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| In today's Daily Pitch, you'll find: | | | | | |
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| VCs sacrifice future gains for cash amid IPO dry spell | |  | | (John M Lund Photography Inc/Getty Images) | | | | Poor IPO and M&A conditions are driving VC investors to sell stakes in promising startups at significant discounts to later-stage investors in conjunction with the companies raising fresh rounds. These secondary sales allow early-stage investors to return money to LPs even if it means they'll miss out on potentially higher future valuations. | | | | | | | | | | | After a rough year following scandals and collapses, there may finally be some light at the end of the tunnel for crypto. For the first time since Q1 2022, deal value increased, hitting nearly $2 billion across 326 deals in Q4 2023. Our latest Emerging Tech Research covers the trends and opportunities in the sector. | | | | | | | |
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| How Haven Capital has improved operational efficiency with technology | | As client interaction and deal volume increased, Haven Capital realized it needed a better way to organize its outreach efforts and build its reputation in the market. It was clear that the firm required a customized deal and relationship management solution that could support operational efficiency, targeted outreach, and a higher volume of outreach and customer interactions.
To improve its outreach and relationship management, Haven Capital turned to Intapp DealCloud, a platform built to meet the specific needs of real estate investors.
For more on how Intapp DealCloud has helped Haven Capital succeed, download the case study. | | | | | | | |
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| Nets, lasers, GPS spoofers: VC opportunities in neutralizing drones | | As offensive drones get cheaper, technology to counteract attacks remains complex and expensive. Military, commercial and civilian groups—in sectors such as air travel, public events, energy and agriculture—all have eyes on specialized security technology.
Startups are targeting this dilemma with more cost-effective solutions compared to those developed by established defense contractors, while governments have earmarked significant funding for R&D. Our latest emerging space brief explores the complexities and barriers in the sector. | | | | | | | | | Riskier borrowers act fast as leveraged loan market opens for refinancing | |  | | (Mesh Cube/Getty Images) | | | | Lower-rated borrowers are accessing the credit markets more frequently in 2024—a sign of investors' increasing appetite for risk in the leveraged finance space. Companies rated B-minus raised $26 billion in the bank-led loan market in January, a two-year high that's up from a monthly average of $4 billion in 2023. | | | | | | | | | Private markets hot streak cooled—but growth remains | | Real estate and funds-of-funds were the only private market asset classes to show improvement in their quarterly returns in Q3. Real assets halted a positive streak to turn negative. Altogether, industry performance dropped back to 2022 levels of slight growth.
Our latest Private Capital Indexes report, now with data as of Q3 2023, charts out returns across seven private market asset classes and 13 subcategories, including adjusted metrics for use in risk measurement. | | | | | | | | | 4 charts: A breakdown of VC funding for Europe's female founders | |  | | (Klaus Vedfelt/Getty Images) | | | European female founders' share of venture capital deals reached a record level. Heading into 2024, some 5.2% of VC rounds involved startups founded by only women, while companies with at least one female co-founder claimed 20.2% of deals.
Although 2023 was the second consecutive year that VC dealmaking declined for Europe's female founders, the drop is less than that seen for the asset class overall. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 471 Deals | 3134 People | 722 Companies | 29 Funds | | | | | | |
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The Daily Benchmark:
2017 Vintage Global Real Assets Funds | | | | | | |
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California-based Lilac Solutions, a lithium extraction technology specialist, has raised a $145 million Series C led by Mercuria, Lowercarbon Capital and Breakthrough Energy Ventures.
Impulse Dynamics, a New Jersey-based medical device specialist, has secured $136 million in a round led by Perceptive Advisors, Redmile Group and Alger.
Biotech startup Latigo Biotherapeutics, based in California, has raised a $135 million Series A led by Westlake Village BioPartners.
Dutch challenger bank Finom has raised a €50 million Series B led by General Catalyst and Northzone.
Bold, a Colombian fintech startup, has raised a $50 million Series C led by General Atlantic.
Shift5 extended its Series B with $33 million led by Moore Strategic Ventures, for a total of $83 million. The Virginia-based company offers a data and cybersecurity platform.
San Francisco-based Rasa, developer of a conversational AI platform, has raised a $30 million Series C co-led by StepStone Group and PayPal Ventures, with Andreessen Horowitz among the participating investors.
California-based PatientFi has secured a $25 million investment from Questa Capital for its medical financing platform.
Kenyan electric mobility startup Roam has secured a $24 million Series A led by Equator Africa.
Hippo Harvest, an agtech startup based in San Francisco, has raised a $21 million Series B led by Standard Investment.
Indiana-based insurtech startup Cake has raised a $1.3 million pre-seed investment led by Markd. | | | | | |
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| Don't miss our upcoming Tech Talk webinar | | PitchBook senior analyst Rudy Yang has assembled a panel of experts from the payments industry to discuss the future of real-time transactions. Hear from the executives working on the instant-payment networks FedNow and Real Time Payments—as well as DailyPay and Forwardly, two companies utilizing these rails to foster the next generation of payments innovation. Key topics include: - What role instant transactions currently play in the fintech industry.
- The biggest opportunities and use cases beyond the hype, as well as the greatest risks and challenges currently being faced today.
- Beyond the US: How innovations in instant payments are taking shape globally and connecting the world.
Register now to secure your spot. | | | | | | | |
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