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VCs back farming innovation; VCs pull back from foodtech; Resilience snaps up $625M; Religion of Sports scores $50M
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The Daily Pitch: VC
June 7, 2022
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
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In today's Daily Pitch, you'll find:
  • Our new index landing page focuses on formerly VC- and PE-backed IPOs, as well as private companies that have entered the public markets via a SPAC.

  • Facing economic headwinds, some PE firms are renewing their appetite for alternative financing tools.

  • VCs are backing vertical and indoor farming as demand grows for innovative agricultural solutions.
 
Today's Top Stories  
Introducing a new home for PitchBook's suite of indexes
(Jackyenjoyphotography/Getty Images)
As the convergence of public and private markets accelerates, the need for relevant and timely pricing insights is crucial for private market participants to understand and contextualize the performance of their newly public holdings. LPs and GPs can use such pricing data to track valuations and gauge how shifts in the public markets may affect their private market holdings.

PitchBook's indexes, which calculate the market cap of a rigorously selected universe of recently public companies, are designed to help LPs, GPs and others in the private markets monitor the performance of companies that recently transitioned from the private to the public markets. Our new index landing page features indexes on:
  • Formerly venture capital-backed IPOs.
  • Formerly private equity-backed IPOs.
  • Private companies that have entered the public markets via a SPAC.
Experience our index landing page to find out more about the indexes, the methodology behind them and more.
see the index page
 
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Rescue financing reemerges as era of easy money fades
(Mike Riley/Getty Images)
Cash-constrained borrowers are finding ways to access liquidity as the relatively easy financing market that was available to companies for years fades and is replaced by financial and economic headwinds.

The changing market dynamics are creating an increasing need for rescue financing that strikes a balance between the demands of companies in need of cash, sponsors and increasingly cautious lenders, according to market participants who have been involved in structuring recent deals.

Responding to the new environment, some PE firms are renewing their appetite for alternative financing tools that can strengthen a company's financial position. PIK loans, a hybrid security between pure debt and pure equity, are one of the rescue financing products that have experienced a resurgence recently.
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A message from Velocity Global  
Help your portcos overcome global expansion obstacles
VC investors and their portfolio companies need an international growth strategy that supports their high-growth trajectory and maximizes ROI.

Download Velocity Global's infographic, Venture Capital: Set Your Portcos Up for a Successful Global Expansion, to explore different global hiring scenarios, and identify the difference between a vendor and a strategic global expansion partner to avoid costly mistakes.

Scenarios cover:
  • Managing benefits for international teams
  • Protecting intellectual property (IP)
  • Navigating Value-Added Tax (VAT)
  • Encountering country-specific issues
Get the infographic
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VCs pull back from foodtech sector amid market recalibration
Venture funding for the foodtech industry fell in Q1, with $6.9 billion funneled into 359 deals, representing quarter-over-quarter declines of 41% and 13%, respectively. This may indicate the first step in a larger market recalibration, but the true impacts of the macroeconomic climate aren't yet visible in the data.

Our recent Emerging Tech Research takes a detailed look at the foodtech landscape, diving into emerging opportunities in areas like continuous glucose monitors for personalized nutrition and 3D food printers. The report also includes an ecosystem market map and league tables showing the most active foodtech accelerators, VC investors, strategic acquirers and more. Other highlights include:
  • Public market volatility contributed to a decline in exit activity in the foodtech sector, which recorded only two public listings and one buyout, a stark contrast to 2021.

  • Despite a funding dip, valuations continued to experience upward pressure. This resulted in record highs across all VC stages, with the greatest growth taking place at the early stages.

  • Meal kits waned in popularity during the mid-2010s but regained popularity at the start of the pandemic. Despite supply chain issues and inflation, Q1 saw several investments in the space, a possible indication that VCs continue to be optimistic about its market opportunity.
read the preview
 
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VCs back farming innovation as food crisis looms
(Jonas Gratzer/Getty Images)
Given the upheaval to the global food supply chain caused both by the pandemic and Russia's invasion of Ukraine, there is a growing appetite for investing in innovative agricultural solutions.

