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PitchBook News - Dealing in Databricks

Plus: GPs shift use of capital call lines, examining US investments in China, healthtech startups face funding slump & more
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The Weekend Pitch
September 17, 2023
Presented by Deloitte
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(San Francisco Chronicle/Hearst Newspapers/Getty Images)
In a glass-walled conference center overlooking a docking port for private yachts on the Hudson River, Primary VC co-founder Brad Svrluga joked that the venture ecosystem right now is like this year's disastrous Burning Man: A lot of people are stuck in the mud.

His remarks at the Primary Ventures Summit on Wednesday elicited some chuckles from the VC attendees—or at least, those who are capable of laughing at themselves.

Not everyone has been trapped in the asset class. Crossover investors, burned by markdowns, fled the muddy mess of venture back in 2022. But there are signs that they're trickling back to VC.

Shares in DataBricks, one of the hottest commodities on the secondary market, has seen a surge in demand, including from institutional and crossover investors, in the months and weeks leading up to its priced round led by T. Rowe Price. Alongside strong IPO debuts like semiconductor maker Arm, the return of crossovers bodes well for battered growth stage companies.

This is the Weekend Pitch, and I'm Rosie Bradbury. You can reach me at rosie.bradbury@pitchbook.com or @_RosieBradbury.
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A message from Deloitte  
How the exit environment may thaw
After over a trillion dollars in exit value in 2021, exits have dried up considerably since. However, signs of improving exit prospects for both companies and investors are appearing. Deloitte's latest edition of the Road to Next series explores exit trends in depth, with highlights including:
  • Datasets associated with exit readiness, such as tallies of capital raised prior to exit, ages of companies currently exiting, and more
  • Contextual analysis of how currently exiting companies are able to secure relatively healthy valuations
  • Insights from Deloitte stakeholders regarding liquidity options, especially the exit window
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Trivia
Startups and investors within the cardiovascular disease and heart health space are taking on the leading cause of death globally and in the US. According to PitchBook's latest Emerging Tech Research Snapshots, which segment has attracted the most capital?

A) Biopharmaceuticals
B) Patient monitoring
C) Devices and implants
D) Chronic condition management and prevention

Find your answer at the bottom of The Weekend Pitch!
 

The changing landscape of sub lines

Fund managers often tout the benefits of capital call lines—a common bridge financing tool used by private capital funds. But a turn in the credit cycle has negated some of the advantages this tool used to offer.

PitchBook's latest analyst note breaks down the costs and risks associated with these fund-level financing facilities and how tighter credit conditions have altered GPs' use of capital call lines.
 

Rise of the RMB fund

(Peter Dazeley/Getty Images)
For decades, China's breakout startups have tapped foreign capital to fuel their expansion in one of the world's largest markets. Funds deploying dollars were a pillar of that ecosystem, but US GPs and LPs have been quickly retreating from the region, as our analyst note explores.

The upshot is that China's next tech giants and the VCs that back them will need to find new sources of growth capital. Already, there's evidence that investors from the Middle East and Southeast Asia are stepping in to fill the void.
 

Healthtech startups brace against drop in funding

In a less-than-robust environment for VC funding in healthtech, startups focused on teletherapy, behavioral health or generative AI received the greatest share of love from investors in Q2.

Our latest reports explore the reasons behind the funding slump, with our Q2 2023 Healthcare IT Report exploring the role of health system finances, while the Q2 2023 Digital Health Report delves into the sector's high proportion of early-stage startups.
 

Quote/Unquote
"Every major platform shift is like a pond that's stocked with opportunities, but it will get fished out over time."

—David Sacks, co-founder of Craft Ventures, speaking at SaaStr, the world's largest annual SaaS-focused conference
 

Recommended Reads
How Sam Bankman-Fried's elite parents enabled his crypto empire. [Bloomberg Businessweek]

Instacart was all about grocery delivery. That is no longer the case. [The New York Times]

How China became addicted to its tobacco monopoly. [The Examination]
 

Stay tuned
Keep an eye out for these insights and research reports coming out this week:
  • Q2 2023 Insurtech Report
  • H1 2023 Greater China VC Report
  • Q3 2023 Quant Perspectives: Venture Capital
  • Analyst Note: Seeing the Eyecare Future State
 

Trivia
(Carol Yepes/Getty Images)
Answer: A)

Biopharmaceuticals have seen $8.6 billion total raised from investors. Learn more in the latest Cardiovascular Disease & Heart Health VC Market Snapshot.

This edition of The Weekend Pitch was written by Rosie Bradbury, Madeline Shi, James Thorne and Emily Burleson. It was edited by James Thorne and Laural Hobbes.

Were you forwarded The Weekend Pitch? Sign up at pitchbook.com/subscribe.
 
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