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PitchBook News - More VCs tell founders to sell

Sequoia eyes $2B+ for new funds; Pure Harvest brings in $180M+; Evolved by Nature bags $120M; Snowplow scoops up $40M
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The Daily Pitch: VC
July 1, 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:
  • Some VCs are starting to urge their portfolio companies to seek out extension rounds and strategic buyers before it's too late.

  • Severe disruptions have revealed weaknesses in the global supply chain, opening opportunities for PE investment in the sector.

  • We take a look at TPG's largest deals since its public debut.
 
Today's Top Stories  
'Put up the for-sale sign,' more VCs tell founders as market sours
(Gwengoat/Getty Images)
After years of telling their portfolio companies to grow at all costs, some investors are urging their weaker startups to sell to a strategic buyer at a discount rather than risk going out of business.

Some companies that are short on capital are trying to raise a financing round and run a sale process simultaneously.

"I've called founders [to say], 'I think you should sell,'" said Chris Farmer, a partner and CEO at early-stage firm SignalFire.

While there haven't been many fire sales in this market cycle so far, FTX is now reportedly getting close to a $25 million deal for crypto lender BlockFi, which was last valued at $4.75 billion, according to PitchBook data.
read more
 
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Exploring PE opportunities in supply chain tech
Supply chain tech—which leverages data and analytics, AI and machine learning—is crucial to the transformation of the supply chain. Severe global disruptions in the last couple years revealed critical weaknesses across operations and have highlighted the need to strengthen and transform the industry, placing new urgency on stakeholders to re-evaluate their strategies.

Our recent analyst note explores the growing complexity of the supply chain due to globalization and ecommerce, and how private equity can benefit from investments in this tech sector.

Some key takeaways include:
  • Global supply chains buckled under labor shortages, distortions to demand and constricted capacity of manufacturing and logistics services. Technology is crucial to strengthen their resilience by improving efficiency, flexibility and visibility.

  • Private equity investors can benefit from the fragmented tech-enabled services market to drive scale and value in more established companies through additional capital, add-on acquisitions and expansion in both geography and services.

  • Logistics and transportation are core subsegments of supply chain tech in which technological capabilities can drive significant long-term growth.
read it now
 
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TPG's top deals since going public
(Peter Cade/Getty Images)
Since TPG's IPO nearly six months ago, the private equity firm has completed or announced 51 deals amid a global market struck by inflation and rising interest rates.

Here's a look at the firm's largest deals since its public offering.
read more
 
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A look at Hong Kong's road to reinvention in the 25 years since the city was returned to China. [The New York Times]

How corporate climate action—and, in some cases, greenwashing—has become an employee perk for some. [The Atlantic]
 
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Quick Takes  
  The Daily Benchmark  
  2017 Vintage Global Real Assets Funds  
  VC Deals  
  Pure Harvest nabs $180.5M  
  Evolved by Nature bags $120M Series C  
  Faeth Therapeutics takes off with $47M  
  Snowplow scoops up $40M  
  GV leads $30M seed round for Modular  
  Mona raises $14.6M  
  Portfolio Companies  
  Modsy shutters design services  
  Fundraising  
  Sequoia eyes $2B+ for new funds  
 
 
The Daily Benchmark  
2017 Vintage Global Real Assets Funds
Median IRR
9.13%
Top Quartile IRR
15.08%
1.16x
Median TVPI
Select top performers
EIV Capital Fund III
Ibaera Capital Fund
Waterous Energy Fund
*IRR: net of fees
48 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Pure Harvest nabs $180.5M
Pure Harvest Small Farms has raised $180.5 million from investors including Metric Capital Partners and Olayan Group. Based in Abu Dhabi, the company uses greenhouse technology to sustainably produce fruits and vegetables.
View round
 
View similar company »
 
Evolved by Nature bags $120M Series C
Evolved By Nature has raised $120 million in a round led by Teachers' Venture Growth and Senator Investment Group. Based in Boston and founded in 2013, the biotech company uses natural silk proteins to create sustainable molecules for use in textiles, personal care products, medical treatments and more.
View round
 
View 25 competitors »
 
Faeth Therapeutics takes off with $47M
Faeth Therapeutics has raised a $47 million Series A led by S2G Ventures. Based in San Francisco, the cancer metabolism company is developing precision nutrition therapy, digital tools and other therapeutics for the treatment of the disease.
View round
 
View similar company »
 
Snowplow scoops up $40M
Snowplow has raised a $40 million Series B led by NEA. The London-based company is a provider of behavioral data intended for use in AI, machine learning and advanced analytics applications.
View round
 
View 25 competitors »
 
GV leads $30M seed round for Modular
Modular has raised $30 million in a round led by GV, TechCrunch reported. The company offers an AI developer platform that integrates front-end infrastructure into a wide range of hardware back ends and cloud environments.
Mona raises $14.6M
Mona has raised a $14.6 million Series A co-led by Protocol Labs, Archetype and Collab+Currency. The company's platform allows creators to build, mint and sell metaverse worlds as NFTs.
View round
 
View similar company »
 
 
Portfolio Companies  
Modsy shutters design services
Modsy, a digital interior design startup, has stopped offering design services and laid off its design team, according to reports. The seven-year-old company has raised roughly $73 million in equity from investors including TCV, Norwest Venture Partners and GV, according to PitchBook data. The layoffs reportedly follow the falling through of an expected acquisition.
View details
 
View 10 competitors »
 
 
Fundraising  
Sequoia eyes $2B+ for new funds
Sequoia is targeting $2.25 billion across two US-focused funds that it expects to close in July, The Information reported. The VC firm plans to earmark $1.5 billion for a growth fund as well as $750 million for a vehicle dedicated to early-stage deals, the report said.
View details
 
View 1,112 investments »
 
 
Chart of the Day  
Source: Q2 2022 PitchBook Analyst Note: Private Equity's Opportunity in Supply Chain Technology
 
Who's in the newsletter today?
Investors
Archetype
Collab+Currency
GV
Metric Capital Partners
NEA
Norwest Venture Partners
Olayan Group
Protocol Labs
Pure Harvest Small Farms
S2G Ventures
Senator Investment Group
Sequoia
TCV
Teachers' Venture Growth
Companies
Evolved By Nature
Faeth Therapeutics
Modsy
Mona
Snowplow
 
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