| |
| In today's Daily Pitch, you'll find: | | | | | |
| |
| Banks in crisis, the latest | |  | | (Justin Sullivan/Getty Images) | | | To catch up on new developments impacting the banking sector: - Switzerland's UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.2 billion) in stock, in a hastily arranged deal on Sunday. The Swiss government and central bank backed the transaction by providing liquidity in addition to protecting UBS from potential losses. The combined entity will oversee $5 trillion in invested assets.
- The assets of New York-based Signature Bank, which regulators seized last week, will be acquired by a unit of New York Community Bancorp. The subsidiary, Flagstar Bank, is assuming customer deposits and some loan portfolios.
- The Federal Reserve and five other central banks joined forces to improve dollar liquidity globally by increasing the frequency of a currency exchange mechanism. The so-called swap lines maturity moved to a daily frequency, instead of weekly.
- The FDIC's latest auction for Silicon Valley Bank has failed, regulators reportedly may move ahead with a plan to break up the bank and sell its remnants separately to new owners.
| | | | | |
| |
| |
| Some SVB borrowers get the best of both worlds following bank's collapse | |  | | (Anadolu Agency/Getty Images) | | | Startups long sacrificed having diverse banking partners in exchange for access to cheaper debt. Now, those old rules are relaxing, and the industry may never be the same.
The Silicon Valley Bridge Bank, as the entity is now known, is luring customers back by lowering deposit requirements for borrowers. The effort seems to be working, and some investors think the crisis will put an end to arcane rules that locked borrowers into a single bank. | | | | | | | | | VCs find higher purposes for carbon after capture | | As the technology for capturing carbon dioxide emissions improves, it begs the question: Can we come up with more ways to turn profits from the substance that would otherwise be warming our planet?
It turns out VC firms see potential in startups turning carbon dioxide into chemicals, fuels and construction materials.
Our latest Emerging Tech Research analyst note explores the novel carbon dioxide uses that have captured VC attention and the differing viabilities of those technologies and markets. The report also includes details on VC darling Monolith, which has raised the lion's share of funding in the carbon utilization space. | | | | | | | | | Mezzanine debt re-emerges as lenders turn cautious | |  | | (Prakhob Khonchen/Shutterstock) | | | Mezzanine financing is making a comeback. - In recent years private credit lenders, which have been gobbling up leveraged loan market share, have focused on other types of financing, like unitranche deals, which combined senior and junior debt into a single loan.
- But as interest rates have risen and lending conditions have tightened, mezzanine financing, which is situated in a company's capital structure between senior debt and common equity, has found new life.
| | | | | | | | | Digital health hangs on as investors shy away from unprofitable startups | | From wearables and online appointments to digital pharmacies and care search tools, patients are demanding easier access to healthcare. But are investors answering their call?
Last year, VCs pumped $7 billion into digital health startups, a far cry from 2021's record $15.6 billion, but in line with 2020's levels. But while funding held up well considering overall economic conditions, PitchBook analysts still expect it will take until 2024 for investments and exits to fully recover.
Our recent Digital Health Report highlights VC trends, key players, opportunities, challenges and more across four segments: telehealth, digital therapeutics and digital treatments, health coaching and wellness, and digital care management. | | | | | | | | | Fame and fortune: Can celebrities make good private market investors? | |  | Ashton Kutcher, Serena Williams and Kim Kardashian
(Chloe Ladwig/PitchBook News) | | | When tennis great Venus Williams recently joined the ranks of private equity as an operating partner at Topspin Consumer Partners, she added to an ever-growing list of celebrities who are trying their hand at professional private market investing—one that already includes Williams' sister Serena.
Famous entertainers and athletes have long been active participants in the private markets, mostly in venture capital as angel investors. But many have taken things one step further by setting up or joining VC and PE firms, such as reality TV mogul Kim Kardashian and actor Ashton Kutcher.
On the surface, it may seem unusual for Hollywood stars and famous athletes to join the unglamorous world of private market investing on a more full-time basis, but for some, it's a logical move. | | | | | | | | | | A historical look at why the Willow Arctic oil drilling project on Alaska's North Slope was approved. [The Conversation]
The turmoil on the streets of Paris illustrates the enduring power of the garbage strike. [Bloomberg]
How a University of Chicago research project protects art from prying AIs. [TechCrunch] | | | | | |
| |
| |
| | Since yesterday, the PitchBook Platform added: | | 29 Deals | 198 People | 82 Companies | | | | | | |
| |
The Daily Benchmark:
2017 Vintage US PE Funds | | | | | | |
| |
| |
| |
PhonePe, an Indian fintech platform, raised $200 million from Walmart at a pre-money valuation of $12 billion. The deal is part of the startup’s ongoing fundraise of up to $1 billion for which it has currently secured $650 million from investors including General Atlantic and Ribbit Capital.
Perspectum, a UK-based provider of medical imaging and diagnostic technology, raised a $55 million Series C led by Oppenheimer & Co.
Fairmatic, a New York-based AI powered auto insurance startup, raised a $46 million Series B led by Battery Ventures with participation from Bridge Bank.
Cast AI, a cloud startup based in Miami, secured a $20 million investment led by Creandum.
Wingspan, a New York-based platform for managing freelancer payroll, raised a $14 million Series A led by Andreessen Horowitz with backing from Ludlow Ventures and Long Journey Ventures.
Engrain, a map technology and data company based in Denver, raised a $12 million Series A led by RET Ventures.
The Ayurveda Co, an Indian lifestyle brand startup, raised a $12.2 million Series A led by Sixth Sense Ventures.
Blinto, a Swedish online auction platform for used heavy machinery, raised €10.6 million (around $11.3 million) from Verdane.
Fenix24, a cyber disaster recovery specialist based in Tennessee, secured a $5 million investment from Eos Venture Partners.
RiseKit, a Chicago-based talent-sourcing platform, raised a $4.75 million round from investors including Stand Together Ventures Lab and Prota Ventures.
Klimato raised €4.2 million in a round led by Global Cleantech Capital. The Stockholm-based startup’s platform is designed to help restaurants and food service providers calculate and report their carbon footprint per dish. | | | | | |
| |
| |
| Don't miss our upcoming webinar | | Join us for a webinar examining how developments in the venture capital landscape could shape the year ahead. PitchBook analysts will explore emerging long-term opportunities and risks associated with varying outcomes in the macroeconomic environment. Key topics include: - Tough financial market conditions have caused our estimate for the IPO backlog to soar to record levels. Our analysis of public comps suggests the window is still closed for most unicorns.
- A record $42.8 billion of unmet demand for new capital could result in further layoffs and structured financing to extend runways.
- Our VC Dealmaking Indicator suggests a much more investor-friendly environment this year compared to 2022. We explore what that means for company valuations and VC returns.
Register now to secure your spot. | | | | | | | |
| |
| |
| |
| |
| |
| |
| |
| |
JMI Equity, a software-focused growth equity firm, closed on commitments of $2.4 billion across two new funds, including its flagship JMI Equity Fund XI.
Petronas, the Malaysian state-owned oil company, plans to raise an additional $200 million for its corporate venture capital arm, according to reports. | | | | | |
| |
| |
| |
| |
No comments:
Post a Comment