PitchBook News - Ranking Q1's most active investors

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The Daily Pitch: VC

May 18, 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 Q1 2023 Global League Tables rank the top investors, advisers and more across PE and VC.

Takeaways from the 2023 SALT Conference, including Silicon Valley's change of heart toward sovereign wealth funds and distressed debt investor Marc Lasry's interest rate optimism.

Recently public foodtech companies are finding a tough market overall, but delivery services have been buoyed by consumer enthusiasm.

Today's Top Stories

Ranking the most active investors of Q1

Private market investors felt the pressure as persistent macro headwinds intensified with a near-banking crisis in Q1. But the PE and VC ecosystems showed resilience as dealmakers found opportunity amid the upheaval.

Who led the way? Our interactive Global League Tables are now available for Q1 2023, covering the full range of private market activity. The tables scope out the most active investors by region, industry, deal type and more, along with ranking advisers, acquirers and law firms.

see the rankings

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Delivery providers take lead among recently public foodtech companies

Consumers have embraced food and grocery delivery among core foodtech services, and the maturing subsector is consolidating. In Q1, DoorDash increased its market share and beat revenue expectations after making layoffs in Q4 2022. Likewise, delivery services overall are expected to see revenue balloon by 30% this year.

Most segments of the foodtech landscape weren't so rosy, and our Q1 2023 Foodtech Public Comp Sheet and Valuation Guide gathers the latest data on stock performance, revenue forecasts and market caps of key publicly traded companies.

see the data

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A message from RBC Capital Markets

What role will crypto regulation play in M&A dealmaking?

Despite high-profile collapses, the tech underlying cryptocurrency remains poised to transform finance and other industries. Additionally, blockchain technology has become an attractive and unexpected M&A target. How will regulation and technology adoption impact deal activity? Hear from RBC Capital Markets' expert bankers on Strategic Alternatives, the RBC M&A podcast.

Share:

Mubadala 'plays offense' as growth-stage startups hit capital crunch

Ibrahim Ajami (SALT iConnections New York)

Sovereign wealth funds are flexing their muscles in VC as unicorns grow increasingly desperate for cash, according to Ibrahim Ajami, the head of ventures for Mubadala, Abu Dhabi's wealth fund.

"A lot of companies that wouldn't speak to us before are knocking on our doors," Ajami said at the 2023 SALT Conference in New York. Following a period of bumper oil profits, sovereign wealth funds still have significant capital to deploy, while other growth-stage investors are in retreat.

Recommended Reads

Startups are making breakthroughs developing quick screenings for cancer, but bold claims about blood tests continue to make investors and experts nervous. [Financial Times]

Jakarta is sinking, so Indonesia's president is building a new capital city from the ground up. [The New York Times]

Truckers are caught on the front line of California's EV push. [Wired]

Since yesterday, the PitchBook Platform added:

19

VC valuations

2287

People

636

Companies

32

Funds

See what our data software can do

The Daily Benchmark:
2018 Vintage Global Secondaries Funds

Median IRR

32.77%

Top Quartile IRR

40.09%

0.27x

Median DPI

Select top performers

Glouston Private Equity Opportunities VI

Greenspring Secondaries Fund III

RCP Secondary Opportunity Fund III

*IRR: net of fees

16 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Metaco, a crypto tokenization and maintenance startup, has been purchased by Ripple, a blockchain company, for $250 million. Ripple is backed by GV, Lightspeed and Andreessen Horowitz.

Gradiant has raised a $225 million Series D round led by BoltRock Holdings and Centaurus Capital for wastewater treatment.

Insurtech startup Bolttech has closed a $196 million Series B led by Japanese insurance company Tokio Marine.

Wefox has raised $110 million in equity and debt from Squarepoint and others to extend its Series D. The Berlin-based insurtech startup, which is valued at $4.5 billion, originally secured $400 million last year.

Obie, an insurtech startup, has raised a $25.5 million Series B led by Battery Ventures.

Laser 3D printer specialist Glowforge has raised a $20 million Series E co-led by DFJ Growth and Foundry Group.

Incentivio, which provides software for restaurants, has raised a $10 million Series A led by Osage Venture Partners.

Pledge, a London-based provider of decarbonization software for supply chain and logistics companies, has closed a $10 million Series A led by Zinal Growth.

Singaporean telehealth company ORA has raised a $10 million Series A led by TNB Aura and Antler.

Glassdome has raised an $8.6 million Series A led by Atinum. The company's software platform is used for industrial applications and compliance.

Samaipata VC and Triple Point have led a $7.7 million seed investment in London-based Nory, which has developed an AI platform for the hospitality industry.

PE Deals

Generate Capital has committed to invest up to $250 million in Ambient Fuels, a company developing green hydrogen-related infrastructure that has previously received backing from SJF Ventures.

Newlight Partners-backed Leyline Renewable Capital has invested $30 million in Accelergen Energy, which develops solar power and battery storage projects in the US.

A consortium led by Energy Capital Partners has invested in Anza, a marketplace for solar and energy storage suppliers and developers, after a corporate divestiture by Borrego. Angeleno Group is also among Anza's new backers.

Sullivan Street Partners will buy the diagnostics services division of chemicals group Johnson Matthey for £55 million, alongside Edinburgh-based family office Souter Investments.

Silver Lake has acquired human resources services provider ProService from FFL Partners.

Backers including IW Capital have invested a further £5 million in UK-based SaveMoneyCutCarbon, which offers products designed to save energy and reduce water consumption.

Aksia-backed pizza maker Valsa has acquired the frozen foods division of Italy's Menchetti Food.

Exit & IPOs

JH Whitney Capital Partners has been exploring a sale of Alphia that could value the pet food manufacturer at more than $1 billion, Reuters reported.

Fundraising

LRVHealth, a healthcare-focused venture firm, has raised $200 million for its fifth flagship fund.

Helsinki-based Lifeline Ventures has closed a €150 million fund targeting early-stage startups primarily in Finland.

Corporate M&A

UK real estate agent Strike has agreed to buy troubled UK-listed peer Purplebricks for £1. Strike will assume responsibility for all of Purplebricks' debts following the deal.

Chart of the Day

Source: PitchBook's Q1 2023 Global M&A Report

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PitchBook News - Ranking Q1's most active investors

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