Sourcery (12/6-12/10)
Tradeshift, Rho, AgentSync, Nearside, Pento, Paradigm, Majority, Posh, Resolve, Zeta Markets, Arch, Cerebral, Reveleer, PetDx, Suki, Genesys, Claroty, CloudBees, Loft Orbital, Braintrust, TrueNorth...
Last Week (12/6-12/10):
Relevant deals include the 60+ deals across stages below.
I've categorized the deals below into four categories, Fintech, Care, Future of Work, and Sustainability, and ordered from later-stage rounds to early-stage rounds. Highlighted deals include Tipalti, Tradeshift, Rho, Agentsync, TRM Labs, Nearside, Pento, Paradigm, Hummingbird, Palm NFT Studio, Majority, Posh, Resolve, Zeta Markets, Arch, Mnemonic, Fayre, Cerebral, Nomi Health, Reveleer, PetDx, Suki, Robin, HelloHero, Itiliti Health, Therify, Genesys, YipitData, Claroty, CloudBees, Loft Orbital, Braintrust, Anyscale, Ursa Major, TrueNorth, Torq, Edge Impulse, Universe, Petra, Circle, Kasada, AI Fleet, Fable, Perchwell, Serve Robotics, Passbase, Airplane, Frameplay, The Every Co; Appway, Quill, Bright Health; Nu Holdings, HashiCorp; Tomorrow.ai, Grove Collaborative, Getty Images
Final numbers on PE Deal Value Trends & Carbon Emissions Reporting at the bottom.
Deals
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
Fintech:
- Tipalti, a San Mateo, Calif.-based accounting automation company, raised $270 million in Series F funding at an $8.3 billion valuation. G-Squared led, and was joined by Marshall Wace, Counterpoint Global and insiders Zeev Ventures, Durable Capital Partners and 01 Advisors. http://axios.link/hVDx
- Tradeshift, an SF-based procure-to-pay platform, raised $200 million in equity and debt funding from such backers as Koch Industries, IDC Ventures, LUN Partners, Private Shares and Fuel Capital. www.tradeshift.com
- Rho, a New York-based corporate spend and cash management startup, raised $75 million in Series B funding. Dragoneer led, and was joined by DFJ Growth and insiders M13, Inspired Capital and Torch Capital. www.rho.co
- AgentSync, a Denver-based insurance technology company, raised $75 million in Series B funding led by Valor Equity Partners and was joined by investors including Craft Ventures, Tiger Global, Atreides Management, Anthemis, and Nine Four Ventures.
- TRM Labs, a San Francisco-based blockchain intelligence company, raised $60 million in Series B funding led by Tiger Global and was joined by investors including Amex Ventures, Visa, Citi Ventures, DRW Venture Capital, Jump Capital, Marshall Wace, Block, and PayPal Ventures.
- Hometap, a Boston-based startup that helps homeowners take out cash without assuming new debt, raised $60 million. American Family Ventures led, and was joined by Bain Capital, Iconiq Capital, G20 Ventures, Pillar and General Catalyst. http://axios.link/91rw
- Nearside, a San Francisco-based small business checking account company, raised $58 million in Series B funding led by Valar Ventures and was joined by investors including Kleiner Perkins, Foundation Capital, Abstract Ventures, CAA founder Michael Ovitz, Eventbrite co-founder Kevin Hartz, and others.
- FlipOS, A Phoenix, Az.-based real estate investor and institutional buyer outsourcing platform, raised $36 million in funding from Zeev Ventures.
- Pento, a London-based provider of payroll management software for SMEs, raised $35 million in Series B funding col-ed by Tiger Global and Avid Ventures and was joined by existing investors General Catalyst, Seedcamp, and LocalGlobe.
- Stacked, a Chicago-based crypto robo advisor, raised $35 million in Series A funding co-led by Alameda Research and Mirana Ventures and was joined by investors including Fidelity International Strategic Ventures, DRW Venture Capital, Alumni Ventures, and Jump Capital.
- Paradigm, a New York-based institutional liquidity network for derivative traders, raised $35 million in Series A funding co-led by Jump Capital and Alameda Ventures.
