Top of the Morning
Katerra, a Menlo Park, Calif.-based provider of design services to the construction industry, has raised $130 million in Series C funding at a valuation north of $1 billion. Greenoaks Capital led the round, and was joined by Moore Capital Management, Khosla Ventures, DFJ, Foxconn and Paxion.
- Why it's the BFD: The bet here is that the building construction supply chain isn't really all that different from the computer manufacturing supply chain. The common link is Katerra executive chairman Michael Marks, who faced similar supply chain skepticism in his early days of leading Flextronics. Marks also has spent time in private equity (KKR and Riverwood Equity) and as interim CEO of Tesla Motors.
- Bottom line: "Although several companies compete with Katerra in different areas — Prescient builds frames and panels for developers in its own manufacturing plant while Rhumbix sells software to track construction costs — Marks said Katerra stands out for wanting to do everything. The risk, however, is that Katerra is taking on too many different tasks." ― Jonathan Vanian, Fortune
Venture Capital Deals
Private Equity Deals
• CITIC Capital has partnered with portfolio company New Journey Cancer Hospital on a takeover bid for Icon Group, an Australian cancer care center company owned by Quadrant Private Equity, according to The Australian. The deal could be worth more than A$1.4 billion, with other bidders expected to include China's Yibai Pharmaceuticals and, Baring Private Equity and Luye Pharma. http://bit.ly/2px7bRg
• Gas Station TV, an "at the pump" video network backed by Rockbridge Growth Equity, announced a 50/50 joint venture to merge with the assets and operations of Verifone's (NYSE: PAY) Pump Media division. No financial terms were disclosed. http://bit.ly/2pbXWGX
• Insight Venture Partners has invested over $100 million for a majority stake in Zyme, a Redwood Shores, Calif.-based provider of channel data management solutions. Sellers include Susquehanna Growth Equity. http://bit.ly/2oqzd1J
• Intapp, a Palo Alto, Calif.-based provider of software for law firms and professional services firms, has raised an undisclosed amount of new equity funding from Temasek. The company continues to be majority-owned by Great Hill Partners. www.intapp.com
• Lovell Minnick Partners has acquired a majority stake in Global Financial Credit, a White Plains, N.Y.-based provider of working capital solutions to healthcare providers and pre-settlement funding to consumers. No financial terms were disclosed. www.glofin.com
• Baidu (Nasdaqq: BIDU) has agreed to acquire xPerception, a Silicon Valley computer vision startup, for an undisclosed amount. http://reut.rs/2pbWWTi
• Berkshire Hathaway has withdrawn a regulatory request to increase its stake in Wells Fargo (NYSE: WFC) above 10%, and instead will sell shares to keep it below the threshold. http://read.bi/2p9SmVH
• Bob Alderman has joined Pomona Investment Fund as head of business development. He previously was with Gold Bullion International. www.pomonacapital.com
• Michael Horton, a former managing director at GE Capital, has joined StartUp Health, an online community for healthcare professionals, as CFO. www.startuphealth.com
• Alex Williams is stepping down as a managing director at Terra Firma Capital Partners, just one year after joining from First Reserve, according to Private Equity International. http://bit.ly/2oqBl9J