Illustration: Rebecca Zisser/Axios
San Francisco's IPO tax is dead! Long live San Francisco's IPO tax!
Yesterday the measure delayed for a year, primarily because it might as well have been written in crayon. For example, it wasn't clear if the "IPO tax" was exclusive to companies going public, or to all stock-based compensation.
But the really devilish detail might have been use of proceeds.
Expect to see final language within the next few weeks, and then on the 2020 ballot.
🕒 We're now on Day 5 of Leon Black, CEO of Apollo Global Management, refusing to confirm or deny that his family foundation was the source of a $10 million donation to Jeffrey Epstein's charity in 2015.
• Scoop: Stifel Financial has launched a venture lending unit that it hopes to eventually become a $1 billion business.
🎧 Pro Rata Podcast digs into Trump's "anti-Squad" tweets, including if they're strategic or spontaneous. Listen here.
Dust Identity, a Framingham, Mass,-based supply chain security and tracking startup that utilizes diamond dust, raised $10 million in Series A funding. Kleiner Perkins led, and was joined by Airbus, Lockheed Martin, New Science Ventures, Angular Ventures and Castle Island Ventures.
• TravelPerk, a London-based business travel booking and management platform, raised $60 million in new Series C funding (bringing the round total to $104m). Return backers include Kinnevik, Target Global, Felix capital, Sunstone, LocalGloba and DST Global partners. http://axios.link/N8f9
• Momentus, a Santa Clara, Calif.-based provider of in-space shuttle services for moving satellites between orbits, raised $25.5 million. Prime Movers Lab led, and was joined by YC, the Lerner Family, University of Wyoming Foundation, Quiet Capital, Mountain Nazca, Ace & Co., Liquid 2 Ventures and Drake Management. http://axios.link/FWfC
• MyMoneyMantra, an Indian financial services marketplace, raised $15 million in first-round funding from IFSD and Vaalon Capital. http://axios.link/NuWX
• Fortify, a Boston-based additive manufacturing startup, raised $10 million in Series A funding. Accel led, and was joined by Neotribe Ventures, Prelude Ventures, and Mainspring Capital Partners. http://axios.link/K5Qr
• TurboTenant, a Fort Collins, Colo.-based online platform for tenants and landlords, raised $6.5 million in Series A funding. RET Ventures led, and was joined by return backer Access Venture Partners. http://axios.link/2cBx
• Spruce, a Houston-based provider of hotel-like services to the multifamily housing market, raised $3 million. Fitz Gate Ventures led, and was joined by Mercury Fund, Capital Factory and the Houston Angel Network. http://axios.link/TMCL
• N26, a Germany-based mobile retail bank startup, is raising $170 million in fifth-round funding from insiders, per TechCrunch. Earlier this year the company raised $300 million at a $2.7 billion valuation from Insight Partners, GIC, Tencent, Allianz X, Valar Ventures, Earlybird VC and Greyhound Capital. http://axios.link/wh9W
• Arcline agreed to buy the Reciprocating Compression unit of Baker Hughes, a General Electric (NYSE: GE) company. www.arcline.com
• Arsenal Capital Partners agreed to buy a control stake in Revolution, a Little Rock, Ark.-based maker of closed-loop plastic products. www.revolutioncompany.com
🚑 Bain Capital is in talks to buy a minority stake in healthcare tech companies combined Zelis Healthcare and RedCard, which are being merged by Parthenon Capital, per Bloomberg. The enterprise value could be around $6 billion. http://axios.link/zrWM
• Fresh Direct Produce, a Vancouver-based portfolio company of HKW, acquired Emperor Specialty Foods, a Canadian distributor of mushrooms, pears, and other specialty produce. www.freshdirectproduce.com
• Frontline Education, a Malvern, Penn.-based portfolio company of Thoma Bravo, agreed to buy Perennial EdTech, a Roseville, Calif.-based classroom software provider, from Alpine Investors. www.frontlineeducation.com
• General Atlantic is in talks to acquire a majority stake in San Francisco-based cosmetics brand Morphe, for more than $2 billion (including assumed debt), per Reuters. http://axios.link/kynL
⛽ KKR is partnering with Rabobank on a takeover bid for Dutch utility Eneco, which could fetch around €3 billion, per Reuters. A rival group reportedly includes Royal Dutch Shell and PGGM. http://axios.link/fAKH
• Panoramic Growth Equity sponsored a management buyout of Elmelin, a UK-based maker of industrial insulation. www.elmelin.com
🚑 Permira is in talks to buy British drugmaker Quotient Sciences from GHO Capital for around £600 million (including assumed debt), per Bloomberg. http://axios.link/XHpA
• Stonegate, a British pub operator owned by TDR Capital, agreed to buy larger rival Ei Group (LSE: EIGE) for £1.27 billion. http://axios.link/oKXd
• AssetMark Financial, a Concord, Calif.-based wealth management platform, raised $275 million in its IPO. The company priced shares at $22 (above range), for an initial market cap of $1.59 billion. It will list on the NYSE (AMK) with JPMorgan as lead underwriter, and reports $99 million of net income on $296 million in revenue for 2018. Shareholders include China’s Huatai International.
