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| In today's Daily Pitch, you'll find: | | | | | |
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| Ranking the most active investors of Q1 | | Private market investors felt the pressure as persistent macro headwinds intensified with a near-banking crisis in Q1. But the PE and VC ecosystems showed resilience as dealmakers found opportunity amid the upheaval.
Who led the way? Our interactive Global League Tables are now available for Q1 2023, covering the full range of private market activity. The tables scope out the most active investors by region, industry, deal type and more, along with ranking advisers, acquirers and law firms. | | | | | | | | | Mubadala 'plays offense' as growth-stage startups hit capital crunch | |  | | Ibrahim Ajami (SALT iConnections New York) | | | Sovereign wealth funds are flexing their muscles in VC as unicorns grow increasingly desperate for cash, according to Ibrahim Ajami, the head of ventures for Mubadala, Abu Dhabi's wealth fund.
"A lot of companies that wouldn't speak to us before are knocking on our doors," Ajami said at the 2023 SALT Conference in New York. Following a period of bumper oil profits, sovereign wealth funds still have significant capital to deploy, while other growth-stage investors are in retreat. | | | | | | | |
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| A message from RBC Capital Markets | | |
| What role will crypto regulation play in M&A dealmaking? | | | Despite high-profile collapses, the tech underlying cryptocurrency remains poised to transform finance and other industries. Additionally, blockchain technology has become an attractive and unexpected M&A target. How will regulation and technology adoption impact deal activity? Hear from RBC Capital Markets' expert bankers on Strategic Alternatives, the RBC M&A podcast. | | | | | | | |
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| Delivery providers take lead among recently public foodtech companies | | Consumers have embraced food and grocery delivery among core foodtech services, and the maturing subsector is consolidating. In Q1, DoorDash increased its market share and beat revenue expectations after making layoffs in Q4 2022. Likewise, delivery services overall are expected to see revenue balloon by 30% this year.
Most segments of the foodtech landscape weren't so rosy, and our Q1 2023 Foodtech Public Comp Sheet and Valuation Guide gathers the latest data on stock performance, revenue forecasts and market caps of key publicly traded companies. | | | | | | | | | Investors share diverging interest rate outlooks at SALT | |  | | (Allen.G/Shutterstock) | | | Distressed debt investor and billionaire Marc Lasry says interest rates will come down within the year.
At this year's SALT conference in New York City, Lasry said his view is that the interest rate environment will normalize by the end of the year, following the Federal Reserve's aggressive rate-hiking campaign that began in 2022.
"Mark my words: In the next six months, rates will come down," Lasry said. | | | | | | | | | Q&A: Building an innovation practice in a post-SVB market | |  | David Sabow
(Julia Midkiff/PitchBook News) | | | Competition for Silicon Valley Bank's clients in the wake of its collapse is fierce with regional lenders and global banks vying for a share of the startup banking market.
We spoke to David Sabow, a former SVB executive who is now head of HSBC's technology and healthcare business, about how the bank is building its tech practice and the opportunities to be found in today's market. | | | | | | | | | | Startups are making breakthroughs developing quick screenings for cancer, but bold claims about blood tests continue to make investors and experts nervous. [Financial Times]
Jakarta is sinking, so Indonesia's president is building a new capital city from the ground up. [The New York Times]
Truckers are caught on the front line of California's EV push. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 455 Deals | 2287 People | 636 Companies | 32 Funds | | | | | | |
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The Daily Benchmark:
2018 Vintage Global Secondaries Funds | | | | | | |
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Metaco, a crypto tokenization and maintenance startup, has been purchased by Ripple, a blockchain company, for $250 million. Ripple is backed by GV, Lightspeed and Andreessen Horowitz.
Gradiant has raised a $225 million Series D round led by BoltRock Holdings and Centaurus Capital for wastewater treatment.
Insurtech startup Bolttech has closed a $196 million Series B led by Japanese insurance company Tokio Marine.
Wefox has raised $110 million in equity and debt from Squarepoint and others to extend its Series D. The Berlin-based insurtech startup, which is valued at $4.5 billion, originally secured $400 million last year.
Obie, an insurtech startup, has raised a $25.5 million Series B led by Battery Ventures.
Laser 3D printer specialist Glowforge has raised a $20 million Series E co-led by DFJ Growth and Foundry Group.
Incentivio, which provides software for restaurants, has raised a $10 million Series A led by Osage Venture Partners.
Pledge, a London-based provider of decarbonization software for supply chain and logistics companies, has closed a $10 million Series A led by Zinal Growth.
Singaporean telehealth company ORA has raised a $10 million Series A led by TNB Aura and Antler.
Glassdome has raised an $8.6 million Series A led by Atinum. The company's software platform is used for industrial applications and compliance.
Samaipata VC and Triple Point have led a $7.7 million seed investment in London-based Nory, which has developed an AI platform for the hospitality industry. | | | | | |
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LRVHealth, a healthcare-focused venture firm, has raised $200 million for its fifth flagship fund.
Helsinki-based Lifeline Ventures has closed a €150 million fund targeting early-stage startups primarily in Finland. | | | | | |
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| UK real estate agent Strike has agreed to buy troubled UK-listed peer Purplebricks for £1. Strike will assume responsibility for all of Purplebricks' debts following the deal. | | | | | |
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