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PitchBook News - Ecommerce extends VC slowdown

The perils of secondary investing; sustainable investing opportunities in transit tech; teletherapy defies funding slowdown
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The Daily Pitch: VC
September 25, 2023
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
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Today's Top Stories  
Ecommerce extends VC slowdown
VC funding for the ecommerce space has echoed the decline in consumer spending. Deal value was down 41% in Q2 over the previous quarter and nearly 76% over the past year, our latest Emerging Tech Research shows.

While deal count ticked up around 9% from Q1, overall investment in the sector has slowed. Opportunities include startups specializing in group buying and retail media networks.
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Instacart, Stripe show perils of secondary investing
(Dragon Claws/Getty Images)
Investors who backed Instacart after 2018 were left with little to celebrate in the company's IPO. But a group that took an even bigger hit were the secondary market investors who were willing to pay as much as 6% more than the company's loftiest primary round.

Instacart's IPO crystallizes the perils of momentum investing—a strategy of buying shares with the expectation that prices will rise rapidly—which gained popularity among private company secondary investors in 2021.
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A message from West Monroe  
How CFOs evaluate value for PE backed companies
In the realm of PE-backed enterprises, CFOs undertake a multifaceted role, maneuvering through a complex economic landscape. Their responsibilities include navigating the intricacies of portfolio value creation and driving enhanced performance within their own organizations.

Throughout portfolio deal cycles, CFOs must expedite the establishment of a robust financial foundation, ensuring the reliability of data essential for value identification. While the urgency of transition management may occasionally defer improvements, a resilient financial base is the bedrock of reliable insights.

This journey begins with diligent enterprise value tracking, initiated before the deal closes. CFOs, armed with deep understanding of the investment thesis, synchronized KPI responsibilities, and structured tracking frameworks, emerge as the guardians of value. This perspective spotlights:
  • Fortifying Core Accounting
  • Optimizing FP&A
  • Navigating the Technology Maze
Read more here
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Transit tech presents emerging opportunities for VCs
Governments are increasingly turning to transit tech to improve access to mass transportation. Since 2013, 61 VC-backed companies have entered the transit-tech space, which includes digital dispatch apps and digital planning, scheduling, and route optimization software, with $5.3 billion in investment.

Our latest analyst note identifies factors that could make transit tech more attractive to VCs, including financial returns underpinned by government support and a growing and sticky end-user base. Transit tech has the potential to create positive social and environmental impact in terms of human health and economic mobility as well as mitigate climate change, pollution and ecosystem harm.
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Market Map: Telehealth startups attract checks in challenging market
(Blue Images/Getty Images)
Market headwinds have taken their toll on several ecosystems and digital health is no exception, with deal activity reaching a new low in Q2.

However, teletherapy has been a rare bright spot where funding momentum has increased. Our latest market map explores the resilient telehealth segment.
explore the map
 
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Timeline: Toshiba's road to delisting
(PHILIP FONG/Getty Images)
Japan Industrial Partners' 2 trillion Japanese yen (about $13.5 billion) bid for Toshiba has been successful in what is the largest private equity take-private in the country's history.

Toshiba has seen its share of scandals, disasters and investor battles for control over its 148-year history.
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Recommended Reads
Several of the world's largest food and restaurant companies have not made progress on their goal to cut greenhouse gas emissions. Some are even producing more. [The New York Times]

A survey of 100 VCs finds 50% of respondents expect an increase in startup M&A. [Sifted]

What's in a domain name? Inside the weird and lucrative marketplace of website addresses. [Rest of World]
 
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The Daily Benchmark:
2018 Vintage Global Secondaries Funds
Median IRR
28.74%
Top Quartile IRR
38.49%
0.23x
Median DPI
Select top performers
ICG Strategic Equity Fund III
Glouston Private Equity Opportunities VI
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VC Deals  
H55, a developer of electric propulsion technologies for the aviation industry, has raised 45 million Swiss francs (around $49.6 million) as part of its Series C.

Robotics startup Diligent Robotics has secured a $25 million investment from Canaan Partners.

Jiritsu, a verifiable computing startup, has secured a $10.2 million investment led by Gumi Cryptos Capital.

Allocate, which offers a VC investment platform, has secured $10 million from investors including M13 Ventures and Intera Investments.

Sports-themed neobank Layup has raised a $2.3 million seed round led by Continental Investment Partners.

Multicultural media startup Mundial Media has raised $2 million in pre-seed funding from several family offices including New Day Industries.
 
PE Deals  
Eldridge, Brightstar Capital Partners and Claure Group have agreed to acquire Ausenco, an Australian mining engineering company, from Resource Capital Funds. The deal is valued at roughly $578 million, The Wall Street Journal reported.

Unizo Holdings, a Japanese hotel company, will undergo a restructuring process sponsored by KKR, Nikkei reported.

Residential door distributor Trimlite, a portfolio company of Wynnchurch Capital, has acquired door hardware specialist Francis-Schulze.
 
Fundraising  
Keensight Capital has raised €2.8 billion to invest in European technology and healthcare companies.

Asset manager O'Brien-Staley Partners has raised $600 million in the final close of its OSP Value Fund IV.
 
Corporate M&A  
The UK's Competition and Markets Authority has given provisional approval for Microsoft's $68.7 billion acquisition of video game maker Activision Blizzard.
 
Chart of the Day  
Source: PitchBook's Q2 2023 Global M&A Report
 
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Who's in the newsletter today?
Investors
Brightstar Capital Partners
Canaan Partners
Claure Group
Continental Investment Partners
Eldridge
Gumi Cryptos Capital
Intera Investments
KKR
Keensight Capital
M13 Ventures
Microsoft
New Day Industries
O'Brien-Staley Partners
Resource Capital Funds
Wynnchurch Capital
Companies
Activision Blizzard
Allocate
Ausenco
Diligent Robotics
Francis-Schulze
H55
Jiritsu
Layup
Mundial Media
Trimlite
Unizo Holdings
 
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