The last time I discussed X Fund, the VC firm's co-founders were in the midst of a skirmish that had included "employee firings, name-calling, bank account freezes and even a restraining order request." It really appeared that the only question was if X Fund wanted to be buried or cremated.
But X Fund is back, after Patrick Chung and Hugo Van Vuuren privately settled their legal differences. Chung has remained with X Fund, which quietly secured some new LP commitments and has added a new partner. Van Vuuren has moved on, with a source saying that he's mostly traveling and advising enterprise venture fund Work-Bench.
• Qué? Sarah Sanders yesterday was asked about the confusion over White House policy on Puerto Rico's municipal debt, to which she basically echoed Mick Mulvaney: "There's a process for how to deal with Puerto Rico's debt, and it will have to go through that process."
• Power play: Investors in natural gas and renewables are sweating an Energy Dept proposal that could effectively improve price competitiveness of coal and nuclear, although Rick Perry still needs to win over regulators. More energy:
• Health scare: Community Health Systems (NYSE: CYH) recently sold off 30 hospitals, but Axios' Bob Herman dug into the numbers and found that, at least for some of those facilities, the actual numbers didn't match what CHS execs claimed.
• Yup, we'll be publishing on Monday. Have a great weekend!
The Honest Company, the all-natural home products maker co-founded by Jessica Alba, is raising up to $75 million in Series E funding at a share price that is 57% lower than its Series D round two years ago. The deal would slash Honest Co.'s valuation to below $1 billion (post-money), after having been worth around $1.7 billion the last go-around.
🚑 Visterra, a Cambridge, Mass.-based drugmaker whose lead candidate is focused on influenza, has raised $23.6 million in new Series C funding. Serum Institute of India, CTI Life Sciences and Allegheny Financial were joined by return backers The Bill & Melinda Gates Foundation, Merck, Polaris Partners and Flagship Pioneering. http://axios.link/Ne39
• Seasoned, a San Francisco-based professional networking platform for foodservice workers, has raised $20 million in Series A funding led by TPG Growth. www.seasoned.co
• QuanticMind, a Redwood City, Calif.-based predictive ad management platform, has raised $20 million in Series B funding. Foundation Capital led the round, and was joined by Safeguard Scientifics and Cervin Ventures. www.quanticmind.com
• Gobble, an on-demand meal kit delivery service, has raised $15 million in Series B funding. Khosla Ventures led the round, and was joined by return backers Andreessen Horowitz, Initialized Capital and Trinity Ventures. http://tcrn.ch/2xWPErp
🚑 Cardiologs Technologies, a Paris-based developer of EKG analysis technologies, has raised $6.4 million in Series A funding from Idinvest, ISAI, Kurma Partners, Partech Ventures and Bpifrance. http://axios.link/Jqii
🚑 Bioarray Genetics, a Farmington, Conn.-based personalized oncology startup, has raised $4 million in Series B funding from Quark Venture and GF Securities. www.bioarray.us
• Home61, a Miami-based platform aimed at middle-class buyers and renters, has raised $4 million in seed funding led by FF Angel. http://tcrn.ch/2xklfpD
• Party Slate, a Chicago-based online community for party planners, has raised $3 million in seed funding led by Hyde Park Venture Partners. http://axios.link/df6L
• FlyHomes, a Seattle-based real estate buyers' platform, has raised $2 million in Series A funding. Mark Vadon led the round, and was joined by Pritzker Group Venture Capital and Al Goldstein. The company also secured $2 million in debt financing. http://axios.link/ttYY
• HUB International, a Chicago-based insurance brokerage owned by Hellman & Friedman, has acquired the assets of California-focused Costello & Sons Insurance Brokers for an undisclosed amount. Reuters reported in August that H&F is seeking a buyer for Hub International, which could be worth more than $7 billion. www.hubinternational.com
• Rhone Capital's talks to acquire the educational book publishing unit of Spain's Promotora de Informaciones (a.k.a. Prisa) have stalled out over pricing disagreements, per Bloomberg. Prisa now is considering a €400 million share sale. https://bloom.bg/2z0G0E1
• Switch Inc., a Las Vegas-based provider of colocation and cloud services for large enterprises, raised $531 million in its IPO. The company priced 31.25 million shares at $17 per share (above $14-$16 range), and will trade on the NYSE under ticker symbol SWCH. Goldman Sachs was listed as left lead underwriter. Switch reports $35 million of net income on $181 million in revenue for the first half of 2017. Shareholders include Intel Capital. http://reut.rs/2hSQnpq
• TFM Group, a Dutch business services company owned by DH Private Equity, reportedly is preparing to launch a London float that could raise around £200 million at a £1 billion valuation. http://reut.rs/2y4XT6z
• Boeing (NYSE: BA) has agreed to acquire Aurora Flight Services, a Manassas, Va.-based developer of autonomous aerospace vehicles, from backers like Enlightenment Capital. No financial terms were disclosed. http://reut.rs/2xkVoOl
• Honeywell International (NYSE: HON) is pursuing a purchase of Evoqua Water Technologies, a Pittsburgh-based water treatment and services company that filed for an IPO earlier this week, per the WSJ. EWT is currently owned by AEA Investors and could be valued at around $3 billion in a sale (including debt). http://on.wsj.com/2fUwLRs
• Sika AG (Swiss: SIK) has acquired KVK Holding, a Czech construction materials manufacturer, from sellers like ARX Equity Partners. www.sika.com
• Ash Grove Cement, an Overland Park, Kansas-based cement maker traded OTC, said that it has received a $3.8 billion takeover offer from an undisclosed party. This would top an existing $3.5 billion offer from Ireland's CRH PLC. Reuters reports the mystery suitor is Summit Materials (NYSE: SUM). http://reut.rs/2z27NnC
• Clariant (Swiss: CLN) could face activist opposition to its proposed $20 billion merger with U.S. chemicals company Huntsman Corp. (NYSE: HUN), per Reuters. http://reut.rs/2xXCTz7
• Glencore (LSE: GLEN) has agreed to acquire a 75% stake in Chevron's (NYSE: CVX) South Africa unit and all of its Botswana business for $973 million. http://reut.rs/2fP51tH
• Butterfly Equity is raising up to $400 million for its debut fund focused on the food sector, per peHUB. It's led by Dustin Beck (ex-Vista Equity) and Adam Waglay (ex-KKR). http://axios.link/6XWq
• The Russian Direct Investment Fund and the Saudi Arabia Public Investment Fund are launching a $1 billion joint investment vehicle focused on technology companies. http://nyti.ms/2y2eUOX
• Wes Lucas has joined Gryphon Investors as a partner and co-head of the firm's industrial growth group. He previously was CEO of moving company SIRVA. www.gryphoninvestors.com
• Randal Quarles, a onetime Carlyle Group exec and head of Utah private equity firm Cynosure, yesterday received Senate approval to become the U.S. Federal Reserve's first-ever vice chairman for supervision. http://axios.link/2Aim
• Catherine Ulrich, former chief product officer at Shutterstock, has joined FirstMark Capital as a managing director. http://tcrn.ch/2ktGhMT