Bear Market ~ Branch, Codat, Middesk, Euler, Vybe Network, SuperTeam Games, Floor, Curio, Verse, CareBridge, Ever/Body, Bicycle Health, Boulder Care, Multiverse, Guild, Perimeter 81, Shield AI, HYCU..
What to expect when you’re expecting…
A Bear Market, High Inflation, & Consumer Spend Pullback
One of my guilty nerd pleasures is podcasts. I tend to consume more hours of podcasts than music per week. And this past week, one of my favorites, Animal Spirits, created by Ritholtz Wealth Management Directors Ben Carlson and Michael Batnick dropped two new thoughtful pods on current market conditions. One on inflation and the American consumer, and the other on valuing quality growth stocks with public markets investor Allen Bond.
1. Good News is Bad News, Animal Spirits
(22:58) The U.S. and Europe have different Inflation Problems, gas and savings
(24:20) High gas prices are being 'felt by the lower income households in particular': BofA
1/10th of total card spend for houses earning less than $50K
(26:30) More than 30% of Americans earning over $250K are living paycheck to paycheck
Fact check: actually 1/10 of those earning a decent income are spending too much money
(28:30) Buy Now Pay Later shortcomings
(29:30) Housing affordability taking a hit
2. Talk Your Book: High Quality Growth Stocks, Animal Spirits
Interview with Jensen Investment Management, $13.7B AUM
(4:00) How Jensen assesses and defines “quality”
(ROE - Return on Equity → qualitative factors/sustainable competitive advantage)
(12:00) Using DCFs to value companies, outside of the typical quick PE/multiple valuation
(17:00) Quality of value and quality of growth, retail sector insights and portfolio positions
(Holdings in differentiated retail like TJX)
(21:00) Big tech monopolies, their position in MSFT and pricing power
(23:20) GOOG business model and competitive advantage
(28:00) How long does it take for price and value to converge
Shoutout to NYU Professor Aswath Damodaran, the #1 resource for DCFs. Go Violets
So, if this bear market continues and we actually slip into a recession, where will consumers be spending their dollars?
Particularly resilient consumer categories during recessions include discount shopping, household staples, utilities, beauty, pets, addictive products (alcohol, nicotine, gambling, caffeine, sugar), heritage luxury brands, and basic healthcare. And due to this crazy inflationary environment spawned by macro-events such as covid, the Ukraine-Russia War, and broader supply chain shortages, etc. a larger percentage of that spend is already going towards gas and food.
The best snack in the world, popcorn, is becoming a premium product, and now sriracha supply is coming to a hault, pushing demand up and consumers are starting to hoard (Larry David would be appalled)
Apple announced at WWDC it is now entering the $125B Buy Now Pay Later space with Apple Pay Later, good-bye standalone BNPL startups. Instead of tricking consumers they’re able to buy things they cannot afford, maybe it’s time we try something new (during a possible recession) like Save Now Pay Later? Accrue Savings is doing just that with fresh capital from Tiger Global in a $25M round.
If we’re entering the era of savings, here are some others startups to watch
Truebill, Monitor spending and accounts, get rid of unneeded subscriptions, automate savings, access cash in a crisis, and more
Copper Banking, Helping teenagers manage money and grow their financial literacy
Yotta Savings, A bank account that pays out interest in prizes
Sunny Day Fund, Emergency savings company, employer-rewarded emergency savings
Ray Dalio founder of Bridgewater Associates, aka the largest hedge fund in the world, offered his perspective on the markets with The Hustle last week as he continued to world tour his current book (highly recommend).
Cathie Wood of Ark Invest, another high profile hedge fund manager, made waves last week after announcing the public fund manager is crossing over into private markets territory.
Their newsletter Ark Disrupt on Monday touched on a couple of hot topics:
Roku getting acquired by Netflix?
Celsius crypto lending platform in trouble
Apply Pay integrates BNPL product
. . .
Last Week (6/6-6/10):
Relevant deals include the 60+ deals across stages below.
