Sourcery (10/4-10/8) 1 Year!

HBD to Sourcery! + Masterworks, Ladder, Modern Treasury, Playbook, Elemy, TrialSpark, Twin Health, Lightship, Slope.io, Thyme Care, Orca Security, Pattern, Chronosphere, mParticle, Sky Mavis, BeeHero

Sourcery turns 1! 

Today marks the one-year anniversary of Sourcery’s public debut and I wanted to thank you all so much for reading on the weekly, sharing with friends (don’t stop!), and reaching out to say hi. It has been so fun to help share news about the best of the best VC deals even as Tiger Global, Softbank, and Insight Partners* have dominated the playing field, round sizes have increased 3x and the sheer volume has been way above the curated “60” mark I try to hold to. If it weren’t for this community and support we probably wouldn’t have gotten this far; it’s pretty incredible what opens up to you once you start to publish things in the open. And I can’t forget to mention, because of Sourcery I landed an amazing role in LA with Upfront Ventures (hi Greg & team)! 

In the spirit of the best of the best, shoutout to the following subscribers:

Founding OGs the 10th, 100th and 1000th - Alex P, Robert L, Rachel T

Most Loyal - Kate B, HL, Marissa C, Dan, Maxim N, Steven G,  Patrick F, Keith, Maulik M, John M, Meera C, Arra M, Avneet G, Aleks, Greg B, Guy C, Andrew G, Adina, Emily M, Anshul, Josh, Ryan C, Lisa, Winnie, Robert, Max, Adam, Rick, Melissa, Chelsea, Caroline, Marcia, Brett, Mitchell K, Kevin Z, Jenny F,  Vinayak, Colette, Megan K, Bob, Kevin S, Yuliya, Sarra, Brent, Nick, Sruti, Ilse, Charles

Most Recent - Pasqual, Leila, Deb, Nick, Pranav, Mark, Jessica, Jackson, Kier, Nicole, Kerry, Kesar, Austin, Jon, Valentina

Largest Cohorts - Snowflake, MongoDB, NYU, HBS, Fordham, Tiger Global

We’re looking forward to more exciting things to come and would love your input as we continue to build out the platform - fill out this short survey

Let’s 10x the community and throw a party.

*Sequoia Capital China beat them all but I don’t report on China. Q3’21 Deal Count Stats: Sequoia Capital China 96, Tiger Global 86, SoftBank 76, SOSV 75, and Insight Partners 73. CBInsights’ State of Venture report

. . .

Last Week (10/4-10/8):

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 Masterworks, Sure, Ladder, Modern Treasury, Stable, Playbook, Hopscotch, Elemy, TrialSpark, Twin Health, Honor, Lightship, Brave Care, Slope.io, Thyme Care, Ongo, Orca Security, Pattern, Chronosphere, mParticle, Sky Mavis, Solo.io, The Mom Project, All Day Kitchens, Esper, Gretel AI, Wizard, Sunday, Kentik, Favo, Pandion, ReleaseHub, Ontop, Studs, Cord, Mindee, Matter, Canal, Wardrobe, Do Good Foods, Kingdom Supercultures, BeeHero, CH4 Global, CarbonBuilt; Dapper Labs, 8080 Labs, Zuul, Meredith Corp., CreativeLive, Ally.io; Life Time Group; Rigetti, Starry

Final numbers on VCs New Record and Gaming Deals at the bottom.


Deals 

Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC

Fintech:

- Masterworks, a New York City-based fractional painting investment startup, raised $110 million in Series A funding, valuing it over $1 billion. Left Lane Capital led the round and was joined by investors including Galaxy Interactive and Tru Arrow Partners.

- Sure, a Santa Monica, Calif.-based insurance infrastructure company, raised $100 million in Series C funding valuing it at $550 million. Declaration Partners and Kinnevik led the round and were joined by investors including WndrCo, W. R. Berkley, and Menlo Ventures

- Ladder, a Palo Alto, Calif.-based life insurance startup, raised $100 million in Series D funding valuing it at $900 million. Thomvest Ventures and OMERS Growth Equity led the round.

- Modern Treasury, a San Francisco-based payments software provider, raised $85 million in Series C funding. Altimeter Capital led the round and was joined by investors including Benchmark and Quiet Capital. It values the company at about $2 billion.

