PitchBook News - Crypto industry craves clarity

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The Daily Pitch: VC

February 27, 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:

A PitchBook analyst reports back on crypto industry insights from the 2023 European Blockchain Convention.

Remembering LBO pioneer Thomas H. Lee, who helped lay the foundation for today's private equity industry.

Today's Top Stories

Crypto industry pines for rules after FTX crash

The collapse of FTX has made the need for regulatory clarity a mainstream priority within the crypto industry. Done well, new rules could make the task of rebuilding user trust easier and accelerate crypto adoption in the long run.

That's one of the takeaways from our analyst note on the 2023 European Blockchain Convention in Barcelona, where PitchBook was invited to speak. Other takeaways from the conference include:

Improved cryptographic verification methods known as zero-knowledge proofs are gaining attention as privacy concerns rise. Blockchains have allowed for trust through transparency, but they also enable tracking by governments and bad actors.

Institutional adoption of crypto is maintaining momentum despite a sharp pullback in VC funding. One example is the rise of tokenization, which converts traditional assets such as stocks or bonds and makes them tradable on the blockchain.

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LBO trailblazer Thomas H. Lee dies at 78

(Dia Dipasupil/Getty Images)

LBO trailblazer Thomas H. Lee has died, his family announced Thursday, leaving behind a storied legacy in the private equity industry. Lee opened his buyout firm Thomas H. Lee Partners in 1974 and contributed to the growth of the now $4.4 trillion PE industry.

In 2006, Lee stepped down from the firm in accordance with a succession plan that officially began at the turn of the century and started Lee Equity Partners, a PE shop focused on business, financial and healthcare services, where he sat as chair until his death.

Recommended Reads

How Thrive Capital founder Josh Kushner is building a VC empire. [The Information]

Private equity firms are snapping up data centers as cloud demand soars. [The Wall Street Journal]

One writer's thoughts on private equity returning to the UK. [Financial Times]

Since yesterday, the PitchBook Platform added:

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Quick Takes

	The Daily Benchmark
	2018 Vintage Global Debt Funds
	Exit & IPOs
	AVG Group's CleanBay Renewables in SPAC talks
	ECI preps Moneypenny sale
	Fundraising
	Haven Capital targets up to $50M for real estate fund
	Corporate M&A
	DOJ prepares to challenge Adobe's $20B Figma deal

The Daily Benchmark

2018 Vintage Global Debt Funds

Median IRR

10.74%

Top Quartile IRR

15.27%

1.18x

Median TVPI

Select top performers

Raith Real Estate Fund II

HCAP Partners IV

GoldenTree Distressed Fund III

*IRR: net of fees

56 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

German OpenAI rival Aleph Alpha is in talks with investors to raise up to $100 million, Insider reported.

Recruitment platform WorkLLama has secured $50 million from undisclosed investors.

Olatec Therapeutics has raised a $40 million Series A led by Sanders Morris Harris.

Here Not There Labs, the creator of chat app Towns, has raised a $25.5 million Series A led by Andreessen Horowitz.

Helsinki-based Nosto has raised $16 million from Mandatum Asset Management. The startup helps ecommerce brands build and launch personalized shopping experiences.

Voicemod, which offers voice changing technology, has raised $14.5 million in a round led by Kfund, TechCrunch reported.

Vertical farming startup Futura Gaïa has secured €11 million from investors including UI Investissement, Colam Impact and Sofilaro.

Green Check Verified, a banking solution for cannabis providers, has raised a $6 million Series A led by Mendon Venture Partners.

Canadian smart video platform IrisCX has secured a $4.6 million seed round led by Arthur Ventures.

Don't miss our upcoming webinar

A panel of speakers will discuss how women founders in the VC and startup ecosystem fared during ongoing market volatility—and provide forecasts for 2023. Key takeaways include:

Trends in aggregate funding received by female-founded companies compared to all-female and all-male founding teams.

Gender breakdown for decision-makers at VC firms and how this impacts deal activity for founders.

Angel investment through unicorn status: how investment evolves throughout the company lifecycle.

Register now to secure your spot.

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PE Deals

PAI Partners-backed European Camping Group has completed its acquisition of French holiday company Vacanceselect Group. The deal, announced in July, values the business at €1 billion.

KKR is among several investors looking to buy a stake in Indian carmaker Tata Motors' EV business, The Economic Times reported. The stake is said to be worth up to $1 billion.

L Catterton is close to acquiring Guatemala-based Ilegal Mezcal, Bloomberg reported. The deal is expected to value the spirit maker at under $200 million.

DCP Capital has agreed to purchase a 33% stake in the Chinese operations of Jamieson Wellness a Toronto-based natural health brands owner, for $35 million. DCP also agreed to buy $75 million in shares of the publicly traded company.

Mintec, backed by Five Arrows Principal Investments, has acquired AgriBriefing, a UK company that provides data on agri-food supply chains.

SDC Capital Partners has acquired a majority stake in Orange County-based Cityside Networks, a fiber-optic internet provider serving Southern California.

Exit & IPOs

AVG Group's CleanBay Renewables in SPAC talks

CleanBay Renewables, a renewable energy company with growth equity backing from AVG Group, has been in talks to merge with blank-check company BurTech Acquisition Corp. in a deal that could value CleanBay at $660 million, Bloomberg reported.

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ECI preps Moneypenny sale

ECI Partners is prepping the sale of UK customer support services company Moneypenny, Unquote reported. The firm picked investment bank Houlihan Lokey to advise on the exit, which is expected later this year.

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Fundraising

Haven Capital targets up to $50M for real estate fund

Haven Capital Ventures is seeking $20 million to $50 million in capital commitments for Haven Fund II, a real estate vehicle designed to invest in manufactured home communities.

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Corporate M&A

DOJ prepares to challenge Adobe's $20B Figma deal

The Department of Justice has been preparing an antitrust lawsuit that would complicate Adobe's planned $20 billion acquisition of VC-backed Figma, Bloomberg reported. The UK and European Union are also reviewing the deal for potential antitrust concerns.

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Chart of the Day

Source: Q4 2022 Launch Report: Gaming

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PitchBook News - Crypto industry craves clarity

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