I've categorized the deals below into four categories, Fintech, Care, Enterprise & Consumer, and Sustainability, and ordered from later-stage rounds to early-stage rounds. Highlighted deals include Branch, Codat, Middesk, Euler, Entropy, Fruitful, Summer, Vybe Network, SuperTeam Games, Floor, Request Finance, Front, Proper Finance, Curio, Verse, CareBridge, Ever/Body, Bicycle Health, Boulder Care, LatchBio, H1, Visana, Multiverse, Guild, Perimeter 81, Nfinite, Vanta, Shield AI, HYCU, LibLab, Maze, Magical, Whistic, Ethena, CreativeX, Papercup, Continual, Teleo, Sanlo, TestBox, Modak, Realworld, OhmConnect, Encamp, Rheaply, Strella, Shoreline, Virridy; Kindbody, Pinterest; Polestar
Final numbers on The first day of bear market territory and Personal and national finacial well-being at the bottom.
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
- Branch, a Columbus, Ohio-based home and auto insurance startup, raised $147m in Series C funding at a $1.05b valuation. Weatherford Capital led, and was joined by Acrew, AmFam Ventures, Anthemis, Gaingels, Greycroft, HSCM Ventures, Narya, SignalFire and Tower IV. http://axios.link/Rr6E
- Codat, a London-based software startup connecting small businesses with financial institutions, raised $100 million in funding. JPMorgan Chase’s growth-equity arm led the round and was joined by investors including Canapi Ventures, and Shopify,Index Ventures, and PayPal Ventures.
- Klar, a Mexico City-based digital financial services platform, raised $90 million in funding. General Atlantic led the round and was joined by investors including Prosus Ventures, Quona, Mouro, IFC, Acrew, WTI, and Endeavor Catalyst.
- Delphia, a Toronto-based investing platform, raised $60 million in Series A funding. Multicoin Capital led the round and was joined by investors including Ribbit Capital, FTX Ventures, Valor Equity Partners, FJ Labs, Lattice Ventures, Cumberland, Road Capital’s Thomas Bailey, and M13.
- Middesk, an SF-based business verification and underwriting automation startup, raised $57m in Series B funding. Insight Partners and Canapi Ventures co-led, and were joined by Sequoia Capital, Accel and Gaingels. http://axios.link/choW
- Euler, a London-based Ethereum-based protocol for users to lend and borrow crypto assets, raised $32 million in funding. Haun Ventures led the round and was joined by investors including Variant, FTX Ventures, Coinbase Ventures, Jump Crypto, Jane Street, and Uniswap Labs Ventures.
- Trovata, a Solana Beach, Calif.-based open banking platform, raised $27 million in Series B funding co-led by Fin Capital and J.P. Morgan Chase Strategic Investments.
- Entropy, a Brooklyn, New York-based crypto custody platform, raised $25 million in seed funding. a16z led the round and was joined by investors including Dragonfly Capital, Ethereal Ventures, Variant, Coinbase Ventures, Robot Ventures, Inflection, the Komerabi Fund, and other angels.
- Fruitful, a New York-based financial planning startup, raised $25m in Series A funding led by 8VC. http://axios.link/T5sF
- Skolem Technologies, an SF-based DeFi asset management provider, raised $20m in Series A funding. Galaxy Digital led, and was joined by Point72 Ventures, Jump Crypto, Fenwick and West, Morpheus Ventures and Dragonfly Capital. http://axios.link/AHFZ
- Summer, a New York-based financing startup for second homes, raised $13.4m in seed funding. QED Investors and Lightspeed Venture Partners co-led, and were joined by 1Sharpe Ventures and Firstminute Capital. www.gosummer.com
- Valkyrie Investments, a Nashville-based investment manager focused on digital assets, raised $11.15 million in funding. BNY Mellon, Wedbush Financial Services, Clearsky, Zilliqa Capital, C-Squared Ventures, Belvedere Strategic Capital, and SenaHill Partners invested in the round.
- Securesave, a Seattle-based emergency savings fintech platform, raised $11 million in funding. Truist Ventures led the round and was joined by investors including Stearns Financial Services and FTX.
- Vybe Network, a Vancouver-based data infrastructure solution, raised $10.5 million in Series A funding. FTX led the round and was joined by investors including Sino Global, Staking Facilities, Serum, Panony, Tess Ventures, Contango, Canonical Crypto Fund, and EBT Group.
