Big thanks for Kia for filling in yesterday, after I learned an important lesson about eating "fresh food" from a highway gas station. Okay, here we go...
Famed hedge fund manager Jeff Vinik is back. Again.
More from my conversation with Vinik:
"More money has gone from active to passive, some of the capital has flattened out or declined and there's been less coverage on Wall Street of small and mid-cap stocks. All of that, I think, sets up an opportunity for good old-fashioned stock pickers like me. I think what's happened to managers over the past 5 to 10 years, and they have woefully under-performed, is that there's been too much of a herd instinct and too much focus on things like the FAANG stocks...
Not enough roll up your sleeves, call a ton of companies, analyze industries, put together earnings models, look at valuations and make determinations based on that. Stock-picking has become a lost art."
🛴 Scooter wars: Kia yesterday scooped that Fidelity is leading a new $300 million investment in Bird. The pre-money remains at $2 billion, as this is an extension of the Sequoia-led round from last summer.
• Supersonic: Boom Technology, a Colorado-based developer of supersonic jets, last week raised $100 million in new funding. It also said that it plans test flights for late 2019.
Photo by Sergen Sezgin/Anadolu Agency/Getty Images
Pear Therapeutics, a Boston-based developer of prescription software to help treat opioid addiction, raised $64 million in Series C funding.
• N26, a Berlin-based mobile bank, raised $300 million in Series D funding at a $2.7 billion valuation. Insight Venture Partners led, and was joined by GIC and some existing backers. http://axios.link/iFqL
• Vena Solutions, an Toronto-based provider of financial planning and analysis software, raised C$115 million. JMI Equity led, and was joined by return backer Centana Growth Partners. http://axios.link/eKmB
🚑 Black Diamond Therapeutics, a Swiss cancer precision medicine startup, raised $85 million in Series B funding. NEA and RA Capital Management co-led, and were joined by NexTech Invest, The Invus Group and Perceptive Advisors and return backer Versant Ventures. http://axios.link/rjsM
• Talentsoft, a Paris-based provider of learning and human capital management software, raised $50 million. Francisco Partners led, and was joined by return backers Bpifrance and Goldman Sachs. http://axios.link/ayUV
• Emeritus, a U.S.-Indian startup that partners with physical universities to offer digital courses, raised $40 million in Series C funding. Sequoia India led, and was joined by return backer Bertelsmann India. http://axios.link/y9Zb
• Gallant Capital Partners invested in Aero Turbine, a Stockton, Calif.-based aerospace maintenance, repair and overhaul service provider. www.aeroturbine.aero
• Kriya Capital acquired Receivable Solutions Specialist, a Natchez, Miss.-based provider of revenue cycle management services to healthcare organizations. www.recspecinc.com
• Platte River Equity acquire a control stake in Sherrill, a Greensboro, N.C.-based distributor of arborist tools and equipment. www.sherrilltree.com
• Warren Equity Partners bought StormTrap, a Romeoville, Ill.-based provider of stormwater solutions for residential, municipal, commercial and industrial markets. http://axios.link/S4Jz
No IPO news this morning, as the government shutdown continues to keep new issuers in a holding pattern.
• Adobe (Nasdaq: ADBE) completed its purchase of marketing automation software company Marketo from Vista Equity Partners for $4.75 billion.
• Amazon (Nasdaq: AMZN) acquired CloudEndure, an Israeli provider of cloud migration and disaster recovery services that had raised around $18 million from firms like Infosys, Magma Venture Partners, Dell Technologies Capital, VMware, Mitsui & Co. and EG Capital Advisors. http://axios.link/JOsB
• Meniga, a London-based digital banking platform that has raised $37 million, acquired Swedish rewards platform Wrapp, which had raised around $30 million from Qualcomm Ventures, Nordea, NFT Ventures, Amex, Atomico, SEB Private Equity and Creandum. http://axios.link/gl0H
• Quadrant Private Equity is prepping a sale process for Australian gym chain Fitness and Lifestyle Group, which could garner A$2 billion, per the Australian Financial Review. http://axios.link/QPLs
• Amazon (Nasdaq: AMZN) invested in Balyo (Paris: BALYO), a French maker of technology for self-driving forklifts, via a deal that could ultimately give it up to a 29% stake. http://axios.link/7o2y
• BDO USA acquired the assets of Global Trade Strategies, an Atlanta-based customs and international trade regulation consultant. www.bdo.com
• Elevation Equity Partners has been formed by the former Korea investment team of New York’s Rohatyn Group, per PE International. It comes less than three years after Rohatyn formed the Seoul-based group. http://axios.link/6xL7
• Penfund, a Canadian mid-market private equity firm, raised C$1.15 billion for its sixth fund. www.penfund.com
• Triton Partners raised €5 billion for its fifth European buyout fund. http://axios.link/OmCf
• Robert Berstein joined Piper Jaffray as a Boston-based managing director of investment banking, focused on Internet and digital media. He previously was with DCS Advisory (fka Signal Hill). www.pjc.com
• Gordon Brown, the former UK Prime Minister, joined Partners Group to advise on "impact investments." http://axios.link/qeQS
• Cinven promoted New York-based Phil Cathcart to principal. www.cinven.com
• David Luboff joined KKR as head of Asia-Pacific infrastructure investing. He previously led Macquarie Group’s Asia infrastructure funds. www.kkr.com
• Wes Mendenhall joined Fireman Capital Partners as a Seattle-based principal focused on biz dev and IR. He previously was with BAML. www.firemancapital.com
• Ted O’Byrne joined Carlyle Aviation Partners as a managing director and co-head of aviation. He previously was chief investment officer at AerCap. www.carlyle.aero
• Pritzker Group VC promoted Sonia Nagar to partner, Ty Findley to VP and Eric Duboe to senior associate. www.pritzkergroup.com
• John Robertshaw, co-founder of iCapital and former Credit Suisse vice chairman, joined Star Mountain Capital as a senior advisor. www.starmountaincapital.com
• Patrick Salyer joined VC firm Mayfield as a partner. He is former CEO of Gigya, a Mayfield portfolio company bought in 2017 for $350 million by SAP.
Eddie Lampert has upped his bid to save Sears, from $4.4 billion to $5 billion.