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| In today's Daily Pitch, you'll find: | | | | | |
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| Tech's new recipe: Generative AI serves up optimism for public foodtechs | | The performance of foodtech stocks kept up with the wider market in Q2, but no segment stood out above the crowd. Generative AI adoption bumped some companies to new heights, and the technology has settled into several niches across the sector.
Our Q2 2023 Foodtech Public Comp Sheet and Valuation Guide tracks stock performance, valuations and market caps—as well as forecasts for revenue, EBITDA and earnings per share—for key publicly traded companies. It touches on sectors including kitchentech, meal kits, online grocers and restaurant marketplaces. | | | | | | | | | Can decentralized infrastructure providers disrupt the status quo? | | Physical multibillion-dollar infrastructure industries like wireless telecoms, sensor networks and cloud servers have long held the status quo, but decentralized physical infrastructure networks, or DePINs, could upend them with a new business model.
These networks, which use token incentives to help offset the huge capital expenditures required to build physical infrastructure, are the focus of our latest analyst note. DePINs may still have a way to go before they are ready for prime time, but VC deal trends indicate investors are bullish on the new vertical. | | | | | | | |
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| A Message From SS&C Intralinks | | |
| APAC dealmakers contend with shifting economic and geopolitical trends | | The APAC region drives significant private market value on the global stage, and dealmakers in the region are contending with recent challenges, including rising tensions between the US and China and a slower fundraising environment. Investors are flocking to experienced managers, while developing economies seek to capitalize on new partnerships to sustain growth. SS&C Intralinks' Private Dealmaking in APAC report details PE and M&A activity in the region, including sector analysis and cross-border investment trends.
Read the report here | | | | | | | |
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| VC funding for US female founders continues to decline | |  | Female-founder dealmaking by half-year
(PitchBook News) | | | Six months into the year, it's becoming increasingly clear that 2021 and the first half of 2022 were outliers for US VC investment in female-founded startups, according to our US VC female founders dashboard. - Companies with at least one female founder have raised $13.4 billion across 1,537 deals in 2023, the lowest deal value since the H2 2020 and the fewest deals since H2 2018.
- Software remains resilient: Software providers with at least one female founder have raised $3.8 billion in 2023. The pharmaceutical and biology industry ranks in second with $3 billion.
- Notable deals include a $450 million Series C for AI research company Anthropic, founded by Daniela and Dario Amodei, and a $275 million Series B for gene-editing startup Metagenomi, started by Jill Banfield and Brian Thomas.
| | | | | | | | | Worldpay deal may signal banks again open to bigger deals | |  | | (Ivan Kruk/Shutterstock) | | | GTCR said late last week it will buy a 55% stake in Worldpay, the merchant business unit of Fidelity National Information Services.
The deal, which valued Worldpay at $18.5 billion, is one of the largest leveraged buyouts announced this year. The PE buyer was able to fund the deal with $8.4 billion of debt committed by banks, offering a ray of hope for a revived appetite among Wall Street lenders for large buyout debt. | | | | | | | | | VC investment retreats from African market | |  | | (Lubo Ivanko/Shutterstock) | | | Africa's venture ecosystem has seen its second consecutive quarterly decline in deal count as the continent feels the impact of the broader VC downturn.
Check out our snapshot of the African market to see how the continent has fared across venture dealmaking, fundraising and exits this year. | | | | | | | | | LPs' demand for liquidity drives VCs to secondary markets | |  | | (Jenna O'Malley/PitchBook News) | | | An LP at a public pension recently walked me through his private markets investment model. Despite having allocations to some of the top venture managers, he wasn't thrilled with the asset class's performance.
VC has not behaved at all as expected, he said. Funds were deployed too quickly, and valuations of portfolio companies ballooned to unrealistic levels. But his biggest grievance is that cash distributions from VC funds have been nowhere near as high as those from PE and growth equity funds.
The pressure to send money back to LPs is driving some VCs to sell portfolio company stakes on the secondary markets, but they're finding that buyers are interested only in the best assets. Meanwhile, less attractive companies are not generating much demand, even at big discounts. | | | | | | | | | | Binance unravels as executives flee and layoffs proliferate amid federal investigations. [The Wall Street Journal]
For thousands of years, mathematicians have adapted to the latest advances. Are they ready for artificial intelligence? [The New York Times]
Firms like Brookfield and The Carlyle Group are buying up polluters and promising to scrub them clean. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 17 Deals | 86 People | 31 Companies | | | | | | |
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The Daily Benchmark:
2016 Vintage Global Secondaries Funds | | | | | | |
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| Don't miss our upcoming webinar | | With soaring interest rates and investors weighing the possibility of a recession, the credit markets have slowed precipitously in 2023. In our upcoming webinar, LCD experts will examine recent trends, along with what lies ahead. Key topics include: - Loan issuance is down across the board, prompting investors such as CLOs to scramble for assets.
- Leveraged loan defaults are emerging at a pace not seen since the COVID-19 pandemic onset, due to rising rates.
- Signs of stress have emerged as the private credit sector—which still commands a large slice of the lending market—has not proven immune to challenging economic conditions.
Register now to secure your spot. | | | | | | | |
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KKR has agreed to acquire a 54% stake in wholesale Peruvian fiber optic network ON*NET Fibra de Peru and plans to invest an additional $200 million in the company.
STG has acquired and recapitalized Wrike, a work management platform formerly owned by Vista Equity Partners and Elliott Investment Management.
IK Partners has acquired UK medical imaging and teleradiology provider Medica Group.
Equistone-backed Timetoact Group has acquired Stagil, which offers solutions for businesses using Atlassian products. The deal is Timetoact's sixth acquisition since Equistone bought the business in 2021. | | | | | |
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Danish medical company Coloplast has agreed to pay up to $1.3 billion for Kerecis, a biological wound care company that uses fish skin to improve healing. Coloplast is raising equity to finance the deal, of which $1.2 billion will be an upfront cash payment.
L Catterton is exploring a potential IPO for German sandal maker Birkenstock, Bloomberg reported, adding that the offering could value the company at more than $6 billion.
Cloud hosting company DigitalOcean has acquired cloud computing startup Paperspace for $111 million in cash. The acquisition is meant to improve DigitalOcean's AI offerings. | | | | | |
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| 777 Partners, which leases jets to airlines that the firm also backs, has been in talks with Boeing and ATR that could result in more than 100 new aircraft orders, Reuters reported. | | | | | |
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| Chinese regulators fined fintech giant Ant Group nearly $1 billion in the culmination of a yearslong crackdown that began in earnest when the company's IPO was blocked by authorities in late 2020. The government also ordered Ant to shutter its medical expense crowdfunding business Xianghubao and to compensate customers. | | | | | |
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| The European Commission is investigating Amazon's planned $1.7 billion acquisition of robot vacuum maker iRobot over concerns that the deal would restrict competition. | | | | | |
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"Through Q1 2023, the TTM (trailing twelve-month) deal count skewed heavily toward the content segment. ... Despite intense competition and rising customer acquisition costs, our conversations with investors emphasize that outstanding content development is the likely path to outsized returns."
Source: Gaming VC Trends Deep Dive | | | | | |
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