- SuperTeam Games, a developer of cross-platform sports games using blockchain tech, raised $10m in first-round funding. Griffin Gaming Partners led, and was joined by Powerhouse Capital. www.superteamgames.com
- Decimal, an Indianapolis-based accounting automation platform, raised $9.22 million in seed funding. Arthur Ventures led the round and was joined by Service Providers Capital and other angels.
- Floor, a New York-based NFT accessibility app, raised $8 million in funding. 6th Man Ventures led the round and was joined by investors including Hannah Grey VC, B Capital, Worklife Ventures, Collab+Currency, Exponent Capital, Eberg, and other angels.
- Mash, a Toronto-based payments platform for builders, creators, and developers, raised $6 million in seed funding. Castle Island Ventures and Whitecap Venture Partners co-led the round and were joined by investors including Maple VC, Strategic Cyber Ventures, Aquanow, Spacecadet Ventures, and other angels.
- Request Finance, a remote-based crypto payments startup, raised $5.5 million in seed funding. Animoca Brands, Balderton Capital, and XAnge invested in the round.
- Front, a San Francisco-based investment management app, raised an additional $5.5 million in seed funding. Streamlined VC led the round and was joined by investors including WndrCo, Rembrandt VC, B3 Capital, CapitalX, Stonks, and others.
- Overalls, a New York-based insurance-based benefits company, raised $4.6 million in funding. RPM Ventures led the round and was joined by investors including Frontier Ventures, former NFL player Jerod Mayo, and others.
- Proper Finance, a San Francisco-based financial reconciliation and ledger data platform, raised $4.3 million in seed funding. Redpoint Ventures led the round and was joined by investors including BoxGroup, Mischief, Y Combinator, and others.
- Curio, a Santa Monica, Calif.-based NFT analysis, raised $3.7 million in a seed funding round. 776 led the round and was joined by investors including Gary Vee, Cozomo de Medici, Polygon CEO JD Kanani, OpenSea CEO Devin Finzer, OrangeDAO, Coinbase Ventures, and other angels.
- Ivella, a Santa Monica, Calif.-based couples banking startup, raised $3.5m from Anthemis, Financial Venture Studio, Soma Capital and YC. http://axios.link/WmGE
- PayShepherd, a Calgary-based contractor billing management platform for manufacturing facilities, raised $3 million in seed funding. Nashville Capital Network led the round and was joined by investors including Thin Air Labs and the Accelerate Fund.
- Geode Finance, a London-based liquid staking solution for DAOs, raised $3m in seed funding. Multicoin Capital led and was joined by GSR, C2 Ventures, Yield Yak and Eden Network. www.geode.fi
- Samudai, a DAO for managing and building web3 communities, raised $2.5m from backers like FTX Ventures, Coinbase Ventures and Lunar Ventures.
- Edge, a payments startup focused on industries that struggle to find a processing service, including so-called vice companies, raised $2.4m led by Long Journey Ventures. http://axios.link/ruti
- Verse, a London-based NFT platform, raised $2.4 million in seed funding. Indeed co-founder Paul Forster, Impala founder and CEO Ben Stephenson, Galaxy Digital chairman Michael Daffey, Integrity founder Jeremy Hindle, The Venture Collective’s founding partner Nick Shekerdemian, and Venrex VC invested in the round.
- Klasha, a Lagos, Nigeria and San Francisco-based cross-border payments solution, raised $2.1 million in seed extension funding. Amex Ventures and Global Ventures invested in the round.
. . .
- CareBridge, a Nashville-based value-based care provider, raised $140m. Oak HC/FT led, and was joined by five Managed Medicaid plans. www.carebridgehealth.com
- Aledade, a Bethesda, Md.-based network of accountable care organizations, raised $123m in Series E funding. OMERS Growth Equity led, and was joined by Fidelity. www.aledade.com
- Ever/Body, a New York-based cosmetic dermatology and med spa company, raised $55.5 million in Series C funding. Addition led the round and was joined by investors including Tiger Global, ACME Capital, Declaration Capital, Fifth Wall Ventures, and Imaginary Ventures.
