The General Partnership, a venture capital firm that offers "sweat equity" contracts in addition to traditional term sheets, tells Axios that it's raised $300 million for its second fund.

Why it matters: Venture capital rarely tinkers with its core model, despite investing in innovation.

• TGP is an exception to that rule, and was rewarded by LPs in a brutal fundraising environment for emerging managers.

Catch up quick: TheGP's predecessor firm was formed in 2018 by Dan Portillo, who had previously launched a group at Greylock that focused on non-exec hiring for portfolio companies. It was fairly unusual at the time, although has since been copied by many of Silicon Valley's top firms.

• Phin Barnes, a former partner at First Round Capital, joined in 2021. The firm was renamed and raised $240 million for its debut fund.

How it works: TheGP's sweat equity agreements include specific statements of work, which can include everything from hiring to engineering to go-to-market services.

• For earlier-stage companies, such contracts are usually married to traditional fundraising rounds. For later-stage companies, or "breakout" companies in TheGP parlance, the services deal usually comes first (usually at the most recent VC valuation) and traditional capital sometimes comes later.
• Barnes says that 70% of TheGP's portfolio companies have both types of arrangements, while the firm currently has around 30 employees.

The bottom line: "The goal has been to unbundle venture services from venture capital, because you're very limited in what you can do from fund fees," Portillo explains. "We took what was a cost center for every other VC fund and turned it into a profit center."

Shein is getting pushback to its proposed London IPO from some British. politicians, related to concerns over the fast-fashion giant's labor practices.

Why it matters: This could lead the Singapore-based company to reconsider its early preference for London over New York, even though Shein also has its share of U.S. critics.

• Shein was valued at $66 billion last year by private market investors, and is expected to fetch a significant premium in the public markets.

Elsewhere: Amnesty International said that Shein's IPO "would be a badge of shame for the London Stock Exchange," while another human rights group is trying to exert legal pressure.

The bottom line: Both exchanges have courted the company, but federal securities regulators have final say.

SpaceX, which yesterday won a big NASA contract, reportedly launched a secondary tender at a $210b valuation. ByteDance remains the world's most valuable startup, but this shrinks the gap.

⚡ Sila, an Alameda, Calif., battery materials company, raised $375m in Series G funding. Sutter Hill Ventures and T. Rowe Price co-led, and were joined by fellow insiders Bessemer Venture Partners, Coatue, and Perry Creek Capital. axios.link/4boQK0b

🚑 Formation Bio, an AI-driven drug developer, raised $372m in Series D funding. Andreessen Horowitz led, and was joined by Sanofi, Sequoia Capital, Thrive Capital, Emerson Collective, Lachy Groom, SV Angel, and FPV Ventures. axios.link/3L6RdsU

🚑 Sidecar Health, an employer-facing health insurer, raised $165m in Series D funding, per Axios Pro. Koch Disruptive Technologies led, and was joined by Duke University, an undisclosed state pension fund, GreatPoint Ventures, Bond, Cathay Innovation, Drive Capital, Menlo Ventures, and Morpheus. axios.link/4cA1Noa

• Bright Machines, software-defined manufacturing company based in SF, raised $106m in Series C funding from BlackRock, Nvidia, Microsoft, Eclipse Ventures, and Jabil. It also secured $20m in venture debt from JPMorgan. axios.link/45EHnYZ

• Axelera, a Dutch AI chipmaker, raised $68m in Series B funding from the European Innovation Council Fund, Innovation Industries Strategic Partnership Fund, Invest-NL, and Samsung Catalyst. axios.link/4eyrpn8

• Odaseva, a Cambridge, Mass., cybersecurity startup for Salesforce users, raised $54m. Silver Lake Waterman led, and was joined by Eurazeo, Crescent Cove and insiders F-Prime, Eight Roads, and Serena Capital. axios.link/3VHSImz

• KarmaCheck, an SF-based employee background check startup, raised $45m in Series B funding. Parameter Ventures led, and was joined by from PruVen Capital, Velvet Sea Ventures, GC1 Ventures, and NextView Ventures. karmacheck.com

• Onehouse, a Sunnyvale, Calif.-based data lakehouse company, raised $35m in Series B funding. Craft Ventures led, and was joined by insiders Addition and Greylock. axios.link/3VFDAWQ

• Orby AI, an SF-based generative process automation startup, raised $30m in Series A funding co-led by NEA, Wing VC, and WndrCo. orby.ai

⚡ Solus Power, a British developer of portable EV charters, raised £22m from Dubai-based Petra Equity Partners. axios.link/3VJ5z7Z

• Hero Bread, a maker of healthier versions of baked goods, raised $21m from Cleveland Avenue, DNS Capital, Composite Ventures, and Greatpoint Ventures. axios.link/3xn4jiQ

