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| In today's Daily Pitch, you'll find: | | | | | |
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| VC gloom: Who powered through? | | The latest PitchBook-NVCA Venture Monitor, sponsored by J.P. Morgan, Dentons and Deloitte, now includes league tables ranking the industry's most active players.
Venture capital had a tough year. Not only was there a $71.6 billion drop in funding for the strategy—more than $88 billion if you exclude OpenAI and Anthropic's behemoth rounds. But the high number of companies still private, and the pullback of many investors, has led to a wide spread between capital needs and available supply.
VC deal count was still higher in Q4 than in any quarter in the pre-2020 days, but bridge rounds have become an artificial signal of strength. Which firms kept investing through 2023's volatility? | | | | | | | | | Are semiconductors ripe for PE investment? | |  | | (Mara Potter/PitchBook News) | | | Semiconductors are a core part of modern electronics, yet they retain a reputation for being a highly niche industry.
With the industry predicted to double in size by the end of the decade and surpass the $1 trillion mark, is it time for PE to start investing? | | | | | | | |
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| How manufacturing PE is shaping up for 2024 | | Some investors are approaching the new year with cautious optimism, with expectations of interest rate reductions and normalized global supply chains. But the past year produced serious challenges for manufacturers and PE investors alike. Economic headwinds applied more pressure on both deal and exit flow in 2023. The surge of funding for electric vehicles (EVs) and autonomous vehicles (AVs) has waned, and automotive manufacturers must contend with their strategies for adoption as well as new labor rulings. Crowe's Manufacturing Monitor: Trends in PE dealmaking report provides an in-depth look at dealmaking trends across the manufacturing sector, including a spotlight on the automotive industry.
Read the report now | | | | | | | |
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| M&A of seed-stage startups outshines mature companies | |  | | (Micha Pawlitzki/Getty Images) | | | 2023 was a dismal year for VC-backed M&A, but it wasn't as bad for seed-stage startups.
Founders saw the environment for fundraising becoming more difficult, and secondary share sales at the Series A stage had ceased. Instead, they sprang to sell their young companies early. | | | | | | | | | 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 recent 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.
| | | | | | | | | Healthcare PE investors proceed with caution in 2024 | |  | | (David Sacks/Getty Images) | | | Healthcare-focused PE managers were less active in 2023 than years prior, and they're likely to maintain caution in 2024.
From its 2021 peak to the end of 2023, total healthcare-related PE deal value fell 60.4%—reaching its lowest point since 2016, according to our 2023 Annual US PE Breakdown. | | | | | | | | | Can AI-powered drones fix the US farming industry? | | Despite a slow quarter for agtech deals overall, agribusiness marketplaces, drone specialists and imagery startups performed strongly—especially those focusing on generative AI applications.
It may feel like doom and gloom compared to 2021, but labor shortages, climate change and supply chain disruptions will require economic transformations that agtech specialists are well positioned for, according to our Q4 2023 Agtech Report. From precision farming to optimized crop management, there's much in store for the industry in 2024. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | | | | | | |
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The Daily Benchmark:
2021 Vintage Global Funds-of-Funds | | | | | | |
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| PitchBook Emerging Tech Talks webinar: Disruption in CRM | | Join Emerging Tech Research analysts Derek Hernandez and James Ulan as they investigate Y Combinator's newest crop of CRM startups and their plans to out-innovate incumbents. Discussions with multiple founders will cover how they're building better products and their experiences in helping companies track customers, provide technical support and more. Key topics include: - Where large incumbents are falling short and how startups can break through.
- What founders are learning about customer needs.
- How AI is currently changing CRM, and predictions for the future.
Register now to secure your spot. | | | | | | | |
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