No respite for healthcare services stocks

Europe's female founders lose stamina in Q1; new dawn for Baltic startups?; Honey nabs $108M for insurtech
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The Daily Pitch: VC
April 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:
 
Today's Top Stories  
Numerous headwinds hold healthcare services stocks down
Share prices continue to lag in the healthcare services sector as public companies wrestle with both widespread and individual setbacks. KKR-backed BrightSpring Health Services listed in January but priced below its target range. And UnitedHealth's stock fell by 6.7% under hits from an antitrust probe, a major cyberattack and increased utilization, even though the sector giant beat projected Q1 earnings.

Meanwhile, value-based care's 2021 IPO cohort is struggling for profitability, including Cano Health, which has filed for Chapter 11 bankruptcy protection. Our Q1 2024 Healthcare Services Public Comp Sheet and Valuation Guide tracks stock performance, EBITDA margins, revenue growth and valuations for key publicly traded companies.
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Europe's female founders close out a quiet Q1
VC deals for Europe's women-led startups slowed in the first months of 2024, our European VC Female Founders Dashboard shows, as dealmaking failed to continue the trend seen at the end of 2023.
  • European startups with at least one female founder garnered €1.9 billion (about $2.1 billion) over 385 deals in Q1, the smallest haul since Q2 2020.

  • Notable deals in March included a reported $100 million Series D for German ecommerce aggregator Razor Group, co-founded by Shrestha Chowdhury, and a €4 million angel round for Swedish longevity specialist Sand Clinic, founded by Anna Levander and Jennie Sandqvist.
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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:
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Electric boats get underway
The electric revolution is making its way to waterways. Our recent analyst note explores the opportunity for commercial and recreational watercraft to reduce carbon emissions and change how people commute.

Electric motors are cleaner, quieter and cheaper to maintain. On the other hand, these novel powertrains add significant weight, offer limited range and may demand new charging infrastructure. The report dives into how startups are addressing these and other challenges.
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Mid-market gains upper hand in PE fundraising race
(Digital Vision/Getty Images)
PE funds targeting the middle market amassed roughly $141 billion in 2023—the second-highest annual tally on record. These vehicles' ability to return more capital to investors than mega-funds helped them gain the upper hand in the fundraising race.
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A new dawn for Baltic startups?
Tallinn, Estonia (KavalenkavaVolha/Getty Images)
VC dealmaking in the Baltics dropped significantly in 2023, but a new survey found that European VC investors are looking to put more capital into the region's startups.

Some 80% of VC funds surveyed plan to maintain or increase their investments in the Baltics compared to 2023.
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Since yesterday, the PitchBook Platform added:
24
VC valuations
1949
People
643
Companies
22
Funds
See what our data software can do
 
The Daily Benchmark:
2021 Vintage European PE Funds
Median IRR
9.39%
Top Quartile IRR
21.70%
0.0x
Median DPI
Select top performers
HIG Europe Capital Partners III
Main Capital VII
Waterland Strategic Opportunities Fund I
*IRR: net of fees
34 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
People  
Former PayPal CEO Dan Schulman is joining Valor Capital Group as a managing partner.
 
VC Deals  
Sydney-based insurtech startup Honey Insurance raised $108 million in a Series A led by Gallatin Point Capital, the Australian Financial Review reported.

Zolar, a Berlin-based residential solar specialist, raised €100 million from BNP Paribas.

Hokodo, a London-based digital payments startup, secured a €100 million debt facility from Viola Credit.

Mental health technology startup Grow Therapy, which is based in New York, raised an $88 million Series C led by Sequoia.

Shanghai-based biotech startup D3 Bio raised a $62 million Series A+ led by Medicxi.
 
PitchBook Tech Talks Webinar: Tracking the LLM app stack
PitchBook research finds that large language model pilot projects can take up to six months to deploy even in successful cases. Buyers must compare a variety of models, orchestration frameworks and deployment services to balance cost and performance.

In addressing this opportunity, companies in our large language model operations market map have nearly closed more VC deals in the last 14 months than in the prior three years combined. To track how these new products fit together, PitchBook senior analyst Brendan Burke will discuss the structure and state of the large language model app stack with AI developer community leader Yujian Tang, a senior developer advocate at Zilliz. Key topics include:
  • How software engineers select orchestration tools to build for the two biggest use cases: retrieval-augmented generation and AI agents.

  • Data preparation techniques to bring unstructured, multimodal data to large language model applications.

  • Deployment tradeoffs with new, small models and hardware constraints.
Register now to secure your spot.
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PE Deals  
Blackstone agreed to take Apartment Income REIT, known as AIR Communities, private for roughly $10 billion, including debt.

MRE Capital-backed sandwich chain Jersey Mike's has held talks with Blackstone about a sale valuing the company at $8 billion, The Wall Street Journal reported.

Vista Equity has acquired NYSE-listed Model N, a pharmaceutical and medtech operations and revenue optimization provider, for $1.25 billion.

Ares Management is leading a $1.2 billion debt package for CentralSquare Technologies, a software provider for the public sector.

TradeWeb Markets, a global rates and credit trading specialist, has agreed to acquire Institutional Cash Distributors for $785 million.

Buyers Edge Platform, which develops procurement software for the food industry, has announced a $425 million preferred equity investment originating from Blackstone, Morgan Stanley and General Atlantic.

EQT agreed to acquire a majority of university network Universidad Europea, in which Permira will retain a minority stake.
 
Exits & IPOs  
VC-backed ecommerce startup Ibotta has priced its IPO between $76 and $84 per share, which could raise $472 million if priced at the high end.

Cloud management and security company Cloudflare has acquired Baselime, a VC-backed observability specialist.
 
Fundraising  
Avendus, an Indian investment bank backed by KKR, is seeking around $300 million for a PE fund, TechCrunch reported.

Several global supermarket chains, including Tesco and Ahold Delhaize, have partnered up to form W23 Global, a global venture firm with $125 million committed to invest in the retail grocery space.

Crypto-focused Galaxy Ventures is raising $100 million for an early-stage fund, Coindesk reported.

India-based Filter Capital has raised $96 million for its debut flagship fund.

Vienna-based Elevator Ventures has launched a €70 million fund to back Series A and B startups.
 
Chart of the Day  
Source: 2023 Annual Global Private Debt Report
 
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