PitchBook News - Top VCs maintain check sizes for tech

Tracing ecommerce trends; China's IPO reforms may spark VC activity; Apple's VR debut could shake up sector
Read online | Don't want to receive these emails? Manage your subscription.
Log in
The Daily Pitch: VC
June 5, 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:
Today's Top Stories  
Top VCs maintain check sizes for tech
Median deal size stood out for emerging tech in Q1. VC growth and rising valuations have kept early-stage median deal sizes ticking up in recent years. Our Emerging Tech Indicator tracks angel-, seed- and early-stage investment at the world's top-15 most successful VC firms, giving insight into their strategy through the downturn.
  • The increase in total ETI deal value was small, roughly $200 million, but it reversed a three-quarter decline.

  • Biotech startups led the indicator in deal value, with the AI and machine learning sector following. Web3 and DeFi, a darling of top VCs in previous quarters, still generated enough interest to take second in deal count.
read it now
Share: Email LinkedIn Twitter Facebook
The VC bets behind ecommerce trends
From B2B digitization to VR shopping, our latest analyst note breaks down the early-stage VC deals behind recent ecommerce trends.
  • While the sector has significant room for growth in Africa, supporting logistics and infrastructure are still catching up. Sabi's $42 million round shows that some investors are willing to play the long game.

  • Checkmate's mobile-first approach sets it apart from other discount aggregators and has earned it a $20 million seed round.

  • Despite near-term headwinds, Pietra's $17 million round signals investors are still bullish on the creator economy.
read it now
Share: Email LinkedIn Twitter Facebook
A message from Auctus Search Partners  
Domain expertise for deal dominance: Experience the Auctus advantage
Auctus Search Partners provides more than traditional executive search. With Auctus, you can enhance your portfolio with strategic assets to navigate complex deal landscapes and ensure post-acquisition success.

With Auctus, you gain:
  • Domain Expertise: Executives with industry-specific knowledge, boosting your portfolio's competitiveness.
  • Network Connections: Leverage Auctus executives' expansive industry networks for unique investment opportunities.
  • Auction & Post-Acquisition Success: Auctus places leaders with track records of winning saturated auctions who are committed to realizing your investments' full potential.
Realize your investments' full potential:

Click here to discover how Auctus' domain experts can help you secure and build your next winning acquisition.
Share: Email LinkedIn Twitter Facebook
China's IPO reforms promise to reignite VC-backed listings
(Hugo Hu/Getty Images)
VC-backed listings in China have fallen in recent quarters, but new reforms could spark fresh activity.

The switch to a registration-based IPO system is designed to make listings on Chinese exchanges easier than in previous years.
read more
Share: Email LinkedIn Twitter Facebook
Apple's VR debut to fire up stagnant sector, investors say
(Jenna O’Malley/PitchBook News)
For the first time in nearly 10 years, Apple is set to reveal a completely new flagship product. A long-rumored foray into augmented and virtual reality will soon culminate in the release of an Apple VR headset. Investors and VR startups see the move as a much-needed shot in the arm for the technology—and a challenge to current market leader Meta.

Startups in the sector have whipsawed through various spikes in consumer interest in recent years. VCs and founders have been further frustrated by a lack of sustained commitment from tech industry power players. Dealmakers see Apple as a fundamentally different stakeholder, one with a track record of making refined hardware, in addition to software that appeals to developers.
read more
Share: Email LinkedIn Twitter Facebook
Private credit sector sees opportunity in soft demand for sterling debt
The private credit sector has another front on which to snatch market share from the old-school leveraged loan and high-yield bond worlds: sterling-denominated debt.

In the riskier corner of Europe's syndicated credit markets, borrower interest in sterling debt is flagging because it's become more expensive to issue in that currency instead of the euro. This is of particular interest to companies that need to refinance nearly €60 billion (about $64 billion) combined in sterling-denominated leveraged loan and high-yield bond debt by 2025.

Private credit lenders are already stepping in to fill the void as traditional syndicated debt players retreat. A group of direct lenders recently completed an £850 million (about $1.05 billion) loan for Access Group, a UK-based software specialist. A sterling deal of this size likely is out of reach for today's traditional, non-private debt markets.
read more
Share: Email LinkedIn Twitter Facebook
Recommended Reads
Buoyant Ventures co-founder Amy Francetic on why AI is the future of climate tech. [The Wall Street Journal]

Can "friendship clubs" cure the loneliness created by the remote work era? [The San Francisco Standard]

Apple is stepping into the metaverse. Will anyone care? [The New York Times]
Since yesterday, the PitchBook Platform added:
VC valuations
See what our data software can do
The Daily Benchmark:
2014 Vintage Global VC Funds with less than $250M
Median IRR
Top Quartile IRR
Median DPI
Select top performers
Union Square Ventures Opportunity 2014 Fund
Group 11 Fund II
Union Square Ventures 2014 Fund
*IRR: net of fees
33 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals  
Specialized cloud computing infrastructure provider CoreWeave has raised $200 million from Magnetar Capital to extend its Series B to $421 million. The startup has signed a billion-dollar, multiyear deal with Microsoft, CNBC reported.

Bengaluru-based satellite-image startup Pixxel has raised a $36 million round led by Alphabet, Reuters reported.

NexWafe, a green solar wafer manufacturer, has secured €30 million to construct a plant in Germany from investors including Reliance New Energy Limited, Aramco Ventures and ATHOS Venture. Additionally, NexWafe will receive funding from Aramco Ventures to build a facility in Saudi Arabia.