- Stable, a Chicago-based insurtech focused on commodity prices, raised $46.5 million in Series A funding. Greycroft led the round and was joined by investors including Notion Capital, Anthemis, Continental Grain, Syngenta, and Ascot.

- Commonstock, a San Francisco-based social investing platform, raised $25 million in Series A funding. Coatue led the round and was joined by investors including QED, Floodgate, Upside Ventures, Resolute Ventures, Abstract Ventures, Philippe Laffont, Bill Ackman, and Ari Emanuel.

- Voom, a Palo Alto-based pay-per-mile motorcycle insurer, raised $15 million. JAL Ventures and UP.Partners co-led, and were joined by F2 Capital, Arbor Ventures, Verizon Ventures and ICON Continuity Fund. www.voominsurance.com

- Copper Banking, a Seattle-based digital bank for teens, raised $13.3 million in seed funding. PSL Ventures led, and was joined by Clocktower Ventures, Index Ventures Scout Fund, Launchpad Capital, Financial Venture Studio, Maven Ventures, Fiat Ventures and Arnold Ventures. http://axios.link/iCTy

- Playbook, a seed-stage startup co-founded by venture studio Atomic, has raised $6 million in funding with one goal: Helping consumers pay lower taxes on investments. Right now, that means ensuring its users are taking full advantage of tax-free retirement accounts (like maxing out their 401(k) matches, contributing to the Roth IRA, or using a backdoor IRA if they earn over $140,000). But co-founder and CEO David Hegarty sees a future in which the company helps its users execute even more complex strategies like those famously employed by billionaire Peter Thiel, who reportedly turned $2,000 into $5 billion using the sleepy Roth IRA. Read more about Playbook here.

- InvestNext, a Detroit-based maker of tech for real estate investment firms to raise and manage capital, raised $4.3 million in seed funding. Hyde Park Venture Partners led the round and was joined by investors including Detroit Venture Partners, Whitecap Venture Partners, Grand Ventures, and ID Ventures.

- Otto, a Dallas-based car loan startup, raised $4.5 million in seed funding. Uncommon Capital led the round and was joined by investors including Pelion Venture Partners, 1930 Capital, Bloom VP, and Spacecadet Ventures

- Now, the invoicing startup co-founded by Lara O’Connor Hodgson and Stacey Abrams, raised $4 million. Brigade Capital Management and Virgo Investment Group led the round.

- Hopscotch, a New York City-based b2b payments startup, raised $3.6 million in seed funding. Noemis Ventures and Stellation Capital led the round and were joined by investors including Valar Ventures, Valor Equity Partners, 3KVC, Red & Blue Ventures, NfX, Brightlane Ventures, Switch VC, and The MBA Fund.

. . .

Care:

- Elemy, a San Francisco-based company focused on online and in-home pediatric behavioral care—including Autism—has raised $219 million. The Series B funding round values the business at $1.2 billion. SoftBank Vision Fund 2 led the round and was joined by investors including Goodwater Capital and Premji Invest

- TrialSpark, a New York-based drug development platform, raised $156 million in Series C funding. Sam Altman and Lachy Groom co-led, and were joined by Sequoia Capital, Thrive Capital, Casdin Capital, Dragoneer, Section 32, John Doerr, Spark Capital, Felicis Ventures, Sound Ventures and Arrowmark. www.trialspark.com

- Twin Health, a Mountain View, Calif.-based health services company, raised $140 million in Series C funding. Investors include ICONIQ Growth, Sequoia Capital India, Perceptive Advisors, Corner Ventures, LTS Investments, Helena and Sofina.

- MindMaze, a Swiss maker of virtual reality software focused on the neurotherapeutics market, raised $125 million. AlbaCore Capital Group led the round.

- Honor Technology, a San Francisco-based senior care network, raised $70 million in Series E funding valuing it over $1.3 billion. Baillie Gifford led the round and was joined by investors including T. Rowe Price Associates, Home Instead founders Paul and Lori Hogan, Prosus Ventures, Andreessen Horowitz, Thrive Capital, FMZ Ventures, Rock Springs Capital, Lighthouse Capital Markets, and TriplePoint Capital. 