- Hummingbird, a Walnut, Calif-based risk and compliance technology provider, raised $30 million in Series B funding led by Battery Ventures and was joined by investors including Flourish, Homebrew, FinVC, and Plaid co-founder William Hockey.
- Palm NFT Studio, a creative services company for NFT artists and rights holders looking to establish NFT marketplaces, raised $27 million in Series B funding led by M12, and was joined by investors including Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, LAO, Warner Bros, and SKTelco.
- Majority, a Houston, Tex.-based mobile banking company for U.S. migrants, raised $27 million in Series A funding led by Valar Ventures and was joined by investors including Avid Ventures and Heartcore Capital.
- Posh, a Boston-based conversational AI platform for financial services, raised $27.5 million in Series A funding. Canapi Ventures led, and was joined by Curql Collective, Human Capital, CMFG Ventures, JAM FINTOP and Piedmont Capital. www.posh.tech
- Resolve, an embedded BNPL solutions provider that spiun out of Affirm in 2019, raised $25 million. Insight Partners led, and was joined by insiders Initialized Capital, KSD Capital, Haystack VC, Commerce Ventures and Clocktower Ventures. http://axios.link/C3Qg
- Stride Funding, a Dallas, Tex.-based educational funding platform for students, raised $12 million in Series A funding led by Firework Ventures, and was joined by investors including Juvo Ventures, Graham Holdings, GSV Ventures, Slow Ventures, and Sinai Ventures.
- Tulipshare, a London-based activist investment platform, raised $10.8 million from Eurazeo, Speedinvest and Frst. www.tulipshare.com
- Learnerbly, a London-based SaaS marketplace for professional development, raised $10 million in Series A funding. Beringea led, and was joined by Digital Horizon Ventures, BY Venture Partners, GO Ventures, FJ Labs, Frontline Ventures, Triple Point, London Co-Investment Fund and UFI Ventures. http://axios.link/9Fyp
- Zeta Markets, a DeFi futures and options exchange built on Solana, raised $8.5M in a private token sale led by Jump Capital and was joined by investors including Race Capital, Electric Capital, DACM, Airtree Ventures, Amber Group, Wintermute, Sino Global Capital, Genesis Block Ventures, QCP Capital, Alameda Research, Solana Capital, MGNR, 3kVC, Orthogonal Trading, LedgerPrime, and SkyVision Capital.
- FlyFin, a San Jose, Calif.-based A.I.-powered tax engine, raised $8 million in pre-Series A funding led by Accel Partners and was joined by Falcon Edge.
- Pontoro, a Mountain View, Calif.-based digital asset securitization and liquidity platform, raised $6 million in seed funding led by Ulu Ventures, and was joined by investors including Franklin Templeton, Neva Sgr., Illuminate Financial, Adit Ventures, Fin Venture Capital, Viking Maccabee Ventures, Bloccelerate Ventures, Nevcaut Ventures, and Quest Venture Partners.
- Arch, a New York-based administration platform for private investments, raised $5.5 million in seed funding led by Craft Ventures and was joined by investors including Animal Capital, Good Friends, Vine Ventures, Soma Capital, and Henry Ward.
- Mnemonic, an NFT application building platform, raised $4 million in seed funding led by Kenetic and was joined by investors including Monochrome Capital, Sound Ventures, and Tribe Capital.
- Fayre, a global NFT club for creators, brands and fans, raised $3.4 million in funding led by Outlier Ventures and was joined by investors including Protocol Labs, X21 Digital, Titans Ventures, China Polka, BMW Capital, Insignius Capital, Oddgems, Dutch Crypto Investors, and Macro Chain.
. . .
Care:
- Cerebral, a Walnut, Calif.-based online mental health services provider, raised $300 million at a $4.8 billion valuation. SoftBank led, and was joined by Prysm Capital, Len Blavatnik’s Access Industries, WestCap Group and Artis Ventures. http://axios.link/QPBK
- Nomi Health, an Orem, Utah-based direct healthcare company, raised $110 million in Series A funding led by Rose Park Advisors and Arbor Ventures.
- Acepodia, an Alameda, Calif.-based cell therapy development company raised $109 million in Series C funding led by Digital Mobile Venture.
