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PitchBook News - Fintech's holiday markdowns

Plus: Batteries stay positive in clean energy slump, Gen AI caught up in tech's doldrums, venture values still falling in Europe & more
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The Weekend Pitch
November 26, 2023
Presented by Arbelon Holdings
(Jenna O'Malley/PitchBook News)
Turkeys aren't the only things being carved up this holiday season.

Many fintech startups beset by high interest rates, cutbacks in enterprise budgets and a pullback in venture will have to consider 'distressed acquisitions' over the next four to six months, insiders say.

"The corp dev folks are sharpening their pencils," said Jay Ganatra, partner at Infinity Ventures and former managing partner at PayPal Ventures.

This is the Weekend Pitch and I'm Rosie Bradbury. You can reach me at rosie.bradbury@pitchbook.com or @_RosieBradbury on X.

Distressed fintech deals have started to pop up. Take Peta, which was last valued at $800 million and backed by Peter Thiel's Valar Ventures and Tarsadia Investments. The credit card startup is seeking a buyer and its survival is in question, Fortune reported this week.

Investors say the next six months should see a rise in the number of fintech-to-fintech deals as founders seek ways to stay afloat.
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A message from Arbelon Holdings  
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Pathkeeper's system combines state-of-the-art anatomical AI with 3D laser imaging to offer real-time, guided navigation in a smooth and simple process. Led by a team of surgeons, commercial leaders from the spine market, and engineers with a proven track record of industry-changing innovation, Pathkeeper has developed a safe and affordable navigation system for spine surgeries, which allows surgeons to perform radiation-free complex surgeries faster and with higher accuracy.

Arbelon Holdings invests in medical device companies. An additional investment round for PathKeeper has been launched after several systems have already been installed in the US with good clinical feedback.

Read more about Pathkeeper
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Trivia
Former OpenAI CEO Sam Altman (Andrew Caballero-Reynolds/Getty Images)
Ousted and now rehired OpenAI CEO Sam Altman has had an eclectic background, serving as the president of Y Combinator and creating his own cryptocurrency. Altman served as the CEO of what company for eight days in 2014?

A) Flipboard
B) Reddit
C) Twitter
D) Shopify

Find your answer at the bottom of The Weekend Pitch!
 

Batteries stay positive despite sector's woes

(Santiago Urquijo/Getty Images)
Cleantech had a bit of a rough quarter, with VC funding down 18% year-over-year, per our new Q3 2023 Clean Energy Report.

But on the positive side, battery energy storage and hydrogen startups are still bringing in the big bucks. Investors are bullish on the technology that has been accelerated to hyperdrive by federal funding schemes and the private market's push toward an energy transition.
 

Gen AI is suffering through tech sector's doldrums

(Dem10/Getty Images)
Dealmaking trends within the generative AI emerging space are only on pace to match 2021's VC funding total, when excluding Big Tech mega-deals. While generative AI isn't proving immune to broader tech slowdowns, there are still promising opportunities within the space and several exits on the horizon

Our latest Emerging Tech Research lays out the trends, who's behind all the investment and what the future may hold.
 

European venture valuations coming down to earth

(Alexsl/Getty Images)
Recovery in valuations for European venture-backed companies is unlikely to be on the cards in the near future as median price tags continue to fall across the board, according to PitchBook's Q3 2023 European VC Valuations Report.

Deal sizes, on the other hand, have proven to be more of a mixed bag with only venture growth seeing a drop.
 

Quote/Unquote
Satya Nadella (Justin Sullivan/Getty Images)
"Irrespective of where Sam is, he's working with Microsoft, that's the case on Friday and it's the case today and that will be the case tomorrow."

—Satya Nadella, CEO of Microsoft, speaking to Bloomberg about OpenAI and its briefly ousted CEO Sam Altman, who has since been reinstated.
 

Stay tuned
Keep an eye out for these insights and research reports coming out this week:
  • Q3 2023 Emerging Tech Indicator
  • Q3 2023 Retail Fintech Report
  • Q3 2023 Medtech Report
  • Q3 2023 Public PE Roundup
 

Trivia
Answer: B)

Sam Altman was the CEO of online news and discussion aggregation site Reddit for only eight days in 2014. Read more about Altman's extensive VC portfolio and how investors reacted to the chaos at OpenAI on PitchBook News. The latest? He's been reinstated.
This edition of The Weekend Pitch was written by Rosie Bradbury, Jacob Robbins and Leah Hodgson. It was edited by James Thorne and Ron Prichard.

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