This is our biggest deal coverage edition yet. Learn why Mark Cuban, Robert Downey Jr and Gwyneth Paltrow are investing in toilet paper.
September 23, 2020
Cyndx Insights is your daily window to the business world, focusing primarily
on M&A activities, capital markets, and important technology trends.
Daily Insights reports and categorizes financial news from U.S., Europe and Asia for full global insights.
U.S. & Canada
Mark Cuban, Marc Benioff, Robert Downey Jr., Gwyneth Paltrow are Investing in Toilet Paper
Led by Greycroft, a who’s who of celebrity investors, including Uber’s chief executive Dara Khosrowshahi, Seattle Seahawks quarterback Russell Wilson, Ashton Kutcher and Guy Oseary, and Code.org founder Hadi Partovi are investing $3 million into the new toilet paper brand Cloud Paper. Why? Because they’re hoping to save the environment.
Read more on Techcrunch.com
Image: courtesy of Cloud Paper
The fintech startup has increased its latest funding round from investors to $660 million. Tv7he company has raised an additional $460 million in an extension of its Series G round, which was announced last month. As Finance Magnates reported, D1 Capital Partners invested $200 million in the trading provider in August of this year.
Goldman's Next Generation Takes Shape With New Promotions
Goldman Sachs Group Inc. is building the next generation of dealmakers and investment bankers in a series of promotions, naming new leaders for mergers and acquisitions and other key businesses.
Read more on themiddlemarket.com Image: Brian Logan Photography / Shutterstock.com
Amazon-Backed Fitness Startup Aaptiv is Reportedly Exploring a Sale
Fitness startup Aaptiv Inc. is exploring options including a sale, according to people with knowledge of the matter.The New York-based company has tapped an adviser after fielding inbound interest, said some of the people, who requested anonymity because the talks are private.
Accenture Cloud First Launches With $3B Investment
Accenture (NYSE: ACN) announced the formation of Accenture Cloud First with a $3 billion investment over three years. Accenture Cloud First will help clients across all industries to rapidly become “cloud first” businesses and accelerate their digital transformation to realize greater value at speed and scale.
Read more on Finsmes.com Image: Rawpixel.com / shutterstock.com
Amazon Taps Echelon For The Prime Bike, a $500 Peloton Knock-Off
Amazon teamed up with Echelon to build and sell the Prime Bike. The $500 exercise bike is a virtual clone of the $1900 Peloton bike minus the screen — even the color scheme and design are the same. With this partnership with Echelon, Amazon is taking a big step towards Peloton.
Read more on Techcrunch.com
Image: metamorworks / Shutterstock.com
AI Company Beyond Limits Raises $133M Series C
Artificial intelligence company Beyond Limits has landed $133M in its Series C round. The round was led by new investor Group 42 and existing investor BP Ventures. Beyond Limits is focused on industrial AI, more specifically energy, utility and power.
Read more on Crunchbase.com Image: KoSSSmoSSS / shutterstock.com
How to Use Earnouts To Adjust To The Covid-19 M&A Landscape
Aligning the expectations of buyers and sellers is difficult during periods of economic uncertainty. Earnouts are taking on a new level of importance in constructing M&A transactions. Contingent consideration was used last year in 27 percent of transactions in which the data are available from publicly traded buyers.