- Bicycle Health, a Boston-based provider of virtual treatments for opioid addiction, raised $50m in Series B funding, per Axios Pro. InterAlpen Partners led, and was joined by Questa Capital, Frist Cressey Ventures and City Light Capital. http://axios.link/zNAg
- Boulder Care, a Portland, Ore.-based telehealth startup focused on substance addiction, raised $36m in Series B funding from Qiming Venture Partners US, Goodwater Capital, Laerdal Million Lives Fund, First Round Capital, Greycroft, Tusk Venture Partners and Gaingels. http://axios.link/vftD
- LatchBio, a San Francisco-based data storage and analysis provider for researchers, raised $28 million in Series A funding. Coatue and Lux Capital led the round and were joined by investors including Hummingbird Ventures, Caffeinated Capital, Haystack, and Fifty Years.
- H1, a New York-based health care data analytics platform, raised $23 million in a Series C extension funding round. Goldman Sachs Asset Management, Menlo Ventures, Transformation Capital, and Novartis Pharma AG invested in the round.
- EnsoData, a Madison, Wis.-based startup focused on disease detection during sleep, raised $20m in a Series A extension. Inspire led, and was joined by Zetta Venture Partners, Venture Investors, Supermoon Capital, Colle Capital, HealthX Ventures and M25 Ventures. www.ensodata.com
- Ledgible, an Atlanta-based crypto tax and accounting startup, raised $20m in Series A funding. EJF Capital led, and was joined by Thomson Reuters Ventures, Fenbushi US and TTV Capital. http://axios.link/OHlT
- Kinside, a San Francisco-based child care marketplace, raised $12 million in Series A funding. Wellington Access Ventures led the round and was joined by investors including Magnify Ventures, Initialized Capital, and Maven Ventures.
- Culina Health, a New York-based nutrition startup, raised $4.75m in seed funding. Healthworx and Brooklyn Bridge Ventures co-led, and were joined by Rethink Impact, Tensility Ventures, Alpine Meridian Ventures, Knightsgate Ventures, Graham & Walker, Arkitekt Ventures and Redo Ventures. www.culinahealth.com
- Visana, a Minneapolis-based women's telehealth startup, raised $2.6m in seed funding from Flare Capital Partners, Pixel Perfect Ventures, InHealth Ventures and SWL Healthcare Ventures. http://axios.link/tHLD
. . .
Enterprise & Consumer:
- Multiverse, a New York-based tech apprenticeship platform, raised $220m in Series D funding at a $1.7b valuation. StepStone Group led, and was joined by insiders Lightspeed Venture Partners and General Catalyst. http://axios.link/M8Py
- Guild, a Denver-based online education and upskilling platform, raised $175m in Series F funding at a $4.4b valuation. Wellington led, and was joined by Citi Impact Fund, Bon Secours Mercy Health, Oprah Winfrey and insiders Bessemer Venture Partners, D1, Felicis, FPV, General Catalyst, Iconiq Capital, Redpoint and Silicon Valley Bank. http://axios.link/Wfqh
- Go1, an Australian professional learning company, raised US$100m at over a $2b valuation. AirTree Ventures and Five Sigma co-led, and were joined by SoftBank, Salesforce Ventures, Blue Cloud Ventures, Larsen Ventures, TEN13 and M12. http://axios.link/qZOR
- Perimeter 81, a Tel Aviv-based security service edge and zero trust network access provider, raised $100 million in Series C funding. B Capital led the round and was joined by investors including Insight Partners, Toba Capital, ION Crossover Ventures, Entrée Capital, and Spring Ventures.
- Nfinite, a New York-based visualization and e-commerce merchandising startup, raised $100m in Series B funding. Insight Partners led, and was joined by insider USVP. http://axios.link/L10T
- Immuta, a Boston-based cloud data access and data security company, raised $100 million in Series E funding. NightDragon led the round and was joined by investors including Snowflake Ventures, Dell Technologies Capital, DFJ Growth, IAG, Intel Capital, March Capital, StepStone, Ten Eleven Ventures, and Wipro Ventures.
- Vanta, an SF-based enterprise data security compliance startup, raised $100m at a $1.4b valuation. Craft Ventures led and was joined by insider Sequoia Capital. http://axios.link/UHWJ
- Shield AI, a San Diego-based developer of AI pilots for aircrafts, raised $90m in Series E funding at a $2.3b valuation. Doug Philippone (Snowpoint Ventures, Palantir) led, and was joined by Riot Ventures, Disruptive and Homebrew. The company also secured $75m in new debt funding. http://axios.link/33a3
- AppOmni, a San Francisco-based SaaS security provider, raised $70 million in Series C funding. Thoma Bravo led the round and was joined by investors including Scale Venture Partners, Salesforce Ventures, ClearSky, and Costanoa Ventures.
