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PitchBook News - Some founders sticking with SVB

Private debt weathers the storm; VCs mixed on UK budget; 2022's most active PE lenders; PE drives Europe's healthcare consolidation
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The Daily Pitch: VC
March 16, 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:
 
Today's Top Stories  
Early-stage founders aren't writing off SVB 2.0 quite yet
(Sundry Photography/Shutterstock)
What do you do if you're a seed-stage company and no big bank wants your money? For years, the answer has been to go to SVB. No other institution catered to companies with modest bank account balances but big dreams.

Following the bank's collapse last week, many founders are finding that SVB is still their best—or only—option.
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Private debt endured 2022's market upheaval
Private debt assets proved resilient amid a challenging macroeconomic environment last year, according to our 2022 Annual Global Private Debt Report. GPs enjoyed robust fundraising momentum through most of the year, despite a short-lived lull in the first quarter. Demand for private debt loans has grown over the past decade. Key takeaways include:
  • Funds dedicated to private debt—which includes direct lending and other strategies—raised over $200 billion last year.

  • Preliminary data shows a rebound in the performance of private debt funds has pulled fund returns out of the negative territory in Q3, making this the third-best-performing private market strategy.

  • The popularity of mezzanine funds grew, driven by high demand for paid-in-kind loans, which help borrowers preserve cash.
read the report
 
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A message from Globalization Partners  
Best practices to streamline your global talent search
While international hiring is daunting for any business, building dispersed and diverse teams can help your company become more strategic and agile in an ever-changing market. With local talent shortages and remote work on the rise, the time is ripe to hire workers in emerging talent hubs. Countries previously overlooked are producing exceptionally skilled talent, offering benefits beyond job qualifications. Diverse companies are proving to be highly profitable by contributing new insights, perspectives, and enriching teams while giving your company a competitive edge.

Check out Globalization Partners' blog on the 10 Global Talent Acquisition Trends for 2023 to learn best practices, how to get started, and how G-P can help ease the complexities involved with international hiring so your business can thrive.
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VCs share mixed reactions to UK budget
UK finance minister Jeremy Hunt
(Dan Kitwood/Getty Images)
The UK government pledged millions in support of R&D-focused startups as part of its spring budget, but some investors expressed disappointment that it stuck by plans to scrap tax relief.

Nevertheless, UK finance minister Jeremy Hunt is touting the financial plans as a "budget for growth" designed to turn the UK's beleaguered economy into a "science and technology superpower."
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Ranking 2022's most active lenders in PE
Eight lenders took part in at least 150 deals for US PE-backed companies in 2022—a turbulent year that saw the private equity industry adapt to challenging debt markets and fierce macroeconomic headwinds.

Who led the way? Our interactive 2022 Annual PE Lending League Tables, sponsored by Twin Brook Capital Partners, are now available. Dive into the data by deal type, geography, sector and more to explore the lending landscape in private equity.
see the rankings
 
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PE drives Europe's healthcare consolidation
(Maksym Dykha/Shutterstock)
Private equity funds are increasingly consolidating Europe's fragmented healthcare sector, with dealmaking still at near-record levels in 2022 despite a drop from the previous year.

With €19.9 billion (about $20.9 billion) transacted across 300 deals last year, the sector offers relative insulation from downturns, despite challenges such as staffing and securing finance for large deals.
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Enterprise fintech takes a bigger bite of the VC pie
The fintech industry remains one of the most well-funded spaces in the VC landscape. With the digitization of financial products and services brought about by the COVID-19 pandemic, the fintech ecosystem continues to present plenty of opportunities for growth.

Enterprise fintech startups are capturing more of the broader fintech VC pool, and our recent Emerging Tech Research explores why investors are paying attention to this segment. Key takeaways include:
  • Global VC investment in the broader fintech space reached $57.6 billion across 2,747 deals in 2022, declines of 40.7% and 18.1% year-over-year, respectively.

  • Within the vertical, enterprise fintech startups raised 60.9% of capital from investors compared to their retail counterparts. In 2020, that number was 48.2% of capital.

  • Exit activity sharply declined due to difficult economic headwinds, dropping 74.3% from last year to $18.1 billion.
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Recommended Reads
This year, South by Southwest is heavy on AI and light on events related to crypto. [The Information]

How US officials staved off a banking crisis last weekend. [Financial Times]

Everything you need to know about ChatGPT-4. [Bloomberg]
 
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A message from Apex Group  

How a start-up can prepare for its first-time audit
While it is important for start-ups to focus on their goals, it is equally vital for these firms to ensure they don't neglect other areas that are crucial to the success of their company. One such area is audits.

Knowing what information is required and where to find it, especially if it hasn't been fully documented, could help reduce preparation time ahead of an audit given the breadth of information required.

