PitchBook News - London calling: more IPOs, please

Plus: Startups seed the future of farming, eco-friendly industrials build steam, the next big thing in aircraft & more
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The Weekend Pitch
February 4, 2024
Presented by Masterworks
(Jenna O'Malley/PitchBook News)
When Dublin-based gaming giant Flutter made its New York stock debut on Monday, the UK-listed company also revealed that it will be moving its primary listing from London to New York.

The move is yet another in a series of recent blows to the London Stock Exchange's prestige as a listing destination. On the same day as Flutter's announcement, a Bloomberg report illustrated the exchange's predicament, revealing that the number of companies trading in London has contracted by 25% over the past decade.

The stock exchange is shrinking due to a combination of factors. Among them: a steady stream of UK take-privates, a dearth of new listings and companies like Flutter seeking greener pastures elsewhere.

For private market investors, the short-term effect may seem relatively benign, even positive. VC investors seeking liquidity from their UK investments will have other options. PE investors will continue to benefit from a strong pipeline of take-private opportunities coming from UK-listed companies.

However, a diminished London stock market could have negative consequences for the long-term health of the private markets ecosystem in the UK and beyond.

This is the Weekend Pitch, and I'm Andrew Woodman. You can reach me at andrew.woodman@pitchbook.com or on X @adwoodman.
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Trivia

(Omar Marques/Getty Images)
Elon Musk's neurotechnology startup Neuralink announced it has successfully implanted its first brain chip in a human, potentially jolting interest in the vertical. The startup recently raised a $323 million round led by which firm?

A) Elad Gil
B) Kleiner Perkins
C) Founders Fund
D) Sequoia Capital

Find your answer at the bottom of The Weekend Pitch!
 

Startups sowing seeds for farming's future

(dafroo/Getty Images)
Agtech startups have had a few frosty fundraising seasons, and Q4 was no exception. Both deal value and count declined, totaling $1.4 billion across 181 deals, according to our latest quarterly Agtech Report.

But sowing the seeds of next-generation farming are early-stage startups like Bonsai, Bioomix, and InPlanet, betting on agtech's rebound in the coming years as the climate changes and the industry is forced to adapt.
 

Eco-friendly industrials cement deals

(Sakorn Sukkasemsakorn/Getty Images)
Carbon tech is hot and getting hotter. Despite a slower Q4, investors are bullish on the upside of startups developing solutions to reduce greenhouse gas emissions.

Green alternatives to industrial processes, like renewable steel and eco-friendly concrete, are an especially frothy space. Dive deeper in our latest Carbon & Emissions Tech Report.
 

The newest thing in aircraft taps an old design

(Drypsiak/Getty Images)
The aircraft industry, looking to cut down on its carbon emissions, may have found a solution in a decades-old design philosophy.

Our latest analyst note dives into blended-wing-body aircraft and new designs that maximize fuel efficiency. These designs are finding support among startups taking on the entrenched incumbents within the space and looking to disrupt the industry.
 

Quote/Unquote

"Some industries are certainly considered hotter than others … and some VCs just don’t like edtech very much."

—Hanmei Wu, co-founder and CEO of Goodwater Capital-backed edtech startup Empowerly, speaking to PitchBook News on edtech startup Byju's 99% cut to its valuation.
 

Stay tuned

Keep an eye out for these insights and research reports coming out this week:
  • Q4 2023 Enterprise Fintech Report
  • 2024 Global Fund Performance Report
  • Q4 2023 Healthcare Services Report
  • 2023 Annual US VC Valuations Report
  • Analyst Note: 2024 US VC Fundraising from an LP Perspective
 

Trivia

(SOPA Images/Getty Images)
Answer: C)

Peter Thiel's Founders Fund led the $323 million round into Neuralink in November. Read our article for a look at what Neuralink's implantation means for the neurotechnology space.

This edition of The Weekend Pitch was written by Andrew Woodman, Jacob Robbins and Rosie Bradbury. It was edited by Clarinda Simpson and Ron Prichard.

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