PitchBook News - Europe's fintech startups to watch

Healthcare's annual checkup; a new look at fund performance; Sublime secures $40M to decarbonize cement making; Impel scores $104M
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The Daily Pitch: VC
January 18, 2023
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
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In today's Daily Pitch, you'll find:
  • Our top 13 highlights from the J.P. Morgan Healthcare Conference.

  • Five VCs talk about the European fintech startups they're keeping an eye on this year.

  • Our latest PitchBook Benchmarks, updated through Q2 2022, provide data for closed-end fund returns across strategies and vintage years.
 
Today's Top Stories  
Startup radar: Europe's fintech startups to watch
(Alones/Shutterstock)
While the VC investment landscape for fintech companies in Europe is expected to remain challenging in the year ahead, there are still promising startups in the sector.

With plenty of capital waiting to be put to work, we asked five VCs which fintech startups they're keeping an eye on this year.
read more
 
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Deals, trends and predictions from the J.P. Morgan Healthcare Conference
J.P. Morgan's annual healthcare conference returned to San Francisco after a two-year virtual hiatus. PitchBook analysts Rebecca Springer and Aaron DeGagne recapped the event, which featured more than 550 presentations from a mix of established public companies and emerging startups.

In our conference recap note, Springer and DeGagne highlight key deals and announcements and provide analysis on several big themes for healthcare investors to watch such as behavioral health, care navigation, genomics and the ongoing primary care chess game.

The note also includes PitchBook's analyst predictions for 2023: behavioral health consolidation will likely heat up as point solutions fall out of favor; an acceleration of partnerships could occur between value-based care enablers and health systems; and the employer self-insured market will increasingly participate in the shift to value-based care.
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A message from DealCloud, by Intapp  
How corporate development leaders digitize the internal approval process
It's not enough for corporate development teams to have a full pipeline—they also need a strong internal approval process to move deals through the pipeline quickly and smoothly. DealCloud's research shows that the most fruitful and strategic corporate development teams are ones that combine good sourcing with deal velocity.

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PitchBook Benchmarks for PE, VC and more
As capital flowed into alternative assets over the last decade, the global private markets surged and fund strategies expanded in kind. But the last 12 months have been a difficult time for markets, and the opaque nature of private capital presents many questions on how funds are performing. Now more than ever, allocators need transparent benchmarks they can trust.

That's where PitchBook Benchmarks come in—providing a detailed snapshot on the latest data for closed-end fund returns across strategies and vintage years. The new edition is now available, updated through Q2 2022 with preliminary data for Q3. It features downloadable XLS tables, data visualizations and PDFs that break down the numbers by strategy and geography.
see the data
 
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Tumbling valuations give US equities room to run
(Spencer Platt/Getty Images)
Tightening monetary policy, a weak economy, high inflation and rising interest rates have taken a toll on public company valuations. Analysts say the greatest number of undervalued stocks are in the communications sector, closely followed by real estate and consumer cyclical.

Morningstar's outlook for equity markets details the risks and potential rewards for investors in the year ahead.
read it now
 
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Recommended Reads
Barry Silbert, a finance veteran who built a crypto conglomerate, is now fighting to keep his brokerage firm out of bankruptcy. [The Wall Street Journal]

This startup seeks to solve the problem of how to keep vaccines cold enough to travel long distances without spoiling. [Sifted]

How a group of message-board misfits changed baseball. [The Athletic]
 
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Since yesterday, the PitchBook Platform added:
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Quick Takes  
  The Daily Benchmark  
  2014 Vintage North American Real Assets Funds  
  VC Deals  
  LePure Biotech scoops up Series C  
  Impel scores $104M  
  Sublime Systems secures $40M  
  Gaming publisher Carry1st nabs $27M  
  Authenticx rakes in $20M  
  Splitero nabs $11.7M  
 
 
The Daily Benchmark  
2014 Vintage North American Real Assets Funds
Median IRR
8.55%
Top Quartile IRR
12.57%
1.37x
Median TVPI
Select top performers
Quantum Energy Partners VI
Trilantic Energy Partners North America
Hastings Equity Partners III
*IRR: net of fees
40 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
LePure Biotech scoops up Series C
LePure Biotech, a Chinese bioprocessing company, has closed a Series C led by Novo Holdings, General Atlantic and Goldman Sachs Asset Management. Existing VC investors also joined the round. LePure recently acquired QuaCell Biotechnology.
View round
 
View similar company »
 
Impel scores $104M
Impel has secured a $104 million growth investment led by Silversmith Capital Partners. The company creates software for the automotive industry.
View round
 
View 17 competitors »
 
Sublime Systems secures $40M
Sublime Systems, a startup aiming to decarbonize the cement-making process, has raised a $40 million Series A led by Lowercarbon Capital. Thailand-based Siam Cement Group joined as a strategic investor.
View round
 
View similar company »
 
Gaming publisher Carry1st nabs $27M
Carry1st, a startup that publishes mobile games across African markets, has raised a $27 million pre-Series B led by Bitkraft Ventures, according to reports. Andreessen Horowitz also participated. The startup has previously received backing from gaming giant Riot Games and partnered with mega-franchise "Call of Duty" to roll out a mobile installment in South Africa.
View round
 
View 27 competitors »
 
Authenticx rakes in $20M
Authenticx has raised a $20 million Series B led by Blue Heron Capital. The company offers a platform for analyzing customer interactions in the healthcare industry.
View round
 
View similar company »
 
Splitero nabs $11.7M
Fintech startup Splitero has raised a $11.7 million Series A led by Fiat Ventures. The company helps homeowners access their equity by offering cash in exchange for a share of their home.
View round
 
View similar company »
 
 
Don't miss our upcoming webinar
Join LCD for a webinar exploring the trends that defined the private credit and leveraged loan landscapes in 2022, along with what lies ahead for these spaces. LCD analysts will discuss the growth in the private credit market and the increase in distressed debt last year, along what investor demand for collateralized loan obligations looks like in 2023. Key topics include:
  • US leveraged loan market trends and analysis, including a look at volume, proceeds, leverage, returns, credit risk and supply vs. demand.

  • The growth in private credit and direct lending in 2022, compared to the broadly syndicated market along with where opportunities in private credit might lie in 2023.

  • How distressed debt hit its highest level since the pandemic onset toward the end of 2022, even as leveraged loan defaults remained scarce.
Register now to secure your spot.
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Chart of the Day  
Source: PitchBook's 2022 Annual European PE Breakdown
 
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