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PitchBook News - Semiconductors losing luster with VC

5 startups on track for unicorn status; fundraising predictions for 2024; Apollo Therapeutics extends Series C to $260M
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The Daily Pitch: VC
January 3, 2024
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
In today's Daily Pitch, you'll find:
 
Today's Top Stories  
VCs chip in less on semiconductors
VC investment in the semiconductor market has been on a downward trajectory. Despite major policy shifts and renewed public interest, it declined in 2023 to a total of $10.3 billion, compared with 2022's $12.8 billion and 2021's peak of $16.1 billion.

With the sector's future up in the air, our latest Emerging Tech Research dives into the key trends and opportunities around semiconductors.
read the preview
 
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'Soonicorns': 5 startups that could hit $1B valuation in 2024
(zoff-photo/Getty Images)
Last year, Europe saw its lowest level of unicorn creation since 2018, but there are signs of VC recovery that could swell the region's herd.

Here's a look at a few European startups that could achieve a $1 billion-plus valuation—unicorn status—in the year ahead.
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A message from PitchBook  

2024 PitchBook Media Kit released
Volatility is on the rise, everywhere. Dealmakers are looking for insights, services and tools to navigate challenging, complex market environments—and you can help them. By partnering with PitchBook Media, you can reach over two million industry professionals spanning the C-suite to flagship GP offices. Customize a unique array of options from the brand-new 2024 PitchBook Media Kit, including:
  • Sponsorship of market-leading reports such as the PitchBook-NVCA Venture Monitor
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Carveouts, add-ons key to PE strategies in 2024
(Nora Carol Photography/Getty Images)
With the headwinds of 2023 likely to carry over into this year, dealmakers expect PE firms to concentrate on portfolio management.

That means focusing on strategies such as add-ons and carveouts to grow existing portfolio businesses and bolster balance sheets.
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PE holds fast on software industry
We're far from the heydays of the pandemic lockdown-induced software boom, but conditions are ripe for another strong run by PE-backed software companies.

Software providers' margins are up, tech deal counts are better than pre-pandemic levels and SaaS business models remain compelling. As firms like Thoma Bravo and Vista Equity Partners bring in revenues rivaling that of top software corporations, our analysts dive deep on PE funding for the tech sector.
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What's in store for fundraising in 2024? 3 predictions
(Drew Sanders/PitchBook News)
Private investment managers may be raising champagne glasses to better days ahead, but poor fund distributions and interest rates are likely to spoil the party.

The downtrodden exit environment has hit PE and VC investors alike with some of the lowest returns in years. Less cash leaving old funds means LPs are strapped for new commitments.

Meanwhile, those LPs are being lured by less risky bets. Higher yields on bonds and cash continue to make it easier to hit institutional investor return targets—typically 7% to 9%—with fewer alternative assets.

Our analysts have a few predictions for what's in store for fundraising in 2024.
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Since yesterday, the PitchBook Platform added:
7
VC valuations
1359
People
536
Companies
12
Funds
See what our data software can do
 
The Daily Benchmark:
2013 Vintage Global VC Funds
Median IRR
15.40%
Top Quartile IRR
23.12%
1.08x
Median DPI
Select top performers
Foresite Capital Fund I
YLV II
OrbiMed Private Investments V
*IRR: net of fees
49 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
VC Deals  
San Diego-based defense-tech startup Shield AI raised an additional $300 million for its Series F, bringing the round's total to $500 million.

Vestwell raised a $125 million Series D led by Lightspeed for its savings and investment platform.

Biotech startup Apollo Therapeutics raised an additional $33.5 million for its Series C, closing the round with $260 million. The financing was led by Patient Square Capital.

Indonesian electric vehicle battery startup Swap Energy secured $22 million in a Series A led by Qiming Venture Partners.

CardioMech, a Norwegian developer of therapeutic devices for heart disease, secured $13 million from new and existing investors.
 
PitchBook webinar: Biopharma VC in flux
Though multiple biotech sub-industries showed initial promise, setbacks have pushed VC capital toward new therapeutic applications. PitchBook senior analyst Kazi Helal, who covers biotech, and a panel of biotech VC investors will unpack findings from our newly launched biopharma Emerging Tech Research and discuss key themes expected for 2024.
  • Remaining opportunities for investors amid the craze for weight-loss drugs.

  • Why gene therapies have under-delivered—and where investors are looking next.

  • What it will take for AI to transform drug discovery.
Register now to secure your spot.
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PE Deals  
Blackstone's infrastructure unit finalized its purchase of a 19.9% indirect equity interest in NIPSCO for $2.16 billion. The company, a subsidiary of NiSource, is one of the largest natural gas and electric companies in Indiana. Blackstone also invested $250 million in equity.

HSBC completed the sale of its French retail banking operations to Credit Commercial de France, a unit of Cerberus Capital Management-backed lender My Money Group.

Swander Pace Capital partnered with CDPQ and Roynat Equity Partners to acquire St-Methode Bakery, a Canadian supplier of bread products.

Investcorp agreed to buy Germany-based HR and payroll software company Veda.

Ara Partners acquired a majority interest in USD Clean Fuels, a developer of terminal assets for renewable fuel feedstocks and biofuels, while also providing additional funding to drive the company's expansion.

French foods group Danone inked an agreement to sell its US premium organic dairy businesses, Horizon Organic and Wallaby, to Platinum Equity.
 
Exits & IPOs  
Healthcare-focused PE firm RoundTable Healthcare Partners exited Wisconsin-based medical product supplier TIDI Products through a sale to middle-market firm TJC.
 
Investors  
Ardian and Spanish renewable energy company Solarpack have dissolved their joint venture, allowing each to retain 100% ownership of their portfolios. Ardian now owns three solar plants in Chile and one in Peru.

Early-stage venture firm Countdown Capital is shutting down, TechCrunch reported. The firm is canceling all uncalled commitments, returning all invested capital, and ceasing operations in March.
 
Chart of the Day  
Source: PitchBook's 2024 Healthcare Outlook
 
Who's in the newsletter today?
Investors
Ara Partners
Ardian
Blackstone
CDPQ
Cerberus Capital Management
Countdown Capital
Danone
HSBC
Investcorp
Lightspeed
My Money Group
NiSource
Patient Square Capital
Platinum Equity
Qiming Venture Partners
RoundTable Healthcare Partners
Roynat Equity Partners
Solarpack
Swander Pace Capital
TJC
Companies
Apollo Therapeutics
CardioMech
French retail banking
Horizon Organic
NIPSCO
Shield AI
St-Methode Bakery
Swap Energy
TIDI Products
USD Clean Fuels
Veda
Vestwell
Wallaby
 
 
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