A lot's happened in the past day, so let's quickly catch up on some deal news:

🏔 Fake-a-bid: For a brief moment, it seemed more potential buyers were jumping in the race to acquire Paramount — but it appears it was a hoax.

• A press release claimed a $43 billion offer by "Apex Capital" to acquire the media company. BusinessWire later pulled the release, but not before several publications reported on bid.
• This is the latest high-profile company targeted by a fake press release in what is likely a price manipulation attempt. Back in 2021, a fake press release claimed Walmart would accept cryptocurrency Litecoin, while another claimed the same about Kroger and Bitcoin.
• What's actually happening: My colleague Sara Fischer reported this week that Edgar Bronfman, Jr. is mulling a bid during Paramount's 45-day go-shop period, which ends Aug. 21.

💰 Fraud week continues: The SEC has charged Abraham Shafi, the founder and former CEO of SoftBank-backed app IRL with defrauding investors.

• Specifically, the SEC is accusing him of making false statements to investors about the company "by portraying IRL as a viral social media platform that organically attracted the vast majority of its purported 12 million users," per the agency's announcement. "In reality, IRL spent millions of dollars on advertisements that offered incentives to download the IRL app." He and his fiancee also used a corporate credit card for personal expenses.
• Two years ago, The Information reported some employees' doubt about the company's claims about its user numbers. The startup's board investigated, suspended Shafi, and eventually shut down the app last year.

🧬 Private DNA: Anne Wojcicki, co-founder and CEO of genetic testing company 23andMe, has offered to take the company private, according to an SEC filing from last night.

• The company went public in 2021, during the peak of the market, at a $3.5 billion valuation, but has since struggled.
• Per the filing, on July 29, she proposed acquiring outstanding shares for $0.40 each in cash — exactly where it closed yesterday. It's been only a few pennies higher in recent days, giving the company a market cap of about $200 million.
• The company's sales of DNA testing kits have slowed and it's attempted to increase revenue by offering subscriptions to create repeat customers, according to Bloomberg.

Outbrain (Nasdaq: OB) has agreed to acquire Teads, an adtech company, from French telecom Altice for $1 billion.

Why it's the BFD: The deal is the latest split up between telco and ad tech and bolsters Outbrain's business as its stock struggles on the public market, notes my colleague Kerry Flynn.

Zoom in: The combined company is estimated to manage more than $1.7 billion in ad spend in 2024.

• The $1 billion transaction includes $725 million in upfront cash, $25 million deferred cash, 35 million shares of common stock of Outbrain, and $105 million of convertible preferred equity.
• Outbrain said the deal will be financed through existing cash resources and $750 million in committed debt financing from Goldman Sachs Bank USA, Jefferies Finance and Mizuho Bank.
• The combined companies are expected to generate gross profit of $660 million to $680 million, excluding traffic acquisition costs, and adjusted EBITDA of $180 million to $190 million in 2024.

The bottom line: "Outbrain's Kostman tells Axios that this deal was one he 'wanted to make happen' since he started at the company in 2014. 'Combining these two companies creates a true end-to-end, full-funnel solution for the open internet that can compete with the walled gardens in terms of capabilities, data, targeting and value proposition for advertisers .... Scale matters in this industry.'" — Kerry Flynn, Axios

🚑 Spring Health, an SF mental health startup, raised $100m in Series E funding at a $3.3b valuation led by Generation Investment Management, with Kinnevik, William K Warren Foundation, RRE, and Northzone also participating. axios.link/3SwmfPl

🚑 Healx, a U.K. clinical-stage biotech company specializing in rare diseases, raised $47m in Series C funding led by R42 Group and Atomico, with Balderton, Jonathan Milner, Global Brain, btov, Ayana Capital, o2h and VU Venture Partners also participating.

• Ema, an SF AI agents startup, raised $36m in additional Series A funding led by Accel and Section 32. ema.