Venture capitalists have largely ignored Type 1 diabetes, backing just 7 related U.S. startups since the beginning of 2015 (per PitchBook). Instead they've focused their diabetes dollars on Type II, a metabolic disease whose cause is largely understood, whereas Type 1 is a more complicated autoimmune condition with (relatively) fewer patients.
• Crowdfrauding (cont): The online bio of Nin Desai, CEO of Nin Ventures, says that she "Chairs the Harvard Business School Private Equity and Venture Capital Group of Chicago." But there is no such group, per Kathy Ashraf, HBS associate director of alumni clubs and associations.
• Burrito buyout? Yesterday I did a live Cheddar spot where I got asked about Chipotle's stock dive, following the news of what appears to have been a norovirus outbreak at one of its Virginia stores (bringing its market cap south of $11 billion).
• Copycats: Remember when Silicon Valley was up in arms over the Samwer Brothers, who kept creating European knock-offs of U.S. consumer tech companies like Groupon and Airbnb? Where is the similar outrage toward Facebook aping Snap or what Amazon may be about to do to Blue Apron? Does the acceptability of "fast follow" end at the water's edge?
McCormick & Co. (NYSE: MKC) has agreed to acquire the food business of Reckitt Benckiser (LSE: RB) for $4.2 billion, beating out rival bids from companies like Unilever (LSE: ULVR) and Hormel Foods (NYSE: HRL). Included brands are French's Mustard and Frank's Red Hot.
• Brain Corp., a San Diego-based AI startup focused on self-driving technology for robots, has raised $114 million in Series C funding led by SoftBank Vision Fund. Existing investor Qualcomm Ventures also participated. http://tcrn.ch/2u7UT5u
• Shift, a San Francisco-based online used car marketplace, has raised $38 million in Series C funding. BMWi Ventures led the round, and was joined by DCM, G2VP and return backers DFJ, Highland Capital Partners and Goldman Sachs Investment Partners. http://bit.ly/2tG2ztZ
• Lever, a San Francisco-based provider of recruiting software, has raised $30 million in Series C funding. Adams Street Partners led the round, and was joined by return backers Matrix Partners and Scale Venture Partners. http://bit.ly/2u7NG5x
• Rentomojo, an Indian rental company focused on urban living items like home appliances and motorbikes, has raised $10 million in Series B funding. Bain Capital Ventures led the round, and was joined by Renaud LePlanche (ex-LendingClub CEO) and return backers Accel and IDG Capital Partners. http://tcrn.ch/2vhVbXz
• Workato, a Cupertino, Calif.-based workflow automation platform, has raised $10 million in Series A funding. Storm Ventures led the round, and was joined by Salesforce Ventures and Workday Ventures. http://tcrn.ch/2uvIg72
• DataRails, an Israel-based spreadsheet management tool, has raised $6 million in Series A funding. Vertex Ventures led the round, and was joined by seed backers Cyrus Angel Fund, Oryzn Capital and Joey Low. http://bit.ly/2uIJFr8
• Contego Fraud Solutions, a UK-based provider of automated compliance solutions, has raised £3.5 million in VC funding from Maven Capital Partners and NVM Private Equity. http://bit.ly/2toWSFH
• Ironhack, a Madrid-based provider of coding bootcamps, has raised $3 million in VC funding led by JME Venture Capital. http://tcrn.ch/2uF0Ji4
• Protenus, a Baltimore-based provider of patient privacy software, has raised $3 million in new Series A funding. Kaiser Permanente Ventures led the new tranche, with F-Prime Capital Partners and existing backer LionBird Venture Partners also participating. http://bit.ly/2uIoHZN
• VFinance, a Shanghai-based provider of digital financial infrastructure solutions to Chinese businesses, has raised an undisclosed amount of funding from Ant Financial Services (an affiliate of Alibaba Group). http://bit.ly/2u9meWv
• ConvergeOne, an Eagan, Minn.-based portfolio company of Clearlake Capital Partners, has acquired Annese & Associates, a Clifton Park, N.Y.-based provider of enterprise IT services. No financial terms were disclosed. http://bit.ly/2tFsphN
• Gamut Capital Management has agreed to acquire JPW Industries, a La Vergne, Tenn.-based maker of metalworking, woodworking and material handling products, from Tenex Capital Management. No financial terms were disclosed. www.wiltontools.com
