Global deal-making smashed all-time records in the first half of 2021, as numerous trends converged into the perfect surge.

By the numbers: Deal volume topped $2.82 trillion between January and the end of June, with over 28,000 deals announced, according to Refinitiv.

• That represents year-over-year increases of 132% and 27%, respectively.
• The prior record-holder for first half deal volume was 2007 ($2.35 trillion) and for deal number was 2018 (around 26,000).

What's happening? Cheap debt. Corporate cash at record levels. Private equity dry powder at record levels. FOMO. Accelerated U.S. deal-making because of Biden tax pledges. Simultaneous beliefs that pandemic plays are sticky and that reopening plays are undervalued.

• Plus, and this cannot be emphasized enough, a bull public equities market that has lifted all valuation boats. Being worth $1 billion in 2021 isn't nearly as impressive as being valued at $1 billion just a couple of years ago, but it sure pretties up the aggregate numbers.

More data: Global private equity deals totaled $512 billion, up 152% from the first half of 2020.

• U.S. deal-making dominated, with a 48.2% market share ($1.36 trillion). This is a flip from 2020, when Europe had a higher H1 market share.
• Tech deals had a 23.5% market share, with industrials in a distant second place at 10.8%. In the first half of 2020, financials had led.
• The first half's largest announced deal was the Warner Media/Discovery merger.
• Goldman Sachs remained atop the M&A advisory league table, with JPMorgan jumping from fourth to second place.

The bottom line: There's no indication that the first half deal-making drivers will abate in the second half, which means that the future will either be about an exogenous event or to the moon!

Zipline, a San Francisco drone delivery service best known for medical supply drops in Africa, raised $250 million at a $2.75 billion post-money valuation.

• Why it's the BFD: This comes as Zipline plans to expand into the U.S., via a pilot program whereby it will deliver medications and other health products ordered via Walmart. Or, put another way, Zipline is actually doing what Amazon has spent years promising to do.

• Investors include Katalyst Ventures, Baillie Gifford, GV, Temasek, Goldman Sachs and The Rise Fund.
• Go deeper: Zipline prepares to airlift COVID-19 vaccines. Drones set off on land rush in the sky.
• The bottom line: "The company is vertically integrated, meaning it designs and manufactures the unmanned drones, the logistics software, and the accompanying launch and landing system." — Aria Alamalhodaei, TechCrunch

🚑 Olive, a Columbus, Ohio-based developer of health care services bots, raised $400 million at a $4 billion valuation. Vista Equity Partners and Base10 Partners co-led, and were joined by Tiger Global. http://axios.link/2jrX

• Mercado Bitcoin, a Brazil-based cryptocurrency exchange, raised $200 million from SoftBank. http://axios.link/Y8y0

• ServiceTitan, a Los Angeles-based provider of software for tradespeople, raised $200 million in Series G funding led by Thoma Bravo at a $9.5 billion valuation. It also agreed to buy Aspire Software, a Chesterfield, Mo.-based provider of software for commercial landscapers, from backers like Mainsail Partners. http://axios.link/JTjC

• Bolttech, a New York-based insurance matching platform, raised $180 million in Series A funding. Activant Capital led, and was joined by Tony Fadell, Alpha Leonis Partners, Dowling Capital Partners, B. Riley VC and Tarsadia Investments. http://axios.link/79ec

• Dream Games, a Turkish developer of puzzle games, raised $155 million in Series B funding at a $1 billion valuation. Insiders Index Ventures and Makers Fund co-led, and were joined by Balderton Capital, IVP and Kora http://axios.link/ihDd

• Rohik, a Czech grocery delivery startup, raised €100 million in Series C funding at a €1 billion valuation. Index Ventures led, and was joined by fellow insiders Partech and Quadrille Capital. http://axios.link/twb7

🥊 FightCamp, a connected boxing and kickboxing platform, raised $90 million co-led by NEA and Connect Ventures. http://axios.link/ip73

🚑 Sword Health, a New York-based maker of physical therapy hardware, raised $85 million in Series C funding. General Catalyst led, and was joined by Bond, Highmark Ventures, BPEA, Khosla Ventures, Founders Fund, Transformation Capital and Green Innovations. http://axios.link/yK1J

• Tomo, a mortgage process platform, raised $70 million in seed funding (no, not a typo). Ribbit Capital led, and was joined by DST Global, NFX and Zigg Capital. http://axios.link/JBqZ

• Shogun, a Palo Alto-based e-commerce experience platform, raised $67.5 million in Series C funding at a $575 million valuation. Insight Partners led, and was joined by Initialized Capital, Accel and VMG Partners. http://axios.link/uDC2

🚀 Gilmour Space, an Australian rocket launch startup, raised A$61 million in Series C funding. Fine Structure Ventures led, and was joined by Blackbird Ventures, Main Sequence, HESTA, Hostplus and NGS Super. http://axios.link/wqEP

• Codat, a London-based provider of financial software integration services for small businesses, raised $40 million in Series B funding led by Tiger Global. http://axios.link/dhQs

