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| In today's Daily Pitch, you'll find: | | | | | |
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| Crypto sags but retains opportunities for VCs | | Crypto deal value and count fell for the fifth consecutive quarter, and to their lowest points since Q4 2020, according to our Q2 2023 Crypto Report.
But there are still VC opportunities such as stablecoins—designed to be less volatile because they are pegged to other currencies and commodities. Startups are also working to create fairer markets by mitigating the effects of transaction manipulation. | | | | | | | | | San Francisco 49ers family office targets $50M for first VC fund | |  | San Francisco 49ers CEO Jed York
(Thearon W. Henderson/Getty Images) | | | The owners of the NFL's San Francisco 49ers are raising a debut VC fund with a $50 million target.
Managing partner Jed York, CEO of the professional football franchise, has been quietly investing in venture since 2014. Recently, York became embroiled in several lawsuits alleging insider trading and violations of federal securities laws in his role as a board member at edtech startup Chegg. | | | | | | | |
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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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| Q2 'Weakest Links' in US leveraged loan market | |  | | (Maksim Tkachenko/Getty Images) | | | The $1.4 trillion US leveraged loan market became a bit riskier in the second quarter, according to LCD's "Weakest Links" analysis.
The analysis tracks lower-rated debt issues of B-minus or less that also have a negative rating profile. These have shown to be an indicator of potential default activity.
This is the fourth-straight increase in the number of Weakest Links, as sharply higher debt costs spurred by recent rate hikes have impacted leveraged loan coverage ratios. | | | | | | | | | European unicorn valuations see first dip in a decade | |  | | (Carol Yepes/Getty Images) | | | The aggregate post-money valuation of companies worth over €1 billion in Europe fell in the first half of 2023 for the first time in a decade.
Higher financing costs and public market volatility have put pressure on unicorn price tags, conditions likely to persist throughout the year. | | | | | | | | | Hayfin closes on $6.5B for 2023's largest European private credit fund | |  | | (John M Lund Photography Inc/Shutterstock) | | | | UK-based Hayfin has raised over €6 billion (about $6.5 billion) for its latest direct lending fund, making it the largest European private debt fund to close in 2023. The appetite for the asset class has remained strong in a tough financing market. | | | | | | | | | | The Panama Canal has become a traffic jam of the seas. [The Wall Street Journal]
Here's why former Vanity Fair employees started working at Standard Industries. [The New York Times]
A failing power grid and affordability strains are dividing Puerto Rico into haves and have-nots. [Bloomberg] | | | | | |
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The Daily Benchmark:
2017 Vintage North American PE Funds | | | | | | |
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SoftBank has bought a 25% stake in Arm from its Vision Fund unit, valuing the chipmaker at just over $64 billion ahead of its planned IPO, The Wall Street Journal reported.
Viome, a consumer life sciences startup, has raised an $86.5 million Series C from investors including Khosla Ventures and Bold Capital.
UK-based life sciences company Lightcast Discovery has secured a £38 million Series B led by M Ventures.
Digital health startup Venteur has raised $7.6 million in a round led by GSR Ventures.
MyGwork, which operates a networking platform for the LGBTQ+ business community, has raised €1.5 million in a round led by 24Haymarket. | | | | | |
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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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| Assembly Ventures has closed its debut fund on $76 million. The vehicle will target seed, Series A and Series B investments in the mobility sector. | | | | | |
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"There is a clear relationship between purchase price multiples paid and size, with valuations stepping up to buy scale and stepping down for smaller companies and bolt-on deals. ... Significant discounts emerge [for companies and deals below $25 million in value], with a median revenue multiple at 0.8x, or 58.3% below the median multiple paid for deals of all sizes."
Source: PitchBook's Q2 2023 US PE Breakdown | | | | | |
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