PitchBook News - Perfecting a pitch in a VC downturn

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The Daily Pitch: VC

July 25, 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:

Investors share tips for founders pitching startups during a VC downturn

Altice's potential sale of Cheddar News highlights a struggling adtech sector

These five trends defined Europe's VC market in H1

US PE records its first significant jump in exit value in more than a year

Today's Top Stories

How-to guide: Pitching in a VC downturn

(Gonzalo Aragon/Shutterstock)

When it comes to pitching during a downturn, startups are under increasing pressure to focus on the financials. At the same time, a lot of the old rules still apply when lining up those crucial meetings.

We spoke to VC investors about what they are looking for in the current climate when meeting with potential future portfolio companies.

Recommended Reads

Does OpenAI CEO Sam Altman know what he's creating? [The Atlantic]

From Twitter to X: Elon Musk begins erasing an iconic internet brand. [The New York Times]

Fear of missing out drives investors as the IPO market awakens from a long slumber. [The Wall Street Journal]

Since yesterday, the PitchBook Platform added:

13

VC valuations

2059

People

712

Companies

29

Funds

See what our data software can do

The Daily Benchmark:
2018 Vintage Global VC Funds with less than $250M

Median IRR

29.16%

Top Quartile IRR

42.68%

0.14x

Median DPI

Select top performers

Boulder Ventures VII

Inter-Atlantic Ivy

Snö True North

*IRR: net of fees

47 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Data privacy specialist OneTrust has raised $150 million in a round led by Generation Investment Management.

Space-tech startup Impulse Space has raised a $45 million Series A led by RTX Ventures.

European neobank Bunq has raised €44.5 million from investors including Pollen Street Capital at a €1.65 billion valuation.

Crescendo Biologics, which develops therapeutics for cancer, has raised $32 million from Sofinnova Partners and Andera Partners, among others.

Constellr, a German startup that uses satellite imaging to track vegetation and soil health, has secured €17 million in a seed round led by Karista.

Motion G, a Singapore-based AI engineering startup, has raised a $16 million round led by Episteme.

Electric vehicle charging startup Voltpost has raised a $3.6 million seed round led by RWE Energy Transition Investments.

Don't miss our upcoming webinar

ESG and sustainable investing are now a mainstay of market discourse, but there remains a lack of consensus on how and where these terms should be applied. Join our speakers from the PitchBook Institutional Research Group for a discussion on ESG's evolving perception and usage, as seen through the lens of the 2023 Sustainable Investment Survey.

Register now to secure your spot.

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PE Deals

Public Storage, a self-storage facility network, has agreed to buy Simply Self Storage from Blackstone Real Estate Income Trust for $2.2 billion.

Beauty ecommerce company The Hut Group has sold its OnDemand division to its management team, funded by investment firm Gordon Brothers.

Bain Capital has agreed to acquire Indian shadow banking firms Adani Capital and Adani Housing from founder Gautam Adani.

Ardian has agreed to buy Attero, an independent waste management and circular economy company based in the Netherlands.

London's Flywheel Partners has picked up a majority stake in UK plant-based ingredients manufacturer Freshcut Foods.

Workforce management software provider Smartlinx has received a strategic investment from Lone View Capital, which has acquired a majority ownership stake in the company.

GTCR has agreed to acquire Once For All from Warburg Pincus. Headquartered in the UK and France, the company offers compliance and supply chain management software for the construction industry.

Fundraising

Venture firm DCVC has raised $1 billion to invest in deep-tech startups.

Gainline Capital Partners, which targets lower-middle-market companies in the US, has closed its second fund on $400 million.

Eagle Merchant Partners has closed its first fund on $265 million. The Atlanta-based PE firm invests in consumer and industrial businesses.

Milan's United Ventures is raising a €150 million fund that will make investments in early-stage European technology companies focused on digitization.

Chart of the Day

Source: PitchBook's Q2 2023 European Venture Report

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PitchBook News - Perfecting a pitch in a VC downturn

Older messages

Mismatched valuations stall secondaries

The return of the LBO

Lawyers unfazed by new antitrust guidelines

Has Europe's VC market bottomed out?

ESG difficulties split for Europe, North America

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