PitchBook News - Foodtech's changing fortunes

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The Daily Pitch: VC

September 15, 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:

Middle-market PE shines in a down market despite a slump in exits

Monomoy Capital Partners plans to add a new PE fund to its middle-market war chest

Foodtech is showing signs of recovery

Which VCs have top-performing fund families?

Today's Top Stories

Could Instacart IPO signal change of fortune for foodtech?

According to our latest Emerging Tech Research, grocery-delivery app Instacart's plan to file an IPO suggests the outlook for foodtech may be improving after a decline that started in Q1 2022. Deal counts were up by 13.1% over the last quarter as PitchBook logged 268 deals worth $2.2 billion, but deal value was down 13.9% over the previous quarter.

There are plenty of opportunities for investors within foodtech, including grocerytech startups; big players such as Instacart, Zippin and Dmall; and startups experimenting with fermented proteins.

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Middle-market PE fires on three of four cylinders

Middle-market PE continues to shine in a down market. The share of middle-market buyouts is at a new high, and fundraising is tracking ahead of 2019's record high. And middle-market PE fund returns have exceeded mega-fund returns for three straight quarters.

The one cylinder that's not firing is exits—which slumped to their weakest quarter since 2010 outside of the pandemic-related lockdown—according to our latest US PE Middle Market Report, sponsored by Antares Capital and Baker Tilly.

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A message from SS&C Intralinks

Retail offers unique investment opportunities despite economic headwinds

The Retail industry is consistently on the front lines in times of economic trouble due to its exposure to changes in inflation and consumer sentiment. Consumer spending has been surprisingly resilient over the past few years of rising inflation, and the Retail M&A environment has maintained steady deal flow, creating opportunities for private dealmakers. SS&C Intralinks' Retail Industry Dealmaking report examines relevant PE, M&A, VC and financing trends, including a spotlight on unique subsectors in the Retail space.

Read the report here

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Meet the top 10 VC fund families

(Michael Lee/Getty Images)

Traditional methods of judging fund performance rely on IRR and vintage year to separate funds into quartiles, but that process can show an incomplete, and sometimes skewed, picture.

Our manager performance score framework delivers a fresh list of the top 10 highest-performing VC fund families, and one New York-based firm claims both the first and third slots in the rankings.

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Exclusive: Monomoy eyes $1.6B for mid-market PE fund

(PeopleImages/Getty Images)

Monomoy Capital Partners, a middle-market firm, plans to raise roughly $1.6 billion for a PE fund in what would be about a 45% step-up from its previous flagship vehicle.

While PE firms, by and large, are grappling with a fundraising dry spell, mid-market funds are having a moment.

Recommended Reads

How long does it take a unicorn to exit? [Visual Capitalist]

Private equity recruits data science talent as the industry tackles machine learning. [The Wall Street Journal]

Are high-tech cars more trouble than they're worth? [Scientific American]

Since yesterday, the PitchBook Platform added:

16

VC valuations

3007

People

626

Companies

35

Funds

See what our data software can do

The Daily Benchmark:
2017 Vintage Global PE Funds with more than $1B

Median IRR

22.00%

Top Quartile IRR

27.50%

0.45x

Median DPI

Select top performers

Great Hill Equity Partners VI

Veritas Capital Fund VI

HgCapital Genesis 8

*IRR: net of fees

55 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Data analytics AI company DataBricks has raised over $500 million at a $43 billion valuation in its Series I led by T. Rowe Price.

Generate:Biomedicines, a clinical-stage biotherapeutics startup, has raised a $273 million Series C from backers including Amgen, NVentures and Maps Capital.

Shield AI is in discussions to raise $150 million at a $2.5 billion valuation for its autonomous drone technology, Bloomberg reported.

Marketing specialist Pixis has raised an $85 million Series C1 led by Touring Capital.

Panmnesia, a South Korean AI chip startup, has raised an undisclosed amount in a seed round that values it at $81.4 million, Reuters reported.

Israeli AI infrastructure monitoring startup Prisma Photonics has secured around $20 million led by Insight Partners.

Bond trading startup Moment has raised $20 million total through seed funding led by Contrary and a Series A led by Andreessen Horowitz.

Paris-based B2B payments and treasury management company Fipto has closed a €15 million seed investment led by Serena.

LastMile AI has raised a $10 million seed round led by Gradient for its generative AI software platform.

Databutton, an Oslo-based startup offering toolkits to create AI web apps, has raised $5.1 million from Skyfall Ventures and Maki.vc.

Caravelo, a Barcelona-based provider of travel subscription services, has secured a €3.5 million Series A led by Samaipata.

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PE Deals

Apollo Global Management is one of several suitors considering an acquisition of International Game Technology's global gaming division, which provides slot machines to casinos and could be valued at $4 billion to $5 billion, Bloomberg reported.

Francisco Partners joined HIG Capital in its acquisition of audiobook publisher RBmedia from KKR. The deal, first announced in July, cost more than $1 billion, The Wall Street Journal reported at the time.

SK Capital has acquired a majority stake in Italian biodegradable film and delivery systems producer Ecopol.

Ardian has acquired ICQ Holding, a portfolio of Italian renewable energy assets, through the firm's Clean Energy Evergreen Fund.

GI Partners has agreed to acquire UK-based internet provider ASK4 from Bowmark Capital.

Exit & IPOs

Berkshire Partners is considering selling National Carwash Solutions at a valuation close to $3 billion, including debt, Reuters reported. Potential buyers include other PE firms.

Investcorp has agreed to sell Danish design brand Georg Jensen to Fiskars.

Fundraising

Oslo-based growth investor Verdane has closed its 11th flagship fund on €1.1 billion. The vehicle will be used for majority and minority investments in Europe.

Galvanize Climate Solutions, a global climate-focused investment firm, has closed its venture and growth equity fund on over $1 billion.

Deep-tech investor SCVC has held a first close of its second fund. The vehicle, which has a target of up to $100 million, will be used for early-stage investments in the UK.

Chart of the Day

Source: Q2 2023 Global Private Market Fundraising Report

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PitchBook News - Foodtech's changing fortunes

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