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| In today's Daily Pitch, you'll find: | | | | | |
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| How-to guide: International expansion in a volatile market | |  | | (Catherine Falls Commercial/Getty Images) | | | Expanding internationally is an important milestone for startups in their growth journey—but it comes with many challenges.
We asked VCs to share their advice for companies planning to set up in new geographies. Here's what they said. | | | | | | | | | Market Map: Game development startups level up creators | |  | | (Joey Schaffer/PitchBook News) | | | Investors don't want to play, they want to build—even when it comes to gaming. Game development startups surpassed studios in VC funding in Q2, a sign that investors are betting on new ways to create experiences.
Our latest market map lays out the development startups empowering video game builders. | | | | | | | |
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| A message from SVG Ventures|THRIVE | | |
| THRIVE Global Impact Summit: Tackling climate change together | | Amidst the heightened urgency of the climate crisis, it is becoming increasingly clear that disruptive innovation holds the key to forging a future that's sustainable, prosperous, inclusive, healthy, and equitable for all. Mark your calendars for November 1st and 2nd in the vibrant hub of Silicon Valley for this groundbreaking event with forward-thinking visionaries, entrepreneurs, investors, and influential leaders from the realms of agriculture and food technology. The THRIVE Global Impact Summit provides the platform to delve into innovative solutions and ignite transformative shifts within these sectors. SVG Ventures, in partnership with PitchBook, will reveal the Global Impact investment report—a testament to SVG's unwavering commitment to driving substantial change. Seize this exceptional investment opportunity and join SVG in shaping a sustainable future and embracing consequential innovation.
Click here to learn more. | | | | | | | |
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| Can any space-tech startup thrive in SpaceX's shadow? | | While trips to Mars may be far out on the horizon, VC is still betting on the space-tech sector. In a field dominated by SpaceX, can any startup break out and make a splash?
Our recent Emerging Tech Research covers the key players and areas for potential growth and competition. These include startups working toward pharmaceutical development in space to those working on launching more satellites. Broader consumer usage of space tech may still seem like a moonshot, but VCs have their eyes on the stars. | | | | | | | | | Investors bet on generative AI to revolutionize drug discovery | |  | | (metamorworks/Getty Images) | | | While the use of generative AI to discover medicines is still not widely discussed, some early adopters of large language and diffusion models have succeeded in raising substantive funding in recent months.
"We are in [the] very early days of how generative AI is going to be applied in life sciences, but I think the applications in drug discovery are potentially profound," said Greg Yap, a partner at Menlo Ventures. | | | | | | | | | 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. | | | | | | | | | | Researchers are exploring reflecting solar radiation back into space to help cool a warming planet. [Financial Times]
Saudi Arabia is dangling billions for research on aging. Scientists are lining up to take it. [The Wall Street Journal]
Why Britain is so bad at diagnosing cancer. [The Economist] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 9 Deals | 33 People | 13 Companies | | | | | | |
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The Daily Benchmark:
2013 Vintage Global Debt Funds | | | | | | |
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Swedish battery storage startup Polarium has raised 436 million Swedish kronor (roughly $40 million), Di Digital reported. The round cuts Polarium's valuation by nearly 50%, according to the report.
Innovac Therapeutics, a mRNA therapeutics specialist, has secured $18 million in a pre-Series A from investors including Elikon Venture, Vision Plus Capital and Yunion Healthcare Ventures.
Measurlabs, a Helsinki-based provider of laboratory analysis and testing services, has raised €2.5 million in a seed round led by VentureFriends.
OneID, which offers bank-verified digital identity services, has raised £1 million from ACF Investors. | | | | | |
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UK retailer Next and the Reiss family have agreed to purchase Warburg Pincus' 34% stake in fellow UK-based fashion retail company Reiss Group for £128 million.
HIG Capital has sold part of its stake in Brazilian out-of-home media company Eletromidia to Latin American media giant Grupo Globo.
Papaya Global has offered to purchase a 10% stake in HR tech startup Deel and has floated the possibility of acquiring the company, Insider reported. | | | | | |
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A division of India's HDFC Bank is looking to raise up to $2 billion for a real estate private credit fund, Bloomberg reported.
Patron, an early-stage VC firm focused on the Web3, gaming and consumer sectors, is aiming to raise a $100 million Fund II. | | | | | |
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"Total fundraising across all strategies and seven firms combined for $106.7 billion in Q2, a 6.4% increase from Q1. This ended a three-quarter skid of sequential declines. However, on a TTM (trailing 12-month) basis, most managers are still tracking well below their prior-year TTM run rates, with the exception of Apollo and Blue Owl, which still have positive momentum."
Source: Q2 2023 US Public PE and GP Deal Roundup | | | | | |
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