Illustration: Sarah Grillo/Axios
States are facing their biggest fiscal crisis since the Great Depression, with revenues plunging as obligations soar. Senate Majority Leader Mitch McConnell suggested that state bankruptcy filings should be considered as an alternative to further federal bailouts.
Reality check: States cannot currently file for bankruptcy, unlike cities and towns, Felix Salmon and I write this morning.
McConnell said last week he's "in favor of allowing states to use the bankruptcy route," but hasn't proposed legislation to enable it. Yesterday he said he'd also consider additional federal aid to states and cities, but only in exchange for business liability waivers.
The Paycheck Protection Program relaunched yesterday morning, and was beset by many of the same technical troubles that we saw during the first go-around.
Treasury Secretary Steve Mnuchin this morning said that the SBA will do a "full review" of any PPP loan exceeding $2 million, adding that he thinks "it was inappropriate for most of these companies to take the loans."
Merger ban: Last Friday we wrote about how Rep. David Cicilline (D-R.I.), who chairs House Judiciary's antitrust subcommittee, proposed a moratorium on all M&A activity outside of situations in which companies are bankrupt or on the brink of insolvency.
Illustration: Sarah Grillo/Axios
Hightimes Holding Corp., a cannabis-focused media company, agreed to buy 13 California dispensaries from Harvest Health and Recreation (CNSX: HARV) for $80 million in cash and stock.
Today's project is for your kids to create a brand new type of animal. It could be a drawing or a craft. Does it have wings? Claws? Two heads? What does it eat? Where does it live? Please be sure to give it a name.
Yesterday's project was for your kids to create a carnival midway game, and Jack went all out (with some help from mom):
🚑 SkyCell, a Swiss maker of “smart containers” for temperature-sensitive drugs, raised $62 million. MVM Partners led, and was joined by return backers Swiss Entrepreneurs Fund and BCGE Bank. http://axios.link/qfO8
• Oriente, a Hong Kong-based startup focused on digital credit infrastructure tech, raised $50 million in new Series B funding. Local property developer Peter Lee led, and was joined by Wix.com. http://axios.link/S51S
• Cheetah, a San Francisco-based platform for contactless pickup and delivery of food and supplies, raised $36 million in Series B funding. Eclipse Ventures led, and was joined by Iconiq Capital, Hanaco Ventures, and Floodgate. www.gocheetah.com
🚑 LifeSprout, a Baltimore-based regenerative medicine startup, raised $28.5 million in Series A funding. Redmile Group led, and was joined by Nexus Management, Emerald Development Managers, and the Abell Foundation. http://axios.link/UqSI
• Velo3D, a Campbell, Calif.-based 3D printing startup for metals, raised $28 million in Series D funding. Piva and TNSC were joined by return backers Bessemer Venture Partners, Playground Global, and Khosla Ventures. www.velo3d.com
🚑 AtaCor Medical, a San Clemente, Calif.-based developer of cardiac-pacing therapies, raised $25 million in Series B funding from Hatteras Venture Partners, Catalyst Health Ventures, Longview Ventures, and return backers Broadview Ventures and aMoon Fund. www.atacor.com
⛽ EnVerid Systems, a Boston-based developer of HVAC load reduction tech, raised $20 million in Series B funding. Breakthrough Energy Ventures led, and was joined by Ajax Strategies, Building Ventures, and OurCrowd. www.enverid.com
• Factorial, a Barcelona-based HR automation platform for SMBs, raised €15 million in Series A funding. CRV led, and was joined by return backers Creandum, Point Nine, and K Fund. http://axios.link/pFYn
🐙 Secret Double Octopus, an Israeli developer of password-less authentication solutions, raised $15 million in Series B funding from backers like Sony Financial Ventures, KDDI, and Global Brain. http://axios.link/cnr1
