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| In today's Daily Pitch, you'll find: | | | | | |
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| SVB depositors to get money back under US backstop | |  | | Treasury Secretary Janet Yellen. (Drew Angerer/Getty) | | | Founders and their investors are breathing a collective sigh of relief after Treasury Secretary Janet Yellen gave the FDIC approval to fully protect depositors with funds at Silicon Valley Bank. And it's asking other banks to pick up the tab.
The development capped a mad scramble for emergency funding in the form of loans from investors and third parties in recent days. Until late Sunday, the only certainty for businesses that banked with SVB was that they would have access to $250,000 on Monday. That sum would have barely lasted one payroll cycle for Series B and later startups.
A few unanswered questions remain, such as what will become of the bank's assets and what kind of fallout is awaiting startups that will depend on venture debt in a difficult economic environment. | | | | | | | | | 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 debut digital health coverage 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. | | | | | | | |
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| A message from CohnReznick | | |
| Webinar | Speed value creation through strategic integrations | | CohnReznick will host a webinar at 2 p.m. ET on Wednesday, March 22.
For a "buy-and-build" approach to value creation to be successful, private equity investors and portfolio company management must work together to strategically integrate their people, systems, and cultures.
Tune in to this live webcast for "stories from the field" from CohnReznick professionals who have helped companies on both the buy and sell sides of a transaction overcome integration challenges, gain efficiencies, and ultimately achieve their goals.
Register for webinar | | | | | | | |
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| Transforming healthcare: VR's magic touch | | From the medical school skills lab to the hospital bedside, virtual reality is on the cusp of revolutionizing healthcare. The tech has already made strides in pain management, anti-anxiety and exposure therapy on the patient side. For medical students, VR immersion has the potential to transform the effectiveness of surgical training as well as boost their understanding of age-related conditions like dementia.
Our latest emerging space brief on VR healthcare dives into how virtual reality is reimagining medical training, patient care and pain management. But the potential revolution also comes with a few caveats: Huge obstacles remain across regulatory uncertainty, affordability, data privacy and addiction risk. | | | | | | | | | Female founders take bigger slice of European VC | |  | | (d3sign/Getty Images) | | | This year has seen female founders increase their share of Europe's total amount of venture capital invested.
Startups founded or co-founded by women now account for 24.4% of deal value in 2023, but the number of deals involving female-only founded companies has remained flat. | | | | | | | | | Market Map: Enterprise fintech startups win over the CFO crowd | |  | | (d3sign/Getty Images) | | | The financial technology industry continues to be an attractive space for investors despite economic headwinds ranging from inflation to higher interest rates as the pandemic led to a greater reliance on digital financial services.
Enterprise fintech companies, which focus on businesses, banks and other financial institutions, are prime candidates for investors due to how indispensable they are for businesses as well as the significant opportunities that remain for growth, according to PitchBook analyst Rudy Yang.
Our Enterprise Fintech Market Map shows where VCs are investing their money. | | | | | | | | | | Palantir is making little headway in Europe as German states raise privacy concerns. [Financial Times]
US apparel companies can't see a future without China. [Bloomberg]
What will it take to connect the Arctic? $1.2 billion, 10,000 miles of fiber-optic cable and patience. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 7 Deals | 84 People | 38 Companies | | | | | | |
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The Daily Benchmark:
2015 Vintage Global Secondaries Funds | | | | | | |
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| Catch up on SVB developments | |  | | (Justin Sullivan/Getty Images) | | | Here's where things stand with Silicon Valley Bank: - SVB customers' deposits are safe. Treasury Secretary Janet Yellen gave the FDIC approval to fully protect depositors with funds at Silicon Valley Bank, as well as Signature Bank, which was shut down by state regulators over the weekend. Customers will have access to their funds today, according to US officials.
- The Federal Reserve has a new loan program to protect depositors. Banks, savings associations, credit unions and other eligible firms will be able to receive asset-backed loans for up to one year. The Treasury is backstopping the program with $25 billion.
