PitchBook News - A tale of two crypto markets

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The Daily Pitch: VC

December 8, 2022

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

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

Our Emerging Tech Research team evaluates the state of the crypto market in a new report.

Industry experts anticipate 2023 will be a record-breaking year for PE secondary transactions.

Chart of the Day: Clinical staffing PE deal count by type, from our Healthcare Services Report.

Today's Top Stories

A tale of two crypto markets in Q3

It's hard to find good news about crypto these days. The sudden collapse of FTX has seemingly triggered a tidal wave of negative sentiment across the whole vertical, causing the already skeptical public to shy away.

But is the news really all bad? It depends where you look, according to PitchBook senior analyst Robert Le. Our inaugural Crypto Report examines the state of the vertical and its various segments in Q3, charting deal activities and remaining opportunities. The long and short of it is crypto is far from done. Key takeaways include:

Deal values and count declined more than 33% from Q2's figures.

Investors poured more money into Web3, marking a 44.5% increase in deal value over the previous quarter.

read the report

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Picus defies cooling Web3, crypto markets with new investment unit

(Morocko/Shutterstock)

The Web3 and crypto industries have had a rocky year, but German venture firm Picus Capital is betting on their long-term future with its new dedicated investment arm.

VC appetite for these technologies has slowed as trading volatility and bankruptcies plague the sectors.

Recommended Reads

Chamath Palihapitiya, once known as the "SPAC king," attributes Fed policies to ending the exit strategy's boom. [The New York Times]

Childcare, housekeeper and a personal assistant: Women are paying big bucks for support at home in order to reach the C-suite. [Fortune]

Investors see a shift in Europe's fortunes as concerns about energy prices, inflation and central bank rates ease. [The Wall Street Journal]

Since yesterday, the PitchBook Platform added:

10

VC valuations

2013

People

518

Companies

23

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2017 Vintage Global Funds-of-Funds
	A message from PitchBook Media
	PitchBook's 2023 Media Kit released
	People
	Crypto, AI partner Divya Gupta leaves Sequoia
	VC Deals
	Drata valued at $2B
	Driverless trucking startup Einride scores $200M Series C
	Sound Agriculture nets $75M from Chan Zuckerberg Initiative, others
	Restaurant data startup MarginEdge secures $45M
	Setpoint lands $43M led by a16z
	Hunt Club locks down $40M

The Daily Benchmark

2017 Vintage Global Funds-of-Funds

Median IRR

31.31%

Top Quartile IRR

36.75%

1.90x

Median TVPI

Select top performers

Top Tier Venture Capital VIII

TrueBridge Capital Partners Fund V

Franklin Park Venture Fund Series 2017

*IRR: net of fees

35 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from PitchBook Media

PitchBook's 2023 Media Kit released

Year to date, PitchBook's newsletters have over 161 million impressions and over 744,000 report downloads. Partnering with PitchBook Media is a way to feature your firm's insights in one of the most popular venues for timely and relevant PE and VC articles, news, asset class reports and custom white label reports.

The brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.

Click here to download it today or to speak to someone on the media team.

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People

Crypto, AI partner Divya Gupta leaves Sequoia

Sequoia partner Divya Gupta, who focused on seed and early-stage investments in AI and crypto, is leaving the firm, The Information reported. Gupta's departure follows the firm's apology to LPs for its investment in the now defunct FTX. Sequoia confirmed that Gupta played no role in any FTX investments, according to the report.

View details

VC Deals

Drata valued at $2B

Drata has raised a $200 million Series C co-led by Iconiq Growth and GGV Capital. Salesforce Ventures also joined the round, which valued Drata at $2 billion. The security and compliance automation startup reached unicorn status last year when it closed a $100 million Series B.

View round

View 11 competitors »

Driverless trucking startup Einride scores $200M Series C

Einride, a Swedish maker of electric self-driving freight vehicles, has raised $200 million from investors including EQT Ventures, Northzone and Norrsken VC. The company has also secured a $300 million debt facility.

View round

View similar company »

Sound Agriculture nets $75M from Chan Zuckerberg Initiative, others

Agtech startup Sound Agriculture has raised a $75 million Series D led by new investors BMO Impact Investment Fund and the Chan Zuckerberg Initiative. The company's products include a fertilizer spray intended to decrease crops' water usage and increase yield.

View round

View 2 competitors »

Restaurant data startup MarginEdge secures $45M

MarginEdge, which offers a bill payment and data platform for restaurants, has raised a $45 million Series C led by Ten Coves Capital. The startup has raised over $70 million since its founding in 2015.

View round

View 23 competitors »

Setpoint lands $43M led by a16z

Real estate transaction startup Setpoint has closed a $43 million Series A. Andreessen Horowitz led the round with investors including KKR co-founder Henry Kravis and Zillow co-founder Spencer Rascoff.

View round

View similar company »

Hunt Club locks down $40M

Hunt Club, a Chicago-based company specializing in recruitment, has raised a $40 million Series B led by WestCap and Sator Grove.

View round

View similar company »

Don't miss our upcoming webinar

The crypto market has lost some of its luster since its resurgence in 2021, with values dropping and companies and investors alike leaving the industry. But there is still ongoing VC interest, and we predict a significant amount of deployed capital in the next few years.

Join our webinar to get the perspectives of industry investors and PitchBook emerging tech senior analyst Robert Le on how this technology can move forward. Key topics include:

How this crypto bear market is different from past downturns.

What investors are avoiding in this market and where they see opportunities.

Viewpoints on risk management, security flaws, regulations and other crypto trends.

Register now to secure your spot.

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Chart of the Day

Source: PitchBook's Q3 2022 Healthcare Services Report

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PitchBook News - A tale of two crypto markets

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