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| In today's Daily Pitch, you'll find: | | | | | |
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| Fintech stock rebound favors profitable business models | | Share prices for recently public fintech companies have been rebounding faster than the wider market. Still, investors are prioritizing profitability, as traditional IPOs have outperformed SPACs. Neobanks, insurtech, proptech and high-growth payments companies are all working to turn a profit, whereas well-funded incumbents are pursuing M&A. A reset almost always favors the strong.
Our Q2 2023 Fintech & Payments 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. This quarter's guide also includes data from PitchBook's VC Exit Predictor, a tool that forecasts which private companies are most likely to go public or be acquired. | | | | | | | | | Have our 2023 predictions for US PE panned out? | | At the start of each year, our analysts share their predictions on how the following months will unfold for US PE, on topics like the exit-to-investment ratio and take-privates of recently public companies.
On many counts, the trajectory of the industry hasn't shifted much since 2022, but some things have changed: public markets rebounded, big banks came back to the LBO business, and the denominator effect on LP allocations eased somewhat. In our 2023 US Private Equity Outlook: H1 Follow-Up, PitchBook analysts take stock of how their forecasts fared and what's in store for the year's second half. | | | | | | | |
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| PitchBook's 2023 Media Kit released | | With uncertainty across the private and public markets likely to continue, strong and insightful thought leadership is critical to your clients and prospects.
By partnering with PitchBook Media, you will have daily opportunities to reach 1.5M+ industry professionals in our newsletter, and you can broaden exposure of your brand through our core industry reports. We also help clients create custom research to share data-driven insights on the market.
Our 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.
Click here to download it today or to speak to someone on the media team. | | | | | | | |
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| 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. | | | | | | | | | Emerging managers' fundraising slump is a blow to smaller VC ecosystems | |  | | (Mara Potter/PitchBook News) | | | Emerging managers in the US are on track to see their annual fundraising slump below $20 billion for the first time in seven years, as economic volatility pushes LPs to stick with more established managers.
For the startup ecosystem, emerging managers' challenges mean less cash available outside of major metropolitan areas and fewer niche investors on the hunt for innovative companies. | | | | | | | | | Startup Radar: VCs on 10 edtech startups you need to know | |  | | (Courtesy of Multiverse) | | | VC investment in education technology has continued to fall this year, but advances in AI have the potential to transform the sector.
We spoke to five VCs active in edtech to see which startups they think are the ones to watch. | | | | | | | | | | One author considers whether we can really mine our way to a greener future. [The New Yorker]
How AI could change how blind people see the world. [Wired]
The more complex the fund name, the worse it does, according to a professor who ran the numbers—but the reason isn't clear. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 491 Deals | 2119 People | 659 Companies | 61 Funds | | | | | | |
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The Daily Benchmark:
2020 Vintage Global PE Funds with more than $1B | | | | | | |
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| Paul Zuber, former head of Thoma Bravo's technology group, has joined Hg as operating partner, North American lead. | | | | | |
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Clair, has raised $175 million: $150 million from Pathward bank and $25 million in equity funding led by Thrive Capital. The fintech startup offers on-demand wage advances.
Japanese robotics startup Telexistence has raised a $170 million Series B from investors including SoftBank, Monoful Venture Partners and Airbus Ventures.
Brussels-based insurtech startup Qover has closed a $30 million Series C from investors including Alven, Anthemis and Kreos Capital.
Hardt Hyperloop, a Dutch developer of hyperloop technology, has secured €12 million from investors including the European Innovation Council Fund and InnovationQuarter.
Internet-of-things startup Nami has raised a $10.5 million Series A from investors including Verizon Ventures, Amavi Capital and INSPiRE.
Numarics, a Swiss automated accounting specialist, has secured €10.2 million in a round led by UBS Next and FiveT Fintech.
London-based clinical research company uMed has received £9.8 million from investors including Delin Ventures, AlbionVC and Playfair Capital.
Twitter rival Bluesky has raised an $8 million seed round led by Neo.
Optiversal, a generative AI content provider for large companies, has raised a $4.2 million seed round led by Bling Capital.
ChipFlow, a UK-based developer of an open-source semiconductor chip design platform, has raised £1.2 million in a round led by Fontinalis Partners.
London-based Renewabl, a climate-tech software startup, has secured £1.1 million from investors including South Pole, QVentures and PortfoLion. | | | | | |
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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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London-based early-stage VC firm Notion Capital has closed its fifth fund on €300 million.
Insight Partners has raised $118 million for Insight Vision Capital II, the software investor's fund-of-funds that will invest in early-stage funds with managers from underrepresented groups. | | | | | |
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