• Infogix, a Naperville, Ill.-based portfolio company of Thoma Bravo, has acquired Data Clairvoyance, a Bloomington, Ind.-based data strategy consultancy. No financial terms were disclosed. www.dataclairvoyance.com
⛽ Native Exploration Holdings, an Oklahoma City-based oil and gas company led by ex-Native Oil & Gas execs, has been formed via a $140 million equity commitment from Kayne Anderson Energy Funds. www.kaynecapital.com
• One Equity Partners has acquired a minority equity stake in Intren, a Union, Ill.-based specialty utility contractor, for an undisclosed amount. www.intren.com
• Sciens Building Solutions, a fire detection and security services company owned by Huron Capital Partners, has acquired Sabah International, a Pleasanton, Calif.-based designer and installer of fire detection and suppression systems. No financial terms were disclosed. www.sabahinternationalinc.com
🚑 Vets First Choice, a Portland, Maine-based provider of tech-enabled healthcare services for veterinary medicine, has raised $223 million in new equity funding. Existing investor Clayton, Dubilier & Rice and Hillhouse Capital co-led the round, and were joined by Viking Global Investors, Wellington Management Company, Rock Springs Capital and Sequoia Heritage.
⛽ BP PLC (LSE: BP) said that it is considering an IPO for its U.S. Midwest and Gulf pipeline assets, which would be branded BP Midstream Partners. The company first considered the idea five years ago, but shelved it due to falling crude oil prices. http://reut.rs/2tFxqXF
• Permira is considering a sale process for TeamViewer, a German maker of business collaboration software that could be valued at between €1.5 billion and €2 billion, according to Bloomberg. https://bloom.bg/2uwk7x2
• Zeta Global, a New York-based SaaS marketing automation platform, has acquired Boomtrain, a San Francisco-based marketing platform that leverages machine learning. The deal was valued at between $35 million and $40 million, per TechCrunch. Zetta recently raised $115 million in Series F funding at a $1.3 billion valuation, while Boomtrain had raised around $15 million from firms like Sierra Ventures, Streamlined Ventures, Lerer Hippeau Ventures, Correlation Ventures, Crosslink Capital and TechSquare Labs. http://tcrn.ch/2uyFhdN
• Discovery Communications (Nasdaq: DISC.A) reportedly is in talks to acquire Scripps Networks Interactive (Nasdaq: SNI), which has a current market cap of around $8.6 billion. This is the second time the two companies have discussed a tie-up, with 2014 talks falling through. http://on.wsj.com/2vgjqpk
🚑 GlaxoSmithKline (LSE: GSK) is in talks to sell its Horlicks nutritional drink business in the UK, while retaining its larger Horlicks operation in India, according to the BBC. http://bbc.in/2uCbKzw
• Mangrove Capital Partners, a Luxembourg-based VC firm focused on European and Israeli startups, has closed its fifth fund with $170 million in capital commitments. http://tcrn.ch/2vBeiex
• Qumra Capital, an Israeli growth equity firm, has held a $115 million first close on its second fund, which is targeting a total of $150 million. www.qumracapital.com
• Twin Brook Capital Partners, the middle-market direct lending subsidiary of Angelo, Gordon & Co., has closed its second fund with $2.3 billion in capital commitments (including separately managed accounts). www.twincp.com
🚑 WM Partners, a Ft. Lauderdale, Fla.-based middle-market private equity firm focused on the health and wellness sector, has closed its debut fund with $307 million in capital commitments. www.wmplp.com
• Patrick Gilligan and Xavier Gutierrez have joined private equity firm Clearlake Capital Group as managing directors focused on IR and operations, respectively. Gilligan previously was a managing director with Park Hill Group, while Gutierrez was chief investment officer of Meruelo Group. Clearlake also announced several promotions: Colin Leonard to partner, James Pade to principal and Paul Huber and Nate Mejías to vice presidents. www.clearlake.com
• Oak HC/FT has promoted Matt Streisfeld to principal and Vignesh Chandramouli to vice president. www.oakhcft.com
• Steve Okun is leaving KKR, where he has served as public affairs director for Asia-Pacific. No word yet on his future plans, except that he plans to remain in Singapore. www.kkr.com