- Lightship, an El Segundo, Calif.-based provider of virtual clinical trial software, raised $40 million. Define Ventures and Brook Byers co-led, and were joined by Khosla Ventures, McKesson Ventures and Time Ventures. http://axios.link/40cV

- Brave Care, a Portland, Ore.-based pediatric healthcare and tech company, raised $25 million. Mednax led the round.

- Slope.io, a San Francisco-based clinical trial software company, raised $20 million in Series A funding. NEA led the round.

- Thyme Care, a Nashville Tenn.-based provider of oncology care , raised $22 million in funding. Andreessen Horowitz led the round and was joined by investors including AlleyCorp, Frist Cressey Ventures, Casdin Capital, and Bessemer.

- GraphWear, an S.F.-based glucose monitoring tech startup, raised $20.5 million in Series B funding. Mayfield led, and was joined by MissionBio Capital, Builders VC and VSC Ventures. http://axios.link/mhxM

- Ongo, a San Francisco-based startup focused on health & wellness creators, raised $3.5 million in seed funding. Investors include Day One Ventures, The House Fund, Emmett Shear (Founder, Twitch), Drew Houston (Founder, Dropbox), Albert Lee (Founder, MyFitnessPal), Kyle Vogt (Founder, Twitch & Cruise), John Oringer (Founder, Shutterstock), and Kevin Hartz (Founder, Eventbrite).

. . . 

Future of Work:

- Orca Security, an Israeli security company startup, raised $550 million in extended Series C funding. The deal values the business at $1.8 billion. Temasek led the round and was joined by SAIC and Splunk Ventures

- Pattern, a Lehi, Ut.-based e-commerce and marketing company, raised $225 million. Knox Lane led the round, valuing it at $2 billion.

- Chronosphere, a New York City-based app monitoring tech company, raised $200 million in Series C funding. General Atlantic led the round and was joined by investors including Addition, Greylock, Lux Capital and Founders Fund.

- mParticle, a New York City-based customer data orchestration company, raised $150 million in Series E funding. Permira’s growth fund led the round.

- Sky Mavis, a Vietnam-based company behind blockchain game, Axie Infinity, raised $152 million in Series B funding. Andreessen Horowitz led the round and was joined by investors including Accel and Paradigm.

- Solo.io, a Cambridge, Mass.-based application networking company, raised $135 million in Series C funding, valuing it at $1 billion. Altimeter Capital led the round and was joined by investors including Redpoint Ventures and True Ventures

- Zum Services, a Redwood City, Calif.-based student transportation startup, raised $130 million at an $800 million pre-money valuation led by SoftBank. School bus transportation has become a nationwide problem, due to driver shortages, with some states even calling in the National Guard to help. It's also a massive expense for school districts, second only to salaries. Zum is seeking to help in both areas, by reducing inefficiencies that can result in half-empty busses taking roundabout routes. Others investors include Sequoia Capital and BMW iVentures.

- Domino Data Lab, a San Francisco-based data science company, raised $100 million. Great Hill Partners led the round and was joined by investors including Coatue Management, Highland Capital Partners, and Sequoia Capital

- NeuroBlade, a Tel Aviv-based data processing company, raised $83 million in Series B funding. Corner Ventures led the round and was joined by investors including Intel Capital, StageOne Ventures, Grove Ventures, and Marius Nacht.

- Huboo, a U.K.-based e-commerce warehousing and fulfillment company, raised £60 million ($81.4 million) in Series B funding. Mubadala Capital led the round and was joined by investors including Stride, Ada Ventures, Hearst, Episode 1, and Maersk Growth.

- The Mom Project, a Chicago-based recruitment firm focused on moms, raised $80 million in Series C funding. Leeds Illuminate led the round and was joined by investors including 7GC, Initialized Capital, OCA Ventures, Citi, High Alpha, Grotech Ventures, and Silicon Valley Bank.

- Aquant, a New York City-based customer service analytics company, raised $70 million in Series C funding. Qumra Capital, Insight Partners, and Pitango Growth led the round and were joined by investors including Lightspeed Venture Partners and Angular Ventures.

- All Day Kitchens, a San Francisco-based restaurant delivery company, raised $65 million in Series C funding. Lightspeed led the round and was joined by investors including GIC.

