Illustration: Eniola Odetunde/Axios
This week is expected to be the busiest for U.S. IPOs since February, with Warner Music leading a group of four companies that could raise over $3 billion.
Why it matters: This shouldn't be happening, under any traditional rubric for how markets work.
What's happening: American passions over race and policing are inflamed, with many neighborhoods literally in flames.
Yet, stocks opened flat, prompting Axios Markets editor Dion Rabouin to declare: "Not even God himself could sink this market rally."
If you know what's coming next, or even have a strong sense of it, you're lying to yourself.
Zynga (Nasdaq: ZNGA) agreed to buy Turkish mobile-game maker Peak for $1.8 billion, split evenly between cash and stock.
Today’s project is to ask your kid(s) to draw a person similar to themselves, but different in one notable way. What’s the person's name? What’s different about the person, and what’s the most important thing that’s the same?
🚑 Benchling, a life sciences R&D cloud platform, raised $50 million in Series D funding. Alkeon led, and was joined by Spark Capital, Lux Capital, Iconiq Capital, and return backers Thrive Capital and Benchmark. http://axios.link/K3aS
• OTTO Motors, a Canadian autonomous mobile robotics unit of Clearpath Robotics, raised US$29 million in Series C funding. Kensington Private Equity led, and was joined by BMO Capital Partners, Export Development Canada, and return backers iNovia Capital and RRE Ventures. www.ottomotors.com
• Beam, a Singapore-based e-scooter rental startup, raised $26 million in Series A funding. Sequoia Capital India and Hana Ventures co-led, and were joined by RTP Global, AppWorks, Right Click, Cherubic, and RedBadge Pacific. http://axios.link/Dvdh
• Loom, a video-based enterprise collaboration platform, raised over $23 million in third-round funding, per an SEC filing. Existing backers include Sequoia Capital and Kleiner Perkins. www.loom.com
• Beacon, a U.K.-based global logistics startup co-founded by a pair of ex-Uber execs, raised $15 million from 8VC, Jeff Bezos, Eric Schmidt, and Travis Kalanick. http://axios.link/wHTX
• Bonusly, a Boulder, Colo.-based employee recognition and rewards platform, raised $9 million in Series A funding from Access Venture Partners. Next Frontier Capital, Operator Partners, and seed backer FirstMark Capital. http://axios.link/e4zd
🚑 Bright.md, a Portland, Ore.-based provider of telehealth automation solutions, raised $8.8 million in new Series B funding from Philips Health Technology Ventures, UnityPoint Health Ventures, and Concord Health Partners. http://axios.link/3vtZ
• Zeleros Hyperloop, a Spanish hyperloop startup, raised €7 million from Goldacre Ventures, Road Ventures, Plug & Play, Spanish Angels Capital, and MBHA. www.zeleros.com
• TruthSet, a San Francisco-based provider of consumer data quality analytics, raised $4.75 million in seed funding from SuperSet, WTI, and Ulu Ventures. www.truthset.io
• Cognosos, an Atlanta-based IOT asset intelligence startup, raised $4.5 million from Cox Enterprises and Pete Kight. http://axios.link/yRup
• 24 Hour Fitness, a Carlsbad, Calif.-based gym chain backed by AEA Investors, is preparing for a bankruptcy filing, per Bloomberg. http://axios.link/nYW8
• Atlantia (Milan: ATL) is asking bidders to submit tentative bids for up to a 49% stake in its Telepass toll-roads unit by later this month, per Reuters. Offers are expected from Apax Partners, Partners Group, and Bain Capital working with Warburg Pincus. http://axios.link/tv1U
🚑 Avista Capital Partners is sponsoring a €305 million buyout of Swiss direct-to-consumer health products company Vision Healthcare, alongside Vision founder and CEO Yvan Vindevogel. http://axios.link/vbow
• Cinven, KKR, and Providence Equity Partners offered to buy Spanish telecom company MasMovil (Madrid: MAS) for around $3.3 billion. http://axios.link/VeDn
🚑 IG4, a Brazilian private equity firm, paid $38 million to buy two hospitals that will be part of a new acquisition platform called OPY Health, per Reuters. http://axios.link/mE98
🚑 GVS, an Italian maker of masks and filter components, is prepping a Milan IPO for next month. http://axios.link/ufdd
🚑 Repare Therapeutics, a Montreal-based precision oncology startup, filed for a $100 million IPO. It plans to trade on the Nasdaq (RPTX) with Morgan Stanley as lead underwriter, and last week announced a strategic partnership with Bristol Myers Squibb that could be worth upwards of $3 billion. Shareholders include Versant Ventures (30.1% pre-IPO stake), MPM Capital (11.8%), OrbiMed (11.2%), USB (9.2%), Cowen (8.2%), FTQ (7.5%), and Redmile Group (6.8%). http://axios.link/tzIR
• Uber (NYSE: UBER) and Grubhub (NYSE: GRUB) have neared an agreement on merger price but remain apart on how much Uber would be required to pay were the deal to be blocked by antitrust regulators, per Bloomberg. http://axios.link/dQKs
• Hummer Winblad Venture Partners is raising up to $75 million for its eighth fund, per an SEC filing. Longtime managing director Mitchell Kertzman is not an investing partner on the new fund, as he plans to retire after 52 years in and around software, but will retain his five portfolio board seats. www.hwvp.com
• Kazushige Kobayashi joined Rhone Group as a senior advisor for Asia, per his LinkedIn page. He previously was a managing director for Capital Dynamics, where he also led its Tokyo office. www.rhonegroup.com
• Alex Lynch joined Barclays as chairman of investment banking. He previously was a partner with private equity firm White Deer Energy. http://axios.link/iSmu
• Mark McClellan, former commissioner of the FDA and Centers for Medicare & Medicaid Services, joined The Blackstone Group as a senior advisor. www.blackstone.com
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