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"Why didn't their venture capitalists just bail them out?"
The deep pocket fallacy: Venture capital funds are not the same as the rich uncle. They have their own investors, or limited partners, to whom they owe a fiduciary duty.
Cushion: Venture capital isn't designed to create massive capital cushions for startups, which is why so many are feeling the crunch.
Capitalism: The cold hard truth is that VC funds aren't social safety nets, per the legal agreements signed with their investors.
The bottom line: It's certainly true that too few startups and their investors were adequately prepared for a major economic downturn, let alone a calamity. Lost value will, in many cases, be deserved. It should force tough, productive conversations about future actions and structures.
Illustration: Sarah Grillo/Axios
Stash, a New York-based investing and savings platform, raised $112 million in Series F funding led by LendingTree at a valuation north of $800 million.
Today's project is for your kids to complete a black box cooking challenge. Just put 5-7 different ingredients in a box, or on a counter, and ask them to make a single dish that both of you will taste (they must use most of them. Don't overthink it — items like breakfast cereals, crackers, pre-cut veggies, and cold cuts all work. And be sure to add one challenge ingredient.
Yesterday's project was for your kids to create their dream bedrooms. Kellan, age 6, created the "Triple Bunk Boom," which has three levels of beds, a foldable top floor, an entertainment wall, and a double door to stop intruders.
• Pivot Bio, a Berkeley, Calif.-based developer of microbial nitrogen tech for increasing crop yields, raised $100 million in Series C funding. Breakthrough Energy Ventures and Temasek co-led, and were joined by fellow return backer DCVC. http://axios.link/XKmV
• Nexar, an Israeli developer of vehicle dashboard cameras, raised $52 million in Series C funding. Corner Ventures led, and was joined by Samsung Next, La Maison, Micron Ventures, Sompo, Atreides Management, and return backers Aleph, Mosaic Ventures, Ibex Investors, and Nationwide. www.getnexar.com
🚑 Dascena, an Oakland-based patient diagnostic tech startup, raised $50 million in Series B funding. Frazier Healthcare Partners led, and was joined by Longitude Capital and return backer Euclidean Capital. www.dascena.com
• Figma, a Palo Alto, Calif.-based maker of an in-browser interface design and prototyping tool, raised $50 million in Series D funding at a $2 billion valuation. Andreessen Horowitz led, and was joined by Durable Capital and return backers Index Ventures, Greylock, Kleiner Perkins, Sequoia Capital, and Founders Fund. http://axios.link/uRHG
🚑 Robocath, a French developer of robotic systems for treating vascular diseases, raised €40 million in Series C funding. MicroPort Scientific led, and was joined by Zhejiang Silk Road Fund, Luxembourg CLIIF, CS Group, and Anaxago. http://axios.link/UgiX
• Niche, a school search platform for K-12 and college, raised $35 million in Series C funding. Radian Capital led, and was joined by Salesforce Ventures and return backers Allen & Co. and Tim Armstrong. http://axios.link/v933
🚑 Taysha Gene Therapies, a Dallas-based developer of therapies to treat CNS monogenic diseases, raised $30 million in seed funding co-led by PBM Capital and Nolan Capital. http://axios.link/OwkO
• InsideBoard, a Paris-based provider of organizational change management SaaS, raised €25 million in second-round funding. AXA Venture Partners led, and was joined by Orange Ventures, ISAI Cap Venture, and Entrepreneur Venture. www.insideboard.com
🚑 Vida Health, a San Francisco-based provider of virtual care software for physical and behavioral health, raised $25 million. Ally Bridge Group led, and was joined by return backers AME Cloud Ventures, Aspect Ventures, Canvas Ventures, NGP Capital, Webb Investment Network, and Workday Ventures. www.vida.com
🚑 Genespire, an Italian developer of gene therapies for patients with genetic diseases, raised €16 million in Series A funding from Sofinnova Partners. www.genespire.com
🚑 Trialbee, a Swedish clinical trial patient matching and engagement platform, raised €11 million from MTIP and return backers Industrifonden and Briban Invest. http://axios.link/yMRk
• Wise, a small business challenger bank, raised $5.7 million in seed funding. Base10 Partners led, and was joined by Abstract Ventures, Backend Capital, The Fund, and Two Culture Capital. http://axios.link/Kxiy
• Qorus, a Seattle-based provider of remote sales enablement and proposal management software, raised $5 million led by WestRiver Group. http://axios.link/n5uv
• Finom, a European B2B challenger bank, raised €6.5 million in seed funding. Target Global led, and was joined by General Catalyst and JF Labs. http://axios.link/QjtO
• Resistant AI, a Prague-based developer of anti-fraud tech for financial services and e-commerce, raised $2.75 million in seed funding co-led by Index Ventures and Credo Ventures. http://axios.link/30as
• Abu Dhabi Investment Authority (ADIA) is pausing the secondary sale process for a $2 billion strip of private equity fund stakes, per Bloomberg. http://axios.link/So3N
• KKR and Henkel have paused the involvement in the auction for Coty’s (NYSE: COTY) pro hair and nail products unit, which was expected to fetch upwards of $8 billion, per Reuters. http://axios.link/xPaN
• Nio, a Chinese electric vehicle startup, secured $1 billion from a group of state-owned companies in the city of Hefei. In exchange, Nio will relocate its headquarters from Shanghai to Hefei. http://axios.link/hajz
• Spectrum Equity invested in OurFamilyWizard, a Minneapolis-based co-parenting app. www.ourfamilywizard.com
• Fortress Value Acquisition, a blank check acquisition company formed by execs at Fortress Investment Group, raised $300 million in an IPO. Fortress’ prior SPAC acquired Vivint Smart Home. http://axios.link/n1xg
• MobileIron (Nasdaq: MOBL) acquired Incapptic Connect, a Berlin-based provider of mobile automation app release software that had been seeded by High-Tech Gründerfonds. www.mobileiron.com
• New Mountain Capital agreed to sell Gelest, a Morrisville, Penn.-based silicones maker, to the U.S. subsidiary of Mitsubishi Chemical (Tokyo: 4188). www.gelest.com
⛽ Chesapeake Energy (NYSE: CHK), an Oklahoma City-based shale oil giant, is prepping a possible bankruptcy filing, per Reuters. http://axios.link/5L2s
• Continental (DE: CONG), a German auto parts maker, is delaying the planned spinoff of its Vitesco Technologies powertrain unit. http://axios.link/qKDX
• Andreessen Horowitz raised $500 million for its second crypto-focused fund. http://axios.link/CKpU
🚑 Consonance Capital Partners, a New York-based health care private equity firm, raised $856 million for its second fund. http://axios.link/Jbkt
• Eighty-Seven Capital, a new VC firm led by former NBA exec Sam Hinkie, raised $50 million for its debut fund. http://axios.link/Xvhq
• Housatonic Partners, a San Francisco-based private equity firm, is raising $400 million for its seventh fund, per an SEC filing. www.housatonicpartners.com
• Silverton Partners, an Austin, Texas-based early-stage VC firm, raised $144 million for its sixth fund. ww.silvertonpartners.com
• David Liu joined Verizon Ventures as a principal. He previously was in corporate development at Verizon and, before that, was a media and telecom banker at Citi. www.verizonventures.com
• Allen Schaar and Sanjay Purohit joined PE consultancy Accordion as managing directors in its performance improvement and restructuring practice. Schaar previously was an operating partner with Highlander Partners, while Purohit was a managing director with Probot Ventures. www.accordion.com
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