PitchBook News - Unwrapping sustainable packaging

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The Daily Pitch: VC

October 21, 2022

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In today's Daily Pitch, you'll find:

Large private credit funds have cut back on debt packages.

Our latest analyst note unwraps the future of sustainable packaging.

Today's Top Stories

Sustainable startups take on plastic packaging

Millions of tons of new plastic packaging are generated each year in the US alone, much of it ending up in landfills or waterways. So, is there a better way?

Sustainable packaging startups say yes. From bioplastics and seaweed to mycelium and fibers, novel materials and circular economy models are emerging to offer sustainable alternatives to harmful single-use packaging. Meanwhile, VC investment in sustainable packaging providers has grown steadily over the past decade, peaking at $834 million across 87 deals in 2021.

Our latest analyst note unwraps the future of sustainable packaging, delving into VC activity in the sector and exploring why further regulatory action will likely be needed to reduce plastic consumption.

read the preview

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Africa's fintech market defies VC downturn

(Wara1982/Shutterstock)

Africa's fintech startups are on track to match last year's record amount of venture activity despite a global slowdown in investments.

A growing urban population and more success stories coming out of the region are among the factors helping African fintech's expansion.

Recommended Reads

Binance.US hires former FBI agent as head of investigations as the cryptocurrency exchange giant faces a federal probe. [The Wall Street Journal]

These global cities show the highest real estate bubble risk. [Visual Capitalist]

As cars have gotten more complex and computerized, fixing problems requires increasingly expert and expensive knowledge from mechanics, and tools that are in limited supply. [Wired]

Since yesterday, the PitchBook Platform added:

29

VC valuations

1690

People

415

Companies

15

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2014 Vintage Global Debt Funds
	VC Deals
	Banyan raises $43M for merchant expense management
	SubjectWell collects $35M
	Tellius hauls in $16M
	Exits & IPOs
	Instacart shelves plans to go public
	Fundraising
	Propeller raises inaugural $100M VC fund for ocean-focused climate tech
	Investors
	Axxes to launch private funds for individual investors

The Daily Benchmark

2014 Vintage Global Debt Funds

Median IRR

7.59%

Top Quartile IRR

9.40%

1.30x

Median TVPI

Select top performers

Strategic Value Special Situations Fund III

GoldenTree Distressed Fund II

Crestline Special Lending Fund I

*IRR: net of fees

57 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Banyan raises $43M for merchant expense management

Banyan, which helps merchants and financial institutions automate expense management and generate insights from consumer purchase data, has raised a Series A round comprising $28 million in equity and $15 million in debt. The funding was co-led by Fin Capital and M13.

View round

View 59 competitors »

SubjectWell collects $35M

SubjectWell has raised a $35 million Series B led by Asset Management Ventures. The company's platform connects patients with clinical trials.

View round

View 4 competitors »

Tellius hauls in $16M

Tellius has raised a $16 million Series B led by Baird Capital. The company's platform uses AI and machine learning to derive insights from a business's data.

View round

View 48 competitors »

PitchBook webinar: US leveraged loan market outlook

With rising rates, distress and volatility, the leveraged loan market is currently facing significant instability and wariness from investors. Join our experts from LCD as they explore market trends, collateralized loan obligations and the potential role of PE in this environment. Additionally, a Q&A segment will be open for questions about the future of leveraged loans.

Register now to secure your spot.

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Exits & IPOs

Instacart shelves plans to go public

Grocery delivery company Instacart is postponing plans to go public this year due to volatility in the markets, The New York Times reported. The company filed confidential IPO registration papers in May and was due to start the official listing process in October. The news comes just days after Bloomberg reported that Instacart cut its valuation to around $13 billion from $15 billion. Instacart is backed by investors including Andreessen Horowitz, Sequoia and D1 Capital Partners.

View details

View 12 competitors »

Fundraising

Propeller raises inaugural $100M VC fund for ocean-focused climate tech

Propeller, co-founded by former HubSpot CEO Brian Halligan, has raised a $100 million debut fund. The firm will focus investments on ocean-related initiatives, such as startups that remove carbon from the oceans, use algae and microbes in novel applications or work toward decarbonization of the shipping industry.

View details

View investment »

Investors

Axxes to launch private funds for individual investors

Axxes Capital is on track to launch a series of private investment funds that will offer accredited investors exposure to private investment strategies including private equity co-investments and secondaries, venture capital, and distressed debt. The first of the vehicles is set to debut in Q1 2023, with another two to four vehicles following before the end of Q2.

Chart of the Day

"Core and core plus funds received a higher share of capital in H1 2022 than in 2021 and are on track to exceed 2021's $6.4 billion raised with $4.5 billion in H1 2022. However, together they still only comprise 7.1% of capital raised."

Source: PitchBook's H1 2022 Global Real Estate Report

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PitchBook News - Unwrapping sustainable packaging

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Tracking public fintech valuations

A16z reboots crypto accelerator

Corporate VCs keep writing checks

A new look at fund performance

Is PE a Ponzi scheme?

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