PitchBook News - Fintech faces tough choices

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The Daily Pitch: VC

January 9, 2023

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

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

Will some newly public fintech companies be forced to sell, or can they get creative with their fundraising?

Wimmer Financial's executive director discusses family offices investing in the private markets.

How do alternatives to lithium-ion for battery storage solutions measure up in planning out the future of the global energy grid?

Today's Top Stories

Some newly public fintech companies face tough choices in 2023

The new year didn't ring in any relief for fintech investors. Since the S&P 500 bottomed out in October, newly public fintech companies have continued to watch their stocks drop, despite some momentum returning to the market. Will these startups be forced to sell, or can they get creative with their fundraising?

Our Q4 2022 Fintech Public Company Valuation Guide tracks stock performance, revenue, EBITDA, and earnings-per-share forecasts as well as market caps of key publicly traded companies. It also includes new data on ESG, valuations of private fintech companies and a number of new charts.

To discuss fintech valuations, contact james.ulan@pitchbook.com and rudy.yang@pitchbook.com.

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Sprouting Q4 revenue did not woo public investors to indoor farming

Despite strong revenue growth, indoor farming companies didn't have such luck with their stock performance in Q4 2022, as many investors bet against their ability to survive further profit declines. Meanwhile, commodity prices settled down slightly after surging earlier in the year, yet remained historically high.

So, how did public agtech companies round out the year amid such uncertain conditions?

Check out our Agtech Public Company Valuation Guide to see the latest data on stock performance, revenue forecasts and market caps of key publicly traded companies across sectors including precision agriculture, animal agriculture and plant biotech.

To discuss agtech valuations, contact alex.frederick@pitchbook.com.

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Go with the (redox) flow

In the battle for grid-scale battery dominance, who will emerge victorious? Lithium-ion has proven to be far from perfect, but the alternatives—such as redox flow to metal air—also have their lists of pros and cons with much to prove. With the first winter since Russia's invasion of Ukraine approaching and threatening Europe's energy security, the interest and investment in new energy technologies have never been higher.

In our latest analyst note, PitchBook analyst John MacDonagh dives into the figures, trends, and emerging technologies on the rise. He lays out these alternatives—and the big players that VCs are betting on.

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Q&A: The draw of private markets for family offices

(dgmata/Shutterstock)

Family offices have been increasing their allocations to private markets in recent years due to meager returns in public markets.

We spoke to Antonio Curia, the executive director at Wimmer Financial, a London-based family office advisory, about how family offices are increasing their alternatives exposure.

Recommended Reads

Companies got an edge from their PE owners during the pandemic, adding to the evidence that PE can help firms survive downturns. [Institutional Investor]

Algorithms are increasingly making decisions in the workplace. Here's how to curb the potential harms and abuses. [Wired]

A decade of streaming has transformed storytelling and TV viewing habits. But we may be starting to hit that transformation's limits. [The New York Times]

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Quick Takes

	The Daily Benchmark
	2019 Vintage Global Funds-of-Funds
	VC Deals
	KreditBee nears $700M valuation
	Metagenomi extends Series B to $275M
	Biotech startup HighTide raises $107M
	Synthekine grabs $100M
	Immune-Onc Therapeutics nabs $25M extension
	Doorstead locks in $21.5M for property management

The Daily Benchmark

2019 Vintage Global Funds-of-Funds

Median IRR

28.77%

Top Quartile IRR

37.15%

1.40x

Median TVPI

Select top performers

TrueBridge Capital Partners Fund VI

Blockchain Coinvestors Fund I

Adams Street 2019 Global Fund

*IRR: net of fees

35 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

KreditBee nears $700M valuation

Indian fintech startup KreditBee has closed a $200 million Series D led by Advent International, according to reports. The latest round brings the company's valuation to roughly $680 million. KreditBee offers micro-loans and credits to customers.

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Metagenomi extends Series B to $275M

Genetic medicine startup Metagenomi has raised a $100 million extension round, bringing its Series B total to $275 million. The extension was co-led by Catalio Capital Management, Symbiosis, and Novo Holdings, the investment arm of pharmaceutical giant Novo Nordisk.

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View 4 competitors »

Biotech startup HighTide raises $107M

HighTide, a specialist in drug therapies for metabolic and digestive diseases, has raised a $107 million Series C led by TCM Healthcare Fund of Guangdong, which is managed by China Development Bank Capital.

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View similar company »

Synthekine grabs $100M

The Column Group has led a $100 million Series C into biotech startup Synthekine, which offers cell protein therapeutics. The company currently has one product in clinical trials.

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View 2 competitors »

Immune-Onc Therapeutics nabs $25M extension

Immunotherapy startup Immune-Onc Therapeutics has closed a $25 million extension round led by Triwise Capital. The extension brings the Series B total to $131 million. The startup is developing bone marrow checkpoint inhibitors for cancer patients.

Doorstead locks in $21.5M for property management

Doorstead has closed a $21.5 million Series B with participation by Avanta Ventures, MetaProp, M13 and Madrona. The proptech startup guarantees rent to landlords and lists properties online.

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

"Regionally speaking, fundraising in Asia has continued its steep downward trend of the last four years ... Much of this decline is attributed to the slow fundraising activity in China, as government pressures and policies such as zero-COVID hamper the economy and business activity."

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

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PitchBook News - Fintech faces tough choices

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When VC goes overboard

2022 VC data is here

VC's tale of diverging trends

Cross-border M&A market hangs tough

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