- Reveleer, a Glendale, Calif.-based cloud-based healthcare platform, raised $65 million in funding led by Oak HC/FT and was joined by investors including Upfront Ventures and Boston Millennia Partners.
- PetDx, a La Jolla, Calif.-based developer of canine cancer detection tests, raised $62 million in Series B funding led by Longview Asset Management. www.petdx.com
- Suki, a Redwood City, Calif.-based voice artificial intelligence technology company for health care, raised $55 million in Series C funding led by March Capital and was joined by investors including Philips Ventures, Venrock, Flare Capital, Breyer Capital, and inHealth Ventures.
- Robin, a Berkeley, Calif.-based healthcare technology company, raised $50 million in Series B funding of $50 million led by Scale Venture Partners and was joined by investors including Khosla Ventures, Norwest Venture Partners, Social Leverage, Meridian Street Capital, and IA Ventures.
- Totus Medicines, a Cambridge, Mass.-based cancer startup focused on PI3Kα inhibitors, raised $40 million in Series A funding. DCVC and Northpond Ventures co-led, and were joined by Camford Capital and Social Impact Capital. http://axios.link/UXIS
- Limbix, a San Francisco-based mental health disorder prescription therapeutics company, raised $15 million in a second Series A round led by GSR Ventures, and was joined by investors including DG Daiwa Ventures, Storm Ventures, Bixink, and DN Capital.
- Bloom Science, a San Diego-based microbe-based neurological disorder therapeutics developer, raised $12 million in Series A funding led by Leaps by Bayer and the ALS Investment Fund and was joined by investors including Apollo Health Ventures and Joyance Partners.
- Proov, a Boulder, Colo.-based urine progesterone test strip and women’s reproductive health company, raised $9.7 million in Series A funding led by Hambrecht Ducera Growth Ventures and was joined by firms including SteelSky Ventures, WCC Partners, Lightship Capital, GingerBread Capital, and Portfolia.
- Vinehealth, a London-based data reporting app for cancer patients, raised $5.5 million in seed funding. Talis Capital led, and was joined by Playfair Capital and Ascension. http://axios.link/Uuvf
- Facetheory, a British DTC skincare brand, raised £10 million in Series A funding from Active Partners. www.facetheory.com
- HelloHero, a New York-based online therapy and mental health company, raised $7.7 million in seed funding by Silverton Partners and was joined by investors including Correlation Ventures, Achieve Partners, and Service Provider Capital New England Fund.
- Pair Team, an SF-based operational platform for community health centers, raised $7.3 million from NTTVC, Newark Venture Partners and 8VC. www.pairteam.com
- Itiliti Health, an Eden Prairie, Minn.-based health data and decision automation platform, today raised $2 million in funding co-led by Bread and Butter Ventures and Altitude Ventures and was joined by investors including M25, SpringTime VC, and Groove Capital.
- Therify, a Brooklyn-based mental health startup focused on marginalized populations, raised $1.3 million in seed funding from SoftBank, Looking Glass Capital, YC, Flexport, True Culture Fund and K5 Global. http://axios.link/kN5i
. . .
Future of Work:
- Genesys, a Daly City, Calif.-based customer experience cloud company, raised $580 million in funding led by Salesforce Ventures and was joined by investors including ServiceNow Ventures, Zoom Video Communications, BlackRock funds, and D1 Capital Partners.
- YipitData, a New York-based market research company, raised $475 million in Series E funding led by Carlyle.
- Claroty, a New York-based industrial cybersecurity company, raised $400 million in Series E funding co-led by SoftBank, Bessemer Venture Partners and Schneider Electric. Other backers included Istari, Team8 and Standard Investments. http://axios.link/NfsO Some proceeds went to buy Medigate, a security and asset management platform for connected care that had raised over $50 million from backers like USVP, YL Ventures, Partech, Blumberg Capital and Maor Investments.
- Robotic Research, a Clarksburg, Md.-based autonomous mobility and robotics software company used by the U.S. Army, raised $228 million in Series A funding from SoftBank, Enlightenment Capital, Crescent Cove Advisors, Henry Crown and Company, and Luminar Technologies.
- Incode, a San Francisco-based identity verification and authentication platform, raised $220 million in Series B funding led by General Atlantic and SoftBank and was joined by investors including J.P. Morgan Technology Ventures, Capital One Ventures, and Coinbase Ventures.