The following capital raises were reported yesterday and this morning:
EasySend, a no-code automation platform provider focused on the financial industry, today announced it has raised $16 million. Hanaco led the Series A round, with participation from Intel Capital. Venturebeat.com
Pure Watercraft hopes that its electric outboard motor can replace a normal gas one for most boating needs under 50 HP — and it just raised $23.4M to hit the throttle. The round was led by L37. Techcrunch.com
IRL (In Real Life) is about to change the dilemma of events capped at a certain attendance number to allow for social distancing. The San Francisco-based startup raised a $16 million Series B round of funding. Goodwater Capital led the round. Crunchbase.com
SigmaSense has raised $22 million to bring its touch-screen technology to the broader market. Foxconn Technology Group led the round,The Series A follows a number of seed rounds, bringing the company’s total funding to around $28 million. Crunchbase.com
Papa is working to combat loneliness among seniors, and has raised $18 million for its Series B round led by Comcast Ventures. Crunchbase.com
Pom Partners, a NYC-based personal and enterprise safety technology provider, raised 3m in Series A funding. The round was led by Cayuga Venture Fund. Finsmes.com
Willow, the startup company making a new, wearable, breast pump for women, is capping off a frenetic 2020 with $55 million in fresh funding led by NEA, Meritech Capital Partners, and including Lightstone Ventures along with new investor Perceptive Advisors. Techcrunch.com
Green Monday Holdings, a manufacturer of plant-based pork substitute products and frozen meals and an operator of a chain of vegetarian-focused retail outlets and cafes, raised $70 million in financing from investors including TPG’s The Rise Fund and Swire Pacific. Techcrunch.com
Veem, a San Francisco, CA-based global payments network built for businesses, raised $31M in funding. The round was led by Truist Ventures, the corporate venture capital division of Truist Financial Corporation (NYSE: TFC)l. Finsmes.com
Netdata, a provider of an open-source, distributed, real-time, performance and health monitoring solution for systems and applications, completed a new round of financing totaling $14.2M. The round was led by Bessemer Venture Partners. Finsmes.com
MentorWorks Education Capital, Inc. announced that a group of investors, led by New U Venture Partners, invested $1.25 million into MentorWorks' infrastructure and operations. VCNewsdaily.com
Ecomedes, a sustainable building product platform, raised $1.5m in seed financing. Backers included new investor Saint-Gobain NOVA and existing investor PivotNorth. Finsmes.com
Siolta Therapeutics, a San Carlos, Calif.-based clinical-stage biotech company, raised $30M in series B funding. Backers included series A investors Khosla Ventures and Marc Benioff as well as new investors Seventure, SymBiosis, and Global Brain. Finsmes.com
Bentley Systems IncBSY.O, a Software development company on Tuesday revised its targeted price range for its upcoming initial public offering, which could value the company at about $5.49 billion (4.28 billion pounds). UK.Reuters.com
RoadRunner Recycling, a Pittsburgh, PA-based technology-driven company providing a sustainable waste and recycling management solution for businesses in new and existing markets, closed a $10m Series C funding round. Backers included Avery Dennison and Valo Ventures. Finsmes.com
NextCapital, a Chicago, IL-based enterprise digital advice company, raised $30m in growth financing. The round was led by FP Credit, the credit investment arm of Francisco Partners, a global investment firm. Oak HC/FT and IA Capital Group also participated in the capital raise. Finsmes.com
Treez, a private company focused on retail automation for the cannabis industry supply chain, today announced the closing of a $13 million Series B investment round led by Intrinsic Capital Partners. VCNewsdaily.com
Daring, the leader in clean plant-based chicken, announces the close of an $8 million Series A funding round led by Maveron, the prominent venture capital firm that invests in early-stage consumer brands. VCAOnline.com
Conjure, a NYC-based furniture rental service curated by designer artisans formerly operating as Mobley, announced its official launch out of stealth as well as $9m in seed funding. The round was led by Pillar VC, RiverPark Ventures, and CoVenture. Finsmes.com
Mobley, furniture rental service came has a new name - Conjure and $9 million in seed funding, both equity and debt financing. The round included $4 million in equity led by Pillar VC and RiverPark Ventures, while $5 million in debt financing was led by CoVenture. Crunchbase.com
SpotOn Transact, a software and payments company for small and medium-sized businesses, secured $60 million in Series C funding just six months after announcing its $50 million Series B investment. DST Global led the round. Crunchbase.com
U.S. & Canada
Deals of the Day: M&A and Strategic Investments
Aurora Labs, a Connected car analytics startup raised $23 million, bringing its total raised to $34 million. Notably, the capital comes after Porsche SE expanded its investment in Aurora to $2.5 million, which gave the automaker a “low single-digit” percentage stake in the startup. Venturebeat.com
Elliott Management and buyout firm Veritas Capital have made a joint bid for Cubic Corp following weeks of private talks with the defense and transportation technology firm. The exact value of the offer could not be learned. Cubic currently has a market value of $1.7 billion. Reuters.com
Palladium Equity Partners, LLC, a middle market private equity firm, announced it has acquired Trachte USA, a leading provider of engineered buildings, hardware and solutions that house electrical controls, switchgear, and advanced equipment and systems. VCAOnline.com
KKR & Co IncKKR.N , the U.S. buyout firm, is in advanced talks to buy contact lens retailer 1-800 Contacts for more than $3 billion from investment firm AEA Investors, Bloomberg News reported on Tuesday, citing people familiar with the matter. Reuters.com
Diploma, a Technical products and services provider said it will buy Windy City Wire Cable and Technology Products to extend its presence in the United States, and also resumed dividend payments. Reuters.com
Manticore Games has raised $15 million in a round of funding led by Epic Games as the two companies further pursue their mission of creating an endless gaming multiverse, or metaverse. Venturebeat.com
Gridiron Capital, LLC, an investment firm announced an investment in AML RightSource, outsourced provider of Anti-Money Laundering, Know Your Customer, and Bank Secrecy Act compliance solutions.VCAOnline.com
Thomas H. Lee Partners, L.P. and Frazier Healthcare Partners today announced they have acquired Adare Pharmaceuticals, from TPG Capital. The acquisition includes Adare’s CDMO, pharmaceutical technology and microbiome businesses. VCAOnline.com
TriNetX , the leading global health research network optimizing clinical research to bring new therapies to market faster, announced The Carlyle Group has made a strategic growth investment and will acquire a majority stake in the Company. VCAOnline.com
H.I.G. Capital, announced that one of its affiliates has made a significant investment in Construction Forms, Inc., a leading manufacturer of engineered, abrasion-resistant piping systems for concrete, mining, power generation, and other industrial applications. VCAOnline.com
Cyndx International News - Europe & Asia
FS Giants Invest in CloudMargin
Citi, Deutsche Bank and Deutsche Börse have joined a $15 million Series B funding round for collateral and margin management outfit CloudMargin. London-based CloudMargin's cloud-based collateral and margin management technology is used by brokerage firms, banks, asset management firms, pension funds and insurance companies.
