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The Daily Pitch: VC

January 29, 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:

Our analysts see a bright spot for agtech startups specializing in AI

M&A investors drop previously favored sectors to turn to energy deals

The pandemic generated a lot of healthtech unicorns—now they need to exit

Today's Top Stories

Can AI-powered drones fix the US farming industry?

Despite a slow quarter for agtech deals overall, agribusiness marketplaces, drone specialists and imagery startups performed strongly—especially those focusing on generative AI applications.

It may feel like doom and gloom compared to 2021, but labor shortages, climate change and supply chain disruptions will require economic transformations that agtech specialists are well positioned for, according to our Q4 2023 Agtech Report. From precision farming to optimized crop management, there's much in store for the industry in 2024.

read the preview

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Energy becomes bright spot in M&A dealmaking

(Anton Petrus/Getty Images)

The energy sector has emerged as a luminous part of M&A dealmaking. The robust momentum was a byproduct of cash-rich oil and gas producers going on a buying spree to fuel growth and sustained interest from investors and corporates in energy transition projects.

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Since yesterday, the PitchBook Platform added:

47

People

37

Companies

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The Daily Benchmark:
2020 Vintage Global Real Assets Funds

Median IRR

12.20%

Top Quartile IRR

20.56%

0.08x

Median DPI

Select top performers

Kimmeridge Energy Engagement Partners

Five Point Energy Fund III

SDC Digital Infrastructure Opportunity Fund II

*IRR: net of fees

42 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Indian AI startup Krutrim has reached unicorn status with a $50 million investment led by Matrix Partners India.

Thentia, an Oklahoma-based regulatory technology startup, has extended its Series B with $38 million led by Ascent Ventures, Spring Mountain Capital, BDC Capital and Espresso Capital.

Denver-based Proof Technology, a legal-tech startup, has raised a $30.4 million Series B led by Long Ridge Equity Partners.

San Francisco-based Chef Robotics, which develops robots for commercial kitchens, has secured $14.75 million from investors including MaC Venture Capital, MFV Partners and Alumni Ventures, TechCrunch reported.

Berlin-based carbon credit marketplace Ceezer has received a €10.3 million Series A led by HV Capital.

GreenSpark, a New York-based software developer for the metal recycling industry, has secured $9.4 million led by Zero Infinity Partners and Third Prime.

PE Deals

Sycamore Partners is exploring a bid to take over retail chain Macy's, the New York Post reported.

Trilantic Europe has acquired a 60% stake in Aerocompact Group, an Austrian company that specializes in the production and distribution of frames for mounting solar panels, Solar Power World reported.

Portfolio Companies

Logistics and shipping startup Flexport is planning to lay off almost 20% of its workforce in the coming weeks, The Information reported.

Exits & IPOs

EnCap Investments is considering selling Grayson Mill Energy in a deal that would value the shale oil and gas producer at around $5 billion, Reuters reported.

Advent International has agreed to sell Sophos Solutions, which offers technology consulting services for the financial sector, to GFT Technologies, a German digital transformation specialist.

Bain Capital and Parthenon Capital are considering selling healthcare technology company Zelis, Bloomberg reported.

Fundraising

Spain's Asterion Industrial Partners is raising a fund to target more than €2 billion for infrastructure investments, Bloomberg reported.

Chart of the Day

"Through Q3, the number of final closes of vehicles domiciled in the Middle East in 2023 is greater than or equal to the number of final closes each full year for four of the last five years. ... When considering regional fundraising drivers, it is important to note that funds domiciled in one location can, and often do, invest across international borders. So, if there are attractive opportunities presented in the Middle East, funds raised in North America or Europe may be capitalizing on them, and vice versa."

Source: Q3 2023 Global Real Assets Report

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PitchBook News - Gen AI brings agtech innovation

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