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| In today's Daily Pitch, you'll find: | | | | | |
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| Dark clouds settle over Europe's venture market | | Venture deal count in Europe fell considerably in the first half of the year, but recovery in the public markets could signal a light at the end of the tunnel, according to our Q2 2023 European Venture Report.
Deal value is down 60.8% from H1 2022, and more attention has been focused on follow-on funding and restructuring portfolio companies' operations to extend cash reserves.
Exit activity in Europe has also slowed to decade lows, with acquisitions remaining the most popular liquidity route despite a 93.2% decline in exit value from 2022. | | | | | | | | | Valued at $4B, can Skims stay hot? | |  | Skims co-founder Kim Kardashian
(STEFANO RELLANDINI/Getty Images) | | | Kim Kardashian's apparel brand, Skims, is a rare success among today's direct-to-consumer companies, soaring into the mainstream on the strength of its namesake celebrity and viral appeal.
Yesterday, the company unveiled $270 million in funding at a $4 billion valuation led by Wellington Management. According to the company's latest investor pitch deck, its revenue this year is projected to rise 58% to $758 million. But its plans for expansion via physical stores will take the company down a path that has proved troublesome for other direct-to-consumer VC-backed brands. | | | | | | | |
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| A message from J.P. Morgan | | |
| The consumer: 2008 vs. 2023 | | Consumer spending makes up over 60% of U.S. GDP. That means nearly every business is affected when there's a change in spending trends. What does the latest data tell us about those trends? And how do consumers today compare with consumers leading up to the 2008 financial crisis? Ginger Chambless, Head of Research for Commercial Banking at J.P. Morgan, shares insights to help business leaders track economic shifts based on consumer spending. She's joined by executives from our Innovation Economy Banking team who work with early-stage startups as well as venture-backed and high-growth companies.
Watch video | | | | | | | |
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| Techstars tops list of 10 most prolific accelerators in Europe | |  | Techstars CEO Maëlle Gavet
(Bruno de Carvalho/Getty Images) | | | Techstars has topped a list of the most active accelerators backing European startups since the start of 2018, with 661 investments.
Of the top 10, four are investors headquartered in the US, while the rest are based in Europe. | | | | | | | | | North American GPs look East for fundraising oasis | |  | | (siriwat sriphojaroen/Shutterstock) | | | | In the face of a crowded fundraising market, a handful of GPs in North America are hoping to tap into the Asia-Pacific market for fresh capital, attracted by the region's growing wealth and Asian LPs' newfound interest in the middle market. | | | | | | | | | Fortunes for public agtech companies are split in sector slump | | As agtech stocks fell behind the overall market, animal biotech and indoor farming companies showed two sides of that coin. On one, animal health specialists are riding the momentum of 2022 and demonstrating steady EBITDA growth. On the other, indoor farming is facing greater challenges as both public and private investors flee.
Our Q2 2023 Agtech 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. | | | | | | | | | | Why the SEC blew off the leveraged loan debate. [Institutional Investor]
To many, chatbots and other technology feel like a ticking time bomb, sure to upend their jobs. But to some, the threat is already here. [The New York Times]
Tesla has a surprising new route to EV domination: becoming more like the industry it disrupted. [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 500 Deals | 2067 People | 659 Companies | 13 Funds | | | | | | |
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The Daily Benchmark:
2011 Vintage Global Real Estate Funds | | | | | | |
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Seoul-based online fashion platform Musinsa has raised a $190 million Series C led by KKR.
Preply, an online language learning marketplace, has raised $70 million in debt and equity led by Horizon Capital.
Neura Robotics, a German maker of cognitive robots, has secured $55 million in a round led by Lingotto, Vsquared Ventures, Primepulse and HV Capital.
SensorFact, a Dutch provider of smart monitoring technology designed to identify energy waste, has raised €25 million in a round led by Blume Equity.
At-home blood-testing startup SiPhox Health has raised $27 million in funding including seed financing led by Khosla Ventures and a Series A led by Intel Capital.
P0x Labs, a privacy-preserving Web3 startup, has reached a $500 million valuation after raising a $25 million Series A led by Polychain Capital and Qiming Venture Partners. | | | | | |
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| Don't miss our upcoming webinar | | ESG and sustainable investing are now a mainstay of market discourse, but there remains a lack of consensus on how and where these terms should be applied. Join our speakers from the PitchBook Institutional Research Group for a discussion on ESG's evolving perception and usage, as seen through the lens of the 2023 Sustainable Investment Survey.
Register now to secure your spot. | | | | | | | |
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Davidson Kempner Capital Management has closed its sixth opportunities fund on $3 billion. The vehicle will invest in less liquid and longer-duration assets in areas including real estate and infrastructure.
Fremman Capital has closed its debut fund, which will target companies across Europe, on over €600 million.
Eurazeo has closed its second smart city fund on €400 million. The vehicle will target investments in areas including renewable energy, logistics and mobility.
KKA Partners has closed its second fund, which will target small and medium-sized companies in Germany, Austria and Switzerland, on €230 million.
Cryptocurrency-focused firm Polychain Capital has closed a roughly $200 million fourth fund, according to reports.
Tel Aviv-based Flora Ventures has raised $50 million in the first close of its $80 million fund. The firm invests in early-stage startups in areas including sustainable agriculture and food security.
Big Sky Capital has raised a $20 million debut fund to invest in early-stage companies, TechCrunch reported. | | | | | |
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"PE fundraising activity in Europe looks strong, as megafunds get more mega. In H1 2023, capital raised in European PE funds sat at €49 billion, with 2023 on track to land above 2022's total of €68.2 billion. This was raised over fewer vehicles—51 total—evidencing more resilience in larger funds within fundraising markets."
Source: PitchBook's Q2 2023 European PE Breakdown | | | | | |
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