Illustration: Sarah Grillo/Axios
Tomorrow morning we'll host another Peloton ride for Axios Pro Rata readers, as a fundraiser to benefit Weill Cornell Medicine's Fund to Support Frontline Staff.
We've secured $40 in matching funds per rider, from generous readers who we'll list on Monday. Plus more than $13,000 in straight reader donations AND up to another $100,000 in per rider matching funds from other donors.
How it works: For those with Peloton bikes, please clip in just before 11am ET / 8am PT tomorrow (Saturday) morning. Find the 45-minute "All for One" ride from July 4, 2019. It's the class with all of the instructors, and you can also find it by searching on the tablet for "All for One" or "most popular" rides.
I look forward to "seeing" you tomorrow, as we socially distance together for a great cause.
Illustration: Sarah Grillo/Axios
The Federal Reserve yesterday unveiled new details of a "middle market" lending program aimed at businesses with between 500 and 10,000 employees.
Related: As expected, Senate Democrats yesterday blocked the $250 billion expansion of the $349 billion PPP program, and Senate Republicans didn't take up a Democrat-proposed alternative.
Apex Parks Group, an Irvine, Calif.-based amusement parks operator owned by The Carlyle Group and Edgewater Funds, filed for Chapter 11 bankruptcy protection. It also disclosed plans to be acquired by a lender group led by Cerberus Capital Management.
Today's project is for kid(s) who have pets. Doesn't matter if it's a dog, cat, fish, or Oklahoma-bred tiger. Please make a drawing of your pet or "create" it out of materials found around the house. Then send me a picture of what you made with your pet also in the shot.
Yesterday I asked your kid(s) to come up with a business and a business plan. Here's some of what came back:
• Kate Farms, a Santa Barbara, Calif.-based provider of plant-based liquid meal formula for hospitals, raised $23 million from individuals like David Roux (Silver Lake), John Hammergren (McKesson), and Gregg Engles (WhiteWave Foods). http://axios.link/Ogjg
• Airbrake, a provider of real-time app debugging software, raised $11 million led by Elsewhere Partners. http://axios.link/X8A5
• IFM Restoration, a Dallas-based online marketplace to connect contractors with rental property managers and owners, raised $10 million in Series A funding co-led by S3 Ventures and Brick & Mortar Ventures. http://axios.link/C0am
🚑 Ferrum Health, a San Francisco-based provider of an AI platform for identifying radiologist errors, raised $9 million in seed funding. Blumberg Capital led, and was joined by GSR Ventures, Vulcan Capital, and Valley Capital Partners. http://axios.link/ju17
• Perch, a Boston-based commerce startup that acquires and operates Amazon FBA businesses, raised $8 million led by Spark Capital. www.perchhq.com
• Double, a provider of remote executive assistants, raised $6 million in Series A funding from Index Ventures and Daphni. http://axios.link/PrCU
• Seeqc, a New York-based commercial quantum computing startup, raised $5 million from M Ventures. http://axios.link/dcVB
🚑 I20 Therapeutics, a Boston-based platform for orally delivering traditionally-injectable drugs, raised $4 million in seed funding co-led by Sanofi Ventures and JDRF T1D Fund. http://axios.link/IpGn
• ReadyLift Suspensions, a Henderson, Nev.-based portfolio company of Clearlake Capital Group, acquired Zbroz, a Logan, Utah-based aftermarket performance parts manufacturer focused on UTV and snowmobile suspension components. www.readylift.com
• Canada Pension Plan Investment Board sold a $1.2 billion portfolio of limited partner stakes in private equity funds to Ardian and Lexington Partners, per PE Hub. Underlying funds included ones managed by The Blackstone Group and Apollo Global Management. http://axios.link/UFXL
• KB Financial Group agreed to buy Prudential Financial’s (NYSE: PRU) South Korean unit for $1.89 billion. http://axios.link/INnz
Source: Advent International
Peter Brooke, one of the fathers of venture capital and private equity, passed away on Wednesday at the age of 90.
Per the WSJ:
"Brooke often said he drew inspiration from the Marshall Plan, a global economic aid program crafted by former U.S. Secretary of State George Marshall to help rebuild Europe after World War II. He saw venture capital as a “private-sector Marshall Plan” to drive economic growth. Early in his investment career in the 1950s and 1960s, he sought to invest in companies with new technology that could revive the economy of New England."
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