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The Daily Pitch: VC

August 2, 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:

VC hungers for startups in the food-as-medicine space

Steve Jobs' son's cancer care VC fund reflects a rising tide of specialist healthtech funds

NATO's $1 billion venture fund will back defense tech startups

Our latest Global Markets Snapshot breaks down one month of trends in the equity, debt and commodities markets

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 recent 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

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July wrap-up: One month in global markets

Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation.

In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on as markets remain volatile.

read it now

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A message from Affinity

How SOSV manages the full relationship lifecycle for deals with Affinity

SOSV was transitioning from operating as a small family office to a rapidly growing venture capital firm with multiple verticals. This shift, however, came with the challenge of not having a CRM that felt tailored to the needs of a venture capital model. Contact information and investment data was scattered across spreadsheets, resulting in limited visibility into the firm’s relationships and connections.

Affinity provided SOSV with a comprehensive CRM solution and an automated way to centralize its network, enabling the firm to track interactions, leverage connections, and mine insights for better decision-making. Affinity's data also integrates into the SOSV Community Portal, enabling portfolio founders to keep their data up to date which then syncs with Affinity.

Check out the full case study here

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Steve Jobs' son joins VC trend with specialist healthcare fund

Yosemite National Park in California
(George Rose/Getty Images)

In a tough fundraising environment, it doesn't hurt to be the heir to the Apple fortune. Steve Jobs' son, Reed Jobs, is raising $400 million for a fund dedicated to startups taking on the disease from which his father died.

The first-time fund manager has already secured $200 million for Yosemite Fund I. It's capitalizing on both an active space in healthcare investing—cancer care—and a growing trend of launching hyperspecialist, impact-focused venture funds to stand out from the crowd.

Recommended Reads

Why Apollo CEO Marc Rowan is working to shed the firm's ruthless image. [Bloomberg]

Miami sees its first population drop in decades. [The Wall Street Journal]

The US is courting Korean chipmakers and battery manufacturers with large subsidies in hopes of loosening their ties with China. [Financial Times]

Since yesterday, the PitchBook Platform added:

17

VC valuations

1736

People

721

Companies

25

Funds

See what our data software can do

The Daily Benchmark:
2014 Vintage Global PE Funds between $250M-$500M

Median IRR

27.00%

Top Quartile IRR

31.60%

1.55x

Median DPI

Select top performers

Consonance Private Equity Fund

Riverside Micro-Cap Fund III

Alpine Investors V

*IRR: net of fees

17 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Networking-as-a-service company Nile has raised a $175 million Series C led by March Capital and Sanabil Investments.

Chemify, a startup using AI to discover, design and manufacture complex molecules, has raised $43 million led by Triatomic Capital, the Financial Times reported.

HSBC has agreed to invest $35 million in Tradeshift as part of a round expected to close with at least $70 million. The B2B fintech company plans to launch a joint venture with HSBC in early 2024.

Canada's Konscious Foods, a plant-based seafood brand, has raised $26 million in a seed round.

Oncology therapeutics startup Aulos Bioscience has secured a $20 million Series A extension from Apple Tree Partners.

Remedial Health, a Nigerian startup digitizing pharmaceutical procurement, has raised $8 million in equity led by QED Investors and Ventures Platform and $4 million in debt.

Israel's Ansā Roasting, which makes autonomous coffee roasters, has secured $9 million in a round led by Jibe Ventures.

Don't miss our upcoming webinar

US venture capital has remained under pressure. Join our panel of industry experts from PitchBook, Insperity, J.P. Morgan, and Dentons for a discussion on key findings from the Q2 2023 PitchBook-NVCA Venture Monitor.

Preliminary data shows that median seed deal size reached $2.9 million—however, this elevated figure conceals a survivorship bias.

A liquidity crunch, frozen avenues to public listings and pullback of nontraditional investors has led to a self-feeding cycle with exits unlikely to pick up.

The intentional overcapitalization of late- and venture growth-stage companies during 2021 and early 2022 has allowed many of them to delay financing in a market downturn.

Register now to secure your spot.

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PE Deals

PX3 Partners has agreed to buy Cofimco, an Italian manufacturer of axial fans, from US cryogenic equipment firm Chart Industries.

RES, a renewable energy company owned by InfraRed Capital Partners, is to acquire the renewable service division of electronic engineering firm Ingeteam.

TDR has invested £50 million in fried chicken restaurant chain Popeye's UK.

TA Associates-backed Financial Information Technologies, which provides business solutions to alcohol retailers, distributors and suppliers, has received a growth investment from General Atlantic.

A Cerberus Capital Management-led investor group has acquired the assets of Stanadyne and invested $35 million in the business, which designs and manufactures fuel delivery systems for vehicles.

Portfolio Companies

Rapyd, a London-based payments startup backed by investors including Target Global and General Catalyst, has acquired PayU's global payments business for $610 million.

Exit & IPOs

L Catterton has been considering listing German sandal maker Birkenstock in the public markets—as soon as September—at a valuation between $8 billion and $10 billion, according to several news reports. Financière Agache also has a stake in Birkenstock.

Juggernaut Capital Partners has sold organic baby formula maker Nature's One to Bobbie, a direct-to-consumer baby formula company with VC backing.

Fundraising

The Danish government's Investment Fund for Developing Countries is raising up to $800 million for a new fund that will invest in innovations in waste management and handling, Axios reported.

Chart of the Day

Source: PitchBook's Q2 2023 European Venture Report

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PitchBook News - Food-as-medicine's healing potential

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