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jeffrey E. [jeevacation@gmail.com]
2/21/2018 5:55:09 PM
Steven Sinofsky
Re: Pro Rata: Wednesday, February 21
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Thx for taking the time
On Wed, Feb 21, 2018 at 1:48 PM Steven Sinofsky > wrote:
Excerpt from below...
Same old story: Yesterday, I grabbed coffee with Day One Ventures
founder Masha Drokova, and heard a familiar—and still disappointing
—story: While raising her fund, she was told by prospective investors
that she should get a male co-founder.
• She initially considered the suggestion, she told me, before
remembering it's rooted in sexism.
Begin forwarded message:
From: Kia Kokalitcheva <________________
Date: February 21, 2018 at 7:32:17 AM PST
To:
Subject: Pro Rata: Wednesday, February 21
Pro Rata
By Kia Kokalitcheva •Feb 21, 2018
View in browser
Welcome back, readers. Once again, a reminder to send me your delicious scoops
and tips at kiaPaxios.com or find me on Twitter at Pimkialikethecar.
HOUSE OVERSIGHT 021096
Hot event alert: RSVP to our 2/26 event in NYC for interviews with NBA star
Draymond Green, BBG Ventures' Susan Lyne, JPMorgan's Jennifer Piepszak, and
Equinox CEO Harvey Spevak.
Top of the Morning
Illustration: Rebecca Zisser / Axios
AT&T's proposed $85 billion purchase of Time Warner took another turn yesterday. A
federal judge hearing the Justice Department's lawsuit to block the deal denied a
request by the telecom giant to disclose communications between Justice Department
officials, including Attorney General Jeff Sessions, and the White House about the
deal.
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• Why it matters: The ruling is a blow to AT&T's attempt to show that the
lawsuit to block the deal is politically motivated by President Trump's antipathy for
CNN, which Time Warner owns. AT&T says it wasn't asked to offload any assets as
part of the deal until after Trump took office.
• What they're saying: "We respect the judge's decision and look forward to
the upcoming trial," said Dan Petrocelli, who is leading AT&T and Time Warner's
defense in the case, in a statement.
• At a hearing on Friday, a Justice Department lawyer said that AT&T's
argument for the documents "didn't make sense."
• Go deeper: Our report from the courtroom on Friday, when DOJ and AT&T
presented their arguments.
Fund scoop: Niv Dror, who joined AngelList through its acquisition of Product Hunt
in 2016, is raising a small early-stage fund focused on consumer products, multiple
sources tell Axios. Dror declined to comment.
• The fund will raise at least $1 million, though one source says it could go up to
$2-3 million.
• Like Product Hunt colleague Ryan Hoover's own VC fund, Dror's will be
managed on the back-end by AngelList.
Same old story: Yesterday, I grabbed coffee with Day One Ventures founder Masha
Drokova, and heard a familiar—and still disappointing—story: While raising her fund,
she was told by prospective investors that she should get a male co-founder.
• She initially considered the suggestion, she told me, before remembering it's
rooted in sexism.
Softbank $$$: Softbank's Vision Fund is in early talks to raise additional funds from
Bahrain's sovereign wealth fund, Mumtalakat, the latter's CEO told Reuters.
• The Persian Gulf has been a major source of funds for the Vision Fund: Public
Investment Fund, Saudi Arabia's main sovereign wealth fund, and Abu Dhabi's
Mubadala, are already investors.
• And it's not the only one visiting the region's investors—funds focused on tokens
and cryptocurrencies have also been fundraising in the area, I'm told.
Unicorn stampede: We're not even two months into 2018 and yet, seven startups
have already seen their private valuations cross the $1 billion mark—earning "unicorn"
status—according to Pitchbook. Last year: 53. The word "overvalued" comes to mind...
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The BFD
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Photo: George Rose/Getty Images
Broadcom has adjusted its takeover offer for Qualcomm to $79 per share, down from
the its "best and final" bid of $82. The move is a response to Qualcomm's
announcement yesterday it would pay $127.50 a share for NXP, up from the $ilo it
had offered.
• Why it's the BFD: Broadcom and Qualcomm's takeover dance has taken a
dramatic turn for what should have been a boring transaction between two chip
companies.
• Bottom line: "Broadcom has long said its acquisition of the San Diego-based
chipmaker is contingent on Qualcomm buying NXP at the previously agreed price,
saving a large amount of cash Broadcom could hypothetically use for its own purposes
once the acquisition goes through... Qualcomm raised its NXP bid to secure support
from activist investors who have piled into NXP and demanded a higher sale price." —
Bloomberg.
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Viva!,
Viva!,
Venture Capital Deals
• Moovit, an Israeli maker of a transportation app, has raised $50 million in Series D
funding led by Intel Capital, with participation from Sequoia, BMW iVentures, NGP,
Sound Ventures, BRM, Gemini, Vaizra, Vintage, and Hanaco. http://axioslink/fQSW
• Vectra, a San Jose, Calif.-based cybersecurity startup, has raised $36 million in
Series D funding led by Atlantic Bridge, with participation from the Ireland
Strategic Investment Fund, Nissho Electronics Corp., Khosla Ventures, Accel Partners,
IA Ventures, AME Cloud Ventures, DAG Ventures and Wipro Ventures. www.vectra.ai
• FourKites, a Chicago-based make of supply chain management software, has raised
$35 million in Series B funding. August Capital led the round, with participation
from Bain Capital Ventures and Hyde Park Venture Partners. http://axioslink/7XWI
• DecaWave, an Irish fabless semiconductor company, has raised $30 million in
funding led by Atlantic Bridge Ventures, with participation from the China Ireland
Growth Technology Fund, ACT Venture Capital, and ZZ Ventures.
• Kidaptiv, a Mountain View, Calif.-based maker of adaptive learning software, has
raised $19.1 million in Series C funding led by Formation 8 and Korean education
company Woongjin ThinkBig. http://axioslink/Fuut
• Prophesee, a Paris-based machine vision startup, has raised $19 million in Series B
funding led by an undisclosed investor, with participation from 360 Capital Partners,
Supernova Invest, iBionext, Intel Capital, Renault Group, and Robert Bosch Venture
Capital, according to Tech.eu. http://axioslink/QAyn
• Greenlight Financial Technology, an Atlanta-based maker of a smart debit card
for kids, teens, and college students, has raised $16 million in Series A funding led by
TTV Capital with participation from New Enterprise Associates, Relay Ventures,
SunTrust Bank, Ally Financial, nbkc bank, Canapi, and the Amazon Alexa Fund.
www.greenlightcard.com
• Zagster, a Cambridge, Mass.-based bike-share service, has raised $15 million in new
funding led by Edison Capital Partners. www.zagster.com
• Morphisec, and Israel-based cybersecurity startup, has raised $12 million in Series
B funding from Orange Digital Ventures, Jerusalem Venture Partners, General
Electric, and Deutsche Telekom. www.morphisec.com
• Tunity, a New York-based live audio service for television content, has raised $12
million in Series A funding. Investors include former Morgan Stanley CEO John Mack
and WeWork CEO Adam Neumann. www.tunity.com
• Fever Labs, a New York-based maker of an event discovery app, has raised $11.7
million in new funding, according to an SEC filing. www.feverup.com
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• Gabi, a San Francisco-based insurance shopping services, has raised $9.5 million in
Series A funding led by Canvas Ventures, with participation from Correlation
Ventures, Northwestern Mutual Future Ventures, Securian Ventures, A.Capital
Ventures and Project A. www.gabi.com
• Dover Microsystems, a Waltham, Mass.-based cybersecurity company, has raised
$6 million in seed funding. Hyperplane Venture Capital led the round with
participation from Draper, Qualcomm Ventures and the Hub Angels
Investment Group. www.dovermicrosystems.com
• Anyfin, a Stockholm-based loan refinancing startup, has raised $5.9 million (C4.8
million) in Series A funding led by Accel and Northzone, with participation from
Global Founders Capital and angel investors. http://axioslink/IpTj
• Thirdpresence, a Helsinkin-based A.I. programmatic video advertising company,
has raised $2.4 million in seed funding from Inventure, Tesi, and existing investors.
www.thirdpresence.com
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Private Equity Deals
• Rhone Capital agreed to buy Fogo de Chao (NASDAQ: FOGO), a Dallas-based
Brazilian steakhouse chain, in a deal valued at $56o million. Credit Suisse and Wells
Fargo Bank, National Association provided financing. www.fogodechao.com
• Behrman Capital has acquired Corfin Industries, a Salem, N.H.-based provider
of microelectronic component preparation services. www.corfin.com
441Water Street Healthcare Partners and JLL Partners have agreed to acquire
Dohmen Life Science Services, a Milwaukee-based provider of operations services
to biopharma and medical device companies, from The Dohmen Company.
www.dlss.com
• PWP Growth Equity and RedHawk Investment have invested an undisclosed
amount into 36oTraining, an Austin, Texas-based provider of online training
courses for regulated industries. www.36otraining.com
• Orient Hontai Capital, a Chinese private equity firm, has agreed to buy a 53.5%
stake in Imagina Media Audiovisual, a Spanish media company, valuing the target
company at an enterprise value of C1.9 billion (US$2.34 billion).
http://axioslink/CN5I
• Leeds Equity Partners is investing in Endeavor Schools, a Miami-based owner
and operator of 37 private K-12 schools in the U.S. www.endeavorschools.com
• Cathay Capital MidCap Fund is buying a majority of stake in E.
WINKEMANN, a German auto supplier. Financial terms weren't announced.
HOUSE OVERSIGHT 021101
Equistone Partners Europe will retain a stake along with company management.
www.winkemann.de
Public Offerings
• Deutsche Bank (NYSE: DB) plans to debut an IPO of its asset-management arm,
DWS, for Monday next week, according to Reuters. It could list on the Frankfurt
exchange as early as March 19. Deutsche Bank is planning to offer 25% of existing
DWS shares for an expected 1.5 billion to C2 billion ($1.85 billion to $2.47 billion).
http://axioslink/KNnd
• Opes Acquisition, a Mexico-based blank check company formed by Axis Capital
Management to acquire a Mexican business, has filed for an $1oo million IPO. It will
offer 10 million units at a price of $1o. At that price, Opes Acquisition would command
a market value of $129 million. Each unit consists of one share of common stock and
one warrant exercisable at $11.5o. It plans to list on the Nasdaq under the symbol
OPESU, with EarlyBirdCapital is the sole bookrunner on the deal.
www.axiscapital.com.mx/eng
• Tiberius Acquisition, a Metairie, La.-based blank check company formed to
acquire a middle-market insurance business, filed for a $15o million IPO. It will offer
15 million units at a price of $1o. At that price, Tiberius Acquisition would command a
market value of $188 million. Each unit consists of one share of common stock and
one warrant to purchase one share of common stock. It plans to list on the Nasdaq
under the symbol TIBRU, with Cantor Fitzgerald and Dowling & Partners are the joint
bookrunners on the deal.
Liquidity Events
• Xerox Corp shareholders Carl Icahn and Darwin Deason said Tuesday that the
company should sell itself to one of its rivals or a private equity firm, opposing a
potential deal with Fujifilm, according to Reuters. http://axioslink/jtPN
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HOUSE OVERSIGHT 021102
More M&A
• S&P Global (NYSE: SPGI), a provider or markets data and analytics, has agreed to
set to acquire Panjiva, a New York-based provider of supply chain data.
www.panjiva.com
• The Adecco Group, a Swiss human resources services firm, has acquired Vettery,
a New York-based recruiting startup, for just over $100 million, according to
TechCrunch. http://axioslink/hBcz
• Oracle has acquired Zenedge, an Aventura, Fla.-based cybersecurity solutions
provider. www.zenedge.com
• Bosch has acquired Splitting Fares, a Detroit-based startup that provides ride-
sharing platforms. www.splt.io
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Fundraising
• EQT is seeking 10.75 billion euros ($13.2 billion) for a new buyout fund, according to
the Financial Times.
• TechOperators Venture Capital, an Atlanta-based venture capital firm, has
raised $4.0.2 million toward a $100 million third venture fund, according to an SEC
filing. www.techoperators.com
trints-
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It's Personnel
• Amy Errett has joined True Ventures as a venture partner. Erret will remain
CEO of Madison Reed, a San Francisco-based hair color company.
http://axioslink/r9h8
• Jeff Schumacher is stepping down as CEO of BCG Digital Ventures and will
become non-executive chairman of the firm. www.bcgdv.com
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• Nicholas Leiby has joined Weinberg Capital Group as director. He was
previously vice president at Resilience Capital Partners. www.weinbergcap.com
Final Numbers
Reproduced from BP Enemy Outlook 2018; Chart: Axios Visuals
HOUSE OVERSIGHT 021104
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HOUSE OVERSIGHT 021105