PitchBook News - A success story for value-based care

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The Daily Pitch: VC

July 4, 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:

One health network in Pennsylvania offers lessons on value-based strategies

Only 44 unicorns were minted in the first half of the year

Startups agreeing to "investor-friendly" terms risk burning bridges with early backers

Today's Top Stories

One health system's story of success in value-based care

The value-based care framework's gradual but inevitable takeover of the US healthcare system has opened a vast array of investment opportunities to healthcare industry-savvy VC and PE firms. But bridging the practice of medicine with the data and overhead needed for modern population health analytics has been a challenge.

Our latest analyst note examines how one nonprofit health system made a successful transition to offering value-based care. It provides a case study for healthcare IT and services investors, for whom health systems are crucial customers and partners.

read it now

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Unicorn creation at lowest levels since 2017

New unicorns by half year
(PitchBook News)

With the first half of 2023 in the books, unicorn creation remains mired in a slump not seen in years.

Only 44 billion-dollar startups were minted in the first six months of the year, the lowest number since the first half of 2017.

Information technology companies are king, accounting for about 41% of all unicorns created in 2023. Notable examples include OpenAI, the company behind ChatGPT, and Replit, which allows programmers to collaborate with AI to build software.

Nearly half of all unicorns created in 2023 are based in North America, with 20 based in the United States alone. Asia comes in second with 14 unicorns.

explore the tracker

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A message from PitchBook

PitchBook's 2023 Media Kit released

With uncertainty across the private and public markets likely to continue, strong and insightful thought leadership is critical to your clients and prospects.

By partnering with PitchBook Media, you will have daily opportunities to reach 1.5M+ industry professionals in our newsletter, and you can broaden exposure of your brand through our core industry reports. We also help clients create custom research to share data-driven insights on the market.

Our 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.

Click here to download it today or to speak to someone on the media team.

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Tiger Global opens full portfolio to individual bids

(winfinity/Shutterstock)

Tiger Global has been trying to generate liquidity from its pandemic-era shopping spree for months. After its initial attempt to sell a curated portfolio of assets in a secondary strip transaction didn't result in a deal, Tiger told a select group of secondary investors they could bid on any individual private company in its portfolio.

By offering to sell its assets piecemeal, Tiger is showing more pressure for liquidity compared to other venture firms, said one investor who has been having conversations with Tiger's adviser about buying direct stakes.

Recommended Reads

From 17.5 tons of olives to $42,500 in calculators, one year in weird robberies. [Bloomberg]

Scientists are looking for new technologies to keep people cool without air conditioners. [The Wall Street Journal]

Increased tourism to Antarctica is only hastening the continent's decline. [The Atlantic]

Since yesterday, the PitchBook Platform added:

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VC valuations

1827

People

659

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22

Funds

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The Daily Benchmark:
2012 Vintage Global Real Estate Funds

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ERS Texas Private Real Estate Emerging Manager Exeter

KTR Industrial Fund II

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VC Deals

Sustainable packaging startup Pulpex has raised a Series C from investors including CMPC, Diageo and Pilot Lite. The round is worth between £20 million and £25 million, Sky News reported.

Kenyan online pharmacy MyDawa has secured $20 million from Alta Semper Capital, according to reports.

Shipping container marketplace Boxhub has raised a $12.4 million Series A led by AlleyCorp.

Camena Bioscience, a UK-based DNA synthesis company, has raised a $10 million Series A led by Mercia.

Nigerian invoice financing startup Zuvy has secured $4.5 million in equity and debt in a round led by TLG Capital, according to reports.

RoboDeck, an Israeli startup developing deck maintenance robots, has raised $2 million in a pre-seed round led by SOSV.

PE Deals

OMERS and APG have agreed to acquire Netherlands-based Kenter from Alliander in a deal that would value the company at €700 million, including debt, Reuters reported.

Czech Republic-based Draslovka has been pursuing a new round of at least $200 million in growth equity funding, Reuters reported.

Investcorp has picked up a majority stake in Italian-headquartered public relations company SEC Newgate for around $100 million. The deal values the business at more than $250 million.

Advent International and GTCR are among those looking to acquire London-based online payments company Worldpay, the Financial Times reported.

IK Partners has agreed to invest in Swiss wealth management firm Cinerius Financial Partners, joining existing investor Summit Partners.

Exit & IPOs

IK Partners has entered exclusive negotiations with The Carlyle Group to sell its stake in French cybersecurity company Pr0ph3cy. Upon acquisition, the company will rebrand as Neverhack.

Chipmaker Nvidia has acquired VC-backed OmniML, which shrinks large language models used to train generative AI programs, The Information reported.

Chart of the Day

"Even if we assume a rebound to the pre-COVID-19 norm, the industry is running out of time to complete an orderly disposition of portfolio holdings within the time frames initially allotted to its funds."

Source: PE Exit Timelines and the Impending Maturity Wall

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PitchBook News - A success story for value-based care

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