PitchBook News - Web3, DeFi draw top VCs

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The Daily Pitch: VC

November 29, 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 Indicator tracks which types of tech are attracting the most attention from venture capitalists.

The healthcare services industry, touted as recession-proof, continued to attract PE interest through Q3 2022.

How private valuations for agtech companies might fare, based on the performance of their public counterparts.

Today's Top Stories

Web3 and DeFi hold VCs' attention as tech investment stumbles

Which technologies are making a splash in the venture world? Check out the latest from PitchBook's Emerging Tech Indicator, which tracks seed and early-stage investment at the world's top-15 most successful VC firms, to gauge which areas of tech—from Web3 and DeFi to healthtech and wellness—are grabbing VCs' attention. Key takeaways include:

ETI investment fell for the third consecutive quarter, down 52% from Q4 2021's record of $9.8 billion across 275 deals. However, median size for early-stage deals reversed course in Q3, hitting an all-time peak of about $28 million.

Web3 and DeFi topped the charts yet again, notching $879 million. Fintech and biotech followed close behind, while segments like insurtech and mobility gained little traction.

The number of venture mega-deals is creeping back up to normal, with 10 ETI deals of $100 million or more recorded in Q3.

read the report

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Underperforming agtech IPOs could dampen exit prospects

Agriculture technology companies may have to start cutting costs soon as worrying signs abound. Recent IPOs underperformed the S&P 500 by about 10% so far this year, and generally weak stock performance in the sector could also diminish the exit prospects for late-stage VC-backed companies.

Looking inside the companies, many reported shrunken free cash flow in 2021, which could suppress revenue growth as executives look to cut costs. Our latest Emerging Tech Research report on the space lays out agtech comps data through the third quarter, including insights such as which companies are staying profitable—notably, those concerned with animal biotech research.

read it now

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A message from DealCloud, by Intapp

How Balfour Pacific gained a competitive edge by leveraging technology

Balfour Pacific, a Vancouver-based private equity real estate firm, needed a platform that could maintain connectivity and transparency with its team that was often on the road visiting clients and properties.

Download the in-depth case study that showcases how Balfour Pacific better manages its real estate pipeline, relationships, and data using DealCloud's technology.

Read the case study

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BlockFi bankruptcy is latest fallout from FTX implosion

(Formatoriginal/Shutterstock)

Cryptocurrency firm BlockFi filed for Chapter 11 bankruptcy protection Monday, becoming the latest enterprise to fail as shockwaves spread after the collapse of crypto exchange FTX.

It is the latest event this year to rock the crypto industry, which has been battered by bankruptcies, investor losses and consumer pain. It follows bankruptcy protection filings in July by Celsius Network and Voyager Digital, which both failed after the price of major cryptocurrencies fell sharply.

Recommended Reads

Business development companies, which lend to private businesses at high interest rates, have become popular in recent years. But it may be time to steer clear of the highly leveraged sector. [Barron's]

Apple and Twitter are facing off as the computer giant cuts back advertising on Elon Musk's platform. [Bloomberg]

Club deals, earn-outs and higher hurdle rates may be back as PE faces pressure. [Institutional Investor]

Since yesterday, the PitchBook Platform added:

11

VC valuations

1831

People

614

Companies

4

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2013 Vintage Global Funds-of-Funds
	A message from PitchBook Media
	PitchBook's 2023 Media Kit released
	VC Deals
	Strand Therapeutics adds $45M to Series A
	Bionaut Labs secures $43M+
	V7 raises $33M
	Range Energy picks up $8M
	Ejara raises $8M for crypto app
	Productivity app Amie lands $7M
	Exits & IPOs
	E-scooter company Whoosh eyes Moscow IPO
	Fundraising
	Carlyle amasses $3B+ for new European tech fund

The Daily Benchmark

2013 Vintage Global Funds-of-Funds

Median IRR

19.31%

Top Quartile IRR

24.77%

2.26x

Median TVPI

Select top performers

Bay Hills Emerging Partners III

Glouston Ohio Midwest Fund II

Franklin Park Venture Fund Series 2013

*IRR: net of fees

51 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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VC Deals

Strand Therapeutics adds $45M to Series A

Biotech startup Strand Therapeutics added $45 million to its latest round, bringing the Series A total to $97 million. New investor FPV Ventures led the financing for the mRNA therapy company.

View round

View 50 competitors »

Bionaut Labs secures $43M+

Healthtech company Bionaut Labs, which uses tiny robots to treat central nervous system diseases, has raised a $43.2 million Series B led by Khosla Ventures.

View round

View similar company »

V7 raises $33M

Computer vision startup V7 has raised $33 million in a Series A co-led by Radical Ventures and Temasek.

View round

View 3 competitors »

Range Energy picks up $8M

Mobility tech company Range Energy, which makes electrified semitruck trailers, has secured $8 million in seed funding from UP Partners, R7 and Yamaha Motor Ventures.

Ejara raises $8M for crypto app

Crypto platform Ejara has nabbed $8 million in Series A funding led by Anthemis Group and Dragonfly Capital.

View round

View similar company »

Productivity app Amie lands $7M

Berlin-based Amie has secured $7 million in a round led by Spark Capital, TechCrunch reported. The startup offers a scheduling and planning app.

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View similar company »

Don't miss our upcoming webinar

Join us for a webinar discussing key components of the difficult market landscape, including tightening credit and liquidity conditions, slowing growth and sharp increases in short-term interest rates, and how these impact PE.

PitchBook analysts Zane Carmean and Andrew Akers will discuss how rising debt costs combined with continued pullback in financing availability will be a significant headwind moving forward. Key topics include:

The window for an economic soft landing has narrowed. Our quantitative recession model predicts that recession odds have risen sharply in recent months.

While core inflation has slowed modestly in recent months, it has also broadened out into core services.

Although the US is not currently in a recession, growth drivers such as consumer spending and nonresidential business investment have slowed.

Register now to secure your spot.

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Exits & IPOs

E-scooter company Whoosh eyes Moscow IPO

Russian e-scooter company Whoosh is exploring an IPO on the Moscow Exchange which could value it at around 40 billion Russian rubles (about $656 million), Reuters reported.

View details

View 2 competitors »

Fundraising

Carlyle amasses $3B+ for new European tech fund

The Carlyle Group has raised over $3 billion for a European tech fund, Reuters reported. The vehicle will be used to target between 20 and 30 lower-middle-market and growth companies with equity checks of up to about $260 million.

View details

View 2,200 investments »

Chart of the Day

Source: 2022 Sustainable Investment Survey

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PitchBook News - Web3, DeFi draw top VCs

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FTX collapse exposes a power imbalance

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