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| In today's Daily Pitch, you'll find: | | | | | |
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| Why the direct listing is on life support | |  | | (Courtesy of Surf Air Mobility) | | | Shortly after Surf Air Mobility, a private jet company developing electric planes, went public via direct listing in July, its stock price started to nosedive.
Surf Air Mobility was the first significant direct listing in nearly two years—and it's likely to be one of very few in the near term.
In a market where late-stage companies don't have the cash runway they used to, founders are more incentivized than ever to secure the capital and big investors that come with the traditional IPO roadshow. | | | | | | | | | AI & ML, ecommerce emerge as up-and-coming tech areas | | PitchBook's Emerging Tech Indicator tracks angel, seed and early-stage investments at the world's 15 most successful VC firms to determine the most promising areas of tech.
In Q2 2023, ETI deals decreased to $3 billion over 120 deals, down from $3.18 billion and 133 deals in Q1. Propelled by the generative AI buzz, AI and machine learning continued to attract significant investments. AI & ML and ecommerce—the top sectors for ETI investment—secured $646 million and $533 million, respectively.
Web3 and decentralized finance investments dwindled, with just $159 million across five deals, reflecting challenges such as regulatory scrutiny and rising interest rates. | | | | | | | |
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| Get SVB's latest insights on private equity trends | | How PE/VC funds are navigating today's liquidity crunch.
Learn more | | | | | | | |
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| UK private markets extend recovery | | With interest rates hitting a 15-year high to combat inflation, the UK private markets' ability to adapt has resulted in what is starting to look like a prolonged recovery.
Our 2023 UK Private Capital Breakdown covers how PE and VC have performed in the country during the first half of the year compared with the broader European market. Among the findings, PE has tended to look for smaller targets in a tough financing environment. VC exits haven't been large, but volume is on a par with last year's. | | | | | | | | | Butternut Box lands largest-ever VC pet tech deal | |  | | (Carol Yepes/Getty Images) | | | Butternut Box, a tech-enabled dog food company, has raised £280 million (around $351.5 million) in the largest pet tech venture capital investment to date.
The round, which was led by General Atlantic, follows Butternut Box's acquisition of Polish pet food brand PsiBufet in April. Sky News reported that deals value the company at over £500 million. | | | | | | | | | Fortress makes insurance market play with Nassau stake | |  | | (Hispanolistic/Getty Images) | | | | Fortress Investment Group has acquired a minority stake in PE-owned insurer Nassau, with hope that the transaction—the first of its kind for Fortress—will enhance its reputation as a preferred credit manager for insurance investors. | | | | | | | | | | Midjourney's founder, David Holz, built an AI winner—without raising a cent from outside investors. [The Information]
Court cases allege PE firms used arcane tax deals to enrich executives at the expense of shareholders. [The Wall Street Journal]
Furniture used to last generations, but now it barely survives a move. Industry insiders reveal why. [The Washington Post] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 447 Deals | 3112 People | 722 Companies | 10 Funds | | | | | | |
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The Daily Benchmark:
2017 Vintage Global Funds-of-Funds | | | | | | |
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UK-based holographics startup Envisics has raised a $100 million Series C from investors including M&G Investments and Hyundai Mobis, TechCrunch reported.
Mujin, a robotics startup based in Japan, has raised an $85 million Series C led by SBI investment Company and joined by Pegasus Tech Ventures and Accenture, among others.
Biotech company Star Therapeutics has raised a $90 million Series C led by Sofinnova Investments.
Israel's ThetaRay, which offers an AI-based anti-money laundering platform, has raised $57 million in a round led by Portage.
Ambient Photonics, a startup creating photonics-based technology, has raised a $30 million Series A2 led by Fine Structure Ventures.
Berlin-based cleantech startup Nuventura has secured a €25 million Series A led by Mirova.
SET Ventures has led a €9.5 million Series A for E-mobilio, which offers an electric mobility advisory and shopping platform.
Opna, the developer of a financing platform for carbon removal projects, has raised $6.5 million in a round led by Atomico. | | | | | |
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| Don't miss our upcoming webinar | | J. Thelander Consulting and PitchBook will explore how compensation at investment firms has changed in recent years. Across a range of positions from managing general partners to entry-level analysts, our experts—including Jody Thelander—will discuss base salaries and bonuses, along with the best practices for fund structure, including fund formation and carried interest.
Register to secure your spot. | | | | | | | |
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"PE managers have had to adjust to make deals happen and keep the sputtering LBO machine from stalling. Deals have gotten smaller, making them more digestible and easier to finance."
Source: PitchBook's Q2 2023 US PE Breakdown | | | | | |
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