How crypto startups are rewriting CVC rules

Plus: Take the PitchBook News Quiz, PE carries Q1 M&A activity, Germany's VC investing boom, fertility tech funding & more
Read online | Don't want to receive these emails? Manage your subscription.
Log in
The Weekend Pitch
May 1, 2022
Presented by Altvia
(Boris Zhitkov/Getty Images)
Crypto tends to distort and intensify everything it touches.

The value of art is subjective. The value of an NFT defies explanation. Gaming companies make money off of users. Blockchain gamers make money off of each other. Day trading stocks is risky. Day trading cryptocurrencies is like base jumping in one of those flying squirrel suits.

So it should come as no surprise that crypto corporate venture capital arms are upending norms.

CVCs typically try to make money in a way that benefits the parent company's strategy. In that respect, crypto CVCs aren't all that special: They've made money and grown the ecosystem, to the benefit of all involved.

These startups-turned-investors are remarkably active. They back rivals and underwrite bailouts—and some are making a fortune along the way. Which makes them inescapably odd.

Crypto startups may simply be borrowing from the "coopetition" approach that gave the garage entrepreneurs of early Silicon Valley an advantage over tech conglomerates. They're just taking it up a notch, playing the role of both founder and funder.

Welcome back to The Weekend Pitch. I'm James Thorne and you can reach me at or on Twitter @jamescthorne.

The ride together, die together approach of crypto CVCs fits the sector's collectivist culture. The blockchain experiment is still proving that it is not merely a solution in search of a problem, that decentralized tech will fulfill needs in ways that powerful platforms have failed. Coopetition may be the way to meet that challenge.
read more
Share:   Email    LinkedIn    Twitter    Facebook
A message from Altvia
Preferred Return podcast: Democratizing venture capital investing
How do you invest in high-growth startups? A chance to participate in the next unicorn …

Kjael Skaalerud, Chief Revenue Officer at Altvia, is joined by Matthew Klein, Co-Founder and Chief Experience Officer at Sweater Ventures.

As the Chief Experience Officer, Matthew is focused on giving retail investors courtside seats to the VC game. Not only will you learn more about the world of venture, but you'll also see the need for evolution and the democratization of alternative assets.

Sweater has 60k people on the waitlist, and at the end of this episode, you'll want to join too.

Click here to listen to this episode.
Share:   Email    LinkedIn    Twitter    Facebook
(Joey Schaffer/PitchBook News)
Did you follow the private markets this week? Take our quiz to test your knowledge and catch up on what you missed.
take the quiz now
Share:   Email    LinkedIn    Twitter    Facebook


"The crisis in Ukraine is devastating, but I believe that the private equity asset class is flexible. At the same time, it is important that we are investing responsibly. During COVID, we saw the acceleration of the digitalization trend, and [we] may yet see other trends speed up, such as the adoption of renewables and reduced dependence on oil and gas."

—Karita Meling, head of PE at Finnish LP Elo Mutual Pension Insurance Co., on how the current macro-economic environment and geopolitical situation in Europe has impacted the firm's investment priorities.

Find out what else Meling had to say in our Q&A.

Deal Flow

Global M&A activity bifurcated for much of Q1 2022. Previously negotiated deals closed on time, while announced activity diminished due to the uncertainty created by Russia's invasion of Ukraine.

The financial services sector also played a pivotal role in Q1 M&A activity on several fronts. PE continues to account for a swelling proportion of deal activity, including a significant percentage of the largest deals. Eight of the 20 largest deals to close in the quarter were bought by financial sponsors.

Read more in our latest Global M&A Report, sponsored by Liberty GTS.

Did you know ...

(fhm/Getty Images)
... That German VC investing has boomed over the last five years? Plentiful capital, low interest rates, an improved regulatory framework and government support for startups and founders are all working to create and sustain a vibrant startup culture.

HV Capital and Earlybird Venture Capital are just two of the most active German VC investors by deal count. Check out our list to see who else made the top 10.


Infertility affects 15% of reproductive-aged couples worldwide, according to the World Health Organization. The problem isn't new, but only in the past couple of years have VCs really turned their attention to startups working to develop fertility-focused tech.

However, despite an increase of 273% in funding over the past five years, some startups in the sector are still feeling overlooked.

Recommended reads

When designing the Nakagin Capsule Tower in Japan during the 1970s, Kisho Kurokawa had a prophetic vision of buildings and cities that prioritized mobility. What happened to the original micro-apartments? [The New Yorker]

It's impossible to completely avoid the effects of climate change. But as temperatures rise and wildfires increase, one city in New York thinks it can become a climate haven of sorts. [Fast Company]

As the streaming wars heat up, Matthew Belloni, founding partner of media company Puck, discusses why analysts bear some of the blame and what he thinks is next for streaming services. [Wealthsimple]

Why Elon Musk is Silicon Valley's new hero—for better or worse. [The Information]

For Silo, a sustainability-focused restaurant in London, food scraps aren't something to be thrown out—they're the ingredients for a gourmet meal. [Bloomberg]

While New York legislators have taken some steps to protect nail salon workers from exploitative conditions, many business owners are still finding ways around the law. One workers-rights organization hopes to change that. [The Cut]
This edition of The Weekend Pitch was written by James Thorne and Ryan Prete. It was edited by Chris Noble, Angela Sams and Sam Steele.

Were you forwarded The Weekend Pitch? Sign up at
Since yesterday, the PitchBook Platform added:
VC valuations
See what our data software can do
About PitchBook | Terms of use | Advertise with us | Contact

Follow us:   in   twtr   fb

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

© 2022 PitchBook Data. All rights reserved.
Venture capital, private equity and M&A financial information technology provider.

Older messages

Our book recommendations

Saturday, April 30, 2022

Also: Global M&A activity stays resilient, but new deals are slowing; Don't miss our live Acquired show in Seattle and our upcoming webinar on US VC! Read online | Don't want to receive

Micro-funds hit above their weight

Friday, April 29, 2022

Anduril targets $500M for AI systems; January Ventures closes $21M fund; home energy specialist seals new funding; Tiger Global backs Kard Read online | Don't want to receive these emails? Manage

Fertility startups vie for VC access

Thursday, April 28, 2022

The 10 most active German VCs; US VC trends in five charts; FreeWire brings in $125M; Enveil secures $25M Read online | Don't want to receive these emails? Manage your subscription. PitchBook Log

Global M&A hangs tough

Wednesday, April 27, 2022

Baillie Gifford sets its own pace; LP spotlight: Karita Meling of Finland's Elo; Slow Ventures snags $325M across two funds; Biofourmis nabs $300M Read online | Don't want to receive these

How Twitter stacks up among take-private deals

Tuesday, April 26, 2022

Plumbing AI data pipelines; Left Lane Capital picks up speed with $1.4B fund; Capella Space snags $97M; Wisq nabs $20M to fight social isolation Read online | Don't want to receive these emails?

These 12 flows are responsible for $8 million in sales

Tuesday, May 24, 2022

Supp Reader I just wrote a thread on the exact email flows responsible for more than $8 million in sales for my eCom clients Click here to read the thread If you set these exact 12 flows in your store,

💎 5 Tweet Tuesday 💎 - Shaan's top 5 tweets this week

Tuesday, May 24, 2022

How I think about hiring ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

May 24 - Thinx CEO steps down | Walmart GoLocal expands

Tuesday, May 24, 2022

Thinx CEO steps down; Best Buy trims sales expectations as pandemic boom unwinds; Petco comps up 5% in Q1 as consumers continue to spend on pets; Walmart GoLocal expands delivery to 1600 locations View

Re: the Crypto Business Conference...

Tuesday, May 24, 2022

Reader, yesterday I emailed you about our new conference. You might be wondering why you should consider attending a conference focused on NFTs and Web 3.0. Here are a few important things to think

4 steps for building powerful PPC campaigns

Tuesday, May 24, 2022

The Content Marketer Today, we're showing how companies are using PPC to strengthen their marketing campaigns, listing 12 ways to excel at real estate content marketing, bringing you 5 examples of

A primer on private markets real estate

Tuesday, May 24, 2022

Mobility tech shifts gears; PE revives fossil fuel deals; Torch secures $40M; Tiger Global leads $25M round for Clicoh; PayEngine collects $10M Read online | Don't want to receive these emails?

May 24 - How Miller Lite and Bud Light's rivalry shook marketing | CMOs bullish as budgets recover

Tuesday, May 24, 2022

CMOs 'sanguine' in face of inflation, global turmoil as budgets recover; Candle Media extends content deal-making run with Attn: acquisition; Nextbite exec dishes on how operators can make

[Roundup] How are FBA aggregators doing post-Covid?

Tuesday, May 24, 2022

Two years since the pandemic began, we ask FBA aggregators how they've been bouncing back from the global crisis. Here's what some companies had to say. From the Blog Amazon FBA Small and Light

The Latest from SaaStr: 10 Simple Ideas to Help Manage Burn

Tuesday, May 24, 2022

Plus, the latest from SaaStr To view this email as a web page, click here saastr daily 10 Simple Ideas to Help Manage the Burn By Jason Lemkin · Monday, May 23, 2022 | Growth For many of us in SaaS,

30 Leadership Behaviors You Need to be an Excellent Leader

Tuesday, May 24, 2022

Do your current leadership behaviors align with both your and your team's goals? Here are 30 leadership behaviors you need for success. HubSpot Marketing Blog May 24, 2022 30 Leadership Behaviors