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Smart farm unicorn struggles in VC drought

Uncertainty slows crypto's momentum; WeWork only part of SoftBank's public portfolio losses; fintech's opportunity in open banking
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The Daily Pitch: VC
November 13, 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  
VC drought hits indoor farming unicorn with layoffs, valuation cut
(ANDREW CABALLERO-REYNOLDS/Getty Images)
Vertical farming startup Bowery has done two rounds of layoffs and has slowed some growth plans as its valuation falls, making it the latest unicorn to show financial stress as the sector struggles with a fundraising slowdown.

In the face of sector-wide challenges, Bowery held a first close of its Series D on $85 million, according to a regulatory filing published Friday.

Backed by General Catalyst, Temasek, GV, Fidelity and others, Bowery has put off opening two new smart farms in Georgia and Texas that were originally scheduled to open in Q1 2023, according to public statements and a person familiar with the company's operations.
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Crypto infrastructure powers through Q3 slump
The crypto sector cooled in Q3, according to our latest Emerging Tech Research. Regulatory uncertainty and a challenging environment for crypto assets reversed much of the momentum from the first half of 2023—with deal value falling to $1.8 billion, an over 28% decline from Q2.

But institutional adoption has continued, and several startups are working to make crypto accessible—connecting blockchain networks and streamlining often complex transactions. Our analysts cover the key trends, opportunities and players in the space.
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A message from Key Investment Partners  
The Evolving Cannabis Market: Insights on the State of the Industry
The cannabis industry today remains a complex yet exciting market to navigate. On one hand, new state markets continue to open and regulatory reforms appear to be advancing—yet some mature markets have encountered growing pains related to the regulatory hurdles cannabis companies face. Still, investors have reason to be optimistic: There is growing acceptance by the American public, with Pew Research reporting only one in 10 Americans saying cannabis should remain illegal. In addition, a 2022 Gallup poll showed that 68% of Americans favor legal cannabis.

KEY Investment Partners provides an overview of current conditions in the industry as well as insight on investment opportunities in the white paper, "The Evolving Cannabis Market: Insights on the State of the Industry." Click to download today.
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Blurred Vision: The ups and downs of SoftBank's venture portfolio
(YUICHI YAMAZAKI/Getty Images)
Japanese investment giant SoftBank reported an enormous loss in the most recent quarter—due only in part to once-prized portfolio company WeWork filing for bankruptcy—as the value of its investments continue to decline.

Take a look at some of the highs and lows of SoftBank's public company portfolio.
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Enterprise fintech has strong role to play in open banking
The biggest slice of the fintech pie narrowed notably in Q3, with enterprise fintech startups capturing 63% of VC dollars compared with Q2's 71%. But deal value climbed to $4.1 billion, a 5.1% quarterly uptick from $3.9 billion.

Topics gathering buzz in Q3 included real-time payments, open banking, generative AI and partnerships, according to our recent Emerging Tech Research. Open banking, in which consumers can share financial data with outside applications, is one to watch in particular because all sides could benefit: consumers, companies and banks.
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Big PE firms still scrambling to produce earnings
The protracted period of high interest rates and a slow stream of exits forced public PE firms to lean on growing areas like private credit and insurance for earnings in Q3. Those businesses are also putting in a lot of work to try to drive AUM growth—which reversed or slowed in Q3 for some firms.

Our US PE earnings dashboard tracks all the key performance indicators for the big public firms that set the industry's agenda.
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People  
China Investment Corp has appointed Bai Xiaoqing its new North America head for its New York office, Reuters reported. Bai was previously in charge of some of the sovereign wealth fund's private equity investments from Beijing.
 
VC Deals  
Melbourne-based Roller, a cloud software startup, secured a $50 million growth investment from Insight Partners.

Telehealth provider Vida Health secured a $28.5 million investment from General Atlantic, Ally Bridge and Canvas Ventures.

Almond Fintech, a B2B technology startup based in Boston, secured a $7 million investment.

Taiwanese surgical glasses startup Surglasses raised a $6.5 million pre-Series A led by Taiwania Capital.

Singapore-based EduFi raised $6.1 million in a round led by Zayn VC for its student loan platform.

Nūmi, a Paris-based developer of cell-cultivated breast milk, secured €3 million from investors including Heartcore Capital, Kima Ventures and Kost Capital.
 
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PE Deals  
Columbia Asia agreed to acquire Ramsay Sime Darby Health Care, a hospital operator in Malaysia and Indonesia, for 5.7 billion Malaysian ringgit (about $1.2 billion). Columbia Asia's backers include TPG, Abu Dhabi Investment Authority and Malaysia-based Employees Provident Fund.

Waterland-backed UK chartered accountant Cooper Parry has acquired the other half of financial planning company Creaseys Wealth, its joint venture with Creaseys from 2015.

BPEA EQT agreed to submit a tender offer for Benesse Holdings, an education and nursing care provider in Japan whose board has approved of the take-private deal.

3i Group-backed Regional Rail, a Pennsylvania-based freight holding company, agreed to acquire Indiana Eastern Railroad and Ohio South Central Railroad, which combined operate 107 miles of freight railroad in the Midwest.
 
Exits & IPOs  
Japanese state-backed fund INCJ has sold most of its holding in Tokyo-listed semiconductor manufacturer Renesas Electronics, in a deal worth 279 billion Japanese yen (about $1.84 billion).

The Carlyle Group is selling its stake in Japanese geospatial technology provider Kokusai Kogyo to telecoms infrastructure company Mirait One.

Lombard Investments is considering selling its 25% stake in Vietnam-based Hasfarm, a Southeast Asian flower distributor, in a deal that would value the company around $600 million, Bloomberg reported.
 
Fundraising  
Everstone Capital Asia is seeking $1 billion for its latest PE fund focused on India and Southeast Asia, Bloomberg reported.

MBK Partners, which invests in China, Japan and South Korea, is raising capital for its sixth flagship fund, according to a filing with the SEC.
 
Chart of the Day  
Source: PitchBook's Q3 2023 Germany Market Snapshot
 
Who's in the newsletter today?
People
Bai Xiaoqing
Investors
3i Group
Abu Dhabi Investment Authority
Ally Bridge
BPEA EQT
Canvas Ventures
China Investment Corp
Cooper Parry
Employees Provident Fund
Everstone Capital Asia
General Atlantic
Heartcore Capital
INCJ
Insight Partners
Kima Ventures
Kost Capital
Lombard Investments
MBK Partners
Mirait One
Regional Rail
Renesas Electronics
TPG
Taiwania Capital
The Carlyle Group
Waterland
Zayn VC
Companies
Almond Fintech
Benesse Holdings
Columbia Asia
Creaseys
EduFi
Hasfarm
Kokusai Kogyo
Nūmi
Ramsay Sime Darby Health Care
Roller
Surglasses
Vida Health
 
 
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