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| In today's Daily Pitch, you'll find: | | | | | |
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| An apple a day keeps the doctor away | | How to best manage chronic health conditions has vexed doctors and patients for generations. One overlooked area of treatment is increasingly attracting more attention: healthy, medically tailored meals and personalized nutrition programs.
Investors are finally taking food-as-medicine startups seriously, according to our recent analyst note. US households that include a member with a health condition that can be managed through diet spend around $270 billion in grocery sales annually—a major market opportunity. | | | | | | | | | July wrap-up: One month in global markets | | Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation.
In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on as markets remain volatile. | | | | | | | |
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| How SOSV manages the full relationship lifecycle for deals with Affinity | | SOSV was transitioning from operating as a small family office to a rapidly growing venture capital firm with multiple verticals. This shift, however, came with the challenge of not having a CRM that felt tailored to the needs of a venture capital model. Contact information and investment data was scattered across spreadsheets, resulting in limited visibility into the firm’s relationships and connections.
Affinity provided SOSV with a comprehensive CRM solution and an automated way to centralize its network, enabling the firm to track interactions, leverage connections, and mine insights for better decision-making. Affinity's data also integrates into the SOSV Community Portal, enabling portfolio founders to keep their data up to date which then syncs with Affinity.
Check out the full case study here | | | | | | | |
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| Steve Jobs' son joins VC trend with specialist healthcare fund | |  | Yosemite National Park in California
(George Rose/Getty Images) | | | In a tough fundraising environment, it doesn't hurt to be the heir to the Apple fortune. Steve Jobs' son, Reed Jobs, is raising $400 million for a fund dedicated to startups taking on the disease from which his father died.
The first-time fund manager has already secured $200 million for Yosemite Fund I. It's capitalizing on both an active space in healthcare investing—cancer care—and a growing trend of launching hyperspecialist, impact-focused venture funds to stand out from the crowd. | | | | | | | | | NATO closes $1B fund to back defense tech startups | |  | | (NurPhoto/Getty Images) | | | NATO has raised $1 billion for the world's first multi-sovereign VC fund as it looks to leverage new technologies addressing security and defense challenges.
VC interest in defense tech has been on the rise in recent years as geopolitical tensions highlight the need for new technologies. | | | | | | | | | | Why Apollo CEO Marc Rowan is working to shed the firm's ruthless image. [Bloomberg]
Miami sees its first population drop in decades. [The Wall Street Journal]
The US is courting Korean chipmakers and battery manufacturers with large subsidies in hopes of loosening their ties with China. [Financial Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 483 Deals | 1736 People | 721 Companies | 25 Funds | | | | | | |
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The Daily Benchmark:
2014 Vintage Global PE Funds between $250M-$500M | | | | | | |
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Networking-as-a-service company Nile has raised a $175 million Series C led by March Capital and Sanabil Investments.
Chemify, a startup using AI to discover, design and manufacture complex molecules, has raised $43 million led by Triatomic Capital, the Financial Times reported.
HSBC has agreed to invest $35 million in Tradeshift as part of a round expected to close with at least $70 million. The B2B fintech company plans to launch a joint venture with HSBC in early 2024.
Canada's Konscious Foods, a plant-based seafood brand, has raised $26 million in a seed round.
Oncology therapeutics startup Aulos Bioscience has secured a $20 million Series A extension from Apple Tree Partners.
Remedial Health, a Nigerian startup digitizing pharmaceutical procurement, has raised $8 million in equity led by QED Investors and Ventures Platform and $4 million in debt.
Israel's Ansā Roasting, which makes autonomous coffee roasters, has secured $9 million in a round led by Jibe Ventures. | | | | | |
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| Don't miss our upcoming webinar | | US venture capital has remained under pressure. Join our panel of industry experts from PitchBook, Insperity, J.P. Morgan, and Dentons for a discussion on key findings from the Q2 2023 PitchBook-NVCA Venture Monitor. - Preliminary data shows that median seed deal size reached $2.9 million—however, this elevated figure conceals a survivorship bias.
- A liquidity crunch, frozen avenues to public listings and pullback of nontraditional investors has led to a self-feeding cycle with exits unlikely to pick up.
- The intentional overcapitalization of late- and venture growth-stage companies during 2021 and early 2022 has allowed many of them to delay financing in a market downturn.
Register now to secure your spot. | | | | | | | |
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