🚑 Fulcrum Therapeutics, a Cambridge, Mass.-based developer of rare disease therapies based on gene regulation, raised $72 million in its IPO. The company priced shares at $16 (low end of range), for an initial market cap of $373 million. It will trade on the Nasdaq (FULC) with Morgan Stanley as lead underwriter, and had raised around $140 million from Third Rock Ventures (43.2% pre-IPO stake), GlaxoSmithKline (9.5%) and Foresite Capital (8%).
🚑 Genmab, a Danish developer of therapeutic antibodies for cancer, raised $506 million in its IPO. The company priced shares at $17.75 (just below final trades in Copenhagen), for a market cap north of $11.5 billion, and will trade on the Nasdaq (GMAB) with BAML as lead underwriter.
🚑 Mirum Pharmaceuticals, a San Diego-based developer of a treatment for rare cholestatic liver diseases, raised $75 million in its IPO. The company priced shares at $15 (middle of range), for an initial market cap of $345 million. It will trade on the Nasdaq (MIRM) with Citi as lead underwriter, and had raised $120 million in VC funding from firms like NEA (20.8% pre-IPO stake), Frazier Life Sciences (17.3%), Deerfield Managementy (17.3%), Novo Ventures (10.4%), Shire (10.3%) and RiverVest Venture Partners (9%).
🚑 Phreesia, a New York-based provider of patient-intake software, raised $167 million in an upsized IPO. The company priced at $18 per share (above target range), for an initial market cap of $633 million. It will trade on the NYSE (PHR) with JPMorgan as lead underwriter, and reports a $7 million net loss on $28 million in revenue for Q1 2019. The company had raised around $119 million in VC funding from LLR Equity (23.85% pre-IPO stake), HLM Venture Partners (17.33%), Polaris Partners (14.52%), Ascension Ventures (10.77%), Echo Health Venture (9.01%), Blue Cross Blue Shield Venture Partners (7.8%) and VantagePoint Venture Partners (7.08%).
• Voyager Air, a UK-based aircraft leasing company, has shelved a planned £200 million London IPO, citing “unfavorable market conditions.” http://axios.link/b0Y9
• Colony Capital is considering a sale of warehouse unit Colony Industrial, which could fetch over $5 billion, per Bloomberg. http://axios.link/kdW5
• Court Square Capital and HGGC are seeking a buyer for Dynata, a Plano, Texas-based survey research company that could fetch over $3 billion, per Reuters. http://axios.link/hxvV
• Visa (NYSE: V) acquired Payworks, a German provider of point-of-sale payment gateway software that had raised around $19 million in VC funding from firms like Visa Ventures, SpeedInvest and CommerzVentures. http://axios.link/lEjA
• eBay (Nasdaq: EBAY) agreed to buy a 5.5% stake in Indian e-commerce marketplace Paytm, with TechCrunch reporting a price of between $150 million and $200 million. eBay also said it would consider strategic alternatives for its StubHub and Classifieds businesses. http://axios.link/vRJg
• Ebix (Nasdaq: EBIX) agreed to buy Indian online travel booking company Yatra (Nasdaq: YTRA) for $338 million. http://axios.link/ovVS
• EssilorLuxottica is in talks to buy Dutch eyewear retailer GrandVision for around €7.1 billion. http://axios.link/o6X4
⛽ General Electric (NYSE: GE) agreed to sell an 80% stake in its GE Solar business to BlackRock. http://axios.link/SVOK
🚑 Takeda Pharmaceutical (Tokyo: 4502) is seeking to fetch around $1.6 billion for a portfolio of drugs for sale in Western Europe, per Reuters. http://axios.link/mZwf
• Telecom Italia (Milan: TLIT) is considering a sale process for around €2 billion in assets, including a stake in separately-listed towers unit INWIT, per La Repubblica. http://axios.link/vXTe
• CVC Capital Partners closed its second “strategic opportunities” fund with €4.6 billion in capital commitments. www.cvc.com
• Benjamin Wu joined TPG Sixth Street Partners as a managing director, after eight years at Macquarie Group, per his LinkedIn page.
• TSG Consumer Partners promoted Adam Hemmer to senior vice president. www.tsgconsumer.com
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