Sourcery (8/3-8/7)
Epic Games, Ginger, Crossbeam, Qualified, Orum, Indigo Agriculture, Teladoc Health + Livongo Health merger
Last Week (8/3-8/7):
Relevant deals include the 60+ deals across stages below.
I've categorized the deals below into three categories, Care, Future of Work and Sustainability, and ordered from later-stage rounds to early-stage rounds. Highlighted deals include Epic Games, Ginger, Crossbeam, Qualified, Orum, Indigo Agriculture, and Teladoc Health + Livongo Health merger.
Final numbers on M&A and IB Volume, and Teladoc & Livongo Stock Price at the bottom.
Deals
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
Care: (where are all the health-tech deals?!)
- Cedar, a NYC-based patient engagement and financial technology platform, received an investment from Concord Health Partners, a healthcare focused investment firm as part of its Series C funding (read here)
- Retina-AI Health, Inc., a Houston, TX-based AI screening of diabetic retinopathy company, raised $5.2M in Series A financing (read here)
- ModifyHealth, an Atlanta, GA-based provider of gut-friendly, Low-FODMAP and gluten-free meals, closed a $2m Series A funding (read here)
. . .
Future of Work:
- Epic Games, the Raleigh, N.C.-based maker of Fortnite, raised $1.78 billion at a $17.3 billion valuation. This is inclusive of a previously-announced $250 million from Sony, and also includes investment from Baillie Gifford, BlackRock, Fidelity, Lightspeed Venture Partners, Ontario Teachers’ Pension Plan Board, David Tepper, T. Rowe Price, and return backer KKR. http://axios.link/aM3e
- Rippling, the employee data platform led by Zenefits founder Parker Conrad, raised $145 million in Series B funding at a $1.35 billion valuation. Founders Fund led, and was joined by Greenoaks Capital, Coatue Management, Bedrock Capital, and return backers Kleiner Perkins, Initialized Capital, and YC. http://axios.link/jwRK
-Rigetti Computing, a Berkeley, Calif.-based quantum computing systems software developer, raised $79 million in Series C funding. Bessemer Venture Partners led the round, and was joined by investors including Franklin Templeton, Alumni Ventures Group, DCVC, EDBI, Morpheus Ventures, and Northgate Capital.
-Yotpo, a New York City-based ecommerce marketing platform for retail brands, raised $75 million in Series E funding. Bessemer Venture Partners (BVP) led the round, and was joined by investors including Access Industries, Vertex Ventures, and Hanaco.
- Radish, a New York and Seoul, South, Korea-based serialized fiction app provider, raised $63.2m in Series A funding (read here)
-Ginger, a San Francisco-based on-demand mental healthcare platform, raised $50 million in Series D funding. Advance Venture Partners and Bessemer Venture Partners led the round, and were joined by investors including Cigna Ventures, Jeff Weiner, the executive chairman of LinkedIn, and Kaiser Permanente Ventures.
- Syntiant, an Irvine, Calif.-based AI chipmaker focused on voice, raised $35 million in Series C funding. M12 and Applied Ventures co-led, and were joined by Atlantic Bridge Capital, Alpha Edison, and Miramar Digital Ventures. http://axios.link/1qqb
- Volante Technologies, a Jersey City, New Jersey-based cloud-based payments and financial messaging provider, raised $35 million in funding. Wavecrest Growth Partners led the round, and was joined by investors including BNY Mellon, Citi Ventures, PostePay and Visa Inc.
- Mode Analytics, a San Francisco-based analytics platform for data scientists, raised $33 million in Series D funding. H.I.G. Growth Partners led, and was joined by Valor Equity Partners, Foundation Capital, REV Venture Partners, and Switch Ventures. http://axios.link/bVuf
- PandaDoc, a San Francisco-based document signing and contracts software company, raised $30 million in funding. One Peak led the round, and was joined by investors including M12, Savano Capital Partners, Rembrandt Venture Partners, EBRD Venture Capital Investment Programme and individual investor David Sipes.
-TemperPack, a Richmond, Va.-based thermal packaging company, raised $31.3 million in Series C funding. Wheatsheaf Group led the round, and was joined by investors including Revolution Growth, Harbert Growth Partners, SJF Ventures, Arborview Capital, Tao Capital, Third Prime Capital and Greenhouse Capital. Read more.
-Buckle, an Atlanta-based provider of ridesharing insurance for drivers, raised $31 million in Series A funding from HSCM Bermuda and Eos Venture Partners.