• Entera, a New York-based platform for single-family property investors, raised $32 million in Series A funding. Goldman Sachs led, and was joined by insiders Bullpen Capital, Craft Ventures and Valuestream Ventures. www.entera.ai

🚑 Babson Diagnostics, an Austin, Texas-based maker of a quick-draw blood device for use at pharmacy counters, raised $31 million in Series B funding. Emerald Development Managers led, and was joined by insiders Siemens Healthineers, Prism Ventures and Lago Consulting Group. http://axios.link/en9e

• Kikoff, a San Francisco-based personal finance platform for building credit, raised $30 million in Series B funding. Portage Ventures led, and was joined by Lightspeed Venture Partners, GGV Capital, Coatue and Core Innovation Capital. http://axios.link/dWnh

• Singularity 6, a Los Angeles-based online game developer, raised $30 million in Series B funding. FunPlus Ventures led, and was joined by Transcend, Anthos Capital, Mitch Lasky and insiders Andreessen Horowitz and LVP. www.singularity6.com

• FloLive, a London-based IoT connectivity startup, raised $15.5 million. Intel Capital led, and was joined by Qualcomm Ventures, Dell Technologies Capital, 83North and Saban Ventures. http://axios.link/EWcm

• Pietra, a platform for helping creators form product lines, raised $15 million. Founders Fund led, and was joined by Andreessen Horowitz, TQ Ventures and Abstract Ventures. http://axios.link/xGAf

• Microverse, an online coding school, raised $12.5 million in Series A funding. Northzone led, and was joined by General Catalyst and All Iron Ventures. www.microverse.org

• Mandolin, an Indianapolis-based concert livestreaming platform, raised $12 million in Series A funding. 645 Ventures and Foundry Group co-led, and were joined by insiders High Alpha and TIME Ventures. http://axios.link/7gpS

• Nodes & Links, a London-based scheduling platform for large infrastructure projects, raised $11 million in Series A funding. 2150 led, and was joined by Zigg Capital, Westerly Winds, Entrepreneur First, ADV and Seedcamp http://axios.link/00xD

• VividQ, a British software and IP developer for holography, raised £11 million in new seed funding led by UTokyo IPC. www.vividq.com

• Monisnap, a French provider of remittance services, raised €10 million led by Serena. www.monisnap.com

• Daylight, a New York-based digital banking platform for the LGBTQ community, raised $5 million in seed funding. Kapor Capital and Precursor Capital co-led, and were joined by Anthemis Group, Clocktower, Financial Venture Studio and Citi. http://axios.link/Bzyx

• Ridepanda, a San Francisco-based electric micromobility dealer, raised $3.75 million co-led by Porsche Ventures, Yamaha Motor Ventures and Proeza Ventures. http://axios.link/qtHh

• Abry Partners invested in Socius Insurance Services, a San Francisco-based management liability and property/casualty insurance wholesaler. www.sociusinsurance.com

• Adidas short-listed bidders for Reebok, per Reuters: Advent International, Cerberus, CVC Capital Partners, Sycamore Partners and Wolverine/Authentic Brands Group. http://axios.link/t7v6

• Articulate Global, an e-learning software company founded in 2002, raised $1.5 billion in "Series A" funding at a $3.75 billion valuation co-led by Blackstone Growth, Iconiq Growth and General Atlantic. http://axios.link/G2Rd

• Apollo Global Management agreed to buy up to a 24.9% stake in New York-based private equity firm Motive Partners, per Bloomberg. http://axios.link/qrje

🚑 The Carlyle Group invested €60 million in Inova, a French provider of collaboration software for biopharma. www.inova.io

• The Carlyle Group acquired a majority stake in seaplane operator Trans Maldivian Airways from Bain Capital. http://axios.link/Zo49

🚑 Clayton Dubilier & Rice agreed to buy a majority stake in Vera Whole Health, a Seattle-based primary healthcare provider, at a $400 million valuation. Vera had raised over $60 million from firms like Leerink Transformation Partners and Archimedes Health Investors. http://axios.link/5Yds

• Fremman Capital acquired a majority stake in The Natural Fruit Co., a Spanish citrus fruit processor and distributor, from GPF Capital. Frenman also agreed to buy VPS, a Rotterdam-based testing, inspection and certification company. www.thenaturalfruit.com

• Montagu Private Equity agreed to buy Waystone, a provider of governance, risk and compliance services to asset managers. www.waystone.com

• OpenGate Capital acquired Treality, a Xenia, Ohio-based provider of aerospace and defense visualization solutions, from TransDigm (NYSE: TDG). www.trealitysvs.com

• Partners Group agreed to acquire a 24.9% stake in Hong Kong-based logistics firm Apex International from Kuehne+Nagel Group. http://axios.link/Ctjc

• Satori Capital invested in Formulife, an Allen, Texas-based contract manufacturer of nutritional supplements. www.formulife.com

🚑 Acumen Pharma, a Charlottesville, Va.-based biotech focused on Alzheimer's disease, raised $160 million in its IPO. It priced 1.6 million additional shares at the high end of its $14-$16 range, for a $592 million market value, and will list on the Nasdaq (ABOS). Acumen had raised over $110 million from RA Capital (23.3% pre-IPO stake), PBM Group (16%), Sands Capital (11%) and Knollwood Investment Fund (7.5%). http://axios.link/Ahhb

