PitchBook News - VC looks ahead to brighter days

Mental health specialist Alma raises $130M; Tridge harvests $2.7B valuation; FourKites reels in $30M; Pogo banks $14M+
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The Daily Pitch: VC
August 29, 2022
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Today's Top Stories  
Despite exit headwinds, VC looks ahead to brighter days
The VC storyline this year has been a sea change from the record-shattering figures of 2021. Market volatility and falling valuations have altered the dealmaking and exit landscapes, and the future has, at times, seemed bleak.

Yet there are reasons for optimism, as public market performance has begun to stabilize and dealmaking carries on, according to our latest Quantitative Perspectives Report, which features more than 30 charts on VC deals, exits, valuations and more. Takeaways include:
  • Valuation multiples for recently public VC-backed companies have dropped sharply, as VC-backed listings had much further to fall than the broader market.

  • Although rising interest rates and market declines tend to reduce activity, VC dealmaking has remained above long-term trends across all stages and sectors.

  • Dealmaking has swung in favor of investors, and GPs are poised to capitalize on valuation declines amid a lively fundraising environment and a sharp increase in startups' demand for capital.
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Take-private dealmakers scoop up software targets at deep discounts
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Dealmakers are buying public companies at bargain prices following stock market declines earlier this year.

The turmoil has made deal targets for take-private transactions less expensive than a year ago, allowing PE firms and corporate acquirers to shop for attractive companies whose share prices are in the doldrums.

A flurry of recent deals have been in the technology sector, which has experienced significant valuation pressure in recent quarters.
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Leveraged loan issuer earnings grow in Q2, buoy quality metrics
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Heading into Q2, fears of a recession were widespread amid market volatility, geopolitical headwinds and an uncertain macro environment.

But rumors of the demise of the earnings cycle were perhaps greatly exaggerated.

LCD's sample of leveraged loan issuers showed solid top- and bottom-line results, and the seventh consecutive quarter of positive EBITDA growth.
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Recommended Reads
The true value of the crypto market isn't the $3 trillion that its believers suggest, but it's nothing to sneer at, either. [Bloomberg]

To compete and help consumers become comfortable with ordering online, ecommerce retailers offered free returns, leaving themselves with what has become an expensive and tricky problem. [The Economist]

Will remote work make it easier to ship white-collar jobs overseas? [The Washington Post]
 
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Quick Takes  
  The Daily Benchmark  
  2018 Vintage Global Real Assets Funds  
  VC Deals  
  Seoul-based Tridge hits $2.7B valuation  
  Thoma Bravo leads $130M Series D for Alma  
  FourKites raises $30M  
  Pogo banks $14M+  
 
 
The Daily Benchmark  
2018 Vintage Global Real Assets Funds
Median IRR
7.67%
Top Quartile IRR
18.04%
1.15x
Median TVPI
Select top performers
Hastings Equity Partners II
Intervale Capital Fund
EQT Infrastructure I
*IRR: net of fees
27 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Seoul-based Tridge hits $2.7B valuation
Tridge has raised a $37 million Series D led by DS Asset Management. The funding values the company at $2.7 billion. Tridge's agtech platform connects farmers and buyers directly, eliminating the need for intermediaries.
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Thoma Bravo leads $130M Series D for Alma
Alma has raised $130 million in a round led by Thoma Bravo, with support from investors including Cigna Ventures, Insight Partners and Optum Ventures. Alma's platform helps mental health care providers accept insurance and manage billing, scheduling, continuing education and more.
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View 20 competitors »
 
FourKites raises $30M
FourKites has raised $30 million as part of an $80 million target raise, TechCrunch reported. Based in Chicago, the company offers a supply chain visibility platform used by brands including Coca-Cola, Walmart and Dow.
View round
 
View 64 competitors »
 
Pogo banks $14M+
Pogo has raised $14.8 million, comprising a $2.5 million pre-seed round and a $12.3 million seed round led by Josh Buckley. The New York-based company's rewards app offers bank fee refunds, prescription savings, personalized shopping offers and more.
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View similar company »
 
 
Corrections  
Wednesday's newsletter misrepresented cybersecurity dealmaking in 2022. As of Aug. 18, the sector has seen $34.9 billion in activity, compared to $36.4 billion total in 2021.
 
Chart of the Day  
Source: PitchBook's Q2 2022 US PE Breakdown
 
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