• Qoala, an Indonesian digital insurer for consumer products and services, raised $13.5 million in Series A funding led by Centauri Fund led, and was joined by Sequoia India, Flourish Ventures, Kookmin Bank Investments, Mirae Asset Venture Investment, Mirae Asset Sekuritas and existing investors MassMutual Ventures Southeast Asia, MDI Ventures, SeedPlus and Central Capital Ventura. http://axios.link/tf6e
⛽ Amply Power, a Los Angeles-based electric vehicle-charging startup, raised $13.2 million from Soros Fund Management and Siemens. http://axios.link/eIlp
• Relish, a Mamaroneck, N.Y.-based app for improving relationships, raised $5 million led by Bessemer Venture Partners. http://axios.link/QSjG
• Checkly, a Berlin-based monitoring and testing platform for dev-ops teams, raised $2.25 million in seed funding led by Accel. www.checklyhq.com
• Buymie, an Irish grocery delivery startup, raised €2.2 million from Act VC, Sure Valley Ventures, BVP Investments, Enterprise Ireland, and Haatch Ventures. www.buymie.eu
• The Blackstone Group warned that it may not win regulatory approval for its proposed €1.36 billion buyout of Dutch lender NIBC Holding (AS: NIBC). http://axios.link/IFlY
🚑 Metlifecare, a listed New Zealand retirement village operator, said it will fight EQT Partners’ efforts to terminate a NZ$1.49 billion takeover of the company. http://axios.link/8WBl
🔥 PSI, a Portland, Ore.-based portfolio company of The Riverside Co., acquired Basic Fire & Safety, a provider of fire extinguisher part sales, inspections and services in Washington State. www.psintegrated.com
• TSG, a revenue management company owned by Advent International, acquired TrueCoach, a Boulder, Colo.-based provider of business management software to fitness trainers. www.transactionservices.global
🚑 Lyra Therapeutics, a Watertown, Mass.-based biotech focused on ear, nose and throat diseases, set IPO terms to 3.5 million shares at $14-$16. It would have a fully diluted market value of $193 million, were it to price in the middle, and plans to trade on the Nasdaq (LYRA) with BofA Securities as lead underwriter. The pre-revenue company raised $150 million in VC funding from Perceptive Advisors (32.4% pre-IPO stake), North Bridge Venture Partner (17.3%), Polaris Partners (16%), RA Capital (9.6%), Intersouth Partners (7.9%), ArrowMark Partners (7.3%), Soleus Capital (5.5%), and Clifton Capital. http://axios.link/mhGL
• Social Capital Hedosophia II, a blank check acquisition company led by Chamath Palihapitiya, raised $360 million for its IPO, which is $60 million more than initially planned. This comes one week after Social Capital Hedosophia raised an upsized $720 million for its third blank-check acquisition company. http://axios.link/ZWpq
• Anbang Insurance Group of China sued South Korea’s Mirae Asset Global Investments for failing to complete a $5.8 billion purchase of 15 luxury hotels in the U.S. Mirae claims that it still plans to complete the deal, but that it’s Anbang that isn’t meeting closing conditions. http://axios.link/qNUw
• China Merchants Group, a state-owned conglomerate, is considering taking its Hong Kong-listed ports unit private in what could be a $4 billion deal, per Bloomberg. http://axios.link/mzDv
• Saudi Arabia’s Public Investment Fund disclosed a 5.7% stake in concert promoter Live Nation Entertainment (NYSE: LYV). http://axios.link/GVao
• Scopely, a mobile game publisher valued at nearly $2 billion by VCs, acquired PierPlay, a Los Angeles-based gaming studio responsible for Scrabble Go. http://axios.link/iaOx
• Constitution Capital Partners, a Boston-based direct and secondary private equity and credit firm, raised just over $1 billion for its fifth fund. http://axios.link/jwPq
• Jon McNeill, former COO of Lyft, launched a startup studio called DeltaV. http://axios.link/MsKR
• Partech, a Paris-based VC firm, raised $100 million for its third seed fund. http://axios.link/pLfG
• Josh Constine is joining VC firm SignalFire as a principal and head of content. He previously was a reporter with TechCrunch. http://axios.link/d0ko
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