- Esper, a Seattle-based dev-ops platform for devices, raised $60 million in Series C funding. Insight Partners led, and was joined by insiders Scale Venture Partners, Madrona Ventures and Root Ventures. http://axios.link/xKlR

- Inkitt, a Berlin-based self-publishing platform, raised $59 million in Series B funding. NEA and Axel Springer co-led, and were joined by Kleiner Perkins, HV Capital, Redalpine, Speedinvest, Michael Lynton and Stefan von Holtzbrinck. http://axios.link/lBCw

- Gretel AI, a maker of synthetic data for training machine-learning models, raised $50 million in Series B funding. Anthos Capital led the round and was joined by investors including Section 32, Greylock, and Moonshots Capital. 

- Wizard, a New York City-based company for shopping via text, raised $50 million in Series A funding. NEA led the round and was joined by investors including Accel and Marc Lore.

- Sunday, a Denver-based lawn care startup, raised $50 million in Series C funding. BOND led the round and was joined by investors including Sequoia Capital, Forerunner Ventures, and Tusk Ventures.

- Kentik, a San Francisco-based network analysis and security company, raised $40 million in Series C funding. Third Point Ventures led the round and was joined by investors including August Capital, Tahoma Ventures, DCVC, Engineering Capital, and Vistara Growth.

- Olea Edge Analytics, an Austin-based edge computing company focused on the water utility industry, raised $35 million in Series C funding. Insight Partners led the round.

- Kyte, a San Francisco-based rental car delivery company, raised $30 million in Series A funding. Park West Asset Management and Sterling Road led the round.

- Neural Magic, a Somerville, Mass.-based A.I. software company focused on deep learning inference, raised $30 million in Series A funding. NEA led the round and was joined by investors including Andreessen Horowitz, Amdocs, Comcast Ventures, Pillar VC, and Ridgeline Ventures

- Duality, a startup focused on secure data collaboration, raised $30 million in Series B funding. LG Technology Ventures led the round and was joined by investors including Euclidean Capital and NAventures.

- Pandion, a Seattle-based e-commerce parcel delivery company, raised $30 million in Series A funding from Bow Capital, Telstra Ventures, Playground Global, Schematic Ventures, AME Cloud Ventures and Innovation Endeavors. www.pandionpro.com

- Adaptive Shield, an Israel-based cybersecurity company, raised $30 million in Series A funding. Insight Partners led the round and was joined by investors including Okta Ventures and Vertex Ventures Israel.

- Trybe, a Brazilian edtech, raised BRL 145 million ($27 million) in Series B funding. Base Partners and Untitled led the round and were joined by investors including XP, Global Founders Capital, Endeavor Scale Up Ventures, Verde, Luxor, and Hans Tung. It values the business around $252 million.

- Favo, a Brazilian social commerce platform, raised $26.5 million in Series A funding. Tiger Global Management led the round and was joined by investors including GFC, Elevar Equity, Kevin Efrusy, David Velez, FJ Labs, and H2O.

- Pandion,  a Seattle-based maker of a shipping network for e-commerce and online retailers, raised $22.5 million in Series A funding. Telstra Ventures led the round and was joined by investors including Bow Capital, Playground Global, Schematic Ventures, AME Cloud Ventures, and Innovation Endeavors.

- BrightHire, a New York City-based hiring platform, raised $20.5 million in Series B funding. 01A led the round and was joined by investors including Index Ventures and Zoom Apps Fund.

- PERSUIT, a New York City-based legal tech company raised $20 million in Series A funding. OpenView led the round.

- ReleaseHub, a San Francisco-based staging management company, raised $20 million in Series A funding. CRV led the round and was joined by investors including Sequoia, Y Combinator, Bow Capital, Artisanal Ventures, and Hack VC.

- Ontop, a remote global hiring and payments solution with founders currently in Miami, raised a $20 million Series A, led by Tiger Global and Point72 Ventures, with participation from SoftBank’s Opportunity fund. 

- Studs, a New York City-based ear piercing startup, raised $20 million in Series B funding. Spark Capital led the round and was joined by investors including Thrive Capital, First Round Capital, and Lerer Hippeau. 

