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Music streaming giant Spotify yesterday filed for its highly-anticipated direct listing, which may change how high-profile tech companies go public.
What to know:
• Crypto crackdowns: The WSJ reports that the SEC "has issued dozens of subpoenas and information requests to technology companies and advisers involved in the red-hot market for cryptocurrencies." And CoinDesk notes that "China's police force is reportedly expanding its internet monitoring to include international cryptocurrency activities."
• Clarification: Yesterday's NY Times story on Dick's firearms decision said that the company would no longer sell "AR-15-style and other semiautomatic rifles," but that does not appear to be accurate.
• Wasted space: This past weekend I'm watching the Celtics play the Detroit Pistons, and notice that the Pistons this season placed two large "Platinum Equity" logos on their hardwood. Yes, the Los Angeles-based private equity firm, and its founder Tom Gores, have owned the team since 2011. But it's still a Los Angeles-based private equity firm that doesn't seem to gain any value from having its logo on an NBA court.
• Trumpland: Lots of buzz about the revelation that Apollo Global Management and Citigroup gave large commercial real estate loans to Kushner Cos. last year, with a lot of line-connecting to (officially unrelated) meetings between Jared Kushner and top execs from Apollo and Citi.
DoorDash, a San Francisco-based food delivery company, has raised $535 million in Series D funding at what we've learned is a $1.4 billion post-money valuation. SoftBank led, and was joined by return backers Sequoia Capital, GIC and Wellcome Trust. The entire round is for primary shares, but a source tells Axios that SoftBank plans a secondary tender.
🚑 Rubius Therapeutics, a Cambridge, Mass.-based developer of "technology to grow, genetically engineer and mature long-circulating red cell therapeutics," has raised $100 million in new VC funding. The company had raised $120 million last summer, with only Flagship Pioneering as its only disclosed investor. http://axios.link/1rVJ
• Zomato, an Indian food delivery company, has raised $150 million from Alibaba at a valuation north of $1 billion. http://axios.link/I7pI
• Hi Guides, a Chinese travel tour company, has raised $50 million in Series C funding. Sequoia Capital China led, and was joined by Concord Investments and Matrix Partners China.
🚑 Quentis Therapeutics, a New York-based cancer immunotherapy startup, has raised $48 million in Series A funding. Versant Ventures and Polaris Partners co-led, and were joined by AbbVie Ventures, Taiho Pharmaceutical, Yonghua Capital, Alexandria Venture Investments and an affiliate of Empire State Investments. www.quentistx.com
• Bugcrowd, a San Francisco-based bug bounty platform, has raised $26 million in Series C funding. Triangle Peak Partners led, and was joined by Hostplus, First State Super and return backers Blackbird Ventures, Costanoa Ventures, Industry Ventures, Paladin Capital Group, Rally Ventures, Salesforce Ventures and Stanford, as well as new investors Hostplus and First State Super. www.bugcrowd.com
• Perfect Day, a Berkeley, Calif.-based animal-free dairy, has raised $24.7 million in new funding. Temasek led, and was joined by Continental Grain, Iconiq Capital, Horizons Ventures, Lion Ventures and Verus International. http://axios.link/hl0e
• Coalition, a San Francisco-based cyber insurance startup, has raised $10 million in Series A funding from Vy Capital, Ribbit Capital, Valor Equity Partners, Sam Altman and Deep Nishar. www.thecoalition.com
• TCGplayer, a Syracuse, N.Y.-based online marketplace for collectible items, has raised $10 million from Radian Capital. www.tcgplayer.com
• Woebot Labs, a San Francisco-based developer of a mental health chatbot, has raised $8 million in Series A funding from NEA and AI Fund. www.woebot.io
• Virtualitics, a Pasadena, Calif.-based developer of data visualization and analytics tools for AR/VR developers, has raised $7 million in Series B funding. Centricus led, and was joined by return backer The VR Fund. http://axios.link/zjDh
• EdgyBees, a Santa Clara, Calif.-based developer of AR solutions for drones, has raised $5.5 million in seed funding from Motorola Solutions Venture Capital, Verizon Ventures, 8VC, NFX, Aspect Ventures and OurCrowd. http://axios.link/XiH5
🚑 Eko, a San Francisco-based maker of acoustic cardiac monitoring devices, has raised $5 million in Series A funding. Artis Ventures led, and was joined by Strategic Partners, Dreamlt Ventures, 1812 Ventures and Founder.org. www.ekodevices.com
• TigerWit, a developer of mobile trading technologies, has raised $5 million from Susquehanna International Group. www.tigerwit.com
• Advent International has agreed to acquire British electronics company Laird (LSE: LRD) at an enterprise value of around 1.2 billion (including debt), or 200 pence per share (73% premium over yesterday’s closing price). http://axios.link/qAt9
• The Carlyle Group has agreed to acquire a majority stake in CFGI, a Boston-based provider of technical accounting and finance advisory services to CFO offices. www.cfgi.com
• CenterOak Partners has sponsored a merger of auto-glass and claims management companies JN Phillips Auto Glass (Woburn, MA) and Techna Glass (Sandy, UT) into a single company called TrueRoad. www.jnphillips.com
• Consolidated Aerospace Manufacturing, a Brea, Calif.-based portfolio company of Tinicum, has acquired Moeller Manufacturing & Supply, an Anaheim, Calif.-based maker of commercial aerospace and defense washers and spacers. www.moellermfg.com
🚑 Innovia Medical, a St. Paul, Minn.-based portfolio company of Shore Capital, has acquired Network Medical Products, a UK-based maker of sterile single use products for ENT and ophthalmic procedures. www.innoviamedical.com
Palantir CEO Alex Karp was asked about IPO plans yesterday in a CNBC interview:
"We are making great strides to standardize everything so that if we choose to ever do a public offering we can do it immediately. And so in that context, we’re making a lot of strides. And at the time we chose to show things I think people will be very surprised at, like, the quality of the revenue."
⛽ Argonaut Private Equity has sold Falcon Flowback Services, an Oklahoma City-based provider of flowback and well testing services, to Oil States International (NYSE: OIS). www.falconflowback.com
• Dragoneer Investment Group has acquired an additional US$146 million worth of shares in PointClickCare, a Canadian electronic medical records software company, via a secondary offering with existing shareholders. Dragoneer last year led an $85 million primary share deal, alongside JMI Equity. www.pointclickcare.com
• Equitable Life, a British mutual insurer with more than £6 billion in AUM, has hired Goldman Sachs to explore a possible sale, per the FT. http://axios.link/8tWS
• Fosun (HK: 0656) has agreed to acquire majority stake in listed Austrian textiles company Wolford for €33 million. http://axios.link/sv4K
• Saudi Arabia’s Public Investment Fund has invested over $200 million for a minority stake in U.S. media company Penske Media Corp., per the NY Post. http://axios.link/rB8e
🚑 Repair Impact Fund has been launched by Novo Holdings as a $165 million VC funding focused on companies that seek to target drug-resistant superbugs. http://axios.link/Hx4R
• Asif Giga has joined Ericsson Ventures as an investment director. He previously was with Experian Ventures.
• Lindsey Maule has left her role as head of cryptocurrency research as seed fund Precursor Ventures, in order to work full-time on a crypto hedge fund called Luna Capital. www.lunacapital.com
• Rodolfo Rosini, a serial entrepreneur whose past companies included Storybricks, has joined Hong Kong-based AI accelerator Zeroth.ai as a partner. http://axios.link/R0Kf