| | | | | The Daily Pitch: VC, PE and M&A | July 5, 2024 ![]() | | The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data | | | | | | | | In today's Daily Pitch, you'll find: | | | | | | | | | | | Venture deals for female founders fall to pre-2021 levels | | Halfway through 2024, funding for startups founded by women is down sharply compared to recent years, our female founders dashboard shows. - Startups with at least one female founder garnered $15.4 billion across 1,487 deals through the first six months of 2024. This is the lowest amount of capital raised in H1 since 2020.
- While the share of US VC capital going to female-only founded companies remains relatively stable, the share for startups with both male and female founders fell from 26% to 14.8% year-over-year, largely due to unusually large rounds from female-co founded OpenAI and Anthropic.
- Notable deals so far this year include a $1 billion Series F for Scale AI, co-founded by Lucy Guo, and a $259 Series C for biopharmaceutical company Alumis, founded by June Lee.
| | | | | | | | | Carveout deals stage a comeback | |  | | (Piotrekswat/Getty Images) | | | Carveouts saw a significant spike in Q1, accounting for 15.5% of buyout deals in the middle market.
These transactions, which offer sellers flexibility and liquidity while providing PE buyers with acquisition opportunities, have proven to be a useful tool in the current market environment. | | | | | | | | | | | A message from DC Advisory | | | | DC Advisory's US Private Equity Mid-Market Monitor: Rare Sighting | | In DC Advisory's US Private Equity Mid-Market Monitor report, DC Advisory discusses the opportunities in sight for the US market that are driving strong momentum in M&A activity through private equity adaptability and adjusting to the "new normal" of the market. - Private equity has shown adaptability and flexibility in order to enhance value creation
- Investment committees have begun to normalize and accept the macroeconomic and geopolitical overhang to formulate a "new normal" of ranges in which they are willing to transact
- Many private equity firms are sitting on a substantial amount of dry powder, ready to deploy capital into promising opportunities as market dynamics evolve
Discover the latest insights and trends impacting the private equity market across various sectors within the US.
Read the US Private Equity Mid-Market Monitor | | | | | | | | | | | Handicapping the AI horse race | | And they're off: OpenAI, Anthropic and the other huge foundational model providers have emerged as the thoroughbreds of the current AI craze—raising the largest sums, besting the big tech giants' models and attracting investor attention in the secondary market.
Our recent Emerging Tech Research sizes up the key players, handicapping the horse race and investment opportunities. Senior Analyst Brendan Burke tracks commercial and technical progress for each major startup in AI research. | | | | | | | | | Supreme Court's Purdue ruling may be more limited than some fear | |  | | (Krisanapong Detraphiphat/Getty Images) | | | The Supreme Court's rejection of Purdue Pharma's proposed reorganization plan was among its recent verdicts to make waves beyond the courtroom.
Dissenting justices warned it would imperil the ability of Chapter 11 bankruptcy cases to resolve mass tort liabilities. But the circumstances of the case suggest the repercussions may be more limited. | | | | | | | | | Surveying ESG and impact investing practices | | We've launched our revamped 2024 Sustainable Investment Survey to take a closer look at what investors are doing and why—including the current events influencing sustainable investing practices.
We would also like to hear what the term "ESG" means to private market participants and whether concessionary returns are implicit in impact investing. We invite you to share your firm's approach.
All who complete the roughly 10-minute survey will have the opportunity to enter a prize drawing, and for each completion, PitchBook will make a donation to World Central Kitchen. | | | | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 593 Deals | 2393 People | 707 Companies | 37 Funds | | | | | | | | | The Daily Benchmark:
2018 Vintage Global Funds-of-Funds | | | | | | | | | | | RedStone, a Switzerland-based blockhain platform, has raised $15 million in a Series A led by Arrington Capital.
Natural Capital Research, a London startup that offers companies data analytics for ecosystems and biodiversity, has raised $10 million in Series A that includes Norinchukin Capital, Yeo Ventures, and Pelican.
Overseed, a French biotech startup that develops medicines derived from cannabis, has raised €6.7 million in a Series A that includes Blast.Club and UI Investissement
QED Protocol, a Hong Kong-based web3 startup, has raised $6 million in a round led by Blockchain Capital.
Dice, an AI-powered enterprise spend management platform based in India, has raised 420 million rupees (around $5 million) in a Series A led by Dallas Venture Capital.
CogniFiber, an Israeli company developing photonic computing technology for AI called DeepLight, has raised $5 million in a round led by Chartered Group and Eastern Epic Capital. | | | | | | | | | | | | | | | | | | | | | | | | | | | | Who's in the newsletter today? | | Investors | | | | Companies | | | | | | | | | | | | |
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