• D-MARKET (dba Hepsiburada), a Turkish e-commerce platform, raised $681 million in its IPO. It priced in the middle of its $11-$13 range, for a $3.4 billion market value, and will list on the Nasdaq (HBX). http://axios.link/YopX

• EverCommerce, a Denver-based service commerce platform, raised $325 million in its IPO after pricing in the middle of its $16-$18 range. It will list on the Nasdaq (EVCM) and reports a $60 million net loss on $338 million in revenue for 2020. Shareholders include Providence Equity Partners (50.6% pre-IPO stake) and Silver Lake (37.1%). http://axios.link/NtwV

🍩 Krispy Kreme, the donut chain owned by JAB Holding and BDT Capital Partners, raised $500 million in its IPO at a $2.7 billion market cap. It priced 29.4 million shares at $17, versus plans to sell 26.7 million at $21-$24, and will list on the Nasdaq (DNUT). http://axios.link/JmOl

• Torrid, a City of Industry, Calif.-based plus-sized women’s fashion retailer owned by Sycamore Partners, raised $231 million in its IPO. It priced 11 million shares at $21, versus plans to offer 10 million at $18-$21, for a $2.3 billion market value. It will list on the NYSE (CURV) and reports $25 million of profit on $794 million in revenue for the year ending Jan. 20, 2021. http://axios.link/7iuJ

Source: Giphy

• Bowlero, a New York-based bowling center operator and owner of the Professional Bowlers Association, agreed to go public at a $2.6 billion implied value via Isos Acquisition Corp., a SPAC led by former World Wrestling Entertainment co-presidents Michelle Wilson and George Barrios. http://axios.link/sGuJ

• Corsair Partnering Corp., a financial and biz services SPAC formed by Corsair Capital, raised $250 million in its IPO. http://axios.link/L5RG

• G3 VRM Acquisition, a tech and biz services SPAC formed by G2 Capital Advisors, raised $100 million in its IPO. http://axios.link/c6BW

• Macondray Capital Acquisition I, a tech SPAC led by Grady Burnett (Bow Capital Partners), raised $250 million in its IPO. http://axios.link/sO0r

🚑 Social Capital Suvretta, a biotech SPAC platform led by Chamath Palihapitiya, raised a total of $880 million for a quartet of upsized IPOs. http://axios.link/3o30

• Advent International is seeking a buyer for Olaplex, a Santa Barbara, Calif.-based haircare products company that could fetch at least $1.5 billion, per Bloomberg. http://axios.link/TUwN

• EQT agreed to sell Danish nicotine gum maker Fertin Pharma to Philip Morris International (NYSE: PM) for around $813 million. http://axios.link/S213

• GenNx360 Capital Partners sold Auburn Hills, Mich.-based logistics firm Syncreon to DP World, the Dubai state-owned port operator, for $1.2 billion. http://axios.link/tIIa

• Sandvik (STO: SAND) agreed to buy Cambrio, a Cincinnati-based provider of manufacturing CAD/CAM software, from Battery Ventures. www.cambrio.com

• Thompson Street Capital Partners sold Vetio Animal Health, a St. Louis-based animal health contract manufacturer, to Swedencare (STO: SECARE). www.vetio.com

• Zebra Technologies (Nasdaq: ZBRA) agreed to buy Fetch Robotics, a San Jose, Calif.-based on-demand automation company, for $290 million in cash. Fetch had raised nearly $100 million from firms like Zebra, SoftBank, Fort Ross Ventures and Redwood Technologies Group. www.fetchrobotics.com

• Exxon Mobil (NYSE: XOM) agreed to sell its elastic polymers business, for $1.15 billion to Celanese (NYSE: CE). http://axios.link/4swS

• Givaudan (Swiss: GIVN) acquired a 25% stake in Italian makeup and skincare products company b.kolormakeup & skincare. http://axios.link/0n8q

• Richemont (Swiss: CFR) acquired Delvaux, a Belgian luxury handbag maker. http://axios.link/z9wv

• BMW i Ventures formed a $300 million fund to back sustainable tech startups. The firm also promoted Baris Guzel to partner. http://axios.link/Z0Zl

• Peanut, a social networking app for women, launched StartHER, a pre-seed fund focused on women-founded startups. http://axios.link/vFQl

• Rackhouse Venture Capital, a firm led by ex-Uber engineer Kevin Novak, raised $15 million for its debut fund. http://axios.link/s9IV

• The Vistria Group, a Chicago-based PE firm, raised $2.68 billion for its fourth fund. www.vistria.com

• Goldman Sachs promoted James Donovan to vice chair of global client coverage. www.gs.com

• Morgan Stanley promoted David Chen to global co-head of tech investment banking. http://axios.link/ogeB

• Northzone promoted Elena Pantazi to partner. She joined the European VC firm in 2019 from Bain Capital. www.northzone.com