PitchBook News - Some founders sticking with SVB

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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

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

Our latest report explores how global private debt responded to 2022's market upheaval.

What do you do if you're a seed-stage company and no big bank wants your money? For some founders, the answer is still SVB.

Our latest ranking of the most active lenders in US PE.

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.

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

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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

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