Illustration: Eniola Odetunde/Axios
The Federal Trade Commission announced yesterday that it will review the past decade of takeovers by the tech giants. Not only the large acquisitions, but also the hundreds of smaller ones that didn't trigger automatic antitrust reviews.
The big picture: Lots of intrigue here, outside of the knotty logistics of unwinding something like Facebook/Instagram or some random Google acqui-hire from 2015.
The bottom line: This could become a massive headache for the five target companies — Alphabet, Amazon, Apple, Facebook and Microsoft — but more of a "take some aspirin and a nap" than "go to the ER."
Battery Ventures this morning announced that it raised $2 billion for its latest funds, including $1.2 billion for early-stage and $800 million for later-stage, which will continue to focus on enterprise software.
🚑 Deal scoop: Meditation app maker Headspace raised $53 million in new VC funding and another $40 million in debt, Axios' Kia Kokalitcheva reports.
• Brandless isn't the only discount DTC startup to fall on hard times. Los Angeles-based Hollar, which had raised more than $75 million from firms like Kleiner Perkins and Index Ventures, is also winding down.
🎧 Pro Rata Podcast digs into how Amazon is escalating its legal fight for the Pentagon's giant JEDI contract, including a new request that President Trump testify. Listen here.
Skydance Media, a Hollywood film studio whose franchises include "Mission Impossible" and "Terminator," raised $275 million in new equity funding at around a $2.3 billion valuation. RedBird Capital Partners led and was joined by South Korea's CJ Entertainment and return backer Tencent.
• Fenergo, an Irish provider of compliance and customer onboarding solutions for financial institutions, raised $80 million at an $800 million post-money valuation from ABN Amro and DXC Technology. http://axios.link/EYYU
• Carbon Relay, a Boston-based startup focused on optimizing app performance in Kubernetes environments, raised $63 million from Insight Partners. http://axios.link/s2gy
• Deep Instinct, a New York-based cybersecurity startup, raised $43 million in Series C funding. Millennium New Horizons led, and was joined by Unbound, LG, and Nvidia. http://axios.link/Bxj1
• CybelAngel, a Paris-based provider of digital risk management solutions, raised $36 million in Series B funding. Prime Ventures led, and was joined by Tempocap, Bpifrance, and Open CNP. http://axios.link/skuG
• Alpha Foods, a New York-based provider of vegetarian prepared meals, raised $28 million led by AccelFoods led, and was joined by return backers New Crop Capital, Green Monday Ventures, and Blue Horizon. http://axios.link/qsSi
• Sixgill, an Israel-based dark web intelligence platform, raised $15 million in Series B funding. Sonae IM and REV Venture Partners co-led, and were joined by Our Crowd and return backers Elron and Terra Venture Partners. http://axios.link/8SzS
• Country Archer Jerky, a San Bernardino, Calif.-based meat jerky brand, raised $12 million from existing backer Monogram Capital Partners. www.countryarcher.com
• Docugami, a Seattle-based document engineering startup, raised $10 million in Series A funding led by SignalFire. www.docugami.com
• Model9, a New York-based, raised $9 million in Series A funding. Intel Capital led, and was joined by StageOne, North First Ventures, and GlenRock Israel. www.model9.io
• iDonate, a Plano, Texas-based provider of digital giving solutions, raised $8.7 million led by Performance Edge Partners. http://axios.link/G1xZ
• Nerdio, a Chicago-based startup focused on Microsoft Azure deployment automation, raised $8 million in Series A funding led by MK Capital. http://axios.link/bd2n
• EquityBee, an Israeli liquidity platform for startup employee stock, raised $6.6 million. Group11 led, and was joined by Battery Ventures and LocalGlobe. http://axios.link/lPnI
• Bit Fry Game Studios, a Portsmouth, N.H.-based developer of arcade-action games, raised $3.5 million from 1Up Ventures and BitKraft Esports Ventures. www.bitfry.com
• AnaCap Financial Partners agreed to buy Wealthtime, a UK-based company that consolidates investment portfolios and financial assets for those working with financial advisors. www.wealthtime.co.uk
• Ardurra Group, a Houston-based portfolio company of RTC Partners, acquired LNV, an architectural and surveying firm with three Texas offices. www.ardurra.com
• Brentwood Associates acquired Parchment, a Scottsdale, Ariz.-based digital credentialing service. www.parchment.com
• Entrepreneurial Equity Partners acquired Kronos Foods Corp., a Glendale Heights, Ill.-based provider of Mediterranean food products. www.kronosfoodscorp.com
• E Source, a Boulder, Colo-based portfolio company of Align Capital Partners, acquired Trove, a Buffalo, N.Y.-based provider of predictive analytics for the utility industry. www.esource.com
⛽ I Squared Capital acquired a 22.4% stake in Colombia’s Ocensa crude oil pipeline from Advent International. http://axios.link/XyUF
🐟 Investcorp acquired Fortune International, a Bensenville, Ill.-based distributor of seafood and gourmet food products. www.fortunefishco.net
• Pennon Group (LSE: PNN) is seeking upwards of $5 billion for its Viridor waste management unit, with interested suitors including EQT, KKR and Macquarie Group, per Bloomberg. http://axios.link/GKEl
• Permira agreed to buy Italian luxury sneaker brand Golden Goose from The Carlyle Group, per Reuters. Earlier reports suggested a minimum price of €1.2 billion. http://axios.link/aX5H
• Royston Group, a portfolio company of Industrial Opportunity Partners, acquired Hamilton Laboratory Solutions, a Manitowoc, Wis.-based lab equipment designer and manufacturer. www.hamiltonlab.com
🚑 DRI Healthcare, a UK-based healthcare royalties investment firm, said it plans to raise upwards of $350 million in a London IPO. http://axios.link/kkmk
🚑 Revolution Medicines, a Redwood City, Calif.-based cancer drug developer, raised its IPO terms to 14 million shares at $16-$17 from 10 million shares at $14-$16. It now would have a fully-diluted market value of $1 billion, were it to price in the middle, and plans to trade on the Nasdaq (RVMD) with JPMorgan as lead underwriter. Shareholders include Third Rock Ventures (28.8% pre-IPO stake), Column Group (18.6%), and Sanofi (7.8%).
• AngloGold Ashanti (JSE: ANGJ) agreed to sell its remaining South African assets to Harmony Gold (JSE: HARK) for around $300 million. http://axios.link/WyLJ
⛽ EG Group and Macquarie Group may partner on a takeover bid for Caltex Australia (ASX: CTX), with EG to own the company’s retail unit, per Bloomberg. http://axios.link/OATw
• JPMorgan was picked to advise on a privatization sale of a stake for a $7.3 billion motorway in Turkey, per Reuters. http://axios.link/2mD1
• The Blackstone Group will replace Canada Pension Plan Investment Board as the anchor investor of hedge fund Engineers Gate, following last month’s retirement of fund founder Glenn Dubin. http://axios.link/LQLt
🚑 Robert Carroll joined Sofinnova Partners, a Paris-based life sciences VC firm, as head of investor relations. He previously co-led PwC's global fundraising advisory group. www.sofinnovapartners.com
• Greenbriar Equity Group promoted Michael Weiss and Niall McComiskey to managing partners. www.greenbriarequity.com
• Osage University Partners promoted Kirsten Leute to partner of university relations. www.oup.com
• Sacha Romanovitch, CEO of Fair4All Finance, joined LeapFrog Investments as a non-executive director. www.leapfroginvest.com
• Sapphire Ventures promoted Abigail Johnson to managing director, general counsel, and COO, and Shruti Tournatory to VP of biz dev. www.sapphireventures.com
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