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| In today's Daily Pitch, you'll find: | | | | | |
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| VC funding for supply chain tech normalizes in push for resiliency | | Boosting resiliency has been the name of the game for the supply chain tech sector since COVID-19 restrictions hobbled the global marketplace. With disruptions such as Russia's invasion of Ukraine continuing to test improvements to the supply chain, customers seek cheaper solutions and even greater flexibility.
Our latest Emerging Tech Research update measures VC activity in Q4 2022 and notes freight tech and technology for finance and payments as two areas of opportunity. Key takeaways include: - Deal activity continued cooling to pre-pandemic levels on a year-over-year basis.
- Q4 deal count declined slightly compared to Q3, yet deal value increased by 28.2% due to a few standout larger deals.
- Freight tech led in deal value gains for the quarter, with rounds for Einride and Volta Trucks leading the charge.
| | | | | | | | | US startup valuations remained high in 2022, but trend isn't a friend | | Despite it all—a vulnerable market in flux, an IPO freeze and rising geopolitical tensions—valuations for US-based startups remain strong. Yet it does depend on where you look, and the positive trend may soon change. Records were broken in 2022, both good and otherwise.
Our 2022 Annual US VC Valuations Report, sponsored by Morgan Stanley at Work and Reitler, has all the key figures and charts to make sense of the year. Key takeaways include: - Median seed valuations grew by 16.7% to $10.5 million, the highest annual value ever recorded by PitchBook.
- Exits were hit by a freeze in IPOs, driven by unstable market conditions, which leaves a critical off-ramp for startups now closed. Public exit valuations dropped 32%, with median and average valuations falling to their lowest point in five years.
- Accordingly, startups in the venture growth stage also suffered a decline in valuations, dropping 17% from last year—though the bottom may not have fallen out yet, as valuations remain high.
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| VC-backed life sciences companies fought market volatility in 2022 | | Q4 rounded out a volatile year for life sciences venture capital activity, with deal value dropping more than 20% from 2021, though activity in the industry remains elevated compared to its pre-COVID years. Early-stage companies fared better than their late-stage counterparts across several metrics, including median pre-money valuation growth and median deal sizes. Orrick's Life Sciences Snapshot offers detailed analysis of these trends and an in-depth roundtable discussion surrounding the growth of mental health offerings in the industry.
Read it now | | | | | | | |
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| Investor: LGBTQ+ startup founders need more VC support | |  | | (Javier Zayas Photography/Getty Images) | | | Roughly three-quarters of LGBTQ+ startup founders feel the need to hide their sexual orientation or gender identity from venture capital investors, according to a survey from UK-based investor network Proud Ventures.
We spoke to co-author and Founders Factory investor Edward Kandel about the challenges LGBTQ+ founders face—not just in the UK, but in the wider VC community—and what investors can do to support and work with them. | | | | | | | | | Bridge Investment to capitalize on projected secondaries growth | |  | | (zhekoss/Shutterstock) | | | Asset managers across investment strategies are preparing themselves for a secondary market boom.
Yesterday, multifamily real estate investment manager Bridge Investment Group announced it has agreed to acquire the bulk of Newbury Partners, a $4.3 billion private equity secondaries firm, in a $320.1 million all-cash transaction. The acquisition would result in a combined organization with $48.5 billion in AUM and extend Bridge's reach into the secondary market.
The impending acquisition marks another multibillion-dollar asset manager that is bullish on secondaries. | | | | | | | | | | Startup workers looking to cash in their stock options are being forced to make tough choices as the slump in public markets leaves shares worth far less. [The Wall Street Journal]
A rising awareness that balloons are everywhere in our skies. [The New York Times]
Institutional investors are increasingly interested in private credit—and managers are taking note. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 420 Deals | 2125 People | 628 Companies | 20 Funds | | | | | | |
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| Bain Capital closes $2.4B tech fund | | | Bain Capital has raised $2.4 billion for its second tech opportunities fund, nearly double the size of the vehicle's $1.3 billion predecessor, according to reports. | | | | | | | Newly founded Curie.Bio wraps up $500M+ | | | Curie.Bio, a VC firm focused on biotech startups, has launched with two funds totaling more than $500 million for seed- and early-stage companies. | | | | | | | Phenomenal Ventures debuts with $6M | | | Meena Harris, the niece of Vice President Kamala Harris, has launched Phenomenal Ventures with a $6 million venture fund to invest in fintech and ecommerce startups, TechCrunch reported. | | | | | | | EIB launches tech champions fund | | | The European Investment Bank has launched a €3.75 billion (about $4.03 billion) fund to invest in late-stage VC funds. The European Tech Champions Initiative will invest in 10 to 15 VC funds of over €1 billion. | | | | | | | Ex-PE head for Joe Tsai's family office starts fund | | | Danny Lee, a former PE manager for the family office of Alibaba co-founder Joe Tsai, is looking to raise around $200 million for his own fund, Bloomberg reported. VCA Capital will target high net worth individuals looking to diversify their holdings. | | | | | |
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| GIC to scale back China investments | | | Singapore's GIC is to scale back its China investments, the Financial Times reported. It is thought this includes China-focused private equity and venture capital funds as well as direct investment into Chinese companies. | | | | | | | Apollo joins in purchase of loans from Morrisons acquisition | | | | | | |
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