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The Latest Breaking News from PitchBook

Flat and down rounds have hit a decade high, according to new PitchBook data

PitchBook just released its quarterly U.S. Valuations Report, and its data isn’t surprising—but it is cryptic. Flat and down rounds hit a decade high, while median late-stage valuations (this year to date) are surpassing the 2021 bull market.

Fortune

AI startups raised $24 billion globally in Q2, but the question remains: Where will value in AI accrue? Here’s one VC’s (slightly) contrarian take.

PitchBook isn’t ready to call a comeback, but deal counts are looking up: In Q2 this year, U.S. VCs invested $55.6 billion in 4,226 deals, marking the highest quarterly deal count since Q2 2022. Meanwhile, AI startups raised $24 billion globally in Q2, Crunchbase says.

Fortune

For U.S. VCs, average fund size this year hit $153.5 million. But fundraising is only going well for a select few, PitchBook data shows.

Data pretty clearly suggests that, for lots of fundraising VCs right now, it is brutal out here. But there are nuances to this, as illustrated in PitchBook’s just-published mid-year update to its 2024 U.S. Venture Capital Outlook.

Fortune

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What I learned about dealmaking (and mascots) in Japan

In 2023, total VC deal activity in Japan shook out to $5.1 billion in value, across 1,213 deals, according to PitchBook.

Fortune

Economy and Society April 2, 2024: Mississippi issues cease and desist order to BlackRock, warns of potential finesEconomy and Society April 2, 2024:

Economy and Society is Ballotpedia’s weekly review of the developments in corporate activism; corporate political engagement; and the environmental, social, and corporate governance (ESG) trends and events that characterize the growing intersection between business and politics.

Ballotpedia

Legal tech firm Farewill sees value written down more than £50 million by shareholder Daily Mail

Legal tech firm Farewill has seen its valuation slashed by more than £50 million by one of its major shareholders, the Standard has learnt, amid growing signs European tech firms are struggling to hold on to the heady valuations they attracted during the height of the pandemic.

Evening Standard

Kiln Emerges Victorious Amid Crypto Downturn, Secures $17M Funding in 2023

According to data from PitchBook, VC investments in crypto companies witnessed a staggering 68% drop in 2023 compared to the robust figures seen in 2022.

International Business Times UK

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AI is so indispensable for this profession that nearly 60% of the workers who use it say they’d rather take a 10% pay cut than go without the technology

Many market intelligence researchers have become reliant on AI to do their jobs—it could be a sign of what's to come across the economy.

Fortune

European tech valuations fall again as storm clouds gather for start-ups

Valuations of European tech firms continued to decline in the third quarter, figures out today show, as start-ups battled for survival amid weaker consumer sentiment, scant venture capital investment and slower growth.

Evening Standard

The new realities of venture capital, in 3 charts

PitchBook data shows that seed and pre-seed fundraising have been resilient to the downturn.

Fortune

‘It’s just a matter of time’: why AI could help Europe create its own Apple or Google

Silicon Valley overshadows its transatlantic rivals. But as artificial intelligence grows – and with a global summit on it this week – some think it could offer a Euro startup the chance to become a new Google

The Guardian - UK

The congressman investigating four VC firms with ties to China has a message: This is just the beginning

In an interview with Term Sheet, Representative Mike Gallagher said that these letters to venture capital firms were just the beginning of the Committee’s investigation.

Fortune

PitchBook has a new way to quantify how VC fund managers are performing

The private markets data provider is angling to provide more resources for LPs to rank VCs.

Fortune

Exclusive: VSCO appoints new CEO as social media app looks to help 'creators to make some money'

President Eric Wittman will step into the top job while cofounder Joel Flory will become executive chairman for the app, famous for the "VSCO girl" trend.

Fortune

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Private equity investments in professional sports teams have exploded in the past four years, per PitchBook

Sixty-two major North American sports teams, valued at $179.7 billion, have connections to PE.

Fortune

The forces driving Tiger Global’s tailspin

Tiger Global helped inflate a bubble with bold bets and massive checks. Now the firm is facing a reckoning.

Fortune

How Tiger Global fell to earth

Tiger 'cub' Chase Coleman III's firm backed the equivalent of a startup a day in 2021 at wild prices, helping inflate a venture bubble. Now the firm is facing a reckoning.

Fortune

Why Israeli VC firm Team8 is eyeing growth investing even as the downturn batters startups

Managing partner Rakefet Russak-Aminoach thinks the crop of later-stage startups that survives the downturn could be a juicy opportunity.

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The Guardian - UK

Rapid grocer Getir to cut 2,500 jobs in five countries including UK

Move is latest sign of falling demand in delivery market amid cost of living crisis and since end of lockdowns

Fortune

Google’s A.I. is about to breach a new frontier: Life advice, from a chatbot

In the arms race to create hyper-specialized A.I. tools, there’s profit to be made replicating human relationships.

Fortune

A.I. startups are losing their bloom for seed investors, argues one VC

VCs “are growing a little bit fatigued with the seed investments they made two to six months ago that are almost going to zero overnight” as Big Tech catches up, Redpoint Ventures’s Meera Clark says.

Fortune

Startups selling their assets on the cheap could spell big opportunity for competitors and VCs

More startups like Hopin will likely sell off chunks of their businesses as the downturn wreaks havoc.

The Guardian - UK

Private capital funds 35% of clubs in Europe’s top leagues, research shows

Chelsea, Milan and Newcastle are owned entirely by private capital with a report finding most investors want to ‘crystalise’ their returns within a decade

Fortune

Polychain raises $200 million for fourth crypto VC fund, shakes up staff

The firm founded by Coinbase alum Olaf Carlson-Wee is shifting its focus.

Fortune

The Term Sheet monthly wrap: Biggest deals, funding rounds, and top stories for June 2023

A precarious dealmaking environment, A.I. deal count is down, and June’s most noteworthy VC deals.

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