VC hungers for personalized nutrition deals

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The Daily Pitch: VC

July 28, 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:

Food-as-medicine startups are making investors salivate

PE is on a record-breaking tear of buying up asset managers in 2023

Our latest PitchBook-NVCA Venture Monitor, now with league tables ranking the industry's most active players

France's Astorg has reached 90% of its reduced target for its flagship eighth buyout fund

Today's Top Stories

An apple a day keeps the doctor away

How to best manage chronic health conditions has vexed doctors and patients for generations. One overlooked area of treatment is increasingly attracting more attention: healthy, medically tailored meals and personalized nutrition programs.

Investors are finally taking food-as-medicine startups seriously, according to our latest analyst note. US households that include a member with a health condition that can be managed through diet spend around $270 billion in grocery sales annually—a major market opportunity.

read the note

Share:

Why are PE firms snatching up asset managers at a record clip?

(Daniel Grizelj/Getty Images)

In the first half of this year alone, private equity invested more capital than in any year of the past decade on deals to acquire asset management firms. Firms have spent a total of $13 billion across 39 deals—already $2.6 billion higher than the last peak in 2021.

Recommended Reads

Here's why VC's platform teams are on the chopping block. [The Information]

Airlines are going through business travel detox. [The Wall Street Journal]

US office space is on track to shrink for the first time on record. [Bloomberg]

Since yesterday, the PitchBook Platform added:

11

VC valuations

2010

People

628

Companies

20

Funds

See what our data software can do

The Daily Benchmark:
2015 Vintage Global Real Assets Funds

Median IRR

10.20%

Top Quartile IRR

14.95%

0.60x

Median DPI

Select top performers

Carnelian Energy Capital

Equis Asia Fund II

Pearl Energy Investments

*IRR: net of fees

36 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

California-based AI biotech startup RapidAI has raised a $75 million Series C led by Vista Credit Partners.

Seattle-based surgical tech startup Proprio has raised a $43 million Series B from undisclosed investors to bring its product to market.

Bright, a solar energy startup, has raised a $31.5 million Series C led by the Danish SDG Investment Fund.

GlossGenius, a business provider platform for wellness and beauty salons, has raised a $28 million Series C led by L Catterton and backed by Bessemer.

Fintech startup Croissant has raised a $24 million seed round from investors including Portage and KKR co-founders George Roberts and Henry Kravis.

Leaf Space, an Italian satellite communications network, has raised a €20 million Series B led by CDP Venture Capital and Neva.

ScorePlay, a New York-based AI-powered media hub for sports organizations, has closed a $5 million seed round led by Seven Seven Six.

Kenyan agtech startup FarmWorks has secured a $4.1 million pre-Series A led by Acumen Resilient Agriculture Fund.

PE Deals

Foundation Consumer Healthcare, the parent company of Plan B, is considering a sale of the emergency contraceptive for $4 billion, Reuters reported.

Apollo Global Management has entered into exclusive discussions to offer €1.5 billion in financing to airline company Air France-KLM.

Kering, a French luxury group, is buying a 30% stake in Italian fashion brand Valentino from Qatari investment fund Mayhoola.

Vista Credit Partners has led a $75 million Series C in RapidAI, a healthcare AI company developing technology for stroke care, cardiac diseases and other medical conditions.

Everstone Capital and Recognize have made a strategic investment in digital advertising company MediaMint.

Permira is acquiring a 40% stake in Spanish private markets solutions provider AltamarCAM Partners.

BGF has invested £3.4 million in UK-based carbon capture service provider Nuada.

Sullivan Street Partners has completed an add-on acquisition of UK-based R&W Civil Engineering through its portfolio company Octavius Infrastructure.

SK Capital has backed Ecopol, an Italian producer of biodegradable films. Existing investor Tikehau Capital will retain a minority stake.

Exit & IPOs

Palamon Capital Partners has sold Italian management training company 24 ORE Business School to Digit'Ed, a training hub owned by Nextalia.

Fundraising

Neuberger Berman has closed NB Credit Opportunities Fund II on $2.5 billion, Mergers & Acquisitions reported.

European life sciences private equity firm Medicxi has launched its fourth namesake fund with $400 million.

Chart of the Day

"Down rounds have finally begun to show in the data. 14.2% of completed financings in Q2 were at a lower valuation than the previous round of the company."

Source: Q2 2023 PitchBook-NVCA Venture Monitor

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VC hungers for personalized nutrition deals

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