- CloudBees, a San Jose, Calif.-based enterprise software delivery platform, raised $150 million in Series F funding at a $1 billion pre-money valuation. Goldman Sachs led, and was joined by Morgan Stanley, Bridgepoint Capital and insiders HSBC, Golub Capital, and Delta-v Capital. www.cloudbees.com
- Loft Orbital, a San Francisco-based space infrastructure management company, raised $130 million in funding led by BlackRock and was joined by investors including CEAS Investments, Foundation Capital, Uncork Capital, and Ubiquity VC.
- Heap, a San Francisco-based digital insights platform, raised $110 million in Series D funding led by Sixth Street Growth and was joined by investors including Goldman Sachs Asset Management, NewView Capital, Menlo Ventures, DTCP, Triangle Peak Partners, Alliance Bernstein Private Credit Investors, Maverick Ventures, and The Private Shares Fund.
- Braintrust, a decentralized Web3 talent network, raised $100 million in a private token sale led by Coatue and was joined by investors including Tiger Global, True Ventures, Blockchange Ventures, HashKey, and others.
- Anyscale, a San Francisco-based platform to accelerate AI applications development, raised $100 million in Series C funding co-led by Andreessen Horowitz and Addition and was joined by investors including NEA, Intel Capital, and Foundation Capital.
- Liqid, a Broomfield, Co.-based data center composability company, raised $100 million in Series C funding co-led by Lightrock and affiliates of DH Capital and was joined by investors including Panorama Point Partners and Iron Gate Capital.
- Ursa Major, a Berthoud, Colo.-based rocket engine maker, raised $85 million in Series C funding. BlackRock led, and was joined by XN, Alsop Louie, Alpha Edison, Dolby Family Ventures, KCK, Space Capital, Explorer 1 and Harpoon Ventures. http://axios.link/5ptR
- ServiceTrade, a Durham, N.C.-based commercial service contractor software platform, raised $85 million led by JMI Equity and was joined by investors including Frontier Growth and Bull City Venture Partners.
- TrueNorth, a San Francisco-based platform for independent truckers, raised $50 million in Series B funding led by Lachy Groom and Sam, Max, and Jack Altman and were joined by investors including Flexport Fund, Tribe Capital, Original Capital, K5 Global, 137 Ventures, and Fifth Down Capital.
- Sense, a San Francisco, Calif.-based recruiting and talent communication platform, raised $50 million in Series D funding led by SoftBank Group.
- Torq, a Portland, Ore.-based no-code automation platform for security teams, raised $50 million in Series B funding. Insight Partners led, and was joined by SentinelOne and insiders GGV Capital and Bessemer Venture Partners. www.torq.io
- Synthesia, a London-based AI platform for making synthetic videos, raised $50 million in Series B funding. Kleiner Perkins led, and was joined by GV and insiders Firstmark Capital, LDV Capital, Seedcamp and MMC Ventures. http://axios.link/kTXM
- GitGuardian, a Paris-based digital authentication credentials platform, raised $44 million in Series B funding led by Eurazeo and was joined by investors including Sapphire, Balderton, BPI, and Fly Ventures.
- Marketplacer, an online marketplace platform technology, raised $38 million from A Fifth Estate, Washington H Soul Patterson, Wunala Capital, Acorn Capital, Ellerston Capital, Endeavor Asset Management, Lennox Capital Partners, Mirrabooka, OC Funds, Salesforce Ventures and SG Hiscock. www.marketplacer.com
- Edge Impulse, a San Jose, Calif.-based startup focused on enabling embedded ML solutions, raised $34 million in Series B funding. Coatue led, and was joined by insiders Canaan Partners, Acrew Capital, Fika Ventures, Momenta Ventures, and Knollwood Investment Advisory. http://axios.link/BGt4
- NewtonX, a New York-based B2B insights company, raised $32 million in Series B funding. Marbruck Ventures led, and was joined by Level One, UBS O’Connor, Gaingels, Heliad Partners and insiders Two Sigma, Third Prime, XFund, Story Ventures and Switch. http://axios.link/Jad0
- Robust Intelligence, an SF-based AI model stress-testing platform, raised $30 million in Series B funding. Tiger Global led, and was joined by Sequoia Capital, Harpoon VC and Engineering Capital. http://axios.link/089b
- Universe, a Brooklyn-based website and online store building app, raised $30 million in Series B funding led by Addition and was joined by investors including Google Ventures, Javelin Venture Partners, and Box Group.