- Let’s Do This, a London-based endurance events marketplace, raised $60m in Series B funding. Craft Ventures and Headline co-led, and were joined by Morpheus Ventures, Serena Williams, Paula Radcliffe, Usain Bolt and insiders EQT, NFX and YC. http://axios.link/5QCt
- HYCU, a Boston-based cloud data protection company, raised $53 million in Series B funding. Acrew Capital led the round and was joined by investors including Bain Capital Ventures, Atlassian Ventures, and Cisco Investments.
- Religion of Sports, a sports media production company co-founded by Tom Brady, raised $50m in Series B funding. Shamrock Capital led, and was joined by Elysian Park Ventures and Cerro Capital. http://axios.link/uQzt
- LibLab, an Austin, Texas-based SDK-as-a-service platform for engineering teams, raised $42m in Series A funding. Insight Partners led, and was joined by Zeev Ventures, Stepstone Group, Sheva and Rainfall. www.liblab.com
- Ergeon, a remote-based fence installation and repair services provider, raised $40 million in Series B funding. Prysm led the round and was joined by investors including GGV, DST, Basis Set, and Metaprop.
- Cambly, a video chat app for learning English, raised $40m in Series B funding. Benchmark led, and was joined by insider Bessemer Venture Partners. www.cambly.com
- Maze, a remote-based product research platform, raised $40 million in Series B funding. Felicis’ Victoria Treyger led the round and was joined by investors including Emergence, Amplify, Partech, Seedcamp, Atlassian Ventures, Zoom Video Communications, HubSpot Ventures, and other angels.
- Nava Benefits, a New York-based employee benefits brokerage platform, raised $40 million in Series B funding. Thrive Capital led the round and was joined by investors including Avid Ventures, Quiet Capital, Sound Ventures, GV, K5 Ventures, Homebrew, and others.
- Magical, a developer of text expander software, raised $35m in Series A funding. Coatue led, and was joined by Greylock, Bain, Lightspeed Capital, SV Angels and Blank Ventures. http://axios.link/B9Mf
- Whistic, a Pleasant Grove, Utah-based vendor security assessment platform, raised $35 million in Series B funding. JMI Equity led the round and was joined by investors including Forgepoint Capital, Emergence Capital, Album VC, and FJ Labs.
- Ethena, a Brooklyn, New York-based compliance training platform, raised $30 million in a Series B funding round. Lachy Groom led the round and was joined by investors including Felicis, Neo, Homebrew, and other angels.
- Laminar, a Wilmington, Del.-based cloud data security startup, raised $30m from Tiger Global Management and Salesforce Ventures. http://axios.link/UTQC
- Calaxy, an LA-based web3 social marketplace, raised $26m. Animoca Brands and HBAR Foundation co-led, and were joined by Polygon. http://axios.link/wN7x
- CreativeX, a New York-based creative data platform for brands, raised $25m. Guggenheim Investments led, and was joined by Beringea, Brandtech and Conviction. www.creativex.com
- Castor, a New York-based data catalog startup, raised $23.5m in Series A funding led by Blossom Capital. http://axios.link/UOtL
- Onfleet, an SF-based provider of last-mile delivery management software, raised $23m in Series B funding. Kayne Partners led, and was joined by Savant Growth. http://axios.link/TDlM
- Papercup, a London-based AI for dubbing videos, raised $20m in Series A funding. Octopus Ventures led, and was joined by Local Globe, Sands Capital, Sky and Guardian Media Ventures, Entrepreneur First and BDMI. http://axios.link/l9CA
- Continual, a San Francisco-based operational A.I. platform for data stacks, raised $14.5 million in Series A funding. Innovation Endeavors led the round and was joined by investors including Amplify Partners, Illuminate Ventures, Inspired Capital, Data Community Fund, Activation, New Normal, GTMfund, Dremio founder Tomer Shiran, and dbt Labs founder Tristan Handy.
