Medtech primed for strong finish to 2023

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The Daily Pitch: VC

November 29, 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:

Surgical robots and cancer specialists are helping to set the stage for a strong yearly finish in medtech VC funding

Private wealth clients are joining in on secondaries funds

Fashion retailer Shein could be the biggest VC-backed Asian company to IPO in a decade

Today's Top Stories

Medtech deals surge into Q4

Would you invest in a startup developing a cardiovascular surgical device? If yes, you're not alone: It's been the most active category for medtech investment in 2023—bringing in more than $487 million in VC funding in the third quarter alone. Cancer diagnostics and surgical robotics also led the way, according to our Q3 2023 Medtech Report.

Heading the pack are companies such as Neuralink and Beta Bionics. Both closed nine-figure deals in Q3, setting the stage for a strong finish to the year.

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Retailer Shein plans IPO, bucking trend among Asian startups

(Richard A. Brooks/Getty Images)

Shein, the Singapore-based fast fashion group, has filed for a US IPO. It's expected to be the biggest VC-backed Asian company to list in the last decade.

The move comes at a time when listing activity from VC-backed Asian companies is down from the previous two years.

Insights for Technology Industry Private Investment in Central US

The central region—the mountain, Midwest, and Great Lakes regions, as well as the state of Texas—has long been a staple for private investment in areas including energy and agriculture, but has started attracting greater attention from the technology sector.

Explore recent dealmaking data and current trends across the region and beyond including private equity, venture capital and M&A activity in this industry report.

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VC Deals

Procurement startup Candex raised a $45 million Series B led by Goldman Sachs.

Aro Biotherapeutics, a biotech company developing genetic medicines, raised a $41.5 million Series B led by Cowen Healthcare Investments.

Pika raised a $35 million Series A led by Lightspeed for its AI-powered video-making and editing platform.

PhysicsX, a UK startup using generative AI to aid engineering innovation in technologically intensive industries, raised $32 million in a Series A led by General Catalyst.

Lassie raised a €23 million Series B led by Balderton Capital for its pet health and insurance app.

Generative AI biotech company Cradle raised a $24 million Series A led by Index Ventures.

Soplaya, a Milan-based wholesaler for Italian restaurants, raised €12.5 million led by Sinergia Venture Fund.

India's PhiCommerce raised $10 million led by BeeNext for its payment processing solutions.

Japanese crypto investment firm CGV invested $5 million in Blast, a blockchain startup specializing in Web3 services built on the ethereum network.

PE Deals

TJC agreed to buy L3Harris Technologies' commercial aviation division for $700 million plus an earnout payment of up to $100 million based on performance targets.

PSG Equity and InfraVia Capital Partners invested €40 million in One Click LCA, a Helsinki-based software provider that helps companies assess carbon footprints.

BPEA EQT agreed to acquire a majority stake in Japanese HR software provider HRBrain.

Wilsquare Capital acquired Automotive Color & Supply, a distributor of industrial and automotive paint in Illinois and Indiana.

Portfolio Companies

Chicago-based food retailer Foxtrot Market, which has more than 30 locations in Chicago, Washington, DC, Dallas, and Austin, agreed to merge with Dom's Kitchen & Market, also VC-backed and based in Chicago.

Exits & IPOs

French TV producer Mediawan is considering an acquisition of Munich's Leonine Studios, which is backed by KKR, Reuters reported. The combined production company could be valued at around €3 billion, according to the report.

Fundraising

Boston-based New Heritage Capital closed its fourth and largest fund to date on $438 million. The PE firm mainly targets investments in founder-led companies.

ResponsAbility Investments launched a $500 million climate investment vehicle together with German development bank KfW and Dutch development bank FMO to invest in low-emission technologies.

Latin American VC firm NXTP closed its third fund on $98 million to invest in early-stage B2B startups.

Investors

Norway's finance ministry asked Norges Bank, which manages the country's sovereign wealth fund, Government Pension Fund Global, to consider allocating up to $70 billion of the fund to PE.

HSBC Australia will start offering venture debt to late-stage VC-backed companies in Australia.

Chart of the Day

Source: Q1 2023 Global Fund Performance Report (with preliminary Q2 2023 data)

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Medtech primed for strong finish to 2023

Insights for Technology Industry Private Investment in Central US

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