- Petra, a maker of tunnel-boring robots, raised $30 million in Series A funding. DCVC led, and was joined by ACME Capital, Congruent Ventures, 8VC, Real Ventures, Elementum Ventures and Mac Venture Capital. http://axios.link/sJWH
- Easol, a British provider of event and experiences software, raised $25 million in Series A funding. Tiger Global led, and was joined by insiders Notion Capital, Foundation Capital, YC and FMZ Ventures. http://axios.link/igk8
- Circle, a New York-based community engagement platform for creators, raised $24.7 million in Series A funding. Tiger Global led, and was joined by Box Group and Notation Capital. http://axios.link/TjdO
- Kasada, a New York-based automated threat and bot attack prevention company, raised $23 million in Series C funding led by StepStone Group and was joined by investors including Ten Eleven Ventures, Main Sequence Ventures, Reinventure, Our Innovation Fund, and Turnbull & Partners.
- Union, an Austin, Texas-based engagement platform for restaurants, raised $22 million in Series B funding. Clerisy led, and was joined by Roth Capital, Aquila Capital Partners and insiders NEA, Wellington Management and Fiserv. www.union-pos.com
- AI Fleet, a trucking carrier, raised $21 million in Series A funding led by Obvious Ventures and was joined by investors including Compound, Ibex Investors, and Tom Williams.
- Grip Security, a Tel Aviv-based SaaS security startup, raised $19 million in Series A funding led by Intel Capital and was joined by investors including YL Ventures.
- Fable, a Palo Alto, Calif.-based motion design platform for creators, raised $15 million in Series A funding led by Redpoint Ventures and was joined by investors including Collaborative Fund, SIP Global Partners, Harrison Metal, Third Kind Venture Capital, and LightShed Ventures. Annie Kadavy of Redpoint will join the Board. Less than one year after raising its seed round, this round brings Fable's total funding to $22.4M. The company will use this new capital to expand its team and grow its product offering.
- Perchwell, a New York-based real estate listings provider, raised $15 million in Series A funding led by Founders Fund and was joined by investors including Lux Capital, Matterport, and California Regional MLS.
- Connect The Dots, a Dublin-based network intelligence platform, raised $15 million in Series A funding led by Norwest Venture Partners and was joined by investors including Cloud Apps Capital Partners and Velvet Sea Ventures.
- First Resonance, a Los Angeles-based manufacturing software platform for factory operations, raised $14 million in Series A funding led by Craft Ventures and was joined by investors including Blue Bear Capital, Fika Ventures, and Stage VP.
- SpotHopper, a Milwaukee-based provider of restaurant marketing tech, raised $14 million in Series A funding led by TVC Capital. www.spothopperapp.com
- Serve Robotics, a sidewalk delivery robot spinoff of Postmates, raised $13 million in seed funding from Uber (owner of Postmates), Delivery Hero, 7-Eleven and Wavemaker Partners. http://axios.link/9JeU
- NetSpring, a Redwood City, Calif.-based operational intelligence platform raised $13 million in Series A funding led by Dell Technologies Capital and was joined by investors including Khosla Ventures and Wipro Ventures.
- Ikigai, a developer of human-involved automated workflows, raised $13 million in seed funding from Foundation Capital, 8VC and Underscore VC. http://axios.link/RgGy
- Tamatem Games, an Amman, Jordan-based mobile games publisher, raised $11 million in Series B funding led by KRAFTON and was joined by investors including Venture Souq and Endeavor Catalyst.
- Pod Foods, a San Francisco-based grocery supply chain software company, raised $10 million in Series A funding led by Industrious Ventures and was joined by investors including M12 and Moment Ventures.