- Teleo, a Palo Alto-based construction robotics company, raised $12 million in Series A funding. UP.Partners led the round and was joined by investors including F-Prime Capital, K9 Ventures, Trucks Venture Capital, and other angels.
- Sanlo, a San Francisco-based game monetization startup, raised $10m in Series A funding. Konvoy led and was joined by Initial Capital, Portage Ventures, XYZ Venture Capital, London Venture Partners and Index Ventures. www.sanlo.io
- Opal, a New York and San Francisco-based access management security platform, raised $10 million in Series A funding led by Greylock.
- TestBox, a Boulder, Colo.-based software purchase testing platform, raised $10m in seed funding. Felicis Ventures led, and was joined by SignalFire and Firstminute Capital. http://axios.link/FBu5
- Prokeep, a New Orleans-based communications and commerce platform for distributors, raised $9 million in seed funding. Ironspring Ventures led the round and was joined by investors including S3 Ventures, Benson Capital Partners, and other angels.
- 443ID, an Austin, Texas-based identity and access management cybersecurity startup, raised $8m in seed funding co-led by Bill Wood Ventures and Silverton Partners. www.443id.com
- Adelaide, a New York-based ad tech startup that argues CPMs and impressions are outdated, raised $7m in seed funding led by Human Ventures, per Axios Pro. http://axios.link/K5ld
- Kira Learning, a K-12 computer science edtech, raised $6m in seed funding co-led by NEA and AI Fund. www.kira-learning.com
- Teal, a Miami-based career growth platform, raised $6.3 million in seed funding. City Light Capital led the round and was joined by investors including Rethink Education, Human Ventures, Gaingels, Pareto Ventures, Basecamp Fund, Zelkova Ventures, Flybridge, Lerer Hippeau, and Oceans.
- Modak, a Menlo Park, Calif.-based web3 platform for teen creators, raised $5.3m. GGV Capital led, and was joined by Monashees, MAYA Capital, Nazca Ventures and ONEVC. www.modak.live
- Dework, a Stockholm-based recruiting and task management company, raised $5 million in seed funding led by Paradigm.
- Adim, a metaverse creators platform co-founded by actor Rob McElhenney, raised $5m in seed funding led by Andreessen Horowitz. www.adimverse.com
- Nextiles, a New York-based maker of smart fabrics for athletes, raised $5m seed funding. Drive by DraftKings led, and was joined by the NBA, Madison Square Garden Sports, Alumni Ventures and SmartSports. http://axios.link/mYyX
- GO, a Philadelphia-based digital car subscription company, raised $4.95 million in seed funding. Cathexis Ventures, Starting Line, MGV Capital Group, Klaff Realty, and DVC Syndicate invested in the round.
- Reflex, an Austin-based online retail marketplace, raised $4.5 million in a seed funding round. Indicator Ventures led the round and was joined by investors including Sugar Capital, Red Swan Ventures, ATX Venture Partners, Precursor Ventures, Active Capital, and Clutch VC.
- Gander, a San Francisco-based user-generated video content platform for online brands, raised $4.2 million in a seed funding round. Harlem Capital and Crossbeam Venture Partners led the round and were joined by Boon Fund. and a collection of venture scouts and angels.
- IndieFlow, a Santa Monica, Calif.-based operating system for independent music creators, raised $4 million in funding. State of Mind Ventures led the round and was joined by investors including Oryzn Capital, StreamElements co-founder Or Perry, 5 Eyes Venture, TechStars, and Moshe Gaon.
- Realworld, a New York-based lifestyle platform for adulthood, raised $3.2 million in funding. Fitz Gate Ventures led the round and was joined by investors including TTV Capital, Bezos Expeditions, Techstars, Knightsgate, The Helm and other angels.
- Dock, a San Francisco-based collaborative workspace for customers, raised $3 million in seed funding. Altman Capital led the round and was joined by other angels.
- Showplace, a Denver-based furniture provider for vacation rentals, raised $2 million in seed funding. Matchstick Ventures led the round and was joined by investors including Boost VC, Taurus Ventures, and other angels.
. . .
- OhmConnect, an Oakland-based residential energy flexibility provider, raised $55 million in Series D funding. ClearSky, Sidewalk Infrastructure Partners, and TELUS Ventures led the round and were joined by investors including Carrier and SunPower.