Tel Aviv-based social mapping platform Atly has raised $18 million from Target Global, Tal Ventures and FKA Brands.

XONAI, a London-based provider of cloud optimization solutions, has secured $3.5 million in a round led by Kadmos Capital.
PitchBook webinar: Exploring generative AI trends and opportunities
This webinar will explore the dramatic arrival of generative AI. Panelists from the AI industry will join senior emerging technology analyst Brendan Burke to discuss generative AI applications, startup trends, opportunities and alternatives to ChatGPT. Key takeaways include:
  • Startup funding is shifting from generative applications to infrastructure as enterprises build internal tools.

  • New startup categories are forming, but winners are not yet clear.

  • Open-source projects are catching fire, yet they may confer limited benefits to startups and be replicated by incumbents.
Register now to secure your spot.
Share: Email LinkedIn Twitter Facebook
PE Deals  
EQT has agreed to acquire UK-listed veterinary drugmaker Dechra Pharmaceuticals for £4.46 billion.

TPG has made an investment in Banyan Treatment Centers through its impact fund. Banyan operates 16 US facilities that treat substance abuse disorders and mental health problems.

PureTech Scientific, which is backed by Iron Path Capital, has agreed to acquire The Chemours Company's glycolic acid business for $137 million.
Portfolio Companies  
Energy company Lightsource BP has secured $460 million in financing to operate two projects in Louisiana and Indiana with around 800,000 solar panels.
FF Venture Capital has launched a €60 million fund targeting Series A and late seed investments in Central European startups.

Australia's Aura Group is seeking up to A$200 million (around $132 million) for its latest PE fund targeting high-growth companies in Southeast Asia, the Australian Financial Review reported.
The Canada Pension Plan Investment Board has been looking for a buyer for a portfolio of private fund stakes worth up to $2 billion and a portfolio of direct stakes in private companies that could be valued at roughly $1 billion, The Wall Street Journal reported.
Chart of the Day  
Source: Exploring European Buyout Multiples
About PitchBook | Terms of use | Advertise with us | Contact
Follow us: in twtr fb

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

© 2023 PitchBook. Win what's next. All rights reserved.

Key phrases

Older messages

A16z embraces funds-of-funds

Sunday, June 4, 2023

Plus: Gaming sector can't beat slowdown, AI's healthcare takeover, France's private markets start 2023 strong & more Read online | Don't want to receive these emails? Manage your

The rush for AI chips

Saturday, June 3, 2023

Also: A snapshot of market performance in May; The key segments and drivers within enterprise SaaS; New industry research on healthcare IT and gaming. Read online | Don't want to receive these

Q&A: Venture debt post-SVB

Friday, June 2, 2023

Charting public venture lenders' performance; checking in on global markets; signs of recovery for French VC; Chamberlain Coffee brews up $7M Read online | Don't want to receive these emails?

Generative AI transforms healthcare IT

Thursday, June 1, 2023

Solving generative AI's energy crunch; green light for secondaries; TotalEnergies folds corporate VC arm; slowdown hits enterprise SaaS Read online | Don't want to receive these emails? Manage

VCs fight emerging biosecurity threats

Wednesday, May 31, 2023

VCs invest $1.8B in medtech; French private markets defy downturn; Apollo bets on affordable housing; Zhongchu Guoneng Technology grabs $140M+ Read online | Don't want to receive these emails?

Reader, let’s go on a dinner cruise!

Monday, September 25, 2023

Hey Reader, Mike and I are going to Hong Kong for the Canton Fair this October, and we're organizing a meetup dinner with some of the Ecomcrew audience! We've organized a small dinner cruise on

Here are the latest holiday ecommerce trends.

Monday, September 25, 2023

Read our predictions for holiday 2023 and our new B2B report. To view this email as a web page, click here BigCommerce Blog Newsletter Listen Now Turing the user experience into the human experience.

Facebook Messenger strategy…

Monday, September 25, 2023

It's National Bakery Day, Reader! Thank you to the makers of 🥮 cakes, 🍪 cookies, 🥐 croissants, and other delicious stuff… Get inspired and informed at Social Media Marketing World. Elevate your

Need a broker? Ask one live. [Free Webinar]

Monday, September 25, 2023

Hey Reader, Time is ticking and there are only seven days left for you to register for our upcoming webinar this October 2 at 10 AM PST. We'll be joined by Chris Duty, one of the founders of 101

🕵️‍♂️ Why you need an email-based course

Monday, September 25, 2023

​ ​ ​ Hey thieves! As part of a new Steal Club series, we will start diving deeper into specific topics to help you grow your audience and monetize your content. Product ideas, content systems,

How to Create a Great Social Media Strategy Plan in 2023

Monday, September 25, 2023

Learn expert tips, trends, and techniques to engage your audience, boost brand visibility, and drive business growth. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Ethereum Network Revenue Hits 9-Month Low

Monday, September 25, 2023

Plus another 9-figure hack ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Ecommerce extends VC slowdown

Monday, September 25, 2023

The perils of secondary investing; sustainable investing opportunities in transit tech; teletherapy defies funding slowdown Read online | Don't want to receive these emails? Manage your

What makes for a GOOD conference TV commercial?

Monday, September 25, 2023

I asked an actual expert: ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌


Monday, September 25, 2023

It's importance to know the difference between risk avoidance and risk control. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