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| In today's Daily Pitch, you'll find: | | | | | |
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| A look into funds' cash flow turbulence | | Tracking the ebb and flow of fund cash flows is pivotal for determining the outlook of an institutional portfolio's liquidity. For LPs, capital call activity and net cash flows of funds are just as important to allocation planning and portfolio maintenance as the well-documented distribution dearth.
Our latest analyst note looks across thousands of funds and analyzes distributions relative to net asset values and capital calls compared to uncalled commitments across asset classes, offering a fuller picture of the LP perspective on the changing exit and dealmaking environment. | | | | | | | | | CRMs lead an enterprise SaaS rebound | | In Q4, enterprise SaaS startups raised $14 billion across 597 deals, an 11.9% quarter-over-quarter increase in deal value but an 8.6% decrease in deal count. Customer relationship management startups led the way, with VC investment up 72.5% from Q3.
Now, several companies are experimenting with conversational AI, hoping to streamline processes and lower costs. Our Q4 2023 Enterprise SaaS Report provides an overview of the space, touching on the key trends, data, and startups investors need to know. | | | | | | | |
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| What's femtech's future after resilience in dealmaking? | | In a choppy market environment, femtech dealmaking at the expansion stage remained resilient over the past few years. However, the space as a whole remains underserved compared to many other sectors, particularly at later, growth stages. Deloitte's latest installment in the Road to Next series explores the dynamics underpinning the disparity between early-stage and expansion-stage dealmaking for femtech, as well as the broader factors that contribute to the sector's recent resilience. Key themes include: - How femtech dealmaking compares to other key verticals, as well as how broader female-founder data trends overlap or contrast
- Insights on the macro and technical drivers shaping innovation and growth conditions for femtech from Deloitte leaders
- Analysis of financing metrics, corporate participation, first-time financings, and more
Read it now | | | | | | | |
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| Lance Armstrong's Next Ventures targets $100M 2nd fund | |  | | Lance Armstrong (Francois Nel/Getty Images) | | | Famed cyclist-turned-GP Lance Armstrong is targeting $100 million for Next Ventures' second fund.
The new vehicle is a step up from Next Ventures' first fund, which closed on $50 million. The health and wellness investor's portfolio includes exercise recovery startup Amp Human and medical device diagnostics company Vital Bio.
Armstrong's return to fundraising coincides with a surge of interest in private investment from current and former athletes. | | | | | | | | | Geothermal market heats up | | Investors are tapping into the geothermal energy market as technological advances in the binary cycle and dry rock fracturing drive innovation, according to our latest Emerging Space Brief. With novel applications in agriculture and industry, geothermal energy is particularly exciting: It's isolated from external conditions and, unlike wind and solar, offers consistent base-load energy.
For novel electricity sources like geothermal, both scalability and regulatory issues can pose roadblocks. But the US Inflation Reduction Act could also hold the keys to the technology's future. | | | | | | | | | Leveraged loans backing dividend recaps surge | |  | | (Sakchai Vongsasiripat/Getty Images) | | | Increased investor appetite for risk and rising prices in the trading markets have fueled a resurgence in leveraged loan deals backing dividend recaps.
PE sponsors have been particularly active in this space, issuing loans to extract dividends from portfolio companies at the fastest pace in years. In fact, loan volume for such deals in 2024 already rivals the full-year 2023 total. | | | | | | | | | 5 charts: Mideast, North Africa VC slows off | |  | | Dubai (Nancy Pauwels/Getty Images) | | | The Middle East and Northern Africa region saw its second annual decline in venture capital deals in 2023, but the total round count remained well above historic norms. Despite the slowdown, 2023 was still the second-highest year on record for deal value, buoyed by outsized deals.
We've charted out key trends that demonstrate how the region's VC ecosystem navigated the challenges of 2023. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 582 Deals | 2056 People | 513 Companies | 24 Funds | | | | | | |
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The Daily Benchmark:
2013 Vintage North American Real Estate Funds | | | | | | |
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VC-backed eToro, which offers a retail trading platform, is considering listing in the US, the Financial Times reported. The London-based company would be seeking a valuation of over $3.5 billion, according to the report.
Social media company Reddit is looking to raise as much as $748 million in its upcoming IPO, Bloomberg reported. The company plans to sell 22 million shares for between $31 and $34 each. | | | | | |
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Indian VC firm A91 Partners is targeting between $700 million and $750 million for its third fund, The Economic Times reported.
YFM Equity Partners raised £90 million for its British Smaller Companies Venture Capital Trusts. The fund will invest in early-stage companies in the UK.
London-based early-stage investor Ada Ventures closed its second fund on £63 million.
Pool equipment and wellness industry specialist Fluidra is launching a €20 million corporate venture capital fund focused on startups in the swimming pool and wellness industry. | | | | | |
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"For firms with AUM of at least $50 million, the proportion of female decision-makers experienced slight growth in 2023, reaching 17.4% compared to 16.1% reported in Q3 2022. Among smaller firms with AUM under $50 million, the share of female decision-makers is a bit higher, at 18.8%."
Source: 2023 US All In: Female Founders in the VC Ecosystem | | | | | |
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