🚴 Get ready: We'll be doing another Peloton ride for Axios Pro Rata readers this Saturday morning, with proceeds going to a nonprofit that provides meals and childcare to front-line medical workers in New York. Full details tomorrow.
Illustration: Sarah Grillo/Axios
Before the Paycheck Protection Program formally launched last Friday, we knew two things: The rollout would be rocky, and the initial $350 billion wouldn't be enough for America's small businesses.
State of play: Banks and government officials have been working to smooth out the process, and today the Senate will vote to pump another $250 billion into the program.
No sure thing: The supplemental is in response to a request from the Treasury Department, based on initial PPP loan demand, but it isn't guaranteed to pass.
If it passes, this still does nothing to help most private equity-backed companies with fewer than 500 employees, as it does not address existing Small Business Administration affiliation rules.
The bottom line: This is iterative stimulus, with crescendoing calls for "phase 4" legislation. The big question, though, is how many businesses may fail while waiting for the rules and budgets to change in their favor.
Illustration: Eniola Odetunde/Axios
Pacific Collective, a California retail developer, is suing, asking a court to declare the state's coronavirus lockdown to be an act of God, or force majeure, that prevented it from completing a $4.2 million property purchase from ExxonMobil (NYSE: XOM), per Reuters.
Today’s project is to ask your kid(s) to create a business plan. All on a single sheet of paper, preferably with some drawings.
Per usual, please send me what they come up with and we’ll share them here.
Yesterday’s project was to create a “stained glass window.” Seems to have caused some messes and stresses, so we’ll deem it a failed assignment. But there was at least one brother/sister pair who made a smart pivot:
• Cohesity, a San Jose, Calif.-based software-defined data management company, raised $250 million in Series E funding at a $2.5 billion post-money valuation. DFJ Growth, Foundation Capital, Greenspring Associates, Wing VC, HP Enterprise, and Cisco were joined by return backers Sequoia Capital and SoftBank Vision Fund. www.cohesity.com
• BigBasket, an Indian online grocer, raised $60 million from return backers Alibaba, Mirae Asset Management, and CDC Group. http://axios.link/7O6I
• Paidy, a Japanese startup for online payments without credit cards, raised $48 million in new Series C funding from Itochu Corp. http://axios.link/Dyi8
• Bugcrowd, a San Francisco-based crowdsourced cybersecurity startup, raised $30 million in Series D funding led by Rally Ventures. www.bugcrowd.com
• Teamworks, a Durham, N.C.-based athlete engagement platform for collegiate and pro teams, raised $25 million in Series C funding. Delta-v Capital led, and was joined by Afia Capital, Stadia Ventures, and return backers General Catalyst, Seaport Capital, DUMAC, Steve Pagliuca, and Reggie Love. http://axios.link/8vSl
• Tonkean, a San Francisco-based no-code automation platform, raised $24 million in Series A funding led by Lightspeed Venture Partners. http://axios.link/r7ZY
🚑 SilverCloud Health, a Boston-based digital mental health platform, raised $16 million in Series B funding. MemorialCare Innovation Fund led, and was joined by LRVHealth, OSF Ventures and UnityPoint Health Ventures, and return backers Act Venture Capital and B Capital Group. http://axios.link/5P0E
• SourceDay, an Austin, Texas-based direct purchasing automation platform, raised $12.5 million in Series B funding. Baird Capital led, and was joined by Silverton Partners, ATX Ventures, and Draper Associates. http://axios.link/vgLx
• Codemotion, a Rome-based community platform for software developers, raised €6 million in second-round funding from P101, Primomiglio, and CDP VC. http://axios.link/MO8H
• Node, a San Francisco-based provider of self-service AI solutions, raised $6 million. Mark Cuban led, and was joined by Artco, NewView Capital Partners, Canaan Partners, Gingerbread Capital, Galaxy Ventures, and Ken Goldman. http://axios.link/KgUg
• Living Security, an Austin, Texas-based provider of enterprise security awareness software, raised $5 million in Series A funding. Silverton Partners led, and was joined by Active Capital, Rain Capital, and SaaS Venture Partners. http://axios.link/S1R4
• ClimateView, a Swedish developer of monitoring and visualization tools for greenhouse gas emissions, raised $2.5 million from Norrsken Foundation and Nordic Makers. http://axios.link/jMBs
• Alpine Air Express, a Provo, Utah-based air cargo company owned by AE Industrial Partners, acquired the assets of Great Lakes Airlines. http://axios.link/YCOw
⛽ Bayou City Energy Management and Mach Resources received U.S. bankruptcy court approval for their $220 million purchase of Oklahoma shale company Alta Mesa Resources. http://axios.link/mZOZ
• Bernhard Capital completed its acquisition of Ascension Wastewater Treatment, a private sewer utility operator in Louisiana. www.awtla.com
🚑 Veronis Suhler Stevenson and NewSpring Health Capital acquired BRC Healthcare, a Texas-based addiction treatment services company. http://axios.link/p5ld
🚑 Webster Equity Partners committed $80 million to form a gastroenterology practice platform called One GI, including an initial acquisition of Memphis-based Gastro One, per PE Hub. http://axios.link/LCtX
🚑 WeDoctor, a Chinese mobile medical scheduling and information company backed by Tencent, added Citi to its list of IPO underwriters. This replaces Credit Suisse, which was dropped Credit Suisse after the Luckin' Coffee scandal broke. http://axios.link/xwfT
• iFood, a Brazilian food delivery startup controlled by Naspers, acquired a control stake in Colombian rival Domicilios. http://axios.link/CFNl
• Investcorp acquired German cybersecurity company Avira for $180 million. http://axios.link/lPgW
• Sabre (Nasdaq: SABR) will be allowed to move forward with its $360 million acquisition of Miami-based airline industry software provider Farelogix, after successfully defending itself against a U.S. Justice Department antitrust lawsuit. http://axios.link/pHqQ
• Sony paid $400 million to acquire a 4.98% stake in Chinese animation streaming company Bilibili (Nasdaq: BILI). http://axios.link/FGpb
• The Blackstone Group raised €9.8 billion for its sixth European real estate private equity fund, the largest ever of its kind. http://axios.link/IaWK
• Index Ventures raised $800 million for its tenth early stage VC fund, and $1.2 billion for its fifth growth fund. http://axios.link/ztQC
• Monogram Capital Partners, a Beverly Hills-based private equity firm focused on the consumer and retail sectors, is raising its second fund, per an SEC filing. www.monogramcapital.com
• Qiming Venture Partners, a China-focused VC firm, raised $1.1 billion for its seventh fund. http://axios.link/kvFp
• Spectrum Equity is raising $1.5 billion for its ninth fund, plus $150 million for an overage fund, per SEC filings. www.spectrumequity.com
Correction: Yesterday's issue erred in the amount StepStone Group raised for its fourth private equity secondaries opportunity fund. The correct amount is $2.1 billion.
• Khaled Habayeb joined Barclays as a managing director of health care equity capital markets. He previously was with Deutsche Bank. www.barclays.com
• Matthieu Pigasse, former head of France for Lazard, joined Centerview as head of a new Paris office. http://axios.link/Dirc
• Judy Wade and Adam Grosser joined Canada Pension Plan Investment Board as a San Francisco-based managing director and senior adviser, respectively. Wade previously was with McKinsey & Co., while Grosser was with Silver Lake. www.cppinvestments.com
Venture funding for biopharma hit an all-time record in Q1 2020, although the number of first-time deals decreased.
Go deeper: Bruce Booth, a partner with Atlas Venture, dives into the data.
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