• Perplexity AI is in talks to raise up to $20m from SoftBank at a $3b valuation, per Bloomberg. axios.link/4cEyn8e

• Dust, a French provider of enterprise AI assistants, raised $16m in Series A funding led by Sequoia Capital. axios.link/4cCPyay

• Illumex, a New York-based generative semantic fabric patform, raised $13m in seed funding. Cardumen Capital, Amdocs Ventures, and Samsung Ventures co-led, and were joined by ICI Fund, Jibe Ventures, Iron Nation Fund, Ginnosar Ventures, ICON Fund, and Today Ventures. illumex.ai

🚑 Heyday Health, a Cambridge, Mass., hybrid care provider for seniors on Medicare and Medicaid, raised $12.5m from Gradient Ventures, Lionbird, Great Oaks Capital, and Maven CEO Kate Ryder. axios.link/4cVkuTF

• AuthZed, an authorization-as-a-service platform, raised $12m in Series A funding led by General Catalyst. authzed.com

• Crossover Markets, a Bernardsville, N.J., digital asset trading technology firm, raised a $12m Series A led by Illuminate Financial and DRW Venture Capital. axios.link/45DxKK5

🌍 Vertus Energy, an Austrian waste conversion startup, raised nearly €9m in seed funding. Energy Capital Ventures led, and was joined by Blackbird, Amadeus APEX Technology Fund, and Aussie Angels. axios.link/3VK6Go1

• Synthflow, a Berlin-based AI voice assistance platform for SMBs, raised $7.4m in seed funding led by Atlantic Labs. axios.link/4cBkvvE

• Covalent, a blockchain infrastructure startup, raised $5m. RockTree Capital led, and was joined by CMCC Global, Moonrock Capital, and Double Peak Group. axios.link/4eAyC69

🚑 VenoStent, a Houston developer of devices for improving dialysis patient outcomes, raised $4m in Series A extension funding from Norwest Venture Partners. venostent.com

• Viio, a Danish software spend management platform, raised €3.3m led by North Ventures. axios.link/3VZ0eum

• BoxedUp, a Seattle online commerce platform for equipment rental companies, raised $2.8m in seed funding. Lavrock Ventures led, and was joined by Level Up Ventures and Slauson & Co. axios.link/3xxu93E

• JohnWallStreet, a sports business newsletter, raised $1m co-led by Bolt Capital and Roger Ehrenberg. blog.johnwallstreet.com

⚡ Rondo Energy, an Oakland, Calif.-based thermal batteries developer been backed by Bill Gates' Breakthrough Ventures, is raising $100m in Series B funding, per Axios Pro. axios.link/4ceSaeT

• Carlyle and KKR won the auction for a $10b student loan portfolio from Discover Financial Services (NYSE: DFS). axios.link/3VIPKy1

• CVC Capital Partners agreed to buy M Group Services, a British infrastructure contractor, for an estimated $1.9b PAI Partners. axios.link/3L2esEx

⚡ Hilcorp, an energy company backed by The Carlyle Group and Ace & Co., agreed to buy certain Alaska upstream offshore assets from Italy's Eni (Milan: ENI). axios.link/3XFYS95

• Lead Edge Capital invested in IGM Technlogy, a Canadian provider of financial software for state and local governments. axios.link/4cCIBWP

• PortSwigger, a British provider of application security software, raised $112m from Brighton Park Capital. axios.link/3VZ1uO9

• Swander Pace Capital invested in Inovata Foods, a Canadian maker of private-label frozen entrées. inovatafoods.com

• Valsoft, a Canadian software acquirer backed by Coatue and Viking Global Investors, acquired Aysling, a Saline, Mich., provider of ad ops software for publishers. valsoftcorp.com

• Animoca Brands, a crypto gaming conglomerate valued at $6b in 2022, is considering an IPO in Hong Kong or the Middle East as early as 2025, co-founder Yat Siu told The Information. axios.link/4ct2waK

• Lineage, a Novi, Mich.-based real estate investment trust focused on cold storage facilities, filed for an IPO that Renaissance Capital estimates could raise $3.5b. It plans to list on the Nasdaq (LINE), and is backed by such firms as Bay Grove Capital, Stonepeak, D1 Capital Partners, and Oxford Properties Group. axios.link/3ziODhb

⚡ Tamboran Resources, a natural gas E&P focused on the Beetaloo Basin in Australia, raised $75m in its IPO. It priced 3.1m shares at $24, compared to plans to offer 6.5m shares at $24-$27. It will list on the NYSE (TBN), while backers include Nuveeen (10.6% pre-IPO stake), Morgan Stanley Australia (6.4%), and Baupost Group (5.7%). axios.link/3RwnM7c

• Webtoon, an online cartoon company carved out of South Korea's Naver, raised $315m in its IPO. It priced at the high end of its $18-$21 range and will list on the Nasdaq (WBTN). axios.link/3L8f2k5