For a seamless audit process, companies generally require records related to:
  • Cash accounts
  • Inventory
  • Fixed assets
  • Accounts payable
  • Liabilities/obligations
  • Revenue recognition process
  • IT controls processes
  • Monthly or year-end processes and controls
  • Accounting for contingencies
  • Accounting lease agreements
Read more here
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VC Deals  
San Francisco-based fintech Stripe has raised a $6.5 billion Series I backed by Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners and Thrive Capital.

Generative AI specialist Adept has raised a $350 million Series B co-led by Spark Capital and General Catalyst. The round brings the startup's valuation to over $1 billion.

Mediar, which develops treatments for fibrosis, has secured a $85 million Series A co-led by Novartis Ventures and Sofinnova Partners, with participation from Pfizer Ventures, Eli Lilly and Bristol Myers Squib.

Medwing, which offers a job marketplace for healthcare professionals, has raised a €44 million Series C from investors including SVB Capital, Northzone and Hambro Perks.

Verity, a Zurich-based drone specialist, has raised a 30 million Swiss franc investment led by AP Moller.

London-based fintech Apexx Global has raised a $25 million Series B with backing from MMC Ventures, Forward Partners and Alliance Ventures.

Tilia, a payments platform specialist, has secured a $22 million investment from JP Morgan, Axios reported.

Intelligent Fluids, a German provider of non-toxic, biodegradable cleaning agents, has secured a €10 million Series B led by Wave Equity Partners.

French mobile app publisher Kovalee has raised €8 million in a round led by Iris Capital.

Genpop, a game studio startup, has raised $6.5 million in seed funding led by Makers Fund, with participation from 1Up Ventures and Good Smile Company.
 
PE Deals  
UK-listed events company Hyve has accepted a takeover offer from Providence Equity Partners worth £481 million. The company will now recommend the offer to shareholders.

Orion Resource Partners has sold a 25% minority stake in metals and minerals royalty company Sweetwater Royalties to the Ontario Teachers' Pension Plan for a cash consideration of $221.6 million.

Franco-Irish solar power plant company Amarenco has raised €300 million led by Arjun Infrastructure Partners alongside a pool of investors from the Crédit Agricole Group and Tikehau Capital.

Cerberus Capital Management-backed direct-to-consumer mattress platform 3Z Brands has acquired Leesa Sleep, a Virginia-based mattress maker founded in 2014. Leesa's VC backers include TitleCard Capital and One Better Ventures.

BioGenerator-backed Panome Bio has received a round of growth equity funding from Telegraph Hill Partners, which invests in commercial-state science and healthcare companies.

Genstar-backed financial services provider Apex Group is to acquire South African investment company Efficient Group.
 
Portfolio Companies  
Fintech Stripe has announced a partnership with generative AI startup OpenAI to integrate each other's products into their respective platforms.
 
Exit & IPOs  
Africa-focused cross-border payment startup Chipper Cash is considering a sale, Bloomberg reported. The startup, which raised capital from investors including FTX and Silicon Valley Bank, is also exploring a new round of funding.
 
Fundraising  
Spanish insurance firm Mapfre is launching a €350 million private debt fund through its asset management division. The fund will combine all existing and future private debt investments across the group's subsidiaries.
 
Chart of the Day  
Source: PitchBook's 2022 Annual US VC Valuations Report
 
Who's in the newsletter today?
Investors
1Up Ventures
AP Moller
Alliance Ventures
Andreessen Horowitz
Apex Group
Arjun Infrastructure Partners
Baillie Gifford
BioGenerator
Bristol Myers Squib
Cerberus Capital Management
Eli Lilly
FTX
Forward Partners
Founders Fund
General Catalyst
Genstar
Good Smile Company
Hambro Perks
Iris Capital
JP Morgan
MMC Ventures
MSD Partners
Makers Fund
Mapfre
Northzone
Novartis Ventures
One Better Ventures
Ontario Teachers' Pension Plan
Orion Resource Partners
Pfizer Ventures
Providence Equity Partners
SVB Capital
Silicon Valley Bank
Sofinnova Partners
Spark Capital
Stripe
Telegraph Hill Partners
Thrive Capital
Tikehau Capital
Tilia
TitleCard Capital
Wave Equity Partners
Companies
3Z Brands
Adept
Amarenco
Apexx Global
Chipper Cash
Crédit Agricole Group
Efficient Group
Genpop
Hyve
Intelligent Fluids
Kovalee
Leesa Sleep
Mediar
Medwing
OpenAI
Panome Bio
Stripe
Sweetwater Royalties
Verity
 
 
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The Daily Pitch global private debt active PE lenders

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