- Cord, a London-based API for real-time collaboration, raised $17.5 million in Series A funding. Index Ventures led, and was joined by insiders NFX and Stride. http://axios.link/nW3j

- TruckLabs, a Redwood City, Calif.-based trucking tech and hardware company, raised $15 million in Series A funding. Investors included Calibrate Ventures, Autotech Ventures, and Uncork Capital. To date, TruckLabs has raised $24 million in venture capital funding.

- Copia Automation, a New York City-based automation software company for industrial applications, raised $14.2 million. Lux Capital led the round and was joined by investors including Construct Capital and Ironspring Ventures. 

- Mindee, a San Francisco-based document-processing API company, raised $14 million in Series A funding. GGV Capital led the round and was joined by investors including Alven, Serena Capital, and Bpifrance.

- Elevate, a Denver-based employee benefits startup, raised $12 million in Series A funding. Greycroft and Norwest led the round.

- Autoleap, a Toronto-based auto-repair company, raised $18 million in Series A funding. Bain Capital Ventures led the round and was joined by investors including Threshold Ventures.

- Jurny, a Los Angeles-based hospitality tech company, raised $9.5 million. Mucker Capital led the round.

- Memgraph, a London-based streaming graph application company, raised $9.3 million in seed funding. M12 led the round and was joined by investors including Heavybit Industries, In-Q-Tel, Counterview Capital, ID4 Ventures, and Mundi Ventures.

- Appsmith, an India-based maker of software to build internal applications, raised $8 million in Series A funding. Canaan Partners led the round and was joined by investors including Accel Partners, Bessemer Venture Partners, OSS Capital, Prasanna Sankar, and Rippling

- Matter, a new reading app, raised $7 million in Series A funding led by GV. http://axios.link/DMs0

- Rendered.ai, a Bellevue, Wash.-based physics-based synthetic data company, raised $6 million in seed funding. Space Capital led the round and was joined by investors including  Tectonic Ventures, Congruent Ventures, Union Labs, and Uncorrelated Ventures

- Canal, a San Francisco-based e-commerce startup, raised $4.5 million in seed funding. Andreessen Horowitz and Forerunner Ventures led the round.

- Praisidio, an employee attrition and HR platform, raised $4 million. SignalFire led the round and was joined by investors including SemperVirens and 1 Flourish.

- Wardrobe, a New York City-based platform that lets influencers rent out their clothes, raised $4.1 million in seed funding. Slow Ventures led the round and was joined by investors including Foundation Capital and Casper co-founder Neil Parikh.

- Medley, a New York City-based coaching and membership company, raised $3.7 million in funding. Connie Chan and Anne Lee Skates of Andreessen Horowitz led the round and were joined by investors including Aglaé Ventures, Foundation Capital, artist Ciara, Peloton CMO Dara Treseder, and Away CEO and Co-Founder Jen Rubio. 

- Prisidio, a Chicago-based maker of secure personal-data storage products, raised $3.5 million in seed funding. Chicago Ventures led the round and was joined by investors including OCA Ventures and Origin Ventures. 

- Orchest, a Palo Alto, Calif.-based maker of tools for data scientists, raised $3.5 million in seed funding. Gradient Ventures and Basis Set Ventures led the round.

- PixieBrix, a New York City-based no-code tool for modifying website interfaces, raised $3.5 million in seed funding. New Enterprise Associates led the round.

- ModernLoop, a San Francisco-based recruiting operations software maker, raised $3.3 million in seed funding led by Accel. 

- Facemoji, an avatar startup, raised $3 million in seed funding. Play Ventures led, and was joined by Twitter and Roosh Ventures. http://axios.link/0oE7

- Integry, a San Francisco-based integration company, raised $3 million in seed funding. Bonfire Ventures and Operative Collective led the round.

- Better Brand, a New York City-based maker of a protein-heavy bagel snack, raised $2.5 million. Seven Seven Six led the round.

- Phonic.ai, a  voice and video survey company, raised $2.2 million in seed funding. Investors included YC, Tola, Supernode, and Remus.

- Assembly, an Austin-based virtual meals company, raised  $1.8 million in seed funding. Wilshire Lane Partners and Acrew Capital led the round and were joined by investors including Chris Altchek of Lightspeed Venture Partners. 