-Springboard, a San Francisco-based career mentoring platform, raised $31 million in Series B funding. Telstra Ventures led the round, and was joined by investors including Vulcan Capital, SJF Ventures, Costanoa Ventures, Pearson Ventures, Reach Capital, International Finance Corporation (IFC), 500 Startups, Blue Fog Capital, and Learn Capital.
- Silverfort, a proxyless authentication platform with offices in Boston and Israel, raised $30 million in Series B funding. Aspect Ventures led, and was joined by Citi Ventures, Maor Investments, and return backers TLV Partners, StageOne Ventures, and Singtel Innov8. http://axios.link/In6R
- Feather, a New York, NY – based furniture rental company, secured $30M in debt financing (read here)
- Crossbeam, a Philadelphia-based collaboration platform for networking with partners, raised $25 million in Series B funding. Redpoint led the round, and was joined by investors including FirstMark Capital, Salesforce Ventures, Slack Fund, Uncork Capital, Okta Ventures and executives from Partnership Leaders.
- Censys, an Ann Arbor, Mich.-based search engine for finding Internet devices, raised $15 million. GV and Decibel co-led, and were joined by Greylock. http://axios.link/w1Wp
- StreetLight Data, a San Francisco-based data provider focused on tracking street activity for transportation planning, raised $15 million in Series D funding from investors including Macquarie Capital, Activate Capital, Osage University Partners and Ajax Investment Strategies.
- Zencity, an Israeli startup that helps local governments make data-driven decisions, raised $13.5 million. TLV Partners led, and was joined by Salesforce Ventures, Canaan Partners Israel, Vertex Ventures, M12, and i3 Equity Partners. http://axios.link/858M
-ROOM, a New York City-based company that makes portable phone booths, meeting rooms and other products for offices, raised $12.5 million in Series A funding. Slow Ventures led the round, and was joined by investors including SJF Ventures, Lerer Hippeau, and FJ Labs along with individual investors including Bjarke Ingels.
-Qualified, a San Francisco-based marketing platform that lets businesses chat with buyers on their sites, raised $12 million in Series A funding. Norwest Venture Partners led the round, and was joined by investors including Salesforce Ventures and Redpoint Ventures.
-Zibo, a Redwood City, Calif.-based platform for independent landlords to manage finances, raised $10.5 million in seed funding. Canaan Partners led the round, and was joined by investors including QED Investors, Khosla Ventures and SVB Capital.
- MikMak, a New York City-based ecommerce marketing platform, raised $10 million in Series A funding. Wavecrest Growth Partners led the round, and was joined by investors including Luminari Capital, Brave Ventures, Lunch Partners, Madrona Venture Group, and others. Read more.
- Smalls, a cat food startup, raised $9 million in Series A funding. Left Lane Capital led, and was joined by Founder Collective and Companion Fund. http://axios.link/fOT5
- Breezeway, a Boston-based provider of cleaning and maintenance services to rental property owners, raised $8 million in Series A funding. Schooner Capital led, and was joined by Tamarisc Ventures, Krillion Ventures, and Launch Capital. http://axios.link/ju1w
-Breezeway, a Boston-based property management platform, raised $8 million in Series A funding. Schooner Capital led the round, and was joined by investors including Tamarisc Ventures, Krillion Ventures, and Launch Capital.
- TaxScouts, a London-based tax preparation platform, raised £5 million ($6.5 million) in Series A funding. Octopus Ventures led the round, and was joined by investors including SpeedInvest, Seedcamp, Finch Capital, and Clocktower Technology Ventures.
- FleetOps, a Toronto-based AI-based freight marketplace that matches freight shipments with drivers, raised $6 million in seed funding. Inspired Capital and Resolute Ventures led the round, and were joined by investors including Hike Ventures, Basecamp Fund, Newark Venture Partners, BCF Ventures, Panache Ventures, and Brian Thomas.
- Orum, a New York-based platform to help financial institutions move money and predict funds availability, raised $5.2 million in seed funding from investors including Inspired Capital, Homebrew, Acrew, Bain Capital Ventures, Clocktower, and Box Group.
- Truera, a Redwood City, Calif-based AI model intelligence platform developer, raised $5.1 million in funding. Greylock led the round, and was joined by investors including Wing VC, Conversion Capital, and Aaref Hilaly.
- clean.io, a Baltimore, Md.-based malicious ads and untrusted JavaScript blocker, raised $5 million in Series A funding. Tribeca Venture Partners led the round, and was joined by investors including Real Ventures, Inner Loop Capital, and Grit Capital Partners.
