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The Daily Pitch: VC

December 22, 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 latest timeline looks back on crypto's topsy-turvy ride through 2022.

Predictions abound. Our 2023 Industry and Technology Outlook forecasts trends for the coming year, and our analyst note on the post-digital era envisions the next tech supercycle.

Chart of the day: Months to close for private capital funds, from our Global Private Market Fundraising Report.

Today's Top Stories

Unwrapping tech's crystal ball

It's the most wonderful time of the year, and to celebrate, we have an early gift: our tech analysts' outlooks for 2023 and beyond. Which verticals are on the nice list and poised for greater investment? And which areas are saddled with coal and headed toward rougher waters for the new year? Our 2023 Industry and Technology Outlook compiles predictions for the year ahead.

But what comes after next year? Paul Condra, our head of Emerging Technology Research, has you covered with a bonus stocking stuffer. His analyst note on the post-digital era envisions the next tech supercycle.

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Insurtech's valuation declines spill over into the early stages

While insurance giants keep calm and carry on, many recently listed insurtech companies have floundered, indicating that they were overvalued before going public. Now, these corrections are catching up with the private markets, and PitchBook analysts foresee a challenging market ahead for VC-backed insurtech startups.

Our latest Emerging Tech Research highlights the biggest players in insurtech and breaks down the sector's rocky third quarter. The report also spotlights opportunities in geospatial intelligence and specialty insurance for new markets.

read the preview

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Come one, come all: Crypto's wild ride in 2022

(Leonard Zhukovsky/Shutterstock)

FTX founder Sam Bankman-Fried's extradition to the US caps a topsy-turvy year for crypto.

Bitcoin fell more than 60%. Bored Apes were held hostage. Larry David had the last laugh. Tens of billions of dollars in value vanished from investors' funds—not to mention users' accounts.

Here's a look back at the events that reshaped the industry.

see the timeline

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PE investors strengthen due diligence amid a cooling deals market

(Proxima Studio/Shutterstock)

Financial buyers have been taking more time to perform due diligence and, in some cases, have been negotiating stronger indemnity provisions to protect themselves against downside risks facing the assets they are looking to buy.

As the deals market cools amid sinking valuations and rising borrowing costs, sellers may see a smaller pool of suitors, making it easier for buyers to dig into a target's financial standing and negotiate better legal terms.

Recommended Reads

A look inside crypto's largest liquidity provider, Tether, which has withstood multiple multibillion-dollar redemption runs. [Forbes]

Many companies and investors are eager to recycle batteries from electric vehicles, but it could take a decade or more before enough used lithium-ion batteries become available. [The New York Times]

Buzzy products like ChatGPT and DALL-E 2 will have to turn a profit eventually. Will that kill their magic? [The Atlantic]

Since yesterday, the PitchBook Platform added:

29

VC valuations

1810

People

618

Companies

32

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2012 Vintage Global VC Funds
	People
	Sequoia exec exits for Workday
	VC Deals
	Enveda Biosciences lands $68M
	BetterPlace adds $40M to Series C
	Deepfake studio Deep Voodoo grabs $20M
	Biomica secures $20M

The Daily Benchmark

2012 Vintage Global VC Funds

Median IRR

20.00%

Top Quartile IRR

33.95%

2.14x

Median TVPI

Select top performers

BioGeneration Ventures II

Emergence Capital Partners III

Flagship Ventures Fund IV

*IRR: net of fees

41 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Sequoia exec exits for Workday

Carl Eschenbach, a partner at Sequoia, is leaving his role to become co-CEO of Workday with co-founder Aneel Bhusri. Eschenbach will continue as a venture partner with Sequoia.

View details

VC Deals

Enveda Biosciences lands $68M

Biotech startup Enveda Biosciences has closed on $68 million in debt and equity. The Series B equity was led by Dimension with participation from investors including Two Sigma Ventures and Lux Capital. The startup uses machine learning to find new compounds for drug research.

View round

View similar company »

BetterPlace adds $40M to Series C

SaaS platform BetterPlace has closed a $40 million extension of its Series C, for a total of $64 million, according to reports. Investors including Jungle Ventures and British International Investment contributed to the extension.

View round

View 8 competitors »

Deepfake studio Deep Voodoo grabs $20M

"South Park" creators Matt Stone and Trey Parker have received a $20 million investment in their special effects deepfake startup Deep Voodoo, according to reports. The round was led by Connect Ventures, an investing partnership between NEA and talent agency CAA.

View round

View similar company »

Biomica secures $20M

Biomica, a startup specializing in microbiome-based drug therapies, has received a $20 million investment led by Shanghai Healthcare Capital.

View round

View similar company »

PitchBook Webinar: 2023 Private Equity Outlook

Join us in examining PitchBook's recent analyst note: 2023 Private Equity Outlook. The discussion will cover the new era of buyouts, along with fundraising trends that are helpful for navigating a challenging environment. Key topics include:

PE dealmaking pace remains muted, but new opportunities arise during market volatility.

Exploring developments in the stunted exit market.

Fundraising trends: Who will be the winners in the increased competition for capital?

Register to secure your spot.

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Chart of the Day

Source: PitchBook's Q3 2022 Global Private Market Fundraising Report

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private capital funds next tech supercycle The Daily Pitch

PitchBook News - Unwrapping outlooks on tech for 2023

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A chance of sun in Europe's 2023

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