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| In today's Daily Pitch, you'll find: | | | | | |
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| Fintech's tempo slows after blockbuster growth | | After growing at a feverish pace for the past two years, fintech appears to be returning to a sense of normalcy, according to our latest analyst note. Among the takeaways: - Fintech companies secured $34.6 billion in VC funding across 2,055 deals in 2023, representing a year-over-year decline of -43.8% and -32.4%, respectively.
- Valuations mostly declined, with the median of $19.4 million down -13% from 2022's figure.
- Amid the IPO freeze, $5.9 billion in exit value was generated across 185 exits in 2023, a YoY decline of around -76% and -22%, respectively.
| | | | | | | | | IPO Watchlist: The fintech unicorns likely to go public | |  | | (Alexander Tamargo/Getty Images) | | | This week, the CEO of buy now, pay later leader Klarna, Sebastian Siemiatkowski, made headlines when he teased that a public listing in the US could be forthcoming. In November, the company announced it had turned its first quarterly profit, positioning itself for a long-awaited IPO.
Rapid changes to global monetary and fiscal policy have challenged fintech companies in recent years. Still, many have adapted and are—like Klarna—readying themselves for an IPO.
We used our VC Exit Predictor to highlight 10 fintech startups that might follow Klarna's example. | | | | | | | |
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| A message from Alter Domus | | |
| Unlock open-ended characteristics with unrivalled expertise and technology | | Funds with open-ended characteristics look set to offer asset managers significant opportunities for growth in 2024. Alter Domus is focused on unlocking those opportunities by reducing the administrative burden that comes with more investors, more transactions, multiple redemption criteria and more.
Through their extensive experience, Alter Domus' private market experts will advise on all aspects relating to the value chain of fund administration including the key developments of open-ended features. Alter Domus will also help navigate the regulatory landscape of this evolving market, including the ELTIF 2.0 regime in Europe, to drive efficiencies and manage risk.
Its hybrid technology platforms will put asset managers in control, ensuring they have the accurate and timely data needed to meet investor requirements and ultimately drive growth.
Find out more about this open-ended offering | | | | | | | |
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| US investors trim exposure to European VC deals | |  | | (Imagestock/Getty Images) | | | After years of increasing participation, US investors have pulled back from Europe's venture market.
Some 19.8% of European VC rounds included US firms in 2023, down from 22.7% the previous year. | | | | | | | | | CNBC Disruptor 50 nominations are open | |  | | (Zeyu Wang/Getty Images) | | | CNBC is taking nominations for its 2024 Disruptor 50 list, an annual assessment of the most innovative VC-backed tech companies. Startups are scored on criteria including scalability, revenue and user growth, the use of breakthrough technology, and workforce diversity. PitchBook provides data on funding, valuations and investors to inform CNBC's list.
Click here to submit your nominations. The deadline to apply is Feb. 16. | | | | | | | VCs dream of more-human robots | | | The future of startups specializing in robots that mimic human appearance and behavior may not be as far away as you think. Our recent Emerging Space Brief dives into the humanoid robotics sector, providing an overview of its current shape and the potential VC opportunities. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 492 Deals | 2070 People | 805 Companies | 27 Funds | | | | | | |
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The Daily Benchmark:
2018 Vintage Global Secondaries Funds | | | | | | |
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Infinite Roots, a German developer of mycelium-based alternative proteins, raised $58 million in a Series B led by Dr. Hans Riegel Holding.
Bastille, a threat intelligence startup based in California, raised a $44 million Series C led by Goldman Sachs Asset Management.
Icotec, a Swiss developer of spinal implants for use in the treatment of cancer, raised $30 million from MVM Partners.
Washington-based Digs, which offers an AI platform for builders and homeowners, raised $14 million across its pre-seed and seed rounds. The seed round was led by Oregon Venture Fund and Legacy Capital Ventures.
Marstone, a digital investment and wealth planning startup based in New York, raised an $8 million Series B led by Mendon Venture Partners and South Rose Capital.
TextQL, an AI data analytics startup based in San Francisco, raised $4.1 million across its pre-seed and seed rounds co-led by Neo and DCM.
Conversational AI specialist DXwand secured $4 million in a Series A led by Shorooq Partners and Algebra Ventures.
London's Naq raised €3 million from investors including No Such Ventures for its automated healthcare compliance platform. | | | | | |
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Hillhouse is a final bidder for Asian healthcare services company Everlife in a deal that could be valued at up to $1 billion, Reuters reported.
Yellow Wood Partners-backed beauty company Suave Brands agreed to acquire ChapStick, a lip care brand owned by consumer health company Haleon, for around $510 million.
Connecticut-based Peloton Equity made a strategic investment in OnPoint Healthcare Partners, which offers a platform intended to reduce burnout among physicians.
Highview Capital-backed food distributor GS Foods Group is acquiring Diamond Foods, a regional K-12 food distributor.
PE-backed FNZ, which offers a wealth management platform, completed its acquisition of International Fund Services & Asset Management, a B2B fund platform based in Luxembourg.
LDC exited its investment in Kerv Group, a UK cloud and digital transformation services provider, to Bridgepoint. The new investment comes via Bridgepoint Development Capital IV. | | | | | |
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