Read more on Finextra.com
Image: courtesy of Cloudmargin
Brazil's Banks Try to Outflank Challengers By Investing In a $15M Round For Quanto
Trying to outflank competition from neo banks and other potential challengers, two of Brazil’s largest financial services institutions, Bradesco and Itaú Unibanco, have invested in Quanto, a company developing technology to let retailers and other businesses access financial information and services.
Read more on Techcrunch.com Image: IR Stone / Shutterstock.com
Mirakl Raises $300 Million For Its Marketplace Platform
French startup Mirakl has raised a $300 million funding round at a $1.5 billion valuation — the company is now a unicorn. Mirakl helps you launch and manage a marketplace on your e-commerce website and also handle B2B transactions. Permira Advisers is leading the round.
Read more on Techcrunch.com
Image: Stokkete / Shutterstock.com
KKR to Invest $755 Million in Retail Arm of India's Reliance
Private equity firm KKR & Co Inc KKR.N will invest $755 million in the retail unit of Reliance Industries Ltd RELI.NS, the Indian conglomerate said on Wednesday, bringing the total funding in Reliance Retail to $1.78 billion within a month.
Read more on Reuters.com
Image: gnanistock / Shutterstock.com
'AI-Powered' Fitness App Freeletics Scores $25M Series B
Freeletics, the “AI-powered” fitness coaching app, founded in 2013 and well-established in Europe, has closed $25 million in Series B funding. Leading the round is U.S.-based JAZZ Venture Partners and Causeway Media Partners, with support from KKCG.
Read more on Crunchbase.com Image: courtesy of Freeletics
Whole Caboodle Develop Revolutionary AI Platform For the Automotive Industry
The Whole Caboodle have developed CaboodleCode that is revolutionising the automotive industry with an AI platform that lets dealers know what their website visitors are doing. The first of its kind, CaboodleCode is an artificial intelligence (AI) website that telsl you who is on your site and what they are doing.
Thirty one UK scaleups have been selected to participate in the third cohort of Tech Nation's fintech programme. The six month programme, designed to support the growth of the UK's most promising fintechs has included more participants than before, reflecting a 20% increase in the number of applciations which totalled 143.