- ProductWind, a Seattle-based  influencer marketing company, raised $1.7 million in seed funding. Early Light Ventures led the round.

- PHYTunes, a Palo Alto-based wireless-wireline and 5G company, raised $1.5 million with investors Deutsche Telekom´s hub:raum, Draper University Ventures, and Quake Capital.

. . .

Sustainability:

- Do Good Foods, a Bedminister, New Jersey-based food-waste elimination startup, raised $169 million from Nuveen.

- Kingdom Supercultures, a New York City-based food plant-based food company using microbial cultures, raised $25 million in Series A funding. Shine Capital led the round and was joined by investors including Valor, Tao, Lux, SALT, Reference, and Digitalis.

- BeeHero, a Fresno, Calif.-based apiculture startup, raised $15 million in Series A funding from ADM Capital, Rabo Food & Agri Innovation Fund, iAngels, FirstTime, J-Ventures, UpWest, Entrée Capital, Good Company, the Arison Group and Gaingels. http://axios.link/LELW

- CH4 Global, a Henderson, Nev.-based company using seaweed to reduce methane emissions, raised $13 million in Series A funding. DCVC and DCVC Bio led the round.

- CarbonBuilt, a Los Angeles-based carbon dioxide capture tech maker, raised $10 million in Series A funding. Grantham Environmental Trust’s Neglected Climate Opportunities led the round and was joined by investors including Pritzker Group, Lime Street Ventures, Climate Capital, Peter Relan's YouWeb Impact fund, and Foundamental.


Acquisitions & PE: 

- Dapper Labs, the NFT platform recently valued at more than $7.5 billion, acquired Brud, an L.A.-based virtual influencer startup that had raised $25 million from firms like Spark Capital, MaC Venture Capital, Amazon Alexa Fund, Sinai Ventures, LionTree Partners and Craft Ventures. No financial terms were disclosed, but a source tells Axios that the deal was valued at around $50 million in cash and stock, plus a performance earnout.

- Apax along with Oak HC/FT will acquire Eating Recovery Center, a provider of eating disorder and mood and anxiety treatment in the U.S., from CCMP Capital. Financial terms weren't disclosed.

- Databricks, a San Francisco-based unified data analytics platform recently valued at $38 billion, acquired 8080 Labs, a German low-code/no-code startup. http://axios.link/Jpkw

- Sun Life Financial agreed to acquire oral healthcare company DentaQuest (NYSE: SLF), a Boston-based oral care company, for $2.5 billion. Centerbridge will exit the company.

- Vanguard acquired Just Invest, an Oakland, Calif.-based maker of personalized indexing and money management software. Financial terms weren't disclosed.

- NetApp acquired CloudCheckr, a Rochester, N.Y.-based cloud insights software maker. Financial terms weren't disclosed.

- Kitchen United, backed by GV and RXR Realty, acquired Zuul, a New York City- based ghost kitchen company. Financial terms weren't disclosed. Zuul investors have included Afore Capital and Silvertech Ventures.

- Chainalysis acquired Excygent, a firm that helps government agencies with cybercrime investigations. Financial terms weren't disclosed.

- IAC’s Dotdash (NASDAQ: IAC) will acquire Meredith Corp. (NYSE: MDP), a Des Moines, Ia.-based magazine publisher behind brands like People, Better Homes & Gardens, Allrecipes, and Southern Living. The deal values Meredith at $2.7 billion. (FYI, Meredith did at one point own Fortune).

- Applovin will acquire MoPub, an advertising platform, from Twitter (NYSE: TWTR), for $1.1 billion in cash. Twitter acquired MoPub for $350 million in 2013.

- Fiverr (NYSE: FVRR) acquired CreativeLive, a Seattle-based entrepreneurial education platform. REV Venture Partners and Social Capital backed the company. Financial terms weren't disclosed.

- ​​BP (LSE: BP) agreed to buy Blueprint Power, a New York-based startup focused on lowering the carbon footprint of commercial real estate. Blueprint had raised around $11 million from firms like Congruent Ventures. http://axios.link/SgZC

- 1-800 Contacts, backed by KKR, acquired Ditto, an Oakland, Calif.-based virtual try-on tech company. Financial terms weren't disclosed.

