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| In today's Daily Pitch, you'll find: | | | | | |
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| Top VCs maintain check sizes for tech | | Median deal size stood out for emerging tech in Q1. VC growth and rising valuations have kept early-stage median deal sizes ticking up in recent years. Our Emerging Tech Indicator tracks angel-, seed- and early-stage investment at the world's top-15 most successful VC firms, giving insight into their strategy through the downturn. - The increase in total ETI deal value was small, roughly $200 million, but it reversed a three-quarter decline.
- Biotech startups led the indicator in deal value, with the AI and machine learning sector following. Web3 and DeFi, a darling of top VCs in previous quarters, still generated enough interest to take second in deal count.
| | | | | | | | | The VC bets behind ecommerce trends | | From B2B digitization to VR shopping, our latest analyst note breaks down the early-stage VC deals behind recent ecommerce trends. - While the sector has significant room for growth in Africa, supporting logistics and infrastructure are still catching up. Sabi's $42 million round shows that some investors are willing to play the long game.
- Checkmate's mobile-first approach sets it apart from other discount aggregators and has earned it a $20 million seed round.
- Despite near-term headwinds, Pietra's $17 million round signals investors are still bullish on the creator economy.
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| A message from Auctus Search Partners | | |
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With Auctus, you gain: - Domain Expertise: Executives with industry-specific knowledge, boosting your portfolio's competitiveness.
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| Private credit sector sees opportunity in soft demand for sterling debt | |  | | (FrentaN/Shutterstock) | | | The private credit sector has another front on which to snatch market share from the old-school leveraged loan and high-yield bond worlds: sterling-denominated debt.
In the riskier corner of Europe's syndicated credit markets, borrower interest in sterling debt is flagging because it's become more expensive to issue in that currency instead of the euro. This is of particular interest to companies that need to refinance nearly €60 billion (about $64 billion) combined in sterling-denominated leveraged loan and high-yield bond debt by 2025.
Private credit lenders are already stepping in to fill the void as traditional syndicated debt players retreat. A group of direct lenders recently completed an £850 million (about $1.05 billion) loan for Access Group, a UK-based software specialist. A sterling deal of this size likely is out of reach for today's traditional, non-private debt markets. | | | | | | | | | China's IPO reforms promise to reignite VC-backed listings | |  | | (Hugo Hu/Getty Images) | | | VC-backed listings in China have fallen in recent quarters, but new reforms could spark fresh activity.
The switch to a registration-based IPO system is designed to make listings on Chinese exchanges easier than in previous years. | | | | | | | | | Apple's VR debut to fire up stagnant sector, investors say | |  | | (Jenna O’Malley/PitchBook News) | | | For the first time in nearly 10 years, Apple is set to reveal a completely new flagship product. A long-rumored foray into augmented and virtual reality will soon culminate in the release of an Apple VR headset. Investors and VR startups see the move as a much-needed shot in the arm for the technology—and a challenge to current market leader Meta.
Startups in the sector have whipsawed through various spikes in consumer interest in recent years. VCs and founders have been further frustrated by a lack of sustained commitment from tech industry power players. Dealmakers see Apple as a fundamentally different stakeholder, one with a track record of making refined hardware, in addition to software that appeals to developers. | | | | | | | | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 21 Deals | 121 People | 21 Companies | 1 Funds | | | | | | |
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The Daily Benchmark:
2014 Vintage Global VC Funds with less than $250M | | | | | | |
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Specialized cloud computing infrastructure provider CoreWeave has raised $200 million from Magnetar Capital to extend its Series B to $421 million. The startup has signed a billion-dollar, multiyear deal with Microsoft, CNBC reported.
Bengaluru-based satellite-image startup Pixxel has raised a $36 million round led by Alphabet, Reuters reported.
NexWafe, a green solar wafer manufacturer, has secured €30 million to construct a plant in Germany from investors including Reliance New Energy Limited, Aramco Ventures and ATHOS Venture. Additionally, NexWafe will receive funding from Aramco Ventures to build a facility in Saudi Arabia.
Tel Aviv-based social mapping platform Atly has raised $18 million from Target Global, Tal Ventures and FKA Brands.
XONAI, a London-based provider of cloud optimization solutions, has secured $3.5 million in a round led by Kadmos Capital. | | | | | |
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| PitchBook webinar: Exploring generative AI trends and opportunities | | This webinar will explore the dramatic arrival of generative AI. Panelists from the AI industry will join senior emerging technology analyst Brendan Burke to discuss generative AI applications, startup trends, opportunities and alternatives to ChatGPT. Key takeaways include: - Startup funding is shifting from generative applications to infrastructure as enterprises build internal tools.
- New startup categories are forming, but winners are not yet clear.
- Open-source projects are catching fire, yet they may confer limited benefits to startups and be replicated by incumbents.
Register now to secure your spot. | | | | | | | |
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| Energy company Lightsource BP has secured $460 million in financing to operate two projects in Louisiana and Indiana with around 800,000 solar panels. | | | | | |
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FF Venture Capital has launched a €60 million fund targeting Series A and late seed investments in Central European startups.
Australia's Aura Group is seeking up to A$200 million (around $132 million) for its latest PE fund targeting high-growth companies in Southeast Asia, the Australian Financial Review reported. | | | | | |
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| The Canada Pension Plan Investment Board has been looking for a buyer for a portfolio of private fund stakes worth up to $2 billion and a portfolio of direct stakes in private companies that could be valued at roughly $1 billion, The Wall Street Journal reported. | | | | | |
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