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In today's Daily Pitch, you'll find: - Antitrust regulation is yet another hurdle deflating M&A activity—but some acquirers aren't daunted by the courtroom.
- Our latest Agtech Report sifts through an arid season of dealmaking.
- Our VC Dealmaking Indicator reveals that the venture market continues to become more investor friendly.
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| Dealmakers prepare to fight antitrust regulators | |  | | FTC chair Lina Khan has argued that antitrust increases competition. (Saul Loeb-Pool/Getty Images) | | | Biden administration regulators are pursuing the most stringent antitrust policy in decades. Their aggressive actions have stifled already weak M&A activity.
But antitrust no longer looks like an insurmountable obstacle to dealmakers. Potential acquirers are increasingly willing to fight the government in court after watching other buyers prevail by litigating deal blocks. | | | | | | | | | Agtech dealmaking freezes over | | Agtech investors are concentrating on larger deals in later-stage companies that seem like safe bets as overall funding keeps dropping, according to our latest report on the space. - Agtech startups raised $1.9 billion in VC funding across 172 deals in Q1—a decline of 10% and 39%, respectively, from the previous quarter.
- Pre-money valuation levels jumped nearly 20% from 2022 to reach a median value of $16.5 million.
- Indoor farming startups have been hit especially hard—five companies have ceased operations or gone bankrupt this year.
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| Founders often find they need to invest in people to help the business grow | | HR is one of the most complex and essential aspects of successfully growing your business—and one that many startup founders and owners tend to understand the least about. It isn't easy, either, with many components that need to be managed, all while staying compliant with local, state, and federal regulations, including: - Sourcing and attracting great talent
- Insightful interviewing
- Promoting performance
- Tactful termination
Download A Startup's HR Survival Guide for insights on handling the ins and outs of building your staff and learn how turning to an HR partner can help you with the complexities of HR and boost your people resources ROI. | | | | | | | |
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| Regional bank sell-off ensnares more fintech business partners | |  | | (JHVEPhoto/Shutterstock) | | | Share prices of two regional banks plunged yesterday, intensifying a crisis that has yet to abate since Silicon Valley Bank and Signature Bank went under in March.
The sell-off of Pacific Western Bank and Western Alliance has showcased the risks fintech startups are taking by partnering with smaller banks. | | | | | | | | | Late-stage startups are hungrier than ever for cash | | The VC market continues to become increasingly investor friendly, and valuation step-ups keep sliding, our VC Dealmaking Indicator shows.
All stages of company development are affected, but late-stage startups are in the toughest bargaining position: These companies are now demanding 3.13x more capital than is being supplied—a new record. The ratio of capital supply to demand has fallen or remained stable in the venture growth and early stages. | | | | | | | | | Africa's VC market braces for tougher times | |  | Iyinoluwa Aboyeji, founding partner of Nigerian VC firm Future Africa
(Tasos Katopodis/Getty Images) | | | Despite defying the global venture downturn last year, the African VC market is expected to become more challenging this year as deal flow slows.
Layoffs, valuation cuts and fewer rounds are on the horizon, but some investors say that Africa's value-oriented market could be better positioned than most to ride out a global slowdown. | | | | | | | | | | For top VCs, an IPO for the world's most valuable startup, ByteDance, remains a $220 billion mirage. [Forbes]
Shipping giant Maersk has warned that the industry's pandemic-driven boom is over as demand and freight rates fall. [Financial Times]
Addressing the tension between cost efficiency and customer intimacy is especially important for growing, midsized companies. [Harvard Business Review] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 418 Deals | 2363 People | 526 Companies | 23 Funds | | | | | | |
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The Daily Benchmark:
2011 Vintage US PE Funds | | | | | | |
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| VC-backed supply chain logistics specialist Flexport has acquired the assets of Shopify Logistics, including ecommerce delivery platform Deliverr. NYSE-listed online retailer Shopify will lay off 20% of its workforce as part of the strategic pivot, The Wall Street Journal reported. | | | | | |
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Pictet Alternative Advisors, the alternatives unit of Pictet Group, has secured $2.5 billion across two funds: $1.6 billion for a multimanager PE vehicle and $900 million for a fifth co-investments fund.
Portal Innovations has raised $100 million to target startups in the life sciences industry, The Wall Street Journal reported. | | | | | |
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