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| In today's Daily Pitch, you'll find: | | | | | |
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| Exploring signs of revival for M&A dealmaking | | Worldwide M&A deal value reached $3 trillion in 2023, marking it the second-weakest year in a decade. However, other metrics imply the worst may be behind us, according to our 2023 Annual Global M&A Report, sponsored by Liberty GTS.
The total estimated M&A deal count was 37,300—the third highest on record. Additionally, the Federal Reserve's pivot to interest-rate cuts raises optimism for an upcoming recovery in the deal market. Lastly, public multiples have sprinted ahead of private multiples, setting the stage for a catch-up move. | | | | | | | | | VC-backed M&A spoils predictions, falling to decade low | |  | | (Klaus Vedfelt/Getty Images) | | | VCs and market participants have been predicting an uptick in M&A activity for at least six quarters, but their forecasting powers keep failing them.
2023 turned out to be the worst year in a decade for acquisitions of VC-backed companies. Companies purchased nearly 700 startups at a combined value of $26.7 billion, about a quarter of the value sold during the 2021 peak. | | | | | | | |
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| Mapping the key trends in e-commerce & retail's evolution | | E-commerce penetration was supercharged by the COVID-19 pandemic, but in some ways has also grown more complex in the years since, especially in its convergence with retail's trends. Deloitte's latest edition of the Road to Next series explores this unique space to assess how its ongoing transformation points to larger, slower-moving trends and present-day concerns, with key areas of focus including: - Analysis of datasets on e-commerce retail expansion-stage activity, coupled with models of US recession probability and financing metrics.
- How broader economic and geopolitical trends are intertwining to impact startup to growth-stage innovation in the space.
- A spotlight on the unique complexities of manufacturing directly for retailers, but also why they may be more tentatively embracing those challenges.
Read it now | | | | | | | |
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| Retail tech gets giddy about AI | | Retailers at this month's NRF conference were cautiously optimistic, given strong economic signals and rising ecommerce market share—tailwinds that should allow for further investment in retail technology in 2024.
AI was everywhere at the National Retail Federation event, with novel use cases spanning customer service, search and discovery, autonomous robots, and more. But some of the most potentially valuable applications, those involving back-end operations, face resistance from enterprise companies that are highly protective of proprietary data.
Our latest analyst note offers seven takeaways from the conference. | | | | | | | | | 4 charts: Pockets of growth in European PE | |  | | (Barton/Getty Images) | | | Against a tumultuous backdrop, European PE activity exceeded expectations in many respects last year.
Four charts from our 2023 Annual European PE Breakdown highlight areas of growth across deals, exits and fundraising. | | | | | | | | | London VC Plural closes $400M+ 2nd fund | |  | | Plural partner Taavet Hinrikus (John Phillips/Getty Images) | | | | Less than two years after launching, London-based Plural has raised €400 million (around $434.5 million) for a second fund. The new vehicle follows a muted year for European VC fundraising, in which the total fund count sank to its lowest level in a decade. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 542 Deals | 1689 People | 852 Companies | 24 Funds | | | | | | |
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The Daily Benchmark:
2014 Vintage Global PE Funds | | | | | | |
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| A message from Apex Group | | |
Achieving consistency of data—implementing a digital strategy | | Data is a powerful tool for investors looking to generate benefit and make informed investment decisions. However, it's important for investors to carefully evaluate data sources and ensure they are using reliable, high-quality data in their analyses.
To learn the key discussion points, read Apex's latest insights and download the ebook here. | | | | | | | |
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Silverfort, a cybersecurity startup based in Israel and Boston, raised a $116 million Series D led by Brighton Park Capital.
TravelPerk raised $104 million led by SoftBank's Vision Fund 2 at a $1.4 billion valuation. The London-based company offers a travel management platform.
Instagrid, a German developer of portable power systems, closed a $95 million Series C led by Teachers' Venture Growth.
Copenhagen's Monta, an electric vehicle charging startup, raised an €80 million Series B co-led by Energize Capital, GreenPoint Partners and Denmark's Export and Investment Fund.
Elephas, a Wisconsin-based biotech startup, raised a $55 million Series C co-led by Venture Investors Health Fund and the State of Wisconsin Investment Board.
San Jose-based AiDash raised a $50 million Series C led by Lightrock. AiDash uses satellite data and AI to help companies in industries like electric, gas and transportation to monitor assets.
Torq, a cybersecurity and automation startup based in New York, raised a $42 million Series B extension, backed by investors including Bessemer Venture Partners, GGV Capital and Insight Partners.
Tel Aviv-based autonomous farming startup Bluewhite completed a $39 million Series C led by Insight Partners.
Clerk, an automation development startup based in San Francisco, raised a $30 million Series B led by CRV.
Berlin's Morressier, which offers a virtual conference and publishing platform for the academic community, secured a $16.5 million Series B led by Molten Ventures. | | | | | |
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Italian mid-market firm Alto Partners closed its fifth flagship fund on €273 million. The vehicle will target family-owned companies primarily in northern Italy.
Indonesia-based AC Ventures held a $210 million final close of its fifth fund. | | | | | |
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| The Australian Prudential Regulation Authority is reviewing how Australian pension funds value unlisted assets, including private equity, to limit risks within illiquid holdings in the sector, Reuters reported. | | | | | |
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"For late-stage and venture-growth-stage AI & ML startups, the average and median time since last VC raise is currently at 21.0 and 17.5 months, respectively, as of Q3 2023. It is worth noting that many AI & ML startups are relatively nascent compared with startups in other more established verticals, which explains the shorter time since last raise."
Source: Vertical Opportunities in a Reopened IPO Window | | | | | |
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