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Massachusetts lawmakers are considering a proposal that would extend anti-discrimination laws to venture capital investment decisions.
The proposal also would extend anti-sexual harassment rules to investor-founder interactions, which is a much more sensible policy and one that was recently applied in California.
• Canary watch: VC investment in Chinese companies cratered in the second quarter, with Preqin reporting that the year-over-year value fell by 77% and that the number of deals was halved.
• New fund alert: 3L Capital tells Axios that it's raised $217 million for its debut fund, which will make growth equity investments in consumer and enterprise tech companies.
🎧 Pro Rata Podcast focuses on why big business is jumping into a Supreme Court case over LGBTQ rights. My guest is Jon Winkereid, co-CEO of private equity giant TPG. Listen here.
WeWork is seeking to secure a credit line of between $3 billion and $4 billion, which could eventually expand to $10 billion, as first reported by the WSJ and confirmed by Axios.
• Soldo, a UK-based provider of multi-user spending accounts for businesses, raised $61 million in Series B equity and debt funding. Battery Ventures and Dawn Capital co-led the equity tranche, and were joined by Accel and Connect Ventures. SVB provided the debt. http://axios.link/SV27
🛴 Wind Mobility, a Berlin-based e-scooter startup, raised $50 million in Series A funding from return backers Source Code Capital and HV Holtzbrinck Ventures. http://axios.link/d6r4
🛴 Dott, a European e-scooter startup, raised €30 million in Series A funding from EQT Ventures, Naspers Ventures, Axel Springer, Felix Capital, FJ Labs and U-Start Club. http://axios.link/uZgG
• Unifly, a Belgian provider of unmanned traffic management for drones, raised €17 million in Series B funding from Deutsche Flugsicherung, SFPI-FPIM, Terra Drone, QBIC and PMV. http://axios.link/zpSl
• Kyash, a Tokyo-based fintech startup that seeks to eventually become Japan’s first challenger bank, raised around $14 million in Series B funding co-led by Goodwater Capital and Mitsubishi UFJ Capital. http://axios.link/OYWP
• ShopShops, a platform that connects brick and mortar stores in the U.S. with consumers in China, raised $14 million in Series A funding, per an SEC filing. Backers include Union Square Ventures, Forerunner Ventures and TCG Capital. www.shopshops.com.cn
• The Nue Co., a New York-based nutritional supplements startup, raised $9 million in Series A funding. Waldencast led, and was joined by Unilever Ventures, Redo Ventures and Columbia Care. http://axios.link/23Qv
🚑 Itch, a London-based pet wellness startup whose first product is a flea-care subscription service, raised £5 million from Seedcamp, Nigel Wray and YYX Ventures. http://axios.link/LusT
• DigitalBridge, a UK-based home renovation software startup, raised £3 million led by Malven Capital Partners. http://axios.link/YUIs
• Bregal Sagemount invested in Buyers Edge Platform, a Waltham, Mass.-based provider of procurement software, group purchasing, and data analytics to the food service industry. The deal also included debt from Goldman Sachs and AB Private Credit Investors. www.buyersedgeplatform.com
• CVC Capital Partners is in talks to buy the packaging tech unit of Germany’s Robert Bosch for upwards of €850 million, per the WSJ. http://axios.link/x2ki
• SoftBank Vision Fund received CFIUS approval for its $2.25 billion investment in GM-backed self-driving tech company Cruise. http://axios.link/6rp8
• Weber Automotive, a German maker of engine blocks and cylinder heads, filed for insolvency after a capital strategy disagreement between majority owner Ardian and the company’s family shareholders. http://axios.link/6Aof
• Only two IPOs expected to price in the U.S. this week, both from blank check acquisition companies. http://axios.link/vAtM
• Dynatrace, a Waltham, Mass.-based application monitor software maker owned by Thoma Bravo, filed for a $300 million IPO. It plans to trade on the NYSE (DT) with Goldman Sachs as lead underwriter, and reports a $116 million net loss on $431 million in revenue for the year ending 3/31/19. http://axios.link/dpMn
🚑 Fulcrum Therapeutics, a Cambridge, Mass.-based developer of rare disease therapies based on gene regulation, set IPO terms to 4.5 million shares at $16-$18. The pre-revenue company would have an initial market cap of $397 million, were it to price in the middle, and plans to trade on the Nasdaq (FULC) with Morgan Stanley as lead underwriter. It has raised around $140 million from Third Rock Ventures (43.2% pre-IPO stake), GlaxoSmithKline (9.5%) and Foresite Capital (8%). http://axios.link/OenF
• Medallia, a San Francisco-based customer experience feedback platform, set IPO terms to 14.5 million shares at $16-$18. It would have an initial market cap of $2.07 billion, were it to price in the middle, and plans to trade on the NYSE (MDLA) with BAML as lead underwriter. The company reports a $2.6 million net loss on $94 million in revenue for Q1 2019, and raised over $330 million from firms like Sequoia Capital (40.7% pre-IPO stake). http://axios.link/FId1
🚑 Mirum Pharma, a Foster City, Calif.-based developer of treatments for cholestatic liver diseases, set IPO terms to 5 million shares at $14-$16. The pre-revenue company would have an initial market cap of $345 million, were it to price in the middle, and plans to trade on the Nasdaq (MIRM) with Citigroup as lead underwriter. It raised $120 million from NEA (20.8% pre-IPO stake), Deerfield Management (17.3%), Frazier Life Sciences (17.3%), Novo (10.4%), Shire (10.3%) and RiverVest (9%). http://axios.link/bq8w
🚑 Phreesia, a New York-based provider of patient-intake software, set IPO terms to 7.81 million shares at $15-$17. It would have an initial market cap of $563 million, were it to price in the middle, and plans to trade on the NYSE (PHR) with JPMorgan as lead underwriter. The company reports a $7 million net loss on $28 million in revenue for Q1 2019, and raised around $119 million in VC funding from LLR Equity (23.85% pre-IPO stake), HLM Venture Partners (17.33%), Polaris Partners (14.52%), Ascension Ventures (10.77%), Echo Health Venture (9.01%), Blue Cross Blue Shield Venture Partners (7.8%) and VantagePoint Venture Partners (7.08%). http://axios.link/KWnB
🚑 RAPT Therapeutics (f.k.a. FLX Bio), a South San Francisco-based biotech startup focused on cancer and inflammatory diseases filed for an $86 million IPO. It plans to list on the Nasdaq (RAPT) with BAML as lead underwriter. The pre-revenue company raised $176 million in VC funding from firms like The Column Group (34.7% pre-IPO stake), Kleiner Perkins (20%), Topspin Ventures (12.2%) and UC Regents (7.6%). http://axios.link/rXz4
• Sundial Growers, a Canadian cannabis producer startup, filed for a US$100 million IPO. It plans to trade on the Nasdaq (SNDLL) with Cowen as lead underwriter, and reports C$1.5 million in revenue for Q1 2019. http://axios.link/aMGE
• Nexon Co. (Tokyo: 3659) founder Jungju Kim no longer plans to sell a majority stake in the South Korean gaming company, which could have been valued at around $16 billion. Interested suitors included Tencent and MBK Partners. http://axios.link/ItoN
• 42Cap, a German seed-stage VC firm, raised €50 million for its second fund. LPs include EIF, KfW Capital and Isomer Capital. http://axios.link/Yb0Q
• Next Ventures, a VC firm co-founded by Lance Armstrong and Lionel Conacher (ex-Altamont Capital), has secured $25 million for its $75 million-targeted debut fund, per an SEC filing. www.nextventures.com
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