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PitchBook News - SoftBank exodus grows

VC pulls back from IoT; Porsche listing shines among European IPOs; Delphinus raises $30M for ultrasound tech; bottled water specialist taps $30M
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The Daily Pitch: VC
September 30, 2022
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In today's Daily Pitch, you'll find:
 
Today's Top Stories  
SoftBank Vision Fund staffing cuts add to ongoing exodus
(Chloe Ladwig/PitchBook News)
SoftBank's Vision Fund unit is set to cut around 150 people, or 30% of its staff, according to a source familiar with the decision. CEO Masayoshi Son made it clear in August that layoffs were coming, following two quarters of steep losses at the firm.

Prior to the cuts, the Vision Fund experienced a string of executive departures that eroded much of the leadership surrounding Son.

A PitchBook analysis found that the Vision Fund has lost around half its leaders in the years following WeWork's failed IPO in 2019. Most of the board have also turned over, including several members who had advised the firm for more than a decade.
read more
 
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VC funding for IoT fades in H1
VC funding for the internet-of-things market cooled in the first half of 2022 amid challenging economic conditions. The IoT sector's reliance on global supply chains and cyclical industries such as manufacturing may leave it relatively more vulnerable to economic uncertainty, but the shift to connected cars continues to drive investment in the space.

Our latest Emerging Tech Research update explores VC trends in the IoT vertical and highlights emerging opportunities in connectivity management, software-defined vehicles and wireless power. The report also includes a market map of the industry's subsegments, from smart homes to healthcare and IoT security, and takes a closer look at companies such as Ambiq and Uptake. Other takeaways include:
  • Global IoT startups brought in $2.8 billion in venture funding in Q2—a 57% decline from the record first quarter and the lowest deal value since Q4 2019.

  • Disclosed VC exit values have all but evaporated, with only $119 million recorded in Q2.

  • The IPO pipeline for IoT security specialists may not open until 2023, and the category continues to face consolidation via M&A.
read the preview
 
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A message from Citizens  
5 reasons to go private: could your company benefit?
Against a backdrop of headwinds in the equity markets and plentiful capital, private equity funds and other investors may see attractive valuations as an opportunity to acquire select public companies and take them private. Middle-market companies could see a wave of go-privates among peers and competitors.

To help understand these dynamics and decide what's best for your company, our new article discusses:
  • 5 reasons why public companies go private
  • The 4% bonus for privatization
  • 3 actions for stakeholders at publicly traded middle-market companies to consider
Why companies go private
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Porsche goes public in landmark IPO
Porsche CEO Oliver Blume, right, and board member Lutz Meschke at the Frankfurt Stock Exchange.
(Daniel Roland/Getty Images)
Porsche has debuted on the Frankfurt Stock Exchange in one of Europe's largest IPOs to date, pricing its shares at the top of its expected range and reaching a market cap of more than $75 billion.

The listing is a bright spot in an otherwise grim landscape, as IPOs have plummeted in Europe to the lowest levels in a decade.
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Recommended Reads
How angel investing has become a casual pastime for Silicon Valley's ultrarich. [Bloomberg]

Why companies are paying huge sums of money to show their ads to bots. [Wired]

Past performance metrics have a greater impact on Black- and Latino-owned private capital funds than on their white-owned peers. [Institutional Investor]
 
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Quick Takes  
  The Daily Benchmark  
  2012 Vintage Global Debt Funds  
  VC Deals  
  Business planning platform Pigment lands $65M  
  Workstream adds $60M to Series B  
  Ox exits stealth with $34M  
  Airplane brings home $32M  
  Femtech startup Delphinus raises $30M  
  Path bottles up $30M Series A  
  Noodle.ai nabs $25M  
 
 
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The Daily Benchmark  
2012 Vintage Global Debt Funds
Median IRR
7.30%
Top Quartile IRR
9.91%
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Median TVPI
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Cerberus Institutional Partners V
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51 Funds in Benchmark »
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VC Deals  
Business planning platform Pigment lands $65M
Paris-based Pigment has raised $65 million in a round led by Meritech and IVP. The startup offers a business planning and forecasting platform.
View round
 
View similar company »
 
Workstream adds $60M to Series B
Workstream has raised $60 million in a round led by GGV Capital, bringing the total Series B financing to $108 million. The company is the developer of a hiring and onboarding platform.
View round
 
View 70 competitors »
 
Ox exits stealth with $34M
Ox Security has emerged from stealth and raised $34 million led by Evolution Equity Partners, Team8 and M12. Ox is the developer of a supply chain security platform.
View details
 
View similar company »
 
Airplane brings home $32M
Developer infrastructure startup Airplane has raised $32 million in a Series B led by Thrive Capital.
View round
 
View similar company »
 
Femtech startup Delphinus raises $30M
Delphinus Medical Technologies has raised a $30 million Series D from backers including Arboretum Ventures, Beringea and North Coast Technology Investors. The company's ultrasound technology is used to screen for breast cancer in individuals with dense breast tissue.
View round
View 6 competitors »
Path bottles up $30M Series A
Path, a producer of bottled water in recyclable aluminum, has raised $30 million in a round led by Altos Ventures, and joined by investors including comedian Kevin Hart's Hartbeat Ventures, Ryan Seacrest and Guy Fieri.
View round
 
View similar company »
 
Noodle.ai nabs $25M
Noodle.ai, which offers a supply chain intelligence platform, has raised a $25 million Series C from investors including ServiceNow Ventures and Honeywell Ventures. The new capital brings the company's total funding to more than $100 million.
View details
 
View 31 investments »
 
 
Chart of the Day  
"Looking at the historic long-term middle-market exit trend, the slowed exit activity seen in H1 2022 is still on pace to come close to the average exit counts and values, although it is a sharp drop compared with the record-breaking exit activity seen in 2021."

Source: PitchBook's Q2 2022 US PE Middle Market Report
 
Who's in the newsletter today?
Investors
Altos Ventures
Arboretum Ventures
Beringea
Evolution Equity Partners
GGV Capital
Guy Fieri
Hartbeat Ventures
Honeywell Ventures
IVP
M12
Meritech
North Coast Technology Investors
Ryan Seacrest
ServiceNow Ventures
Team8
Thrive Capital
Companies
Airplane
Delphinus Medical Technologies
Noodle.ai
Ox Security
Path
Pigment
Workstream
 
 
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