PitchBook News - Have we hit peak plant-based meat?

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The Daily Pitch: VC

December 4, 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:

Analysts find demand for plant-based meat may not be sustainable

VCs were willing to forgo board representation in these recent boom years—that's changing

Our analysts explore the industry blooming around managing objects in Earth's orbit

Cryptocurrency deals for startups in Hong Kong and Singapore signal the region's growing influence

Today's Top Stories

Have we hit peak plant-based meat?

Alt-protein startups scarfed down $724 million in Q3, beating even ecommerce foodtech specialists for venture capital raised, according to our latest Emerging Tech Research. At the same time, incumbent Beyond Meat has cut costs and Burger King has pressed pause on developing new varieties, signaling the potential limits of consumer demand for sustainable proteins.

Foodtech deal value slipped for the eighth consecutive quarter to $2 billion. But on the flip side, fresh opportunities are emerging in personalized nutrition, food assembly robots and restaurant waste reduction.

read the preview

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OpenAI tumult, FTX blowup help bring VC governance back in vogue

(Klaus Vedfelt/Getty Images)

VC investors are once again insisting on board seats at their portfolio companies after years of relaxing standards.

FTX's implosion and OpenAI's recent saga—which caught investors by surprise when OpenAI CEO Sam Altman was suddenly ousted without them being notified—reminded VCs and their limited partners why governance matters.

Board rights are part of a broader power grab by VCs to wrest back some oversight over founders who had been able to set the terms prior to the recent downturn.

Master working capital and forecasting

In this ever-changing economic landscape, mastering your working capital is the key to survival. In 2023 alone, late payments surged by 7%. It's no wonder that 80% of the professionals surveyed in the October 2023 EY PE Pulse indicated they're paying more attention than usual to helping companies get visibility into cash and liquidity needs.¹ These volatile, uncertain, complex, and ambiguous times have left finance departments, especially accounts receivable teams, facing an impossible mission.

Download this guide from Quadient Accounts Receivable, Shared Services and Outsourcing Network (SSON), and SSON Research and Analytics if you want to understand:

The 8 steps to creating an accurate cash flow forecast
How AI (that exists right now) can improve your forecasting
How to use accurate forecasting to build resilience

1: "Private Equity Pulse: Five Takeaways From Q3 2023," EY, Pete Witte, Oct. 25, 2023.

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VC Deals

Braincube, a French software company supporting more efficient manufacturing processes, raised €83 million in growth equity led by Scottish Equity Partners.

London's Paysend secured $65 million for its international money transfer platform. Investors included Mastercard, InfraVia Capital Partners and One Peak.

New York-based marketing technology specialist Stensul raised a $34.5 million Series C led by Sageview Capital.

Prague's Keboola raised $32 million in a Series A led by Viking Global Investors for its data operations platform.

Exectras, a fintech focused on small and medium-sized businesses, raised $30 million in venture debt financing from Tacora Capital.

Flow48 raised a $25 million pre-Series A from VCs including 212 VC, Blockchain Founders Fund and Unpopular Ventures. The United Arab Emirates-based startup offers non-dilutive financing for small and medium-sized businesses.

Holiday shopping logistics startup Syrup raised $17.5 million led by Accel.

ThoughtExchange secured $13.5 million from investors including InBC Investment, Information Venture Partners and Yaletown Partners. The Canadian company provides an engagement and survey platform.

Aviz Networks, a startup developing network software for cloud-scale telecom infrastructure, raised $10 million from investors including Cisco Investments, Moment Ventures and Wistron.

Revela secured $9 million in a Series A led by FirstMark Capital for its property management software.

Don't miss our upcoming webinar

As commercial space launch becomes easier and cheaper, space debris is becoming an increasing risk. Space situational awareness is a growing segment of the space-tech sector that helps protect assets in orbit. With more and more countries expanding into the final frontier, managing these various ecosystems is becoming a top priority.

Join PitchBook emerging technology analyst Ali Javaheri for a discussion on India's space startup scene and the innovations by Digantara, a space situational awareness company.

Explore the comprehensive work of Digantara and its impact on the future of space exploration.

Gain valuable perspectives on India's evolving role in the global space landscape.

Dive into the opportunities and challenges faced by startups in the space-tech sector.

Register now to secure your spot.

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PE Deals

Blackstone, EQT and CVC Capital Partners are among the bidders for a stake in the broadcasting rights of German soccer league DFL Deutsche Fussball Liga that could be worth up to €1 billion, Bloomberg reported.

Maven Capital Partners acquired Newable Ventures, a UK-based specialist fund management company.

Exits & IPOs

Panera Brands has filed confidentially for IPO, the Financial Times reported. The Missouri-based restaurant group is owned by JAB.

General Atlantic may sell its stake in Argus Media, a UK publisher of commodity and energy pricing, Reuters reported. It would join Hg, another shareholder that is also reportedly considering selling its stake.

Fundraising

Brookfield Asset Management has secured $30 billion for its latest infrastructure fund and related co-investment vehicles. The fund is the largest ever raised by the Canadian asset manager.

Dublin-based Resolve Ventures raised a €30 million Climate Impact Fund that will support Irish startups focused on sustainability.

Investcorp is launching its Climate Solutions Investment Platform with anchor investment from Mumtalakat, Bahrain's sovereign wealth fund, and other Bahrain-based institutions.

Investors

Sustainable Development Capital acquired Volery, a Connecticut-based private equity firm focused on the energy transition.

The United Arab Emirates has committed $30 billion to launch Alterra, a climate investment fund with a particular emphasis on the Global South. Alterra has allocated $6.5 billion to climate-dedicated funds managed by Blackrock, Brookfield and TPG.

Chart of the Day

Source: Q3 2023 Global M&A Report

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