How startups can grow in a volatile globe

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The Daily Pitch: VC

September 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:

VCs share how startups can plan for international expansion

Delve deep into game development with our latest market map

The space-tech sector is scouting routes for broader consumer use

Today's Top Stories

How-to guide: International expansion in a volatile market

(Catherine Falls Commercial/Getty Images)

Expanding internationally is an important milestone for startups in their growth journey—but it comes with many challenges.

We asked VCs to share their advice for companies planning to set up in new geographies. Here's what they said.

Recommended Reads

Researchers are exploring reflecting solar radiation back into space to help cool a warming planet. [Financial Times]

Saudi Arabia is dangling billions for research on aging. Scientists are lining up to take it. [The Wall Street Journal]

Why Britain is so bad at diagnosing cancer. [The Economist]

Since yesterday, the PitchBook Platform added:

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The Daily Benchmark:
2013 Vintage Global Debt Funds

Median IRR

7.75%

Top Quartile IRR

9.19%

1.12x

Median DPI

Select top performers

York Special Opportunities Fund II

Oaktree Real Estate Debt Fund

Davidson Kempner Long-Term Distressed Opportunities Fund II

*IRR: net of fees

54 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Swedish battery storage startup Polarium has raised 436 million Swedish kronor (roughly $40 million), Di Digital reported. The round cuts Polarium's valuation by nearly 50%, according to the report.

Innovac Therapeutics, a mRNA therapeutics specialist, has secured $18 million in a pre-Series A from investors including Elikon Venture, Vision Plus Capital and Yunion Healthcare Ventures.

Measurlabs, a Helsinki-based provider of laboratory analysis and testing services, has raised €2.5 million in a seed round led by VentureFriends.

OneID, which offers bank-verified digital identity services, has raised £1 million from ACF Investors.

PE Deals

Middle-market PE firm Saothair Capital Partners has acquired MJM Yachts, a luxury yacht designer and builder.

Swedish software company IFS—backed by EQT, TA Associates and Hg, among others—has agreed to acquire Falkonry, an industrial AI software company.

Osprey Capital-backed BoardProspects, which offers a board candidate discovery and networking platform, has acquired competitor theBoardlist, Fortune reported.

INVL Baltic Sea Growth Fund-backed Latvian waste management company Eco Baltia has agreed to acquire Polish PVC windows recycler Metal-Plast.

BGF has invested £3 million in youth mental health and well-being company Kooth.

Portfolio Companies

Telehealth company Babylon Health has formally filed for bankruptcy. The AI-powered health startup had formerly been valued at $4.2 billion at its height and was backed by PIF, Vostok New Ventures and Hoxton Ventures, among others.

Dutch e-bike company VanMoof is being bought out of bankruptcy by British technology company McLaren Applied, Sifted.eu reported.

Exit & IPOs

UK retailer Next and the Reiss family have agreed to purchase Warburg Pincus' 34% stake in fellow UK-based fashion retail company Reiss Group for £128 million.

HIG Capital has sold part of its stake in Brazilian out-of-home media company Eletromidia to Latin American media giant Grupo Globo.

Papaya Global has offered to purchase a 10% stake in HR tech startup Deel and has floated the possibility of acquiring the company, Insider reported.

Fundraising

A division of India's HDFC Bank is looking to raise up to $2 billion for a real estate private credit fund, Bloomberg reported.

Patron, an early-stage VC firm focused on the Web3, gaming and consumer sectors, is aiming to raise a $100 million Fund II.

Chart of the Day

"Total fundraising across all strategies and seven firms combined for $106.7 billion in Q2, a 6.4% increase from Q1. This ended a three-quarter skid of sequential declines. However, on a TTM (trailing 12-month) basis, most managers are still tracking well below their prior-year TTM run rates, with the exception of Apollo and Blue Owl, which still have positive momentum."

Source: Q2 2023 US Public PE and GP Deal Roundup

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