PitchBook News - Will VCs leave behind women's health?

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The Daily Pitch: VC

May 15, 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 Carbon & Emissions Tech Report dives into VC trends, key players, opportunities in green construction and more.

Capital for reproductive health startups is drying up while the legal landscape for abortion care shifts under their feet.

Our recent analyst note examines how generative AI may transform a range of sectors.

Today's Top Stories

Reproductive health startups find investors skittish post-Roe

(Andrew Caballero-Reynolds/Getty Images)

When the Supreme Court upheld the Food and Drug Administration's approval of abortion pill drug mifepristone last month, Cindy Adam "breathed a sigh of relief."

Adam is the co-founder of Choix, a startup that offers telemedicine abortion services in six states. Choix, which had been in the middle of closing its seed extension round, paused fundraising to await the court's decision.

Investors and founders in women's health are finding that capital has dried up. And for reproductive health startups, dealmaking struggles are compounded by looming legal battles.

Recommended Reads

Fintech company Mercury, which attracted over $2 billion in deposits since SVB fell, is trying to convince startups to stick around. [Fortune]

Democracy and capitalism are supposed to go hand in hand, but the rise of populism is testing corporations' relationship with government. [The New York Times]

Charting out how notable creatives divided up the time in their day. [Visual Capitalist]

Since yesterday, the PitchBook Platform added:

19

VC valuations

1289

People

348

Companies

6

Funds

See what our data software can do

The Daily Benchmark:
2012 Vintage North American VC Funds

Median IRR

18.20%

Top Quartile IRR

27.70%

1.29x

Median DPI

Select top performers

Emergence Capital Partners III

Flagship Ventures Fund IV

IA Venture Strategies Fund II

*IRR: net of fees

29 Funds in Benchmark »

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People

Linda Yaccarino has been named the new CEO of Twitter. The former advertising chief of NBCUniversal, Yaccarino will replace Elon Musk in six roughly weeks.

VC Deals

Switzerland's NewBiologix, which is developing tech for the manufacturing of gene and cell therapies, has secured a $50 million Series A led by Recipharm.

Sealonix, a startup developing sealants for surgical use, has raised a $20 million Series A led by Excelestar Ventures.

Worldia, a Paris-based travel company, has raised €25 million from investors including Crédit Mutuel Innovation, Red River West and Raise Ventures.

ThreatFabric, a provider of fraud detection software for the financial services industry, has secured €11.5 million in a seed round led by ABN AMRO Ventures and Motive Ventures.

Blockchange Ventures has led a $7.5 million investment in blockchain company Odsy Network.

Cloud gaming startup The Game Company has raised a $5 million pre-seed round at a $40 million valuation.

Music licensing startup Freshsound has raised €2 million in a round led by Zenith Venture Capital and Aligned.

PE Deals

The largest shareholder in Germany's Software AG, Schroders, says Silver Lake's proposed €2.6 billion takeover bid undervalues the company and recommends the board reject it, the Financial Times reported.

A group of investors including Bain Capital, Ares Management and the Abu Dhabi Investment Authority is purchasing a 20% stake in the US wealth management arm of Canada's CI Financial for about $1 billion, The Wall Street Journal reported.

UK-listed online retailer THG has ended takeover talks with Apollo Global Management.

KKR will increase its majority holding in Japanese supermarket chain Seiyu from 65% to 85%.

Daniel Loeb, CEO of hedge fund manager Third Point, is no longer considering an acquisition of NYSE-listed insurance company SiriusPoint, according to reports.

Malta-based Mediterrania Capital Partners has acquired a stake in Laprophan, a Moroccan pharmaceutical company, Private Equity Wire reported.

Fundraising

Grain Management is looking to raise $4 billion for its latest fund, which will make investments of between $100 million and $500 million in North American telecom infrastructure, The Wall Street Journal reported.

Israeli investor Catalyst has closed its fourth flagship fund on $150 million. The vehicle will target growth-stage companies in areas including cybersecurity, life sciences, deep tech and climate tech.

Investors

Blackstone is in talks with multiple US regional banks to enter into partnerships to make loans, which the firm would then funnel to insurance clients, the Financial Times reported.

Chart of the Day

Source: PitchBook's Q1 2023 Crypto Report

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PitchBook News - Will VCs leave behind women's health?

Older messages

Window shopping for startups

VC valuations feel the squeeze

SoftBank's Vision Funds hemorrhage $39B

Cardiology defies healthcare services slump

VC valuations extend slump

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