- VCs made a last-ditch effort to support SVB. More than 500 VC firms signed a statement supporting SVB, which said they would urge portfolio companies to continue banking with the firm in the event it is purchased.
- Stock sales and bonuses are under scrutiny. Rep. Ro Khanna, who represents Silicon Valley in Congress, told CBS that the proceeds from stock sold by SVB executives should be "clawed back." Khanna's statements followed reports that SVB CEO Greg Becker sold shares worth $3.6 million in the weeks leading up to the bank's collapse. SVB employees also reportedly received bonuses just hours prior to the bank's closure.
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Allorion Therapeutics, a biotech specialist, has raised a $50 million Series B co-led by INCE Capital and Qiming Venture Partners.
Sunrise, a Belgian developer of medical devices for sleep analysis, has raised $17 million in a round led by Kurma Partners.
Proven, a zero-knowledge cryptocurrency startup, has secured $15.8 million in a seed round led by Framework Ventures.
MentorShow, a Paris-based digital training platform provider, has raised €15 million in an investment co-led by Educapital and Crédit Mutuel Innovation.
Web3 startup Cubist has secured a $7 million seed round led by Polychain Capital.
NFT art specialist Wildxyz has raised a $7 million seed investment led by Matrix Partners.
Monnai, an insights infrastructure specialist for fintech and financial companies, has secured a $6.5 million Series A led by Tiger Global.
Recruiting startup HeadRace has raised a $6 million seed round from Greylock, Susa Ventures and Breyer Capital. | | | | | |
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| PitchBook webinar: Insights into investment firm compensation trends | | How has compensation at investment firms changed in recent years? Join J. Thelander Consulting and PitchBook in exploring compensation trends at investment firms.
The event will cover exclusive insights from the Thelander-PitchBook Investment Firm Compensation Survey, including base salaries, bonuses and carried interest across a range of positions. Key topics include: - Market pay rates for roles throughout investment firms.
- Best practices for fund structure, including fund formation and carried interest.
- Compensation and hiring trends for 2023.
Register now to secure your spot. | | | | | | | |
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PAG and other PE firms have shown interest in acquiring Singapore-based semiconductor equipment manufacturer ASMPT, Bloomberg reported. The Hong Kong-listed company, founded in 1975, has traded publicly since 1989.
TPG-backed Care Hospitals, an Indian healthcare system, has received buyout interest from KKR and Max Healthcare Institute, The Economic Times reported. An earlier buyout deal with Blackstone, reported in December, fell through.
Copenhagen Infrastructure Partners has acquired South African renewable energy developer Mulilo. CIP will take control of the company, but its founders and current management will remain on board.
Advent International and CVC are among a number of PE firms considering a bid for Technik, Lufthansa's aircraft maintenance division, Bloomberg reported. It is said the unit could be worth over €6 billion.
The Adani Group has been exploring a sale of a 4-5% stake in Ambuja Cements for at least $450 million, in an effort to reduce the company's debt, the Financial Times reported.
A Brookfield Asset Management infrastructure fund focused on direct lending has invested in ClearPath Energy through a lending vehicle. The Massachusetts-based company, founded in 2017, develops and builds clean energy assets in the US, including solar farms.
Gauge Capital has acquired and recapitalized Streamline Healthcare Solutions, an electronic health record software provider that focuses on behavioral health and local health departments.
Archimed has acquired Italian aesthetic medicine company WiQo. The company's founders maintain a minority stake in the business. | | | | | |
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| Struggling UK finance startup Railsr has been acquired by a consortium led by its existing backer D Squared Capital as the company enters bankruptcy protection. | | | | | |
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"Public alt managers are still seeing healthy streams of capital from retail, with several managers stating the goal of this channel is to comprise 30% to 50% of total inflows. One avenue to this growth is perpetual capital, which has been a big driver of inflows for these firms over the past several quarters."
Source: PitchBook's Q4 2022 US Public PE Roundup | | | | | |
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