged from agtech's Q4? Our recent Emerging Tech Research report on the space explores deals, figures and developments. Key takeaways include: - VC funding for agtech was down 13.2% year-over-year, at $10.6 billion. Despite this, 2022 was the second-best year on record.
- Q4 saw startups raise $1.8 billion, down 34.1% compared to the previous quarter.
- Exit activity plummeted 93% compared to 2021, amid a difficult global market environment.
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| | Since yesterday, the PitchBook Platform added: | | 22 Deals | 244 People | 37 Companies | | | | | | |
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| 2018 Vintage Global Debt Funds | | | | | | |
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| Don't miss our upcoming webinar | | A panel of speakers will discuss how women founders in the VC and startup ecosystem fared during ongoing market volatility—and provide forecasts for 2023. Key takeaways include: - Trends in aggregate funding received by female-founded companies compared to all-female and all-male founding teams.
- Gender breakdown for decision-makers at VC firms and how this impacts deal activity for founders.
- Angel investment through unicorn status: how investment evolves throughout the company lifecycle.
Register now to secure your spot. | | | | | | | |
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| AVG Group's CleanBay Renewables in SPAC talks | | | | | | | | ECI preps Moneypenny sale | | | ECI Partners is prepping the sale of UK customer support services company Moneypenny, Unquote reported. The firm picked investment bank Houlihan Lokey to advise on the exit, which is expected later this year. | | | | | |
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| Haven Capital targets up to $50M for real estate fund | | | Haven Capital Ventures is seeking $20 million to $50 million in capital commitments for Haven Fund II, a real estate vehicle designed to invest in manufactured home communities. | | | | | |
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| DOJ prepares to challenge Adobe's $20B Figma deal | | | The Department of Justice has been preparing an antitrust lawsuit that would complicate Adobe's planned $20 billion acquisition of VC-backed Figma, Bloomberg reported. The UK and European Union are also reviewing the deal for potential antitrust concerns. | | | | | |
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