- Deed, a New York-based workplace giving platform, raised $10 million. Earlybird led, and was joined by PruVen Capital, YC and Paua Ventures. http://axios.link/k1Pa
- Passbase, a German digital identity startup, raised $10 million in Series A funding. Costanoa Ventures led, and was joined by Lakestar, Eniac Ventures, Cowboy Ventures and Seedcamp. http://axios.link/uJgV
- Jupe, a Torrance, Calif.-based shelter technology company, raised $9.5 million in seed funding led by Initialized Capital and was joined by Y Combinator.
- Airplane, a San Francisco- based developer platform for automating internal workflows, raised $8.5 million in Series A funding led by Benchmark.
- Gadget, an Ottawa, Canada-based developer productivity company, raised $8.5 million in funding led by Sequoia Capital and Bessemer Venture Partners.
- The Desire Company, an Atlanta, Ga.-based consumer shopping platform, raised $8 million in Series A funding from Valor Equity Partners and Cleveland Avenue.
- Frameplay, A San Francisco-based in-game advertising company, raised $8 million in Series A funding led by Hiro Capital and was joined by investors including zVentures and Kona Venture Partners.
- Rainmaker Games, a P2E game platform, raised $6.5 million in seed funding from investors including CoinFund, Polygon Studios, Alameda Research, Republic Realm, Skyvision Capital, Animoca Brands, and Merit Circle.
- Clubbi, a Brazilian B2B online commerce platform for small food retailers, raised $4.5 million in seed funding. Valor Capital Group and ONEVC co-led, and were joined by Better Tomorrow Ventures, Latitud and Canary. http://axios.link/Wl0G
- BBS Network, a decentralized Web3 public network, raised $1.5 million in seed funding led by Binance Labs.
. . .
Sustainability:
- The Every Co., a South Sf-based developer of animal-free protein tech, raised $175 million in Series C funding. McWin led, and was joined by Rage Capital, Temasek, Wheatsheaf Group, Prosus Ventures and TO Ventures. http://axios.link/wK4R
Acquisitions & PE:
- Pinterest acquired Vochi, a video creation and editing app. Financial terms were not disclosed.
- Jack in the Box (Nasdaq: JACK) agreed to buy quick-serve chain Del Taco (Nasdaq: TACO) for $575 million, or $12.71 per share in cash. http://axios.link/JCMr
- Permira agreed to acquire Mimecast Limited, a London-based email security and cyber resilience company, for $5.8 billion in cash.
- Equinix (Nasdaq: EQIX) agreed to buy MainOne, a Nigerian data center and connectivity solutions provider, for $320 million. http://axios.link/j2om
- Main Street Capital invested $42.2 million in Valley Vet Supply, a Marysville, Kans.-based animal health product retailer; $38.4 million in Verified Credentials, a Lakeville, Minn.-based consumer reporting agency; and $27.1 million in DMA Sales, a Tabor City, N.C.-based ride control designer and distributor.
- FNZ agreed to acquire Appway, a Switzerland-based client onboarding and servicing company for financial institutions, from Summit Partners. As part of the deal, Summit will become a minority shareholder in FNZ.
- Wind Point Partners acquired good2grow, an Atlanta, Ga.-based kids’ beverage company, from Kainos Capital. Financial terms of the transaction were not disclosed.
- Nestle is selling $10.1 billion of its stake in L'Oreal, a French beauty and cosmetics company, back to the company, reducing its stake in the company to 20.1%.
- BP acquired AMPLY Power, a Mountain View, Calif.-based electric vehicle charging provider. Financial terms were not disclosed.
- Twitter (NYSE: TWTR) acquired Quill, a business messaging service that had raised around $16 million from firms like Index Ventures, General Catalyst and Sam Altman. http://axios.link/0fMx
- Bright Health NYSE: BHG), a Minneapolis-based health insurer, raised $750 million from Cigna Ventures and NEA. http://axios.link/1x3P
- REEF Technology, backed by Mubadala Investment Company and SoftBank, agreed to acquire 2ndKitchen, a virtual food-serving company for hotels, offices, buildings, or bars without kitchens. Financial terms were not disclosed.
. . .
IPOs:
- Nu Holdings, a holding company for Brazilian neobank Nubank, raised $2.6 billion in a dual offering in the U.S. and Brazil of 289.2 million shares priced at $9 per share. The company reported $737 million in total revenue in 2020 and a loss of $172 million. Sequoia Capital, DST Global, Tencent Holdings, and Tiger Global back the firm.