Many early-stage ventures are benefiting from VC investment as the race to provide meaningful workarounds to today's supply chain issues heats up.
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Funds get ready to pounce on corporate distress as investors see opportunities
(PM Images/Getty Images)
An investment strategy designed to thrive in a downturn appears to be returning to popularity this year.

A string of investors, including Oaktree Capital Management and JP Morgan, have been marketing so-called special-situations funds, which seek to capitalize on troubled industries and credit-constrained companies.

The rise in demand for the special-situations strategy comes at a time when analysts are anticipating that more companies will contend with high levels of cash burn and an erosion of profit margins amid tightening financial markets, climbing inflation, rate hikes and other economic disturbances.
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Recommended Reads
How plunging tech stocks have left Tiger Global exposed in both the public and private markets. [The Wall Street Journal]

After Bolt notched an $11 billion valuation and acquired a crypto startup, employees felt that taking out personal loans from the company to buy stock options was a relatively safe bet—then they were laid off. [Wired]

The UK is beginning the world's largest trial of a four-day workweek. [Fortune]
 
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Since yesterday, the PitchBook Platform added:
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Quick Takes  
  The Daily Benchmark  
  2019 Vintage European PE Funds  
  VC Deals  
  Resilience raises $625M Series D  
  Aledade picks up $123M  
  Vayyar Imaging bags $108M Series E  
  Go1 secures $100M+  
  Perimeter 81 hits $1B valuation  
  AppOmni lands $70M Series C  
  Religion of Sports collects $50M  
  Agrotools raises $21M  
 
 
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The Daily Benchmark  
2019 Vintage European PE Funds
Median IRR
19.34%
Top Quartile IRR
31.10%
1.12x
Median TVPI
Select top performers
Summa Equity Fund II
Gyrus 1
Apax X
*IRR: net of fees
31 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Resilience raises $625M Series D
Resilience, a biopharmaceutical manufacturing company focusing on modalities including biologics, vaccines and nucleic acids, has raised $625 million. Based in San Diego, the company raised a $600 million Series C in August.
View round
 
View similar company »
 
Aledade picks up $123M
Aledade has raised a $123 million Series E led by OMERS Growth Equity. Based in Maryland, the company provides value-based care for seniors across 37 states in the US.
View round
 
View 19 competitors »
 
Vayyar Imaging bags $108M Series E
Vayyar Imaging has raised $108 million in a round led by Koch Disruptive Technologies. The Israeli company is a developer of 4D imaging radar technology designed for use in security, smart homes, robotics and other industries.
View round
 
View 2 competitors »
 
Go1 secures $100M+
Australia's Go1, which offers a professional development platform, has raised over $100 million at a $2 billion valuation from investors including AirTree Ventures, Salesforce Ventures and SoftBank's Vision Fund 2.
View round
 
View 53 competitors »
 
Perimeter 81 hits $1B valuation
Perimeter 81, the developer of a corporate network security platform, has raised a $100 million Series C led by B Capital. The funding values the Tel Aviv-based company at $1 billion.
View round
 
View 4 competitors »
 
AppOmni lands $70M Series C
AppOmni has raised $70 million in a round led by Thoma Bravo, with support from investors including Scale Venture Partners and Salesforce Ventures. Based in the Bay Area, the company is the developer of a cybersecurity platform designed for SaaS applications.
View round
 
View 13 competitors »
 
Religion of Sports collects $50M
Religion of Sports has raised a $50 million Series B led by Shamrock Capital. Based in the Los Angeles area, the company's sports media platform provides game highlights and content about sports.
View round
 
View 1 competitors »
 
Agrotools raises $21M
Agrotools has raised $21 million from investors including Inovabra Ventures. The Sao Paulo-based company's agricultural business platform provides corporations with data on suppliers and customers in rural territories.
View round
 
View similar company »
 
 
Chart of the Day  
Source: Q1 2022 PitchBook-NVCA Venture Monitor
 
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Who's in the newsletter today?
Investors
AirTree Ventures
B Capital
Inovabra Ventures
Koch Disruptive Technologies
OMERS Growth Equity
Salesforce Ventures
Scale Venture Partners
Shamrock Capital
SoftBank
Thoma Bravo
Companies
Agrotools
Aledade
AppOmni
Go1
Perimeter 81
Religion of Sports
Resilience
Vayyar Imaging
 
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