AA Mission Acquisition, an Asia-focused SPAC led by Qing Sun (Guizhou JS Investment), filed for a $300m IPO. filed on Thursday with the SEC to raise up to $300 million in an initial public offering. axios.link/3L0SOAv

🌍 Blackstone is considering a sale or IPO for Legence, a San Jose, Calif., sustainability consultancy that could be valued at around $5b, per Bloomberg. axios.link/3L2T5De

• Chime, a banking app most recently valued at $25b, acquired Salt Labs, a loyalty payments platform for hourly workers that had raised $18m from firms like Anthem Venture Partners, Fin Capital, and Third Prime. axios.link/3VGa432

⚡ SM Energy (NYSE: SM) is in advanced talks to buy XCL Resources, a Utah-focused oil and gas producer that could fetch around $3b, from EnCap Investments, per Bloomberg. axios.link/4cGDpkD

🚑 Haleon (LSE: HLN) sold its non-U.S. nicotine replacement therapy business to India's Dr. Reddy's for £500m. axios.link/4brFnEC

• Interpublic Group (NYSE: IPG) is in talks to sell digital marketing agency R/GA to India's Tata Consultancy Services for $300m, per the WSJ. axios.link/3xtZu7j

🚑 Quest Diagnostics (NYSE: DGX) acquired select lab assets of Allina Health, a nonprofit health system in Minnesota and Wisconsin. axios.link/3XFnRcD

• Saint-Gobain (Paris: SGOB) agreed to buy Dubai-based construction chemicals maker FOSROC for €960m. axios.link/3RKASy4

🚑 SK Bioscience, a South Korean vaccine maker, agreed to buy a 60% stake in German drug contract manufacturer IDT Biologika for €339m from Klocke Gruppe. axios.link/3zuVVy7

• Sphere Media of Canada acquired Abacus Media Rights, the British distributor of titles like "Leaving Neverland" and "Scrublands," for C$24.6m. axios.link/45IPXG1

• Suzano, a Brazilian hardwood pulp producer, ended its efforts to acquire International Paper (NYSE: IP). This helps smooth IP's path to buying British paper and packaging firm DS Smith (LSE: SMDS) for around £5.7b.

• Blackhorn Ventures of Denver raised $150m for a third fund focused on early-stage digital infrastructure and energy startups. axios.link/3W9jMwx

• Connexa Capital, a Miami-based VC firm led by Jonathan Beda (ex-CEO of fitness co. Zumbini), raised over $20m for its debut fund. connexacapital.com

• Cove Hill Partners, a Boston-based PE firm, is raising its third fund, per an SEC filing.

• Courtside Ventures of New York is raising up to $100m for its fourth fund, per an SEC filing.

🚑 Curie.Bio, a Boston-based VC firm, raised $380m for its second fund. axios.link/3KYWOBE

• Fusion Fund, a Silicon Valley venture firm led by Lu Zhang, is raising its fourth fund, per an SEC filing.

• Ironspring Ventures, an Austin, Texas-based firm focused on industrial startups, raised $100m for its second fund. axios.link/4brV7Hz

• Plus Partners was launched as a Spanish VC firm by Enrique Linares (letgo) and Oriol Juncosa. axios.link/3VJ4ih7

• Purple Ventures of the Czech Republic raised €40m for a new fund. axios.link/3KYmWNb

• Darius Adamczyk, former CEO of Honeywell, is joining Goldman Sachs to focus on PE portfolio company operations. axios.link/3L59N4V

🚑 Beth Dresdale (ex-Incline Equity) and David Muckey (Gemspring Capital) joined Martis Capital as a principal and director, respective,y of the health care-focused PE firm's new Miami office. axios.link/3RJGNDB

• Katelyn Johnson joined Cohen Circle as a managing director of VC investing. She previously was a managing director of American Family Ventures. cohencircle.com

• Helman Sitohang, Credit Suisse's former Asia-Pacific CEO, joined Blackstone as a Singapore-based senior adviser, per Bloomberg. axios.link/4chqeXT

• Catherine Treyz is leaving Germany's Cherry Ventures, where she led comms and platform, to join GetYourGuide as interim head of corp comms. axios.link/3VKzFrw

• AnaCap promoted Jamal Ismayilov and Robert Massey to partners. anacap.com

• Base10 Partners, an SF-based VC firm, promoted Caroline Broder to partner. axios.link/3XZBxQf

• Battery Ventures promoted Satoshi Harris-Koizumi to partner and Collier Searle to principal. battery.com

Stock market value concentration is at an all-time high, despite Nvidia's recent declines, Axios' Felix Salmon writes.

• One way of measuring concentration is to look at the Herfindahl-Hirschman Index, which is more familiar from its use in antitrust enforcement. Go deeper.