🖥️ You're invited: Axios tomorrow at 12:30 pm ET will host a live virtual event featuring conversations with former presidential candidate Andrew Yang and Credit Karma CEO Kenneth Lin. Oh, and I'll be on it too. Register here.
Illustration: Sarah Grillo/Axios
Over 70% of the federal government's $349 billion small business bailout program is already spoken for, as Democrats and Republicans continue to squabble over an expansion that both sides believe is necessary.
State of play: There is still a lot we don't know about how the existing program is operating, and possibly won't until the next pot of money is emptied, Axios' Alayna Treene and I report.
The big question: Will there be a public database of PPP loans, which could help provide insights on efficacy and checks on fraud?
Plus, it also could be helpful to know details of denied applications, as well as lender-approved ones that later lose SBA guarantees. Such sunlight could discourage bad actors who divert lender attention away from legitimate applicants, not to mention expose flaws whereby applicants are unfairly denied.
We also don't know how much money is actually out the door.
The bottom line: This speed of this massive program, from conception to execution, has been lightening quick. Data disclosure, however, isn't keeping pace.
Illustration: Sarah Grillo/Axios
The XFL, a pro football league created by World Wrestling Entertainment boss Vince McMahon, yesterday filed for Chapter 11 bankruptcy protection. It hopes to find a buyer for some of its assets.
Today's project is for your kids to make a "monster" out of a tissue box (or other sort of box, with an oval cut into it). Just do a Google image search for "tissue box monster" to see what I'm talking about.
Yesterday, I asked your kids to develop a brand new snack. Here are some new things to try at home:
🚑 54gene, an African genomics startup, raised $15 million in Series A funding led by Adjuvant Capital. http://axios.link/WUSQ
• Crop Enhancement, a San Jose, Calif.-based developer of products for improving crop yield, raised $8 million in Series B funding. Spruce Capital Partners led, and was joined by 1955 Capital, Phoenix Venture Partners, Cavallo Ventures, Davinia Investments, and Alexandria Ventures. http://axios.link/QodH
• Frank, a New York-based financial aid platform for students, raised $5 million from Gingerbread Capital, Aleph, and Marc Rowan. http://axios.link/ZLLl
• Kumu Holdings, a Philippines-based live-streaming startup, raised $5 million in Series A funding. Openspace Ventures led, and was joined by Kickstart Ventures, ABS-CBN, Gobi-Core Philippine Fund, Summit Media, and Foxmont Capital Partners. http://axios.link/jLPk
• MightyJaxx, a Singapore-based maker of licensed collectibles, raised around $3.2 million. KB Financial Group led, and was joined by Greycroft and SG Innovate. http://axios.link/Hv5e
🚑 IntegriChain, a Philadelphia-based drug distribution and payment software company backed by Accel-KKR, agreed to buy the life sciences unit of Tennessee-based Cumberland Life Sciences. http://axios.link/fMlh
• Lineage Capital acquired a minority stake in City Rise, a Lodi, Calif.-based traffic management company. www.cityrisesafety.com
• Montage Partners invested in URW, a Phoenix-based vegetation and landscape management company for government agencies, railroads, and solar energy operators. www.unitedrightofway.com
• Stone Point Capital and Further Global completed their $4.2 billion purchase of Duff & Phelps, a New York-based corporate advisor and valuation firm, from Permira. www.duffandphelps.com
• Wynnchurch Capital acquired the assets of Western Forge & Flange, a Cleveland, Texas-based manufacturer of forgings and flanges. www.western-forge.com
🚑 The Wicks Group completed its $190 million sale of SCI Solutions, a Seattle-based provider of health care patient access and enablement software, to R1 RCM (Nasdaq: RCM). www.scisolutions.com
• China is considering a merger of its two largest brokerage firms, Citic Securities and CSC Financial, per Bloomberg. http://axios.link/oxkN
• Cellnex (Madrid: CLNX) agreed to buy the telecom towers unit of Portuguese mobile operator NOS for €375 million. http://axios.link/qh9C
• LOT, a Polish airline, walked away from its agreement to buy German airline Condor from insolvent British travel company Thomas Cook. http://axios.link/o31H
• SAP (NYSE: SAP) is considering a sale of its digital interconnect business, per Bloomberg. http://axios.link/s9fc
• Clearlake Capital Group raised more than $7 billion for its sixth fund. www.clearlake.com
• General Atlantic and Iron Park Capital Partners are raising $5 billion for a joint fund that will provide structured equity and debt financing to “previously-healthy companies now facing distress because of the pandemic,” per the WSJ. http://axios.link/Y3Fk
• Lightspeed Venture Partners said that it has raised $890 million for its thirteenth flagship fund, plus $1.83 billion for its fourth “select” fund and $1.5 billion for a new opportunity fund. www.lsvp.com
• Jessica Brennan joined Onex Corp. as a New York-based managing director and head of client and product solutions. She previously was an IR managing director with The Carlyle Group. www.onex.com
• Matt Gullen joined H.I.G. Capital as a managing director, per his LinkedIn page. He previously was a partner with Comvest Partners. www.higcapital.com
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