Traditional finance embraces crypto tech

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The Daily Pitch: VC

October 23, 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:

Traditional financial institutions are making a push into crypto

PitchBook Benchmarks offer the latest fund performance data across PE, VC and more

Four charts highlight the key trends driving European PE

Today's Top Stories

Traditional finance pushes into crypto

Traditional financial institutions are starting to embrace crypto and its underlying technology, according to our latest Emerging Tech Research.

Firms are beginning to adopt some of the technology that's central to digital assets, like blockchain, to improve operations and provide crypto services for institutional investors. Our analysts lay out the future of a traditional finance network that would be more integrated with digital assets.

read it now

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PitchBook Benchmarks for PE, VC and more

Even as capital flooded into alternative assets over the past decade, fund performance figures remained surprisingly opaque. But now more than ever, allocators need transparent data to guide their decision-making.

Enter PitchBook Benchmarks, which offer the latest data for closed-end fund returns across strategies and vintage years. The new edition is now available, updated through Q1 2023 with preliminary data for Q2. It features downloadable XLS tables, data visualizations, and PDFs that break down the numbers by strategy and geography.

see the data

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A message from CIBC Innovation Banking

How do you grow a startup? Hear what two VCs have to say

It's hard to get funding in unpredictable markets. That's why it's more important than ever to work with trusted partners who have connections beyond cash. On the new season of the CIBC Innovation Banking podcast, experienced venture capitalists Maria Pacella and Angela Tran share the surprising trends they see driving growth in the innovation economy—and why when it comes to securing funding, people matter more than projections.

Tune in to the CIBC Innovation Banking podcast

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Party rounds fall out of favor with VC downturn

(SEAN GLADWELL/Getty Images)

Party rounds for startups grew in number during the VC bull market, but their popularity has waned with the onset of the downturn.

Founders are prioritizing value-add investors to help guide them through the more challenging environment, rather than taking on larger numbers of checks.

Recommended Reads

The billionaire tycoon who can't stop buying sports teams. [The Wall Street Journal]

Cameo, a startup that offers fans a way to buy personalized videos from celebrities, was supercharged by pandemic boredom and venture capital. All it had to do was grow forever. [The New York Times]

Europe's 10 fastest-growing digital health startup teams. [Sifted]

Since yesterday, the PitchBook Platform added:

75

People

59

Companies

See what our data software can do

The Daily Benchmark:
2018 Vintage Global VC Funds

Median IRR

21.76%

Top Quartile IRR

30.95%

0.04x

Median DPI

Select top performers

Boulder Ventures VII

Inter-Atlantic Ivy

3one4 Capital Rising I

*IRR: net of fees

76 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

French foodtech startup Umiami secured a $34.7 million investment from investors including Astanor Ventures, Redalpine and Newfund.

Luzia, the developer of an AI chatbot plug-in for WhatsApp, raised a $10 million Series A led by Khosla Ventures.

Stockholm's Mediatool raised 90 million Swedish kronor (around $8.2 million) led by eEquity and Fairpoint Capital for its media management platform.

London-based pet-tech startup Creature Comforts secured an €8 million seed investment led by Torch Capital, Hanaco and Boost Capital Partners.

Zurich-based digital avatar startup Copresence raised a $6 million seed round.

Tofu, a San Mateo-based generative AI specialist, secured $5 million led by Index Ventures

Skoon Energy, the Dutch developer of a software platform for clean mobile energy, completed a €5 million Series A led by Blue Bear Capital.

Don't miss today's webinar

PitchBook emerging technology analyst Eric Bellomo will lead a discussion about the composable commerce landscape heading into 2024. Bellomo is joined by commercetools co-founder and CEO Dirk Hoerig. Key topics include:

The current state of composable commerce adoption and the near-term outlook.

Trends in the competitive landscape for composable services, including new entrants, merchant sentiment and economic headwinds.

Emerging technologies in ecommerce, including AI, augmented reality and digital experience platforms.

Register now to secure your spot.

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PE Deals

Charlesbank Capital Partners made a majority investment in fund administrator Petra Funds Group, PE Hub reported.

Consello Capital made its first PE investment, acquiring a majority stake in ProSearch, a legal tech company.

Chart of the Day

"We expect carveout deals to continue to push higher in the current environment. As they often involve assets of a public company, they are a less costly alternative to a take-private of an entire public company. In many instances, the assets have been well managed, and historical financial data is readily available."

Source: Q2 2023 US PE Middle Market Report

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Traditional finance embraces crypto tech

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