-Proper, a San Francisco-based accounting and bookkeeping service for property managers, raised $4.8 million in seed funding from investors including MetaProp, Expa and Bling.
-GreyNoise Intelligence, a Washington, D.C.-based cybersecurity platform that sifts through harmless security alerts, raised $4.8 million in seed funding led by CRV. Read more.
-Goodfair, a Houston-based thrift shopping platform, raised $3.6M in seed funding. Imaginary led the round, and was joined by investors including MaC Venture Capital, Global Founders Capital, Willow Ventures, Watertower, Amplify.LA, Capital Factory and Texas Ventures.
- Kumanu, an Ann Arbor, Mich.-based wellbeing technology company, closed a $3m Series A funding (read here)
- Cashdrop, a Chicago-based small business commerce platform, raised $2.7 million in seed funding. Harlem Capital led the round, and was joined by investors including Founder Collective, Long Journey Ventures and M25, and several individual investors. Read more.
- HyperQube Technologies, an Arlington, Va.-based platform that gives IT teams the ability to copy entire cloud networks for testing, raised $2.5 million in seed funding led by Leawood Venture Capital.
- Minnow Technologies, a Seattle, WA-based IoT startup that has developed a contact-free food delivery and pickup solution (called the Minnow Pickup Pod™), raised $2.2M in a seed funding round (read here)
- ReturnLogic, a Camp Hill, Pa.-based returns management platform for retailers, raised $2m in financing (read here)
- Ceresa, an Austin-based coaching and leadership development platform, raised $1 million in seed funding from investors including LiveOak Venture Partners and Next Coast Venture Partners.
. . .
Sustainability:
- Indigo Agriculture, a Boston-based company and marketplace that helps farmers grow crops more sustainably and profitably, raised $360 million in extended Series F funding from investors including Alaska Permanent Fund and Flagship Pioneering.
-Farmer’s Business Network, a San Carlos, Calif.-based company that helps farmers share data and information with each other, raised $250 million in Series F funding. BlackRock led the round, and was joined by investors including Baron Capital Group, Balyasny Asset Management LP, Mandi Ventures, Lupa Systems and Ron Shaich.
- ChargePoint, a Campbell, Calif.-based provider of electric car-charging stations, raised $127 million in Series H funding from American Electric Power, Chevron Technology Ventures, Clearvision, and Quantum Energy Partners. http://axios.link/GREJ
- Palmetto, a Charleston, S.C.-based provider of software to manage solar energy, raised $29 million in Series B funding from investors including Evergy Ventures, Arctern Ventures, Shell Ventures, Greycroft, Lerer Hippeau, Box Group, Falkon Ventures and the Leto Family Office.
-AppHarvest, a Morehead, Ky.-based indoor farming and greenhouse operator, raised $28 million in Series C funding. Narya led the round, and was joined by investors including ValueAct Capital’s Spring Fund, Revolution’s Rise of the Rest Seed Fund, Equilibrium, Lupa Systems, Breyer Capital, S2G Ventures, Black Capital, and Endeavor Catalyst.
- SewerAI, a San Francisco, CA-based startup that uses artificial intelligence and computer vision to inspect, identify and analyze sewer infrastructure defects before they reach catastrophic levels, secured $2m in seed funding (read here)
Acquisitions:
-Teladoc Health agreed to buy Livongo Health, a Mountain View, Calif.-based platform for people to manage chronic diseases, and will merge for cash and stock valued at $18.5 billion.
-Microsoft is in talks to buy TikTok, the video sharing app owned by Chinese internet company ByteDance and popularized by Gen Z users, as President Trump has considered banning the app, outlets including The New York Times report citing sources. Microsoft confirmed in a statement that the company will pursue the acquisition and will complete talks by September 15. Other investors may join Microsoft in the deal, the company said. Read more.
-Seven & i Holdings Co., the parent of 7-Eleven, will acquire Speedway, an Enon, Ohio-based convenience store and gas station chain, from Marathon Petroleum (NYSE: MPC) for $21 billion in cash.
-Google (NASDAQ: GOOG) agreed to acquire a 6.6% stake in ADT, a Boca Raton, Fla.-based home security services provider, for $450 million.
-Dwayne “The Rock” Johnson, Dany Garcia, and RedBird Capital Partners will buy the assets of XFL, a professional football league whose parent company recently went bankrupt, for $15 million. Read more.
. . .
IPOs:
- GoodRx, a Santa Monica, Calif.-based prescription drug price comparison engine, filed confidential IPO papers with the SEC, per Reuters. Backers include Francisco Partners, Spectrum Equity, and Silver Lake. http://axios.link/iDBR
- BigCommerce, an Austin, Texas-based outsourced builder of e-commerce sites, raised $216 million in its IPO. The company priced 9 million shares at $24 (above upwardly revised range), for an initial market cap of $1.58 billion. It will list on the Nasdaq (BICG) and had raised $228 million in VC funding from firms like General Catalyst (17.4% pre-IPO stake), Revolution Growth (12%), GGV Capital (5.2%), WestRiver Group (5.2%), and SVB (5%). New investor Tiger Global had said it would buy up to 20% of the IPO. http://axios.link/vU6V
-Rackspace, a San Antonio-based managed cloud solutions company owned by Apollo Global Management, raised $704 million in its IPO. The company priced 33.5 million shares at $21 (low end of range), for an initial market cap of $4.18 billion. It will list on the Nasdaq (RXT), used Goldman Sachs as lead underwriter, and reports a $48 million net loss on $653 million in revenue for Q1 2020. http://axios.link/bClm
-Rocket Companies, a Detroit-based parent company of mortgage titans Quicken Loans and Rocket Mortgage, raised $1.8 billion in an IPO, down from $3.3 billion anticipated, offering 100 million shares priced at $18. It plans to list on the NYSE as “RKT”. Read more.
- Oak Street Health, a Chicago-based provider of primary care for Medicare patients in the Midwest, raised $328 million in an offering of 15.6 million shares priced at $21, above its previous range of $19 to $20. It posted revenue of $540 million in 2019 and a loss of $137.2 million. General Atlantic, Newlight, and Humana back the firm. It plans to list on the NYSE as “OSH.” Read more.
- Duck Creek Technologies, a Boston-based software platform for property and casualty insurers, plans to raise $300 million in an IPO by offering of 15 million shares priced between $19 and $21. The firm posted $171.3 million in sales and net losses of $16.9 million for the year ending August 2019. Apax (40.8% pre-offering), Accenture (25.9%), and Kayne Anderson Rudnick Investment Management (8.5%) back the firm. It plans to list on the Nasdaq as “DCT”. Read more.
-Broadstone Net Lease, a Rochester, N.Y.-based single tenant commercial REIT in the U.S. and Canada, plans to raise up to $100 million in an IPO. It plans to list on the NYSE as “BNL”. Read more.
-IBEX, a Hamilton, Bermuda-based outsourced customer support services provider, raised $90 million in an IPO by offering 4.8 million shares priced at $19, lower than its expected range of $20 to $22. The Resource Group backs the firm. It plans to list on the Nasdaq as “IBEX.” Read more.
. . .
SPACs: (there are just so many now, will not continue to post SPACs unless they’re a closed deal)
- Lordstown Motors, an Ohio-based electric truck maker, plans to go public via a reverse merger with DiamondPeak Holdings Corp. (Nasdaq: DPHC), a SPAC sponsored by the principals of Silver Peak. It would include a $500 million PIPE from General Motors ($75m), Fidelity, Wellington Management, BlackRock, and Federated Hermes Kaufmann Small Cap Fund. http://axios.link/EWj2
-Porch, a Seattle-based home improvement marketplace, agreed to go public via a reverse merger with PropTech Acquisition Corp. (Nasdaq: PTACU) at an implied value of $523 million. Porch had raised around $120 million from backers like Moderne Ventures and Valor Equity Partners. http://axios.link/BpN9
Funds:
- Greycroft, a New York City-based venture capital firm, is raising $300 million for its sixth fund. Read more.
- Blackbird Ventures, an Australian-based venture capital firm, has raised A$500 million ($357 million) for its fourth fund. Read more.
- Red Tree Ventures, a new firm led by TPG veteran Health Lukatch, is raising $250 million for its debut fund, per an SEC filing.
-Data Collective (DCVC), a San Francisco-based venture capital firm, raised $350 million for its early stage fund Bio II.
- MetaProp, a New York City-based venture capital firm, plans to raise $200 million for its fund Growth Select I, according to a regulatory filing.
M&A and IB Volume
Source: Refinitiv Deals Intelligence. Data through July 30, 2020.
Teladoc and Livongo Stock Price
Data: Yahoo Finance; Chart: Axios Visuals. Data through August 4, 2020