- Encamp, a San Francisco-based environmental compliance data management and reporting company, raised $30 million in Series C funding. Drive Capital, OpenView, High Alpha Capital, Allos Ventures, and others invested in the round.
- Rheaply, a Chicago-based enterprise asset management startup focused on carbon emissions reduction, raised $20m. Revolution led, and was joined by John Doerr, PSP Partners and Emerson Collective. http://axios.link/WvwY
- Prometheus Materials, a Boulder, Colo.-based zero-carbon building materials provider, raised $8 million in Series A funding. Sofinnova Partners led the round and was joined by investors including Microsoft Climate Innovation Fund, Skidmore, Owings & Merrill, GAF, and The Autodesk Foundation.
- Strella Biotechnologies, a Seattle-based provider of food freshness data, raised $8m in Series A funding. Millennium New Horizons led, and was joined by GV, Rich Products Ventures, Mark Cuban, Yamaha Motor Ventures, Catapult Ventures and Union Labs. www.strellabiotech.com
- Shoreline, a Stavanger, Norway-based workflow automation and asset simulation SaaS company for the wind industry, raised $7.5 million in funding. Ecosystem Integrity Fund, Blue Bear Capital, Ferd Capital, Alliance Venture, and Investinor invested in the round.
- Virridy, a Boulder, Colo.-based developer of IoT sensors for environmental resource management, raised $5.5m in Series A funding. Accord Capital led, and was joined by FHI 360, Cleo Capital, Reverent Rock, Save Earth and VertueLab. www.verridy.com
Acquisitions & PE:
- Arctos Sports Partners agreed to acquire a minority stake in Harris Blitzer Sports & Entertainment, the parent company of the Philadelphia 76ers and New Jersey Devils. http://axios.link/2zfJ
- JetBlue (Nasdaq: JBLU) sweetened its breakup fee to $350m from $200m for its proposed takeover of Spirit Airlines (NYSE: SAVE). Frontier Airlines (Nasdaq: ULCC), which is Spirit's preferred partner, has a $250m breakup fee in its offer. http://axios.link/DDAR
- Apricity, a London-based virtual fertility clinic backed by Kamet Ventures, acquired Woom, a Madrid, Spain-based period tracking app that had raised around $9m from Begin Capital, BrightCap Ventures and Toro Ventures. www.apricity.life
- Kindbody, a VC-backed fertility benefits provider, acquired Phosphorus Labs, a New Jersey-based preventive genomics company. www.kindbody.com
- Pinterest (Nasdaq: PINS) agreed to buy The Yes, a Burlingame, Calif.-based personalized shopping startup that raised around $30m from firms like Ventures, Forerunner Ventures, Comcast Ventures and NEA. http://axios.link/TS2g
- AffiniPay, an Austin, Texas-based portfolio company of TA Associates, agreed to buy MyCase, a San Diego-based legal practice management software company, from Apax Partners. www.mycase.com
. . .
Nothing to see here…
. . .
- Polestar, a Gothenburg, Sweden-based electric performance car manufacturer, plans to go public via merger with Gores Guggenheim SPAC. A deal is valued at $20 billion. Volvo backs the company.
- Ten Eleven Ventures, a Burlingame, Calif.-based investment firm, raised $600 million for a fund focused on seed to growth stage security companies.
- Felix Capital, a London-based venture capital firm, raised $600 million for a fourth fund focused on early to growth stage companies in Europe and the U.S.
- Obvious Ventures raised a total of $461m for its fourth flagship fund and its second opportunities fund. The exact fund amounts are palprimes (i.e., prime numbers that also are palindromes). Obvious also hired Kahini Shah (ex-Gradient Ventures) as a principal. http://axios.link/lw0T
- Cathay Innovation, a Paris-based venture capital firm, and Ledger, a Paris-based digital asset management solution, raised $110 million for a fund focused on creators and entrepreneurs within Web3 and cryptocurrency industries.
Final Numbers: The first day of bear market territory S&P 500, June 13th 2022
There are 500 stocks in the S&P 500. 495 of them were down monday.
Reproduced from the Federal Reserve; Chart: Kavya Beheraj/Axios
Go deeper: America's hidden economic boom
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.