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| In today's Daily Pitch, you'll find: | | | | | |
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| Medtech startups battle strong incumbents | | From the Apple Watch to portable dialysis, we're in the golden age of connected medical technology, and investors are paying attention. Our inaugural report on the medtech industry covers five segments, 41 categories, and more than 1,100 companies to chart out the opportunities and investment drivers in the sector. - In Q1 2023, VCs invested $1.8 billion in medtech across 122 deals.
- Precision medicine, surgical cardiovascular devices and neurostimulation are key areas of innovation.
- 50% of Americans are managing a chronic health condition, and patients want more portable, remote and minimally invasive solutions.
| | | | | | | | | Founder-owned companies fill M&A gap as sellers strike | | Corporate acquirers and PE firms drove M&A's ascent over the past two years, yet the exit market is described as stagnant. The grease keeping the wheels turning is founder-owned businesses, according to our latest analyst note.
Acquisitions of these companies, which have never received outside capital, hit 61.5% of M&A deals in Q1, up from a recent low of 53.8% in Q4 2020. Likewise, their share of total deal value increased from 31.3% to 43.5%. As acquirers keep buying but avoid selling, the investable opportunities in nonbacked businesses—around 2.6 million in the US and Europe—are ever more appealing. | | | | | | | |
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| A Message From SS&C Intralinks | | |
| Private equity firms adjust their sails entering 2023 | | Private equity firms are some of the best-positioned investors in a down market, but after more than a year of difficult exit conditions, some are feeling the heat. Capital stockpiles are not replenishing as quickly and investing strategies are being scrutinized closely. Add-on deals, which involve buyouts intended to supplement an existing portfolio company, remain a popular strategy for firms in the current market environment. SS&C Intralinks' Global Private Equity Dealmaking 2023 report takes a deeper look at this and other trends, offering valuable insights into the evolving landscape.
Read the report here | | | | | | | |
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| European unicorn valuations succumb to market pressure | |  | | (Roberto Machado Noa/Getty Images) | | | In Q1, the combined post-money valuations of European unicorns fell for the first time in over five years.
Stagnating unicorn count and slowing deal activity have put pressure on the price tags for companies valued at more than €1 billion, which is likely to persist for the foreseeable future. | | | | | | | | | Lenders jump as capital waits on the sidelines | | Business development companies are a crucial puzzle piece in the growing venture debt market. Firms like Hercules and TriplePoint offer debt financing to VC-backed companies—and they've taken off as capital availability for startups has dried up.
As rates have risen, BDCs have captured a greater income share and are optimistic about venture exit market prospects, according to our recent analyst note: Q1 2023 Public BDC Venture Lender Earnings. | | | | | | | | | | Which companies and firms have scooped up the most unicorns over the last 25 years? [Visual Capitalist]
The crackdown on risky chemicals that could derail the chip industry. [Financial Times]
Scientists are testing ways to construct buildings on Mars and the moon without hauling materials from Earth. One possible solution: sourcing 3D-printing materials from the planet's surface. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 397 Deals | 2151 People | 701 Companies | 30 Funds | | | | | | |
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The Daily Benchmark:
2015 Vintage North American Funds-of-Funds | | | | | | |
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Blackstone-backed Lumina CloudInfra plans to build out a network of data centers in India before the end of the decade that could require up to $3.9 billion, with Microsoft and Amazon in talks as customers, Reuters reported.
JP Morgan Chase has purchased more than $20 million in carbon removal services from VC-backed direct air capture company Climeworks.
Daylight, a digital banking platform for the LGBTQ+ community, is shutting down. Launched in 2020, the startup has raised capital from investors including Kapor Capital and Citi Ventures. | | | | | |
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GTCR has closed its 14th fund on $11.5 billion. The buyout firm invests in healthcare, tech, media, financial services and other industries.
Fintech-focused firm QED Investors has raised $650 million for an early-stage fund and $275 million for a growth-stage fund.
VC firm Anthemis is looking to raise $200 million for its third fund, according to an SEC filing.
Moonfire Ventures has closed a $115 million fund targeting early-stage startups. | | | | | |
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| The Alaska Permanent Fund has dropped its target private equity allocation from 19% to 15% for fiscal year 2025, The Wall Street Journal reported. | | | | | |
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