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| In today's Daily Pitch, you'll find: | | | | | |
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| The accelerator most likely to propel a startup to unicorn status | | Y Combinator, the Bay Area accelerator behind Airbnb, Stripe and DoorDash, has yielded more unicorns than Techstars, SOSV, MassChallenge, Plug and Play Tech Center or 500 Global, with an estimated unicorn creation rate of 4.5% since 2010.
That's just one of many exclusive findings from our latest PitchBook analysis, which offers a comprehensive look inside the industry's preeminent accelerator programs. See how the top names stack up and hear from founders surveyed by PitchBook who went through each program on whether the experience was worthwhile. | | | | | | | | | PE-backed bankruptcies pick up | |  | | (Kenishirotie/Shutterstock) | | | A rise in bankruptcy filings suggests more PE-backed companies are finding their heavy debt load has become a burden they can no longer escape in a late credit cycle. Rising borrowing costs and tightening lending conditions have made it more difficult and costly to refinance debt.
Some of these distressed borrowers designed creative debt maneuvers to extend their liquidity runways before falling into bankruptcy. | | | | | | | |
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| A message from CohnReznick | | |
| Webinar | Private equity: Fresh perspectives on ESG | | CohnReznick will be hosting a webinar at 2 p.m. ET on Thursday, June 22.
Market conditions are creating distractions for PE firms regarding environmental, social, and governance (ESG) factors – but also opportunities. Firms increasingly must strive to balance stakeholders' ESG priorities with the pressure to generate returns.
This live webinar will explore key steps to navigating these conditions and creating measurable value. Topics will include: - Current factors driving an ESG focus in the U.S. PE market
- Improving ESG performance through fund operations, investment decisions, and portfolio management
- How to support your ESG activities with risk management and regulatory compliance, access to capital, innovation, and more
Register for webinar | | | | | | | |
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| Europe's female founders grab larger share of VC dollars | | Companies with at least one female founder have garnered 16.3% of all European VC capital raised in 2023, the largest annual percentage on record according to PitchBook's European VC Female Founders Dashboard. - Overall VC fundraising for startups with at least one female founder is still lagging behind previous years' totals. Capital raised in the first five months of the year was at its lowest since 2019.
- One notable deal was Paris-based Tissium's €50 million Series D. Co-founder Maria Pereira previously worked with drug manufacturer Hovione.
| | | | | | | | | Private market fundraising trends even lower in 2023 | | GPs say fundraising became more difficult in the latter half of 2022. The data shows they're right, and the pace of capital commitments in Q1 suggests that 2023 is already tracking well behind last year.
VC showed one of the steepest declines in the 12 months through Q1, dropping 38% year-over-year to $202 billion in commitments. Only one strategy—secondaries—managed to boost fundraising, and that's thanks to one firm's mega-fund closures in January.
Our Global Private Market Fundraising Report, sponsored by RSM, tallies closed capital commitments through Q1 across seven private market strategies. - Funds over $1 billion are growing in number, but there's a chance that's a reflection of inflation.
- Funds in Asia have fallen precipitously in their share of total private fundraising.
- In almost all strategies, emerging managers account for a smaller share of private capital now than they did between 2008 and 2021.
| | | | | | | | | | Scientists are testing how satellites could collect power from the sun and send clean electricity to Earth—and getting encouraging results. [The Wall Street Journal]
Teams in South Korea and Norway are trying to stage a comeback for the nuclear-powered cargo ship. [Wired]
A look at how much the recent stock market rally relies on tech optimism. [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 23 Deals | 137 People | 55 Companies | 3 Funds | | | | | | |
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The Daily Benchmark:
2021 Vintage Global Debt Funds | | | | | | |
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Maternal healthcare startup Pomelo Care has raised $33 million in seed and Series A rounds both led by Andreessen Horowitz. First Round Capital co-led the seed funding.
Uncommon, a UK-based lab-grown meat startup, has raised a $30 million Series A led by Balderton Capital and Lowercarbon Capital.
Healthcare data company Carta Healthcare has raised an additional $5 million for its Series B from Memorial Hermann Health System and UnityPoint Health, bringing the round's total to $25 million.
Otium Capital has led a €16 million Series A for BeFC, a French developer of paper-based biofuel cells for sustainable energy generation.
Lens Protocol has raised $15 million in a round led by IDEO CoLab Ventures and joined by General Catalyst and Blockchain Capital, among others. Lens was developed by Aava Companies, which builds Web3 protocols, applications and tools.
France's Foodomarket, an online marketplace for food suppliers, has secured a £9.5 million Series A led by Alven Capital, Tech.eu reported.
Amsterdam-based photography marketplace Smiler has secured $8.5 million in a round led by Octopus Ventures.
Sensoneo, a Slovakia-based specialist in smart waste management, has raised a €6.2 million Series A led by Taiwania Capital. | | | | | |
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| PitchBook webinar: Exploring the global private equity landscape | | This webinar will explore the global PE dealmaking environment, including fundraising and exit opportunities. PitchBook analysts from around the globe will share their insight into where the PE landscape stands today in the US and Europe and what we can expect in the coming quarters. Key topics include: - The macroeconomic risks shaping the global PE landscape.
- The US and European dealmaking environments.
- The dearth of exit opportunities via both acquisitions and public listings.
- A more challenging backdrop for fundraising and fund performance.
Register now to secure your spot. | | | | | | | |
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| Healthcare-focused PE firm Martis Capital has closed Martis Partners IV on $779 million. | | | | | |
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| Andreessen Horowitz has combined its fintech and consumer investment teams into a single unit focused on AI led by general partner Alex Rampell, The Information reported. | | | | | |
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