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| In today's Daily Pitch, you'll find: | | | | | |
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| A guide to investing in specialized healthcare funds | | Specialized healthcare funds are having their moment in the sun as allocators demand greater sector focus of their managers. Propped up by the industry's complex regulatory frameworks and scientific rigor, healthcare specialist PE fundraising activity hit an all-time high in 2023.
Our H2 2023 Healthcare Funds Report is a resource to help LPs, GPs and other market players capitalize on this moment. The report offers a comprehensive view of healthcare specialists—identifying trends across PE, VC and corporate venture funds focusing on diversified healthcare, healthcare services and life sciences. | | | | | | | | | The business of winding down startups is booming | |  | | (Megan Woodard/PitchBook News) | | | In a sign of the times, companies that help startups wind down their operations are growing rapidly.
Sunset, SimpleClosure and Carta Conclusions are a few of the services now available to founders faced with the thankless task of shutting down the company, returning capital, and dealing with tax documents.
Turns out, failing gracefully isn't as simple as walking away. Founders who do it wrong risk offending their investors, who often prefer a swift end that allows them to write off the investment and avoid any liabilities tied to the defunct company. | | | | | | | |
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| A message from Silicon Valley Bank | | |
| Looking to create liquidity within an illiquid fund? | | Find out why a NAV loan can be an excellent option.
Learn more | | | | | | | |
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| Fidelity marked up Stripe shares by 32% going into 2024 | |  | | (San Francisco Chronicle/Getty Images) | | | Fidelity Investments marked up its Stripe holdings to $24.59 per share at the close of 2023, a 32% jump from its August price, according to a recently published annual report.
The rebound in Stripe's paper valuation reflects how a surging stock market has improved the outlook for IPO hopefuls and provided some reprieve for the fund managers that have been forced to significantly write down their startup stakes in recent years. | | | | | | | | | Microsoft backs OpenAI rival Mistral AI | |  | Arthur Mensch, co-founder and CEO of Mistral AI
(WPA Pool/Getty Images) | | | A little more than a year after backing OpenAI in a $10 billion deal, Microsoft has partnered with one of its rivals. Mistral, hot off a $415 million Series A led by Andreessen Horowitz, is working with the tech giant, which has also invested an undisclosed small sum into the French startup.
The partnership underscores the complicated web of relationships between Big Tech and generative AI startups. In addition to OpenAI and Mistral, Microsoft has also backed large language model developer Anthropic. And Mistral's backers include Salesforce and chipmaker Nvidia. | | | | | | | | | Netherlands' muted year for private market activity | | | PE dealmaking in the Netherlands ended 2023 on a disappointing note, with both deal count and value dipping in Q4 from the previous quarter. But VC saw an uptick in deal count while total value for the strategy remained stable in Q4, according to our Netherlands Market Snapshot. | | | | | | | | | | The recent collapse of Convoy—the "Uber for trucking" startup that had promised to revolutionize freight logistics—sent a chill through supply chain investors, according to our recent Emerging Tech Research. But despite the high-profile bankruptcy, trends point toward a more positive 2024.
For those still pumping the accelerator, there are plenty of opportunities for investors to get in on the ground floor of emerging fields like hydrogen fuel and cold-chain logistics solutions—and with a smaller first check. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 577 Deals | 1844 People | 630 Companies | 31 Funds | | | | | | |
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The Daily Benchmark:
2021 Vintage Global Real Assets Funds | | | | | | |
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DeepX, an AI-specific chipmaker, is in talks to raise 120 billion South Korean won (around $90 million) from investors including Skylake Equity Partners and Timefolio Asset Management, Bloomberg reported.
AI healthcare startup Reveleer, which is based in California, has secured $65 million from Hercules Capital.
RobCo, a Munich-based robotics specialist, has raised a $42.5 million Series B led by LightSpeed.
B.well Connected Health, a Baltimore-based healthcare platform provider, has raised a $40 million Series C led by Leavitt Equity Partners.
Founders Fund and Dragonfly have led a $27 million seed round for Web3 infrastructure startup Avail.
Canada's Helcim, a payments startup, has raised a C$27 million (about $19.9 million) Series B led by Headline.
Baseimmune has raised a £9 million Series A led by MSD Global Health Innovation Fund and IQ Capital. The UK-based company uses AI to predict future pathogen mutations for vaccine development.
SQM Lithium Ventures participated in a $9.43 million Series A extension for UK-based clean technology company Altilium for a total of $12 million.
AI customer-service startup NLX, which is based in New York, has raised a $12 million Series A led by Cercano. | | | | | |
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| Don't miss our upcoming webinar | | This webinar aims to address the complexities and evolving nature of the crypto market. PitchBook senior analyst Robert Le will be joined by Marc de Kloe of Theta Capital, an LP to numerous major crypto VC funds, and Matt Walsh of Castle Island Ventures, which manages around $240 million. Key topics include: - The latest strategies and best practices in raising capital for crypto venture funds and how the fundraising process is different from conventional VC.
- Key investment themes driving the crypto market, including opportunity areas like tokenization, DePIN and blockchain infrastructure.
- Crucial metrics or signals investors look for and how startups can position themselves as attractive targets.
- Predictions on market trends, regulatory developments, TradFi adoption and more.
Register now to secure your spot. | | | | | | | |
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Norwegian growth investor Verdane has raised €1.1 billion for Edda III, which will target startups digitalizing and decarbonizing Europe's economy.
Healthcare venture firm ORI Capital has raised $260 million for its second fund.
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