- HashiCorp, a San Francisco-based cloud workflow platform, raised $1.2 billion in an offering of 15.3 million shares priced at $80 per share. The company posted total revenue of $222 million in the year ending in Jan. 2021 and reported a net loss of $84 million. Mayfield, GGV Capital, Redpoint Ventures, and True Ventures back the firm.
. . .
SPACs:
- Alvotech, an Icelandic developer of biosimilar medicines, agreed to go public at an implied $2.25 billion valuation via Oaktree Acquisition Corp. II (NYSE: OACB). The deal includes a $150 million PIPE from such investors as Temasek, CVC Capital Partners and Suvretta Capital. Alvotech had raised $100 million from firms like Alvogen Group, Baxter Internationa and Shinhan PE. http://axios.link/gFNq
- BenevolentAI, a London-based drug discovery firm, agreed to go public at an implied €1.5 billion valuation via Odyssey, an Amsterdam-listed SPAC. It had raised $350 million from firms like Temasek (which is participating in the PIPE), Lansdowne Partners, Lundbeck, Nortrust, Upsher-Smith Labs and Woodford Investment Management. http://axios.link/frv9
- Tomorrow.io, a Boston-based hyper-local weather forecasting company, agreed to go public at an implied $1.2 billion valuation via Pine Technology Acquisition Corp. (Nasdaq: PTOC). Tomorrow raised around $180 million from firms like Canaan Partners, Fontilalis Partners, Square Peg Capital, Pitango, Highline Capital Management and JetBlue. http://axios.link/2NVX
- Grove Collaborative, an SF-based DTC platform for natural home and personal care products, agreed to go public at an implied $1.5 billion valuation via Virgin Group Acquisition Corp II (NYSE: VGII). Grove raised over $480 million from firms like Lone Pine Capital, General Atlantic, Glynn Capital, Norwest Venture Partners, Mayfield Fund, NextView Ventures, MHS Capital, and Heron Rock Capital. http://axios.link/cCR3
- Getty Images, a Seattle-based stock photo provider, agreed to go public at an implied $4.8 billion valuation via CC Neuberger Principal Holdings II (NYSE: PRPB), a SPAC formed by CC Capital and Neuberger Berman. Backers include Koch Equity Development. http://axios.link/UASI
Funds:
- Ballistic Ventures, a VC firm led by Ted Schlein (ex-Kleiner Perkins) and Jacob Seid (Stone Bridge Ventures, TenX), raised more than $200 million for its debut fund, per an SEC filing.
- Falcon Edge Capital is raising $10 billion for its next fund, and has rebranded as Alpha Wave Global, per TechCrunch. http://axios.link/Mh9d
- Greycroft is raising $500 million for its seventh early-stage VC fund and around $1 billion for its fourth growth-stage fund, per the WSJ. http://axios.link/PhEI
- L Catterton, a consumer-focused PE firm, is targeting $6.5 billion for its 10th flagship fund and $1.25 billion for its fourth growth equity fund, per the WSJ. http://axios.link/5e88
- Twilio (NYSW: TWLO) launched a $50 million corporate VC fund. www.twilio.com/ventures
Final Numbers
In the last six months, private equity firms have been exiting companies at a higher rate than they have in at least 20 years, according to new Pitchbook research, and they’re making quite a bit of money on their way out. There’s a handful of reasons for this. To name a couple: The IPO market is strong and company valuations are razor-sharp.
It’s nothing short of remarkable what we’re seeing here:
Source: Termsheet
Data: MSCI; Chart: Jacque Schrag/Axios
Go deeper: Private equity's climate footprint gains focus
The material presented on Molly O’Shea’s website are my opinions only and are provided for informational purposes and should not be construed as investment advice. It is not a recommendation of, or an offer to sell or solicitation of an offer to buy, any particular security, strategy, or investment product. Any analysis or discussion of investments, sectors or the market generally are based on current information, including from public sources, that I consider reliable, but I do not represent that any research or the information provided is accurate or complete, and it should not be relied on as such. My views and opinions expressed in any website content are current at the time of publication and are subject to change. Past performance is not indicative of future results.