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| In today's Daily Pitch, you'll find: | | | | | |
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| Agtech's big valuation reset | | Valuations in the agtech industry level-set in the first quarter as VC froth largely subsided from the past few years, according to our latest Emeging Tech Research.
The median deal size was up 35% year-over-year—an indicator that more deals are concentrated in late-stage-boon companies like indoor strawberry grower Oishii and plant breeding specialist Inari, which both closed nine-figure rounds in Q1. Agribusiness marketplaces are taking off as a way to streamline supply chains. | | | | | | | | | Corporate buyers lead the way on IT deals | |  | | (Caroline Purser/Getty Images) | | | | Corporations have been a force of late in the IT market, notching a series of big-ticket software acquisitions in Q1. The sector has been seeing stable recurring revenue and cash flow, while trading at high multiples despite the recent softness in the market. | | | | | | | |
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| Scotch whisky hasn't been popular in Asia … until now | | A new report from the Scotch Whisky Association found that Scotch whisky contributed £7.1 billion to the UK economy in 2022—a £1.1 billion surge from 2019 and an almost twofold increase from 2013.
The cause? A growing appetite for Scotch whisky in key markets including the United States, France, China, and India. But that's not all. Demand in Asia has reached record levels with the small country of Singapore accounting for 50.4% of spirits buyers last year.
There's a reason why 150,000+ people use platforms like Vinovest to tap into this lucrative market and you can too. Vinovest makes it easy to invest in casks of whisky that match your unique investing goals. Get started with this exclusive offer. | | | | | | | |
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| Thoma Bravo to delist Darktrace just 3 years after IPO | |  | | (SOPA Images/Getty Images) | | | Thoma Bravo has agreed to buy UK cybersecurity company Darktrace at a £4.3 billion (around $5.3 billion) valuation just three years after its London IPO.
Darktrace is among a handful of notable UK tech companies that went public in 2021, and has fared better than others in its cohort. | | | | | | | | | AI, EVs and NFTs top emerging spaces | | | With VCs investing more than $57 billion into emerging technology in 2023, it can be hard to keep up with it all. Analyst Ali Javaheri dives into the sectors and startups attracting investor attention in our recent analyst note on emerging spaces. Generative AI dominated in deal value, while EVs and NFTs followed, but at a distance. | | | | | | | | | Layoffs drag down gaming stocks; only 3 areas achieve positive returns | | Share prices increased for only Sea, Konami, Team17 and five other public video game studios out of the 30 tracked by our analysts. The industry is weighed down by layoffs, which have spread to roughly 8,000 jobs in 2024.
Gambling, now legal in 38 states, was the sole cohort to notch higher Q1 returns versus major indexes, and monetization and hardware were the only other subsegments with share price increases.
Our Q1 2024 Gaming Public Comp Sheet and Valuation Guide tracks stock performance, EBITDA margins, revenue growth and valuations for key publicly traded companies. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 7 Deals | 130 People | 105 Companies | | | | | | |
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The Daily Benchmark:
2017 Vintage Global Secondaries Funds | | | | | | |
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Elon Musk's AI chatbot startup xAI is nearing a $6 billion funding round at an $18 billion valuation with investments from Sequoia and others, according to reports.
Fashion startup Lyskraft raised a $26 million seed round led by Peak XV Partners.
RevenueCat closed a $12 million Series C led by Adjacent Venture Capital for its subscription management platform.
Elvie, a London-based developer of women's health products, raised £9.6 million from existing investors, Sifted reported.
Chilean B2B fintech company Fintoc raised a $7 million Series A led by Propel Venture Partners.
Berlin's Goodcarbon secured €5.25 million in a round led by Ocean 14 Capital secured for its carbon credits platform. | | | | | |
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| Don't miss our upcoming webinar | | Venture capital is off to a slow start in 2024, with 100 US venture funds raising just $9.3 billion in the first quarter. What could this mean for the remainder of the year?
Join PitchBook analysts and experts from our partner NVCA and sponsors J.P. Morgan, Dentons, and Deloitte on May 1 for a live discussion of our latest Venture Monitor report, diving into the themes and trends of the current US venture market.
Register now to secure your spot. | | | | | | | |
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Apollo Global Management struck a cash deal to buy mineral and logistics company US Silica Holdings that values the company at $1.85 billion.
L Catterton agreed to buy a majority stake in Italian cosmetics brand Kiko Milano that values it at €1.4 billion, including debt, Reuters reported.
T-Mobile plans to invest $950 million for a 50% stake in fiber optic network provider Lumos as part of a joint venture with Swedish investment firm EQT.
DelCam Capital acquired Space Age Electronics, a Massachusetts-based safety equipment manufacturer.
Lower-middle-market PE firm Shoreline Equity Partners invested in Prime Meats, a Georgia-based protein processor and distributor, to fund organic growth and acquisitions. | | | | | |
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Paystand acquired Teampay, a spend management software startup that previously raised funding from Fin Capital, Gaingels and others.
Vista Equity Partners-backed Solera is considering an IPO that could raise more than $1 billion, Bloomberg reported. The Texas-based company provides vehicle lifecycle management services.
PE firm Falfurrias Capital Partners is exploring a sale of Sauer Brands that could value the condiments maker at over $1 billion, including debt, Reuters reported.
Vietnam's Masan Group, which is backed by Bain Capital, is considering an IPO of unit Masan Consumer Holdings that could raise between $1 billion and $1.5 billion, Bloomberg reported. | | | | | |
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KKR has raised $11 billion for its most recent global infrastructure fund, Bloomberg reported.
Digital assets investor Pantera Capital is seeking to raise more than $1 billion for its Fund V, Bloomberg reported.
Newton Investment Partners, co-founded by former The Carlyle Group executive Hiroyuki Otsuka, raised roughly $960 million for its first fund, which will invest in Japanese companies, Bloomberg reported.
UK-based mid-market investor Apiary Capital closed its second fund on £240 million.
London's Isomer Capital launched its first dedicated VC secondaries fund with a target of £100 million.
Lisbon-based VC firm Apex Capital held a second close of its €50 million Elite Performance Fund. | | | | | |
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