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Crypto meltdown forges fans and skeptics

Plus: Startups tap into corporate sustainability; our latest foodtech market map; PE's most active infrastructure investors & more
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The Weekend Pitch
June 19, 2022
Presented by Masterworks
(Piaras Ó Mídheach/Getty Images)
Investors' disagreements about the potential of Web3 grew louder amid this week's sell-off in cryptocurrencies and revelations that crypto lending platform Celsius Network is essentially insolvent.

Celsius has halted withdrawals citing extreme market conditions. For similar reasons, hedge fund Three Arrows Capital has reportedly had difficulties covering redemptions.

The latest meltdown in cryptocurrency prices has put a damper on Web3 VC dealmaking and valuations.

Proponents of Web3 hope that this new iteration of the internet, characterized by decentralized platforms based on blockchain technology, will eventually overturn the "evil" of big tech and traditional banks, allowing all users—not just founders, investors and employees—to benefit financially from their participation.

The market capitalization of all cryptocurrencies may have fallen by nearly two-thirds to below $1 trillion, but crypto enthusiasts are not the type to give up easily.

I am Marina Temkin, and this is the Weekend Pitch. You can reach me at marina.temkin@pitchbook.com or on Twitter @mtemkin.
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Quote/Unquote
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"There's going to be a culling of the herd. There were so many excesses last year that it's inevitable that companies are going to have to cut prices. It's not pretty, but a down round is better than clinging on to your valuation and accepting bad terms on your next round."

—A GP speaking at this week's SuperVenture conference in Berlin about an impending market reset.

PitchBook has yet to register an increase in recent down rounds due to the lag in private data, but firms including Balderton Capital, UVC Partners and Sapphire Ventures have marked down assets in their portfolios.
 

Deal flow
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Last week, sustainability ratings provider EcoVadis raised $500 million in a round co-led by Astorg and BeyondNetZero, General Atlantic's climate investing venture.

What are some other well-funded companies in the space? We used PitchBook data to take a closer look at the cadre of startups that have joined EcoVadis and seized on the opportunity to measure corporate sustainability and climate-related goals.

Speaking of climate tech, overall VC investment in the sector was strong last quarter, but could fall in Q2 due to volatility and lower market valuations. Our recent emerging tech research takes a deep dive into the vertical's investment activity and trends.
 

Did you know ...
... That Q1 global venture capital investment in foodtech startups declined 40.8% quarter-over-quarter?

This cooldown could be a sign of a market recalibration, according to PitchBook analyst Alex Frederick, given public market volatility and the surge in VC funding during 2021.

Find out more about the global foodtech ecosystem by exploring our interactive market map.
 

Datapoints
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Private equity infrastructure funds collected a total of $120.7 billion globally in 2021—well above 2017, when only $77.1 billion in PE capital was raised to invest in the sector, according to PitchBook data.

We've compiled a list of the 10 most active PE investors in infrastructure by deal count since the start of 2017. BlackRock tops the list with 18 investments, and Blackstone comes in at a close second. See the full breakdown here.
 

Recommended reads
In Fishtail, a tiny town with about 250 residents, one business manages to draw in people from all walks of life. What's so attractive about Montana's oldest continually open general store? [The New York Times]

In 2015, Rachel Drori quit her job and started making smoothies in a New York kitchen. Now at 39, the founder and CEO of Daily Harvest is worth $350 million. [Forbes]

While AI software startup DataRobot struggled last year, executives were selling private shares at peak value. [The Information]

How one LGBTQ-friendly vacation spot in Cape Cod proved that Americans can stifle large COVID-19 outbreaks—if they want to. [Wired]

Disney's business may be booming, but some insiders worry its CEO's tough leadership style is causing too much friction. [Fortune]

The European Commission's long-awaited Code of Practice is here. Will it help big tech fight disinformation in the region? [Protocol]

This edition of The Weekend Pitch was written by Marina Temkin and Priyamvada Mathur. It was edited by Chris Noble, Angela Sams and Sam Steele.

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