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| In today's Daily Pitch, you'll find: | | | | | |
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| Large deals drive retail fintech's resurgence | | VC funding for the retail fintech industry rebounded in Q2, driven in part by large fundraising rounds for credit and banking startups. Overall deal value hit $4.5 billion, an over 270% increase from the first quarter.
Our latest Emerging Tech Research covers what's behind the shift in investor enthusiasm for the sector, which has lagged for several quarters. Senior analyst Rudy Yang also highlights new opportunities in cross-border remittances, the transferring of money between people in different countries. | | | | | | | | | Fund performance outlook brightens after ho-hum 2023 | | The temperature is rising in deal rooms as investment activity increases across private markets—promising improvements in fund performance after a relatively subdued 2023, according to our Global Fund Performance Report. - Private equity posted a one-year IRR of 10.5% last year, a welcome turnaround after declining 1.4% in 2022.
- VC wrapped up 2023 by recording its sixth consecutive quarter of negative one-year IRRs. However, Q4 brought signs that the strategy is making its way back into the black.
- Private debt funds returned an estimated 9.2% for 2023, capping a banner year for floating-rate loans.
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| A message from BMO Sponsor Finance | | |
| Transaction Trends: Diverse industries in focus | | BMO Sponsor Finance turns the spotlight on the trends driving deal activity in varied industries. In the current issue of Transaction Trends, BMO explores the dynamics behind physician practice management and accounting services, and highlights BMO's financing leadership for a leading provider of residential HVAC, plumbing and electrical services.
To learn more, download the full issue of Transaction Trends. You can also contact Patty Weitzman, BMO Commercial Bank's Head of Financial, at patricia.weitzman@bmo.com. | | | | | | | |
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| European startups face longer gaps between funding rounds | |  | | (Peter Dazeley/Getty Images) | | | The median time between VC funding rounds has increased for almost all series in Europe.
A more challenging dealmaking environment and swelling round sizes have widened the gap between funding rounds. | | | | | | | | | European mega-funds on track for another record fundraising year | | Europe is on track for another record year of private equity mega-fundraises, which remains a major driver of European PE fundraising. However, vehicles are taking longer to close.
In our latest analyst note, PitchBook's Nicolas Moura breaks down why European mega-funds show some outperformance over non-mega-funds from a long-term perspective, while outperformance is marginal with quarterly returns. | | | | | | | | | VC map: Baltic region shows signs of rebound in 2024 | |  | | (Wirestock/Getty Images) | | | The Baltic region's VC market has shown early signs of recovery, with dealmaking picking up in Q2.
Take a look at our overview of the current state of the Baltic VC ecosystem, showcasing dealmaking, fundraising and exit trends. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 31 Deals | 192 People | 77 Companies | 4 Funds | | | | | | |
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The Daily Benchmark:
2016 Vintage Non-US PE Funds | | | | | | |
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Cursor, a startup building an AI-based tool to write code, raised a $60 million Series A from investors including Andreessen Horowitz, Thrive Capital and OpenAI.
Tilt, a London-based shopping platform specialist, secured an $18 million Series A led by Balderton Capital.
Carro, an ecommerce startup developing a platform for cross-selling and drop-shipping services, raised a $14 million Series B from investors including Alpha Edison, GC1 Ventures and Evolution Ventures, Axios reported.
Foundation, a robotics startup founded by former Synapse founder Sankaet Pathak, raised $11 million in a pre-seed round from Tribe Capital, TechCrunch reported. | | | | | |
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Surgery Partners, a publicly listed company backed by Bain Capital that operates surgical centers around the US, could be sold to TPG or UnitedHealth, Bloomberg reported.
Columbia Distributing, a distributor of beverage products to restaurants and other retailers, is in talks to be sold by owner Meritage Group to a PE firm or family office, Reuters reported.
DB Schenker, the logistics unit of German rail operator Deutsche Bahn, received bids from DSV and a consortium led by CVC Capital Partners, Bloomberg reported. The bids value the unit at about €14 billion.
Butcher's Pet Care, a UK-based pet food maker, has been acquired by CapVest Partners-backed Inspired Pet Nutrition.
Allegheny Contracting, a company providing services to the natural gas industry, has been acquired by MPE Partners and the firm's portfolio company Precision Pipeline Services. | | | | | |
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| H, the French AI startup formerly known as Holistic that raised a $220 million round in May, has lost three of its five founders; Karl Tuyls, Daan Wierstra and Julien Perolat have left the company, The Information reported. | | | | | |
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Kioxia, a Japanese chipmaker backed by Bain Capital, is planning to go public at a valuation of over 1.5 trillion Japanese yen (around $10 billion), Bloomberg reported.
Zenas Biopharma, a biopharma company specializing in developing treatments for autoimmune diseases, filed for an IPO on the Nasdaq.
Vertos Medical, a company focused on developing treatments for chronic back pain, will be acquired by NYSE-listed Stryker.
Paragonix Technologies, which specializes in organ preservation for transplants, will be acquired by Getinge, a publicly listed company that offers products and services to hospitals.
InCeres, a Brazil-based company developing soil analysis technology, will be acquired by Husqvarna Group.
Florida Cancer Specialists & Research Institute, a network of cancer treatment providers across the state, could be acquired by NYSE-listed McKesson for as much as $3.5 billion, Bloomberg reported. | | | | | |
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| 360 One, a Mumbai-based wealth management firm backed by Bain Capital, raised $500 million for its first secondary fund. | | | | | |
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