Read more on finextra.com
Image: IR Stone / Shutterstock.com
Europe & Asia Funds & Capital Raising Round Up
The following capital raises were reported yesterday and this morning:
AccelerComm, the supercharging 5G, satellite and other wireless communications with IP which increases spectrum efficiency and reduces latency, has raised £5.8m in Series A funding in a round led by IQ Capital. UKtech.news
ICEYE, the Finnish SpaceTech startup, today announced the closing of a larger than planned approx. €74 million Series C funding, led by return investor True Ventures, with a significant additional investment by OTB Ventures. Eu-startups.com
Voliro AG, a spin-off from ETH Zurich announced the closing of an approx. €1.9 million seed round to develop advanced flying inspection robots. The round was led by Alpana Ventures. Eu-startups.com
RunMotion Coach announced completing a seed round of €300K from private investors, in order to contribute to its national and international expansion. Eu-startups.com
TrueLayer, one of the first UK companies to be authorised and registered as a payment institution by the Financial Conduct Authority announced a new capital round from existing investors, for total raised to date to $72 million. Fintechf.com
Syfe, a Singapore-based digital wealth manager announced that it has successfully closed a SG$25.2 million (US$18.6 million) Series A funding round led by fintech venture capital fund Valar Ventures. Fintechnews.sg
Aurora Labs, a Tel Aviv, Israel-based provider of self-healing software for connected cars, secured $23m in Series B funding. The round was led by LG Technology Ventures, and Marius Nacht, co-founder of Check Point Software Technologies. Finsmes.com
DeepCube, a Tel Aviv, Israel-based deep learning company, raised $7m in Series A funding. The round, which brings the total invested in DeepCube to $12m, was led by Awz Ventures with participation from Koch Disruptive Technologies (KDT) and Nima Capital. Finsmes.com
Uncapped, the London-headquartered and Warsaw-based startup that offers “revenue-based” finance to European businesses so that founders don’t have to give up equity stipulated by venture capital, has raised $26 million in new funding. The round was led by Mouro Capital. Techcrunch.com
Servify, a Mumbai-headquartered startup that operates a device lifecycle management platform and works deeply with brands including Apple and Samsung in a number of geographies, has raised $23 million in a new financing round led by existing investor Iron Pillar. Techcrunch.com
Medicxi, the European life sciences investment firm, announces the closing of Medicxi Secondary 1 in connection with the completion of an "Exit & Reinvest" type of structured secondary transaction, which is unprecedented in the biotechnology industry. VCAOnline.com
Pureos Bioventures, a St. Peter Port, Guernsey and Zurich, Switzerland-based newly formed venture capital firm, advised by Bellevue Asset Management, closed its first fund BB Pureos Bioventures LP, with committed capital of USD 170m. Finsmes.com
PEDRA Technology, a Singapore-based developer of innovative deep-tissue perfusion monitors, raised $4.7M in Series A financing. Backers included SEEDS Capital, M&L Healthcare Investments and two strategic manufacturers of peripheral vascular devices. Finsmes.com
VersaBox, a Polish smart robotics company, has received €2.5 million from Fidiasz EVC, SpeedUp Energy Innovation, Movens Capital, and RST Ventures for Earth. The Warsaw-based company has just embarked on its international expansion. Eu-startups.com
PEDRA Technology, a Singapore-based developer of innovative deep-tissue perfusion monitors, raised $4.7M in Series A financing. Backers included SEEDS Capital, M&L Healthcare Investments and two strategic manufacturers of peripheral vascular devices. Finsmes.com
VersaBox, a Polish smart robotics company, has received €2.5 million from Fidiasz EVC, SpeedUp Energy Innovation, Movens Capital, and RST Ventures for Earth. The Warsaw-based company has just embarked on its international expansion. Eu-startups.com
Awell Health, the Belgian healthcare technology startup, has raised around €2 million to bring unique collaboration and productivity tools to the healthcare industry. LocalGlobe led the round, with involvement from Moonfire. Eu-startups.com
Eliq, the energy customer engagement company that enables utilities to rebuild their customer interaction, has announced a €5 million Series A round of financing co-led by Inven Capital and Contrarian Ventures. Uktech.news
Europe & Asia
Deals of the Day: M&A and Strategic Investments
Evonik, the German chemicals maker on Tuesday said it would prepare its superabsorber business, which makes materials for diapers and hygiene products, for a possible sale in about six to nine months. Reuters.com
Canada's Inter Pipeline LtdIPL.TO said on Tuesday it will sell a major portion of its European bulk liquid storage business to Spain-based CLH Group for 420 million pounds ($537.73 million). UK.Reuters.com
OMV, the Austrian utility, said on Wednesday it will sell a majority stake in its gas pipeline subsidiary to rival Verbund, a deal that will help OMV reduce debt and finance its acquisition of a leading plastics maker. Reuters.com
illimity, the Italian digital bank, has reached an agreement to buy a 50% stake in Hype, the open banking outfit owned by Banca Sella. In a deal worth around EUR140 million, illimity will join Sella's Fabrick fintech unit as owner of Hype, which provides open banking services to 1.3 million customers. Finextra.com
Making the News
The following stories have made financial news:
Citigroup IncC.N has closed its market making business in retail options that serves retail broker-dealers, the Financial Times reported on Wednesday, citing three people with knowledge of the decision. Reuters.com
One week after GoodRx Holdings Inc. filed its initial public offering, the discount prescription marketplace priced its stock at $33 per share, above its target to sell $1.1 billion in stock. PYMNTS.com
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