PitchBook News - Regenerative agriculture gains ground

Mapping MENA's VC ecosystem; Pie Insurance picks up $315M; Knoetic raises $36M for HR analytics; Noble emerges from stealth with $18M
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The Daily Pitch: VC
September 22, 2022
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In today's Daily Pitch, you'll find:
 
Today's Top Stories  
VC cultivates regenerative agriculture
Regenerative agriculture is gaining ground with global food companies and governments, spurring investment in related technologies. In the US, the recently passed Inflation Reduction Act includes commitments for these sustainable farming practices—meant to restore land, conserve natural resources and mitigate climate change.

Against this backdrop, global agtech startups brought in $2.5 billion in venture funding in Q2 2022, a quarter-over-quarter decline of more than 23%, with indoor farming and ag biotech specialists gleaning the most investor attention.

Our latest Emerging Tech Research update digs deeper into the data and also explores emerging opportunities in agtech:
  • RNA and synthetic biology companies are developing alternative fertilizers and pesticides.

  • Feed additive startups aim to reduce greenhouse gas emissions from livestock.
read the preview
 
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Mapping MENA's VC ecosystem
(KhaledSaad001/Shutterstock)
Venture investments in the Middle East and North Africa region are on track to reach last year's record figures as the region continues to mature.

Take a closer look at how MENA's VC ecosystem has developed over the past decade.
see the data
 
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A message from CohnReznick  
Embracing changes in consumer behavior
The consumer sector is facing an inflection point. The past two years ushered in new challenges to maintaining margins and customer loyalty, and consumer brands need to offer quality products and services to counteract inflationary pressures and consumer uncertainty. Private equity firms are paying close attention to the brands that can succeed in this market. Investors are focusing on detailed consumer data that sheds light on these shifting consumption patterns.

In conjunction with PitchBook, CohnReznick has released Consumer Sector Investment Report: Capital Flows to Those Who Expand Margins and Embrace Changes in Consumer Behavior.

To download the report and learn more, click here.
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Riskiest segment of leveraged loans is now the largest
(R Mendoza/Shutterstock)
Years of historically low interest rates have sent investors to risky loans in search of yield.

Now, companies issuing B-minus rated loans—the lowest rating typically floated—account for the largest share of issuers in the $1.425 trillion leveraged loan asset class. That has never happened in the 25-year history of the Morningstar LSTA US Leveraged Loan Index.

The flight to low-quality debt is likely to impact the largest investors in institutional loans due to the limits they place on exposure to risky assets.
read more
 
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Ranking Q2's most active lenders in PE
Four different lenders issued at least 50 loans to US PE-backed companies last quarter, with the leading firm making well over 80. Lending activity stayed on pace with Q1, even as macroeconomic headwinds and uncertainty remained.

Our interactive Q2 2022 PE Lending League Tables, sponsored by Twin Brook Capital Partners, are now available. The data can be sorted by deal type, sector, geography and more for an in-depth look at the lending landscape in private equity last quarter.
see the rankings
 
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Recommended Reads
Could high interest rates, dampened growth and the public's shifting views on Big Tech mean the end of Silicon Valley's golden age? [The Guardian]

Are private equity's giants having cash flow problems? [Bloomberg]

As the tech workforce just keeps growing, here's a look at the biggest tech talent hubs in the US and Canada. [Visual Capitalist]
 
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Quick Takes  
  The Daily Benchmark  
  2016 Vintage Global PE Funds with more than $1B  
  VC Deals  
  Pie Insurance grabs $315M Series D  
  MicroTransponder picks up $73M  
  Knoetic raises $36M  
  Messari banks $35M to provide crypto intelligence  
  Luggage designer Monos nabs $30M  
  Zartico brings in $20M  
  Noble emerges from stealth with $18M  
 
 
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The Daily Benchmark  
2016 Vintage Global PE Funds with more than $1B
Median IRR
22.80%
Top Quartile IRR
26.67%
1.77x
Median TVPI
Select top performers
Summit Partners Growth Equity Fund IX
TA XII
Parthenon Investors V
*IRR: net of fees
48 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
Pie Insurance grabs $315M Series D
Pie Insurance has raised $315 million in a round led by Centerbridge Partners and Allianz X. Based in Washington DC, the company provides workers' compensation insurance to small businesses.
View round
 
View 3 competitors »
 
MicroTransponder picks up $73M
MicroTransponder has raised a $73 million Series E led by US Venture Partners. Based in Austin, the company develops nerve stimulation technology to improve limb function for stroke survivors.
View round
 
View 37 competitors »
 
Knoetic raises $36M
Knoetic has raised a $36 million Series B led by EQT Ventures. The New York-based company develops HR analytics software to help employers with retention and performance tracking. Menlo Ventures and Accel also participated in the funding.
View round
 
View 2 competitors »
 
Messari banks $35M to provide crypto intelligence
Messari has raised a $35 million Series B led by Brevan Howard Digital. The New York-based company provides market intelligence products and research reports on the cryptocurrency market.
View round
 
View 4 competitors »
 
Luggage designer Monos nabs $30M
Monos has raised $30 million Series B, led by Venn Growth Partners. The travel and lifestyle brand makes suitcases, bags and accessories.
View round
 
View similar company »
 
Zartico brings in $20M
Arthur Ventures has led a $20 million Series A for Zartico, the developer of a data intelligence and analytics platform for the tourism industry.
View round
 
View similar company »
 
Noble emerges from stealth with $18M
Noble has raised an $18 million Series A led by Insight Partners. Based in Tel Aviv, Noble helps companies build and manage credit-based products such as credit cards, cash advances and loans.
View round
 
View similar company »
 
 
Chart of the Day  
"Software VC valuations and deal sizes set a strong pace in H1 2022 considering the challenges facing tech stocks. The median late-stage software pre-money valuation paced at €28.4 million in H1 2022, up from €21.0 million in 2021."

Source: PitchBook's Q2 2022 European VC Valuations Report
 
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