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PitchBook News - Betting on recession

What's next for fintech valuations; Lightspeed wraps up $7B+; tapping Asia's private debt market; Milk Moovement scores $20M
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The Daily Pitch: VC
July 13, 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:
 
Today's Top Stories  
Credit markets brace for recession: LCD survey
(Spencer Platt/Getty Images)
Our colleagues over at LCD, PitchBook's platform for credit market news and data, just completed the latest quarterly Leveraged Finance Survey of buy-side, sell-side and advisory professionals. The survey indicates a significant decline in market sentiment, with a majority of market players bracing for an even rougher road ahead.

Some of the main findings in the survey:
  • The percentage of respondents forecasting a recession has skyrocketed.

  • Leverage multiples of buyouts are set to decline.

  • The worst of the volatility is yet to come.

  • Institutional investors are maintaining PE allocations.
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How public market caution may shape private fintech company valuations
The stock market decline has brought public valuations to the forefront, along with questions about the future of their private counterparts. In the fintech sector, investors are finding that there's no substitute for core profitability—and their patience might be waning.

Our Fintech Q2 Public Company Valuation Guide tracks stock performance, revenue forecasts and market caps of key publicly traded fintech companies, diving into data that can help illuminate the potential impact of public comps on the private markets. Among the takeaways:
  • Insurtech stocks have dropped 65% from their peak, outpacing broader market declines, and companies may face investor pressure to restructure or sell.

  • Four of the five companies in the neobanks, brokers and crypto segment are expected to generate negative earnings through 2024.

  • Stock prices for high-growth payments and fintech companies have fallen 59% from their peak, yet attractive margins might make public investors more patient with the payments sector.
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A message from the National Science Foundation  
Invention to impact
Dimensional Energy, a company that transforms carbon dioxide into an environmentally friendly fuel, is helping operators like United Airlines reduce their carbon footprint.

Dimensional Energy (NSF-1831166) is one of hundreds of deep tech startups funded annually by the National Science Foundation (NSF), a government agency that plays a central role in accelerating discoveries into the marketplace.

Each startup can receive up to $2 million to support translational research & development. By investing roughly $200 million in startups annually, NSF helps teams navigate the earliest stages of technology translation. In the past five years, these companies have gone on to raise billions in follow-on capital, and the portfolio has had 200+ exits.

Learn more about NSF funding at seedfund.nsf.gov
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Lightspeed raises $7B+, piling onto record year for mega-funds
(GarryKillian/Getty Images)
A blowout year for commitments to VC mega-funds shows few signs of slowing.

Lightspeed raised $7.1 billion across four funds, adding to the $121.5 billion already raised by US VC firms this year—87% of the record total committed in 2021.

The continued success of the largest firms to secure commitments highlights a growing disparity between capital allocators and the startups they back, whose outlook for raising cash is becoming gloomier by the day.
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Exclusive: SC Lowy wraps up $400M in latest Asia-Pacific direct lending fund
(krisanapong detraphiphat/Getty Images)
SC Lowy is wrapping up a new direct lending fund more than three times the size of its predecessor, as the Hong Kong-based asset manager seizes upon strong investor interest in Asia's private debt markets.

The firm is expected to close the vehicle above target on around $400 million.

In recent years, appetite has grown for private debt funds in Asia, where smaller companies face limited access to credit because of inefficient debt markets. The relative lack of competition in the market has already helped some credit investors to post high returns.
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Recommended Reads
Elon Musk's decision to pull out of the $44 billion Twitter deal plunged the company into chaos—and its employees are fed up. [Wired]

One writer's thoughts on why betting on small funds over large managers could give investors better odds of outperformance. [Institutional Investor]

Charting the $100 trillion global economy. [Visual Capitalist]
 
Since yesterday, the PitchBook Platform added:
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VC valuations
1664
People
453
Companies
32
Funds
See what our data software can do
 
Quick Takes  
  The Daily Benchmark  
  2015 Vintage Global Debt Funds  
  VC Deals  
  Insurtech startup Wefox worth $4.5B with Series D  
  SingleStore brings in $116M  
  May Mobility rides off with $111M  
  AI21 lands $64M Series B  
  Scale Computing raises $55M  
  Terra CO2 secures $46M to decrease carbon footprint of cement  
  Fifth Wall leads $38M round for Assembly OSM  
  Tiger Global leads $25M round for Fort Robotics  
  Milk Moovement scores $20M  
 
 
The Daily Benchmark  
2015 Vintage Global Debt Funds
Median IRR
9.12%
Top Quartile IRR
11.32%
1.22x
Median TVPI
Select top performers
ICG Europe Fund VI
Contrarian Distressed Real Estate Debt Fund III
TA Subordinated Debt Fund IV
*IRR: net of fees
74 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Insurtech startup Wefox worth $4.5B with Series D
Berlin-based Wefox has raised $400 million in a round led by Mubadala, valuing it at $4.5 billion. The startup's platform connects insurance companies, distributors and customers.
View round
 
View 18 competitors »
 
SingleStore brings in $116M
SingleStore has raised $116 million in a round led by Goldman Sachs Asset Management. Based in San Francisco, the company is the developer of a cloud-native relational database for data-intensive applications.
View round
 
View 69 competitors »
 
May Mobility rides off with $111M
May Mobility has raised a $111 million Series C from investors including SoftBank, State Farm Ventures and Tokio Marine. The Michigan-based company is a developer of autonomous vehicle technology.
View round
 
View 11 competitors »
 
AI21 lands $64M Series B
AI21 has raised $64 million in a round led by Ahren. Based in Tel Aviv, the company develops AI-based language services designed to understand context and meaning.
View round
 
View 18 competitors »
 
Scale Computing raises $55M
Scale Computing has raised $55 million in a round led by Morgan Stanley Expansion Capital. The Indianapolis-based company's cloud-based data storage platform automates data management.
View round
 
View 53 competitors »
 
Terra CO2 secures $46M to decrease carbon footprint of cement
Terra CO2 has raised a $46 million Series A co-led by Breakthrough Energy Ventures and LENx. Based in Colorado, the company is developing a low-carbon alternative for cement production.
View round
 
View similar company »
 
Fifth Wall leads $38M round for Assembly OSM
Assembly OSM has raised a $38 million Series A led by Fifth Wall. Based in New York, the company is a provider of modular construction technology for high-rise buildings.
View round
 
View similar company »
 
Tiger Global leads $25M round for Fort Robotics
Fort Robotics has raised $25 million led by Tiger Global. Based in Philadelphia, the company makes wireless functional safety systems for autonomous machines.
View round
 
View similar company »
 
Milk Moovement scores $20M
Milk Moovement has raised a $20 million Series A led by VMG Catalyst. The Canadian company's dairy supply chain software offers transportation monitoring, production tracking, quality monitoring and producer payment.
View round
 
View 6 competitors »
 
 
Chart of the Day  
Source: PitchBook's Q1 2022 European VC Valuations Report
 
Who's in the newsletter today?
Companies
AI21
Assembly OSM
Fort Robotics
May Mobility
Milk Moovement
Scale Computing
SingleStore
Terra CO2
Wefox
Investors
Ahren
Breakthrough Energy Ventures
Fifth Wall
Goldman Sachs Asset Management
LENx
Morgan Stanley Expansion Capital
Mubadala
SoftBank
State Farm Ventures
Tiger Global
Tokio Marine
VMG Catalyst
 
 
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