- Microsoft acquired Ally.io, a Bellevue, Wash.-based OKR software company. Ally has been backed by investors including Accel and Founders Co Op. Financial terms weren't disclosed.

. . .

IPOs:

- Life Time Group Holdings, a Chanhassen, Minn.-based fitness health club chain, raised $702 million in an offering of 39 million shares priced at $18 per share. The company posted $930 million in revenue in 2020 and reported a net loss of $360.2 million

- iFIT Health & Fitness, a Logan, Utah-based connected fitness company whose brands include NordicTrack, postponed an IPO that was expected to raise around $600 million at a $6.4 billion fully diluted value, citing market conditions. It reported a $517 million net loss on $1.7 billion in revenue for the first half of 2021, and shareholders like Pamplona Capital Management and L Catterton. http://axios.link/OlMd

- Kidpik, a New York City-based subscription-based e-commerce company, filed for an IPO. The company posted $17 million in net sales in 2020 and reported a net loss of $4 million.

- Volvo Car Group, a Swedish-headquartered car company, plans to raise at least $2.9 billion in an IPO in the country, per Bloomberg. Zhejiang Geely Holding Group owns the firm.

- Rivian, an Irvine, Calif.-based electric truck and SUV company, filed for an IPO. The company reported a net loss of $1 billion in 2020, and it has yet to report material revenue. Amazon and Ford Motor back the firm.

- GitLab, a remote web-based development operations company, plans to raise up to $624 million in an offering of 10 million shares priced between $55 and $60 per share. The company posted $152.2 million in revenue in the 12 months ending in Jan. 2021 and a net loss of $192.2 million. August Capital, Google Ventures, ICONIQ Capital, and Khosla Ventures back the firm.

​​- AvidXchange, a Charlotte, N.C.-based accounts payable software company, plans to raise up to $506 million in an offering of 22 million shares priced between $21 and $23 per share. The company posted $186 million in revenue in 2020 and a net loss of $101.2 million. Mastercard, Bain Capital Ventures, CDPQ, Temasek Holdings, and Capital Group back the firm.

- Informatica, a Redwood City, Calif.-based data software company, filed for an IPO. The company reported revenue of $1.3 billion in 2020 and a net loss of $168 million. CPP Investments and Permira back the firm.

- Arhaus, a Boston Heights, Oh.-based home furnishing company, filed for an IPO. The company reported $507 million in net revenue in 2020 and net and comprehensive income of $18 million. Freeman Spogli & Co. backs the firm.

- Udemy, a San Francisco-based education platform, filed for an IPO. The company posted $430 million in revenue in 2020 and a net loss of $78 million. Insight Venture Partners, Prosus, Norwest Venture Partners, and Stripes Group back the firm.

- Solo Brands, a Southlake, Texas-based outdoor gear and apparel company, filed for an IPO. The company posted $133 million in net sales in 2020 and a net loss of $24 million. Summit Partners backs the firm.

. . . 

SPACs:

- Rigetti, a quantum computer maker, plans to go public via a merger with Supernova Partners Acquisition Company II Ltd., a SPAC backed by Zillow co-founder Spencer Rascoff, per Reuters. A deal could raise $458 million for the company.

- Starry, a Boston-based wireless broadband company, agreed to go public at an implied $1.7 billion valuation via FirstMark Horizon Acquisition Corp. (NYSE: FMAC). It had raised around $290 million from FirstMark Capital, KKR, Soros Fund Management, Third Kind VC, Tiger Global and IAC. Flashback: FirstMark raises a "full stack SPAC"


Funds:

- NFX raised $450 million for its third pre-seed and seed fund. http://axios.link/wrbM


Final Numbers

Source: CB Insights State of Venture Q3’21 Report.

Final Numbers: Gaming VC deals

Source: Drake Star Partners report. Data via DSP research, Cap IQ and PitchBook

Gaming deal activity in 2021, including private funding rounds and M&A, has already doubled 2020 totals, according to a new report from Drake Star Partners.

  • Axios Gaming's Stephen Totilo writes: "Investment isn’t settling on any one thing, as outsiders buy in (Netflix purchasing its first studio), midsize publishers try to grow (see studio purchases by Team17 and Focus) and larger players (Zynga, Roblox, ByteDance) expand."