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The Daily Pitch: VC

June 12, 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 deep dive into the largest US accelerators breaks down the data across unicorn creation, capital raised, exits and more.

A rise in bankruptcies suggests more PE-backed borrowers are finding their heavy debt load has become a burden they can't easily escape.

Explore fundraising trends across seven private market strategies in our recent Global Private Market Fundraising Report.

Today's Top Stories

The accelerator most likely to propel a startup to unicorn status

Y Combinator, the Bay Area accelerator behind Airbnb, Stripe and DoorDash, has yielded more unicorns than Techstars, SOSV, MassChallenge, Plug and Play Tech Center or 500 Global, with an estimated unicorn creation rate of 4.5% since 2010.

That's just one of many exclusive findings from our latest PitchBook analysis, which offers a comprehensive look inside the industry's preeminent accelerator programs. See how the top names stack up and hear from founders surveyed by PitchBook who went through each program on whether the experience was worthwhile.

read it now

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PE-backed bankruptcies pick up

(Kenishirotie/Shutterstock)

A rise in bankruptcy filings suggests more PE-backed companies are finding their heavy debt load has become a burden they can no longer escape in a late credit cycle. Rising borrowing costs and tightening lending conditions have made it more difficult and costly to refinance debt.

Some of these distressed borrowers designed creative debt maneuvers to extend their liquidity runways before falling into bankruptcy.

Recommended Reads

Scientists are testing how satellites could collect power from the sun and send clean electricity to Earth—and getting encouraging results. [The Wall Street Journal]

Teams in South Korea and Norway are trying to stage a comeback for the nuclear-powered cargo ship. [Wired]

A look at how much the recent stock market rally relies on tech optimism. [The Economist]

Since yesterday, the PitchBook Platform added:

1

VC valuations

137

People

55

Companies

3

Funds

See what our data software can do

The Daily Benchmark:
2021 Vintage Global Debt Funds

Median IRR

9.02%

Top Quartile IRR

14.06%

0.05x

Median DPI

Select top performers

GoldenTree Distressed Fund IV

Audax Mezzanine Fund V

Brookfield Real Estate Finance Fund VI

*IRR: net of fees

80 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Maternal healthcare startup Pomelo Care has raised $33 million in seed and Series A rounds both led by Andreessen Horowitz. First Round Capital co-led the seed funding.

Uncommon, a UK-based lab-grown meat startup, has raised a $30 million Series A led by Balderton Capital and Lowercarbon Capital.

Healthcare data company Carta Healthcare has raised an additional $5 million for its Series B from Memorial Hermann Health System and UnityPoint Health, bringing the round's total to $25 million.

Otium Capital has led a €16 million Series A for BeFC, a French developer of paper-based biofuel cells for sustainable energy generation.

Lens Protocol has raised $15 million in a round led by IDEO CoLab Ventures and joined by General Catalyst and Blockchain Capital, among others. Lens was developed by Aava Companies, which builds Web3 protocols, applications and tools.

France's Foodomarket, an online marketplace for food suppliers, has secured a £9.5 million Series A led by Alven Capital, Tech.eu reported.

Amsterdam-based photography marketplace Smiler has secured $8.5 million in a round led by Octopus Ventures.

Sensoneo, a Slovakia-based specialist in smart waste management, has raised a €6.2 million Series A led by Taiwania Capital.

PitchBook webinar: Exploring the global private equity landscape

This webinar will explore the global PE dealmaking environment, including fundraising and exit opportunities. PitchBook analysts from around the globe will share their insight into where the PE landscape stands today in the US and Europe and what we can expect in the coming quarters. Key topics include:

The macroeconomic risks shaping the global PE landscape.

The US and European dealmaking environments.

The dearth of exit opportunities via both acquisitions and public listings.

A more challenging backdrop for fundraising and fund performance.

Register now to secure your spot.

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PE Deals

Brookfield Asset Management has agreed to acquire London-listed payments processor Network International for £2.2 billion.

UK-based Alfa International, a software provider for the asset finance industry listed on the London Stock Exchange, has received a $773 million buyout offer from EQT.

South Korean firm Hahn & Co has agreed to acquire medical device maker Lutronic for 957 billion Korean won (around $743 million).

TPG and AmerisourceBergen have completed their acquisition of OneOncology, an oncology practice network.

Business advisory and consultancy firm Riveron has agreed to be acquired by Kohlberg & Company. HIG Capital, which acquired the company through a leveraged buyout in 2019, will maintain a minority stake.

Hong Kong's PAG is making a $200 million investment in RK Pharma, focused on the company's Indian subsidiaries.

EdgeCap Partners has acquired a majority equity interest in Bulgaria-based clinical research organization Comac Medical.

Fundraising

Healthcare-focused PE firm Martis Capital has closed Martis Partners IV on $779 million.

Investors

Andreessen Horowitz has combined its fintech and consumer investment teams into a single unit focused on AI led by general partner Alex Rampell, The Information reported.

Chart of the Day

Source: Q1 2023 Global Private Market Fundraising Report

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PitchBook News - How do top accelerators stack up?

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