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| In today's Daily Pitch, you'll find: | | | | | |
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| Major league investors: Private equity's pro sports ties | |  | | (Mara Potter/PitchBook News) | | | Our new dashboard tracks private equity investments in MLB, NBA, NHL and MLS—the four North American men's pro sports leagues that allow PE ownership. Key takeaways include: - Private equity sports investment is on the rise. The four major leagues that allow PE investment have recorded 18 PE deals since 2020.
- 61 major North American sports teams have PE connections, either to a firm or an individual dealmaker.
- 33% of teams in the NBA are backed by private equity, making the league the most popular target for dealmakers.
| | | | | | | | | More private investors take shots at sports, but do they score? | |  | | (Jenna O'Malley/PitchBook News) | | | In early 2021, the NBA opened the door to private equity funds for the first time, allowing institutional investors to own up to a 20% stake in a single franchise. Three months later, a young private investment firm struck up a deal with the NBA's Golden State Warriors: a 5% ownership stake at a $5.5 billion valuation.
As private investment firms become further entrenched in the ownership structures of professional sports franchises, time will tell if these sports-focused funds generate outsized returns for LPs. | | | | | | | |
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| A message from McDermott Will & Emery | | |
Calling all trailblazers in healthcare, life sciences and private equity! The No. 1 conference series for healthcare dealmakers is heading to London on September 21.
Hosted by the leading law firm in healthcare private equity, HPE Europe 2023 is your golden ticket to make invaluable connections with the most influential industry leaders from across Europe including savvy investors, pharma and healthcare executives, and the best deal lawyers in the business.
Experience it firsthand to understand why previous attendees say, "McDermott conferences are amazing. They do the best job of getting the right people in the room and making connections."
Your next collaboration partner is waiting for you…so, what are you waiting for?
Register today using code HPEPITCHBOOK200 for £200 off registration. | | | | | | | |
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| VC helps generative AI go shopping | | AI and ecommerce aren't a new pairing, but the latest wave of innovation with large language models has ignited a fresh spark between the two. Our latest Emerging Tech Research covers how technologies are being used to propel each sector forward. Among the findings: - VC investment in generative AI tools with ecommerce applications totaled $2.5 billion in 2022.
- Customer service and contact center tech led other categories in funding.
- Key deals included GupShup's $340 million raise and Builder's $250 million Series D.
| | | | | | | | | David Sacks launches startup for metric-conscious SaaS era | |  | | (Courtesy of SaaSGrid) | | | David Sacks of Craft Ventures has a new startup that emerged from the firm's own due diligence process. SaaSGrid, which tracks key metrics for software startups, is a time-saving tool that Sacks thinks will be increasingly critical to SaaS companies that must work harder to retain customers.
Investors also follow these KPIs closely, and hitting the right numbers can help startups receive funding during what Sacks calls a software recession. | | | | | | | | | Europe's unicorns lag the herd | | Europe's most valuable tech startups are showing more pricing pressure than their global peers, according to the Morningstar PitchBook Global Unicorn Indexes. The index of European unicorns has risen just 1.3% this year, compared with an 8.9% rise for all global unicorns.
The indexes are calculated using a proprietary model that tracks the value of unicorns on a daily basis. | | | | | | | | | New IPOs offer a true reflection of late-stage VC valuations | |  | | (Megan Woodard/PitchBook News) | | | After more than a year without liquidity prospects, investors and employees of some of the largest unicorns may see a glimpse of light at the end of the tunnel.
The recent IPO filings of Instacart and marketing automation company Klaviyo mean that once they debut, various types of investment activity—from new late-stage rounds and secondaries trading to other public offerings—are likely to pick up. That's largely because there will be more clarity about what private companies are worth. | | | | | | | | | | In its first monopoly trial of the modern internet era, the US sets its sights on Google. [The New York Times]
Regional banks' exposure to commercial real estate is more substantial than it appears. [The Wall Street Journal]
Firearms, paranoia and Amazon's endless quest for convenience have combined to create deadly risks for the internet retailer's growing fleet of gig drivers. [The Information] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 453 Deals | 2553 People | 644 Companies | 18 Funds | | | | | | |
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The Daily Benchmark:
2016 Vintage North American VC Funds | | | | | | |
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Ascend Elements, a lithium battery company, has announced a $460 million Series D and an additional $82 million from earlier this year. The Series D was led by Decarbonization Partners—a joint venture between Temasek and BlackRock—as well as Qatar Investment Authority and Temasek.
Generative AI for data centers startup d-Matrix has raised a $110 million Series B led by Temasek.
Josys, a Tokyo-based SaaS and device management startup, has closed a $93 million Series B led by Global Brain and Globis Capital Partners.
Arduino, an open-source hardware startup, raised a $22 million extension of its Series B, bringing its total funding to $54 million. The extension was led by CDP Venture Capital and Anzu Partners.
Snack startup SkinnyDipped has raised a $12 million Series A led by David Grutman.
Rejuvenation Technologies, a biotech startup, has raised a $10.6 million seed round led by Khosla Ventures.
Deskbird, a Swiss provider of workplace management software, has completed a $13 million Series A from investors including Alstin Capital, AVP Ventures and Rivus Capital.
Atomico has led a $10.8 million Series A in Strise, an Oslo-based provider of anti-money laundering software.
Cafler, a Barcelona-based company for on-demand car services, has raised €8 million in a round led by Seaya Ventures.
Firstcard, a fintech startup targeting college students, has raised a $4.7 million seed fund from AngelList Early Stage Quant Fund. | | | | | |
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| Don't miss our upcoming webinar | | In this discussion, PitchBook analyst Eric Bellomo hosts CEO Drew Marconi from Techstars-backed Intelligems, which offers a profit optimization and price A/B testing platform for ecommerce merchants. Key topics include: - Misconceptions and assumptions of online merchants surrounding their pricing strategies.
- Technical challenges and opportunities in optimizing and analyzing product pricing.
- Risks and challenges that both online merchants and enablement platforms are facing.
Register now to secure your spot. | | | | | | | |
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KKR has agreed to take a joint controlling stake in UK battery storage company Zenobe alongside existing investor Infracapital in a deal valuing the company at roughly £800 million.
HIG-backed German digital communication infrastructure company ICG Group has acquired Dutch telecoms towers business TripleA to widen the range of services to its customers.
Nasdaq-listed NextGen Healthcare, a healthcare solutions provider, has agreed to be acquired by Thoma Bravo.
Francisco Partners has invested in Accela, a cloud solutions provider for governments. | | | | | |
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China is launching a $40 billion state fund for its semiconductor sector, a record-sized fund by the China Integrated Circuit Industry Investment Fund, Reuters reported.
Blackstone has attracted $2.4 billion in capital inflows for its flagship private credit fund targeting wealthy individuals, Bloomberg reported.
VC firm 500 Global has closed on $143 million for its third 500 Southeast Asia fund, focusing on early-stage investments.
Pentathlon Ventures has launched its second fund with a target of $55 million. It plans to invest in early-stage B2B SaaS startups.
Lisbon-based Apex Capital has launched a €50 million fund targeting early-stage startups focusing on sports, media and entertainment.
Catalyst Fund has held a first close for its $40 million vehicle targeting climate-tech startups in Africa. | | | | | |
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London-listed Bridgepoint Advisers has acquired US infrastructure specialists Energy Capital Partners in a deal that values the firm at £835 million.
The SEC has fined Prime Group Holdings $20.5 million for failing to adequately disclose millions in fees paid to a real estate brokerage firm owned by Prime Group's CEO. | | | | | |
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