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| In today's Daily Pitch, you'll find: | | | | | |
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| How Mythical became a cautionary tale of the Web3 gaming gold rush | |  | | (Jenna O'Malley/PitchBook News) | | | Web3 gaming enjoyed massive investment in 2021 and early 2022 as VCs chased the next big thing in interactive entertainment. Now, that gold rush is over.
Mythical Games, a one-time darling of the space, is finding out what happens when overzealous investment in a sector suddenly ends. Along with a $37 million down round, the startup has completed a third round of layoffs, scrapped its cash bonuses and shifted to issuing cryptocurrency awards to employees, and sued three former executives.
Former employees share with PitchBook how the startup's fortunes suddenly turned. | | | | | | | | | Gaming reaches for the clouds | | While consumer spending on video games has remained healthy, VC funding has stayed flat, according to our latest Emerging Tech Research on the space. In the second quarter, startups added $1.1 billion across 110 deals—showing funding in H1 2023 to be on par with 2020 levels.
But gaming is still reaching for the clouds. The development segment has outpaced content as startups look for new ways to help create the next big games. Emerging opportunities within the sector include startups focused on cloud gaming and user-generated content sandboxes for players. | | | | | | | |
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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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| Instacart files for long-awaited IPO | |  | | (SOPA Images/Getty Images) | | | Grocery delivery specialist Instacart unveiled paperwork Friday for its arrival on Wall Street in what is expected to be the year's most-watched VC-backed IPO.
That came the same week that giant chipmaker Arm filed for its public offering and could signal a long-awaited wave of IPOs.
Instacart, which has raised $2.7 billion from VCs since its founding in 2012, is expected to be valued by Wall Street at a fraction of its last private valuation of $39 billion, which was set in March 2021. | | | | | | | | | Medtech regains some strength | | VC funding for medical tech skyrocketed to $19.7 billion in 2021 before plummeting, and funding this year could remain moderately below 2022's levels.
According to our Q2 2023 Medtech Report, deal count and value in the sector have increased since the first quarter, with a larger array of medtech categories seeing $100 million-plus VC deals—including surgical robotics and neurostimulation.
VCs are also intrigued by new technologies related to precision medicine, sleep disorder treatments and mixed-reality surgical navigation. And with improved hospital margins and robust patient interest in elective surgeries, the prognosis is good for investors to return to the space. | | | | | | | | | PE splurges on Europe's undervalued software sector | |  | | (Weiquan Lin/Getty Images) | | | PE investment in European software companies is on pace to match last year's total as investors continue to be attracted by a combination of low valuations, high profit margins and recurring revenues.
During the surge in software investment in 2021 and 2022, €146 billion was invested across 1,795 deals, according to PitchBook data. | | | | | | | | | | The Silicon Valley elite who want to build a city from scratch. [The New York Times]
Why the battle against the fungal apocalypse is just beginning. [Wired]
In the race to sell AI chips, how do the giants stack up? [Visual Capitalist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 11 Deals | 298 People | 70 Companies | 1 Funds | | | | | | |
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The Daily Benchmark:
2015 Vintage Global VC Funds | | | | | | |
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India-based grocery delivery startup Zepto has raised $200 million at a $1.4 billion valuation from investors including StepStone Group and Goodwater Capital, according to reports.
International payments company LemFi has raised a $33 million Series A led by Left Lane Capital.
AI SaaS company Aily Labs has secured a €19 million Series A led by Insight Partners.
Qase, which offers a software testing platform, has raised $7.2 million across Series A and seed funding rounds. The Series A was led by Chrome Capital.
Calopad, the Swiss developer of a heat patch used to treat local pain, has raised €4.2 million from investors including the Swiss government-backed Technology Fund.
Helsinki's Metroc, which offers a sales platform for the construction industry, has secured €2 million from backers including Lifeline Ventures. | | | | | |
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| Don't miss our upcoming webinar | | In 2022, more than $200 billion in ecommerce merchandise was returned, significantly straining merchant supply chain operations. In this discussion, PitchBook analyst Eric Bellomo hosts Kyle Bertin from VC-backed Two Boxes, developer of a returns processing platform. Key topics include: - An overview of the state of reverse logistics and the current state of operations.
- Technical and strategic trends impacting reverse logistics in the near-term.
- Opportunities and challenges to designing scalable and sustainable reverse logistics processes moving forward.
Register now to secure your spot. | | | | | | | |
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| Blackstone has agreed to sell a 22% stake in the Bellagio casino and resort in Las Vegas to Realty Income for $300 million, The Wall Street Journal reported. Realty Income will also invest $650 million for preferred equity through its credit business, valuing Bellagio at $5.1 billion. | | | | | |
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