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The Daily Pitch: VC

January 9, 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:

Crypto bankruptcies have VCs shying away from startup deals

Analysts take a look at the road ahead for the mobility tech sector

Three approaches emerged for the next phase of the obesity drug market at JP Morgan's health conference

Explore dealmaking, fundraising and exits across France's VC ecosystem

Today's Top Stories

Coinbase leads VC retreat from crypto dealmaking

(Andriy Onufriyenko/Getty Images)

Burned by high-profile bankruptcies including FTX and BlockFi, crypto investors have pared down their dealmaking pace several-fold since the banner year of 2021.

Coinbase Ventures, for example, made 64 fewer investments in H2 2023 than in H2 2021. They're redirecting much of that unused dry powder to increase ownership shares in existing companies.

Others, including 10T Holdings, are buying secondary shares in blockchain companies on the cheap.

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Since yesterday, the PitchBook Platform added:

9

VC valuations

1726

People

501

Companies

28

Funds

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The Daily Benchmark:
2018 Vintage European Debt Funds

Median IRR

8.08%

Top Quartile IRR

10.33%

0.38x

Median DPI

Select top performers

ICG Europe VII

Alchemy Special Opportunities Fund IV

Crescent European Specialty Lending Fund II

*IRR: net of fees

20 Funds in Benchmark »

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VC Deals

Genomics raised £35 million led by F-Prime Capital and Foresight Partners, the Financial Times reported. The UK-based startup focuses on predicting and preventing common diseases by analyzing gene variations.

Vortexa, which offers an analytics platform for energy and freight, raised a $34 million Series C led by Morgan Stanley Expansion Capital.

Recurrent, an electric vehicle battery data company, raised a $16 million Series A led by ArcTern Ventures.

Imbed Biosciences, a tissue engineering company, raised $10 million in convertible debt with participation from Niterra.

Plant-based meat company Mush Foods raised a $6.2 million seed round led by Viola Ventures, Axios reported.

Singapore-based fintech startup Fynxt closed a $5 million Series A.

New York-based acupuncture company Wthn secured a $5 million Series A led by L Catterton.

Cleva, the San Francisco-based provider of a banking platform for emerging markets, raised $1.5 million led by 1984 Ventures.

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PE Deals

Bain Capital's takeover of SoftwareOne may come to a standstill after the Swiss software provider signaled to Bain that its latest offer falls short of winning approval from the company's board, Bloomberg reported. Bain's revised offer of almost 3 billion Swiss francs (about $3.5 billion) marks the latest twist in a monthslong bidding process.

McIntyre Partners agreed to buy Norwegian offshore engineering specialist Moreld from HitecVision.

CVC Capital Partners is in talks to buy Gruppo La Piadineria from Permira in a deal that could value the Italian restaurant chain at more than $300 million, Il Sole 24 Ore reported. Permira acquired La Piadineria in 2018.

Thoma Bravo invested in BlueMatrix, an investment research publisher. Golub Capital provided debt financing for the deal.

Exits & IPOs

The Raine Group and Temasek are looking to sell SoundCloud in a deal that could value the Berlin-based music streaming service at more than $1 billion, Sky News reported.

Bain Capital is weighing the sale of Centrient Pharmaceuticals, an antibodies manufacturer that Bain acquired in 2018, Bloomberg reported. Bain reportedly enlisted Citigroup and Jefferies Financial Group to work on the divestment, which could value Centrient at as much as €1 billion.

Fundraising

Joshua Kushner's VC firm Thrive Capital is in early talks to raise at least $3 billion from investors for a new fund, the Financial Times reported. The firm has backed payment giant Stripe and generative AI leader OpenAI.

Blackstone has raised $1.3 billion for a private equity fund backed by individual investors called BXPE, according to a regulatory filing.

VC firm Venrock has closed its tenth fund with $650 million, Fortune reported. The new vehicle is a significant step up from Venrock's last fund, which raised $450 million in 2021.

Investors

Coatue is closing its London office just two years after opening it as the firm reorganizes its VC strategy, according to reports.

Chart of the Day

Source: Vertical Opportunities in a Reopened IPO Window

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PitchBook News - Coinbase leads VC's crypto retreat

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