1 big thing: Activist investor takes on car auction company

2. The BFD: Kohl's attracts another suitor 

3. Another department store, another campaign 

Illustration of a hand holding a hammer breaking away pieces of a briefcase. 

4. Retail transactions

Good morning, Retail Readers, and happy hump day! 🐫

Retail Deals

1 big thing: A tale of 3 activists campaigns

2. The BFD: Dunkin' inks sports deals

Illustration of the Wall St. bull statue eating a donut.

3. Retail therapy: Macy's upgrade and PPI surge

Illustration of Sigmund Freud holding a collection of shopping bags.

5. It's Personnel 

🐫 We're nearly over this week's hump Retail Readers! 

In the immortal words of Austin Powers, "allow myself to...introduce...myself." Michael Flaherty here, normally the editor/co-conspirator with Richard. Richard's out today, so I'm coming in from the bullpen like Ricky Vaughan. 

📈 Situational awareness: This morning’s retail sales (+3.5%) tell us consumers and inflation are both moving up and to the right. 

Remember to tell your friends to sign up for this newsletter if you haven't already.

1. a16z, Coatue place carbon-software bet

2. Goldman power

3. Monta nets €30M for EV charging SaaS

4. Construction startup raises $11.5M

$100 bill with construction helmet on Franklin's head

5. Chart of the week: Nickel and dimed

Enjoy this week's digest and then subscribe and listen to the latest season of "Elon Musk vs. Twitter" — a docuseries about Musk's astonishing career, the rise of Twitter, and what the collision between the two could mean for us all. 

That was a whirlwind of a week. Rest up. Megan and Alan will be back Monday to catch you up on the latest. 

And thank you for reading Climate Deals! Please share with your friends, family and nickel enthusiasts.

Climate Deals

1 big thing: Reading the TreeHouse Foods tea leaves

Illustration of a coffee cup with steam in the shape of a dollar sign.

2. The BFD:  Kering sets sights on Maui 

3. Retail therapy

🦅 Today, March 15, is Buzzards Day. OK, I know that's not a buzzard emoji but it's the closest I could find, other than a turkey 🦃. 

1 big thing: Yum China's full plate 

Illustration of magnifying glass over china's national star

2. The BFD: Softbank cashes in on discount Coupang stake

3. TreeHouse Foods tells Jana thanks, but no

Illustration of a tree with money as the leaves. 

4. Retail therapy

5. Retail transactions

🥧  Pi Day, Retail Readers! See below for more on this particular day.

🌡  Richard is not feeling well today, so Mike's hopping in.

➗  According to the official Pi Day website, "Pi Day is an annual opportunity for math enthusiasts to recite the infinite digits of Pi, talk to their friends about math, and eat pie."

Nothing against math, but I'm going to opt for the latter option there. 

Fintech Deals

FTX and Binance have made the leading bids for the assets of bankrupt crypto-lender Voyager Digital, the Wall Street Journal reported, adding that neither bid has been accepted yet.

Why it matters: The crypto winter hit firms like Voyager hard and kickstarted a consolidation run that is playing out across the space. 

Details: Citing people familiar with the matter, the WSJ says Binance's bid is about $50 million, a bit higher than FTX's.

Of note: Voyager initially rejected FTX's offer, calling it a low-ball, Axios previously reported. 

What's next: We'll be watching which bid Voyager and its advisers accept and the final result of the auction. 

The auction began on Sept 13. Other bidders include crypto investment manager Wave Financial and trading platform CrossTower, the WSJ reports.

The winner is scheduled to be announced Sept. 29. 

FTX and Binance lead bidding for Voyager assets

WSJ reports that Binance bid is around $50 million

FTX CEO Sam Bankman-Fried. Photo: Bloomberg via Getty Images. 

Fintech

FTX and Binance have made the leading bids for the assets of bankrupt crypto-lender <a class="gtmContentClick" data-vars-link-text="Voyager Digital" data-vars-click-url="https://www.wsj.com/market-data/quotes/VYGVQ" data-vars-content-id="20032ebe-d788-4669-9443-dbe90f94ad97" data-vars-headline="FTX and Binance lead bidding for Voyager assets" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.wsj.com/market-data/quotes/VYGVQ" target="_blank">Voyager Digital</a>, the Wall Street Journal reported, adding that neither bid has been accepted yet.Why it matters: The crypto winter hit firms like Voyager hard and kickstarted a consolidation run that is playing out across the space.

Andreessen Horowitz is betting on crypto to break up Big Tech's concentration of power, a16z partner Chris Dixon tells the FT. 

Why it's the BFD: Dixon's view suggests that the firm's crypto wing is aimed at dismantling the anti-competitive behavior that allowed Big Tech to grow so concentrated in the first place.

Of note: a16z was an early investor in Web 2.0 companies like Facebook, Pinterest and Twitter before setting its sights on web3. 

Details: "The idea of having the internet controlled by five companies is very bad for entrepreneurs and bad for VCs," Dixon said.

What they're saying: Dixon's "comments come as the firm is seeking to hone a new investment strategy built around cryptocurrencies and digital tokens to replace the traditional equity investments made by VC firms and create a new, community-led model for investing in high-growth start-ups," the FT notes. 

a16z's crypto head on breaking Big Tech's grip

Chris Dixon tells the FT that concentration of power is bad

Andreessen Horowitz is betting on crypto to break up Big Tech&#x27;s concentration of power, a16z partner Chris Dixon <a class="gtmContentClick" data-vars-link-text="tells the FT." data-vars-click-url="https://www.ft.com/content/25a80bed-a7a8-4db8-8153-a1f6aea9c47c" data-vars-content-id="21cfe731-7537-4ea6-9318-987bf0d9ada3" data-vars-headline="a16z&#x27;s crypto head on breaking Big Tech&#x27;s grip" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.ft.com/content/25a80bed-a7a8-4db8-8153-a1f6aea9c47c" target="_blank">tells the FT.</a> Why it&#x27;s the BFD: Dixon&#x27;s view suggests that the firm&#x27;s crypto wing is aimed at dismantling the anti-competitive behavior that allowed Big Tech to grow so concentrated in the first place.Of note: a16z was an early investor in Web 2.0 companies like Facebook, Pinterest and Twitter before setting its sights on web3. Details: &quot;The idea of having the internet controlled by five companies is very bad for entrepreneurs and bad for VCs,&quot; Dixon said.What they&#x27;re saying: Dixon&#x27;s &quot;comments come as the firm is seeking to hone a new investment strategy built around cryptocurrencies and digital tokens to replace the traditional equity investments made by VC firms and create a new, community-led model for investing in high-growth start-ups,&quot; the FT notes.

Kohl's board member Thomas Kingsbury is among the candidates that activist investor Ancora Holdings is expected to push as a replacement for current CEO Michelle Gass, according to two sources familiar with the situation.

Why it matters: Ancora backing an internal candidate could improve its odds of success in its latest run at Kohl's.

Driving the news: Ancora, a hedge fund that holds a 2.5% stake in the company, issued a press release and a letter on Thursday demanding that the Kohl's board remove Gass and Chairman Peter Boneparth, citing the company's poor performance, among other factors.

Ancora did not name a CEO candidate, but said in the release that it wants the board to interview a "diverse group of qualified candidates" with turnaround experience in the retail sector. 

One of the sources told Axios that Ancora will advocate for Kingsbury to be high on that list, given his knowledge of the company and his success as Burlington's CEO. 

A second source said that Kingsbury could also be a candidate to replace Boneparth as Chairman.

What they're saying: In a statement to Axios, Kohl's said, "The Kohl’s Board unanimously supports Michelle Gass and her leadership team. We remain committed to maximizing value and acting in the interests of all our shareholders by staying focused on running the business, and the Board continues to actively engage with management to navigate the current retail environment."

Ancora eyes Thomas Kingsbury as next Kohl's CEO

The choice could help the success of the activist's third run at Kohl's.

Photo: Thos Robinson/Getty Images for K.I.D.S./Fashion Delivers

Activist shareholders

Scoop

Kohl&#x27;s board member Thomas Kingsbury is among the candidates that activist investor Ancora Holdings is expected to push as a <a class="gtmContentClick" data-vars-link-text="replacement for current CEO" data-vars-click-url="https://www.axios.com/pro/retail-deals/2022/09/22/ancora-calls-for-the-removal-of-kohls-top-leadership" data-vars-content-id="39376159-2288-426e-8320-8bf92fa37d38" data-vars-headline="Ancora eyes Thomas Kingsbury as next Kohl&#x27;s CEO" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/retail-deals/2022/09/22/ancora-calls-for-the-removal-of-kohls-top-leadership" target="_self">replacement for current CEO</a> Michelle Gass, according to two sources familiar with the situation.Why it matters: Ancora backing an internal candidate could improve its odds of success in its latest run at Kohl&#x27;s.

NowNow, a Nigerian payments startup, raised $13 million in seed funding from NeoVision Ventures, DLF Family Office and Shadi Abdulhadi, TechCrunch reports.

Why it's the BFD: The relatively small seed round is part of a bigger trend of investors betting on fintech's growth across the continent as younger consumers seek alternative ways to bank. 

Of note: In March, Axios reported that, before 2021, just eight African startups had raised $100 million or more in a single round. Last year, that number shot up to 14, per data from Partech. 

Fintechs have sprouted in cities across Africa and are pulling in funding from U.S. and global investors. 

Details: "NowNow is targeting 5,000 SMEs with its business-in-a-box solution, including the NFC-enabled tech, by year’s end," TechCrunch reports. "On the consumer side of things, the fintech claims to serve up to 200,000 customers; it hopes to increase that number to 1 million by December."

African fintech NowNow pulls in $13M seed round

The Nigerian company targets thousands of SMEs, 200k consumers.

Illustration of South African rand growing like leaves in a Baobab tree.

NowNow, a Nigerian payments startup, raised $13 million in seed funding from NeoVision Ventures, DLF Family Office and Shadi Abdulhadi, <a class="gtmContentClick" data-vars-link-text="TechCrunch reports." data-vars-click-url="https://techcrunch.com/2022/09/07/nownow-raises-13m-seed-plans-to-scale-its-ecosystem-of-financial-products-across-africa/" data-vars-content-id="c911612b-f6a4-49ee-b4e2-9bfe13d7eeb3" data-vars-headline="African fintech NowNow pulls in $13M seed round" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://techcrunch.com/2022/09/07/nownow-raises-13m-seed-plans-to-scale-its-ecosystem-of-financial-products-across-africa/" target="_blank">TechCrunch reports.</a>Why it&#x27;s the BFD: The relatively small seed round is part of a bigger trend of investors betting on fintech&#x27;s growth across the continent as younger consumers seek alternative ways to bank. Of note: In March, <a class="gtmContentClick" data-vars-link-text="Axios reported" data-vars-click-url="https://www.axios.com/2022/03/07/south-african-fintech-yoco" data-vars-content-id="c911612b-f6a4-49ee-b4e2-9bfe13d7eeb3" data-vars-headline="African fintech NowNow pulls in $13M seed round" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/03/07/south-african-fintech-yoco" target="_self">Axios reported</a> that, before 2021, just eight African startups had raised $100 million or more in a single round. Last year, that number shot up to 14, per data <a class="gtmContentClick" data-vars-link-text="from Partech" data-vars-click-url="https://partechpartners.com/2021-africa-tech-venture-capital-report/#section1" data-vars-content-id="c911612b-f6a4-49ee-b4e2-9bfe13d7eeb3" data-vars-headline="African fintech NowNow pulls in $13M seed round" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://partechpartners.com/2021-africa-tech-venture-capital-report/#section1" target="_blank">from Partech</a>. <ul><li>Fintechs have sprouted in cities across Africa and are pulling in funding from U.S. and global investors. </li></ul>Details: &quot;NowNow is targeting 5,000 SMEs with its business-in-a-box solution, including the NFC-enabled tech, by year’s end,&quot; TechCrunch reports. &quot;On the consumer side of things, the fintech claims to serve up to 200,000 customers; it hopes to increase that number to 1 million by December.&quot;

J.P. Morgan has agreed to acquire fintech Renovite Technologies in a deal the New York bank says will bolster its payments modernization strategy, among other things. 

Why it's the BFD: Financial details were not disclosed in the press release, and a J.P. Morgan spokeswoman declined to comment. 

But, beyond the dollars and cents, the deal is important in that it shows how the Wall Street giant, and its peers, are growing (both organically and inorganically) their fintech services and technology, at a time when upstart firms are pulling customers from traditional banks. 

The press release (which crossed at 1am EST) is datelined New York and Noida, India, where Renovite has a presence (it has a U.K. presence as well). Renovite is headquartered in Fremont, California. 

Of note: "The strategic acquisition of Renovite will help J.P. Morgan Payments build its next-generation merchant acquiring platform, bolster the firm’s payments modernization strategy and support its journey to the cloud," the press release says. 

J.P. Morgan inks deal with Renovite in payments move

Wall Street bank acquires fintech to bolster payments unit

J.P. Morgan CEO Jamie Dimon. Photo credit: Bloomberg News, via Getty Images

J.P. Morgan has agreed to acquire fintech Renovite Technologies <a class="gtmContentClick" data-vars-link-text="in a deal" data-vars-click-url="https://www.businesswire.com/news/home/20220911005008/en/J.P.-Morgan-to-Acquire-Renovite-Technologies-Inc." data-vars-content-id="d969fd7d-16ef-4ab5-a7bb-c3546b415482" data-vars-headline="J.P. Morgan inks deal with Renovite in payments move" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.businesswire.com/news/home/20220911005008/en/J.P.-Morgan-to-Acquire-Renovite-Technologies-Inc." target="_blank">in a deal</a> the New York bank says will bolster its payments modernization strategy, among other things. Why it&#x27;s the BFD: Financial details were not disclosed in the press release, and a J.P. Morgan spokeswoman declined to comment.

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MIchael Flaherty

Stories

Ancora eyes Thomas Kingsbury as next Kohl's CEO

FTX and Binance lead bidding for Voyager assets

J.P. Morgan inks deal with Renovite in payments move

African fintech NowNow pulls in $13M seed round

a16z's crypto head on breaking Big Tech's grip

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Climate: 🗞 Catch up quick

Retail: Hudson's Bay eyes Kohl's

🫖 Retail: TreeHouse spills tea

Retail: Yum's double whammy

Retail: Another full slate attack