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PitchBook News - Crypto at a crossroads

Plus: A look inside accelerator programs, insurtech's M&A potential, midsized funds outshine the rest & more
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The Weekend Pitch
June 18, 2023
Presented by Deloitte
(Drew Sanders/PitchBook News)
With all the excitement around AI, one could be forgiven for forgetting another great tech innovation that promised to change the world: crypto.

The sector has stumbled into yet another rough patch after two of the biggest exchanges, Coinbase and Binance, were accused by the SEC of—among other things—failing to register as brokers. The brouhaha is casting a pall over the crypto markets and the decentralized finance sector as a whole.

But even as regulators take steps like these to tighten the screws on exchanges, some investors remain focused on the long-term prospects of crypto. Earlier this week, Andreessen Horowitz doubled down on its commitment to crypto by opening an office in London to focus on its Web3 investments.

This reflects a hope that tighter rules—while delivering short-term pain to the industry—will also provide a more stable regulatory platform upon which the technology will mature. The challenge for lawmakers will be striking a fair balance that provides security while encouraging innovation.

This is the Weekend Pitch, and I'm Andrew Woodman. You can reach me at andrew.woodman@pitchbook.com or on Twitter @adwoodman.
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A Message From Deloitte  
Beyond the hype cycle: AI dealmaking and development in focus
The hype cycle for AI continues apace, with predictions for its true impact abound. Deloitte's latest road to next report cuts through chatter to review dealmaking trends across the sector, as well as perspectives from practitioners on utilization and actual viability. Key highlights include:
  • Analysis of AI & ML dealmaking and key developments across major segments like healthcare and cybersecurity
  • Various application hurdles of AI in real-world scenarios as well as cases of underrated viability
  • Metrics on AI & ML dealmaking at the expansion stage, including valuations, key segments and more
Read it now
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Trivia
Insurtech, while still filled with plenty of attractive M&A targets, has had a decline in deal activity for the past seven quarters. However, deal count has seen a bit of an uptick this past quarter. How many deals were recorded by PitchBook this past quarter?

A) 157 deals
B) 67 deals
C) 276 deals
D) 115 deals

Find the answer at the bottom of The Weekend Pitch!
 

M&A targets abound for insurtech

(siam.pukkato/Shutterstock)
After a series of blockbuster deals and acquisitions, insurtech is still ripe with potential M&A targets, according to PitchBook's Q1 2023 Insurtech Report. After the $2.6 billion public-to-private deal of Duck Creek Technologies by Vista Equity Partners, what could be next? Read about the figures, trends and attractive M&A targets in our latest report.
 

How important is your accelerator, anyway?

As an early-stage founder, one of the decisions that can really affect who invests in you is the accelerator you join. You're not just joining a cohort of other founders, but also an alumni network and a pool of investors.

But not all are created equal. Dive deep into the pros and cons of the five major players in our accelerator analyst note.
 

PE enters its middle-market era

Mega-funds with over $5 billion raised have dominated the PE performance charts for years, but now deal values are trending down while middle-market funds post higher IRRs and take up a larger share of PE fundraising than usual.

Our latest US PE Middle Market Report, sponsored by Antares Capital and Cherry Bekaert, addresses why and how midsized funds are outshining the rest.
 

Quote/Unquote
Federal Reserve Chairman Jerome Powell
(Drew Angerer/Getty Images)
"We have covered a lot of ground, and the full effects of our tightening have yet to be felt."

—Federal Reserve Chairman Jerome Powell at a press conference announcing that interest rates would remain unchanged.
 

Recommended Reads
After the collapse of crypto company Three Arrows Capital, the firm's founders, Kyle Davies and Su Zhu, went to Bali. [The New York Times]

As the AI industry booms, what toll will it take on the environment? [The Guardian]

Delian Asparouhov, a Peter Thiel protege, has been groomed for a top spot at Thiel's Founders Fund. With the firm's help, Asparouhov's own startup has also rocketed into the commercial space race. [The Information]
 

Stay tuned
Keep an eye out for these fresh insights and research reports coming out this week.
  • Q1 2023 Foodtech Report
  • Q1 2023 Digital Health Report
  • Q2 2023 Quantitative Perspectives: Private Equity
  • Analyst Note: VC Investment in Climate Tech
 

Trivia
Answer: D)

In Q1 2023, PitchBook recorded 115 deals within the insurtech vertical. Read more about those deals in our Q1 2023 Insurtech Report.

This edition of The Weekend Pitch was written by Andrew Woodman, Rosie Bradbury, Emily Burleson and Jacob Robbins. It was edited by Alec Davis and Laural Hobbes.

Were you forwarded The Weekend Pitch? Sign up at pitchbook.com/subscribe.
 
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