PitchBook News - A rebound for retail fintech

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The Daily Pitch: VC

August 26, 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:

The retail fintech sector bounced back in Q2, driven partly by large funding rounds

A deep dive into the mega-funds driving European PE fundraising

European startups face longer gaps between funding rounds, particularly at the later stages

Our Global Fund Performance Report finds a brighter outlook across private markets

Today's Top Stories

Large deals drive retail fintech's resurgence

VC funding for the retail fintech industry rebounded in Q2, driven in part by large fundraising rounds for credit and banking startups. Overall deal value hit $4.5 billion, an over 270% increase from the first quarter.

Our latest Emerging Tech Research covers what's behind the shift in investor enthusiasm for the sector, which has lagged for several quarters. Senior analyst Rudy Yang also highlights new opportunities in cross-border remittances, the transferring of money between people in different countries.

read the preview

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European startups face longer gaps between funding rounds

(Peter Dazeley/Getty Images)

The median time between VC funding rounds has increased for almost all series in Europe.

A more challenging dealmaking environment and swelling round sizes have widened the gap between funding rounds.

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Since yesterday, the PitchBook Platform added:

4

VC valuations

192

People

77

Companies

4

Funds

See what our data software can do

The Daily Benchmark:
2016 Vintage Non-US PE Funds

Median IRR

14.46%

Top Quartile IRR

19.79%

0.81x

Median DPI

Select top performers

FIP Trator

Bridgepoint Development Capital III

Ardian Expansion Fund IV

*IRR: net of fees

52 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Cursor, a startup building an AI-based tool to write code, raised a $60 million Series A from investors including Andreessen Horowitz, Thrive Capital and OpenAI.

Tilt, a London-based shopping platform specialist, secured an $18 million Series A led by Balderton Capital.

Carro, an ecommerce startup developing a platform for cross-selling and drop-shipping services, raised a $14 million Series B from investors including Alpha Edison, GC1 Ventures and Evolution Ventures, Axios reported.

Foundation, a robotics startup founded by former Synapse founder Sankaet Pathak, raised $11 million in a pre-seed round from Tribe Capital, TechCrunch reported.

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PE Deals

Surgery Partners, a publicly listed company backed by Bain Capital that operates surgical centers around the US, could be sold to TPG or UnitedHealth, Bloomberg reported.

Columbia Distributing, a distributor of beverage products to restaurants and other retailers, is in talks to be sold by owner Meritage Group to a PE firm or family office, Reuters reported.

DB Schenker, the logistics unit of German rail operator Deutsche Bahn, received bids from DSV and a consortium led by CVC Capital Partners, Bloomberg reported. The bids value the unit at about €14 billion.

Butcher's Pet Care, a UK-based pet food maker, has been acquired by CapVest Partners-backed Inspired Pet Nutrition.

Allegheny Contracting, a company providing services to the natural gas industry, has been acquired by MPE Partners and the firm's portfolio company Precision Pipeline Services.

Portfolio Companies

H, the French AI startup formerly known as Holistic that raised a $220 million round in May, has lost three of its five founders; Karl Tuyls, Daan Wierstra and Julien Perolat have left the company, The Information reported.

Exits & IPOs

Kioxia, a Japanese chipmaker backed by Bain Capital, is planning to go public at a valuation of over 1.5 trillion Japanese yen (around $10 billion), Bloomberg reported.

Zenas Biopharma, a biopharma company specializing in developing treatments for autoimmune diseases, filed for an IPO on the Nasdaq.

Vertos Medical, a company focused on developing treatments for chronic back pain, will be acquired by NYSE-listed Stryker.

Paragonix Technologies, which specializes in organ preservation for transplants, will be acquired by Getinge, a publicly listed company that offers products and services to hospitals.

InCeres, a Brazil-based company developing soil analysis technology, will be acquired by Husqvarna Group.

Florida Cancer Specialists & Research Institute, a network of cancer treatment providers across the state, could be acquired by NYSE-listed McKesson for as much as $3.5 billion, Bloomberg reported.

Fundraising

360 One, a Mumbai-based wealth management firm backed by Bain Capital, raised $500 million for its first secondary fund.

Investors

Earlybird Venture Capital, a Berlin-based VC firm, is spinning out its Digital East Fund into a separate entity.

Chart of the Day

Source: Q4 2023 Global Fund Performance Report (with preliminary Q1 2024 data)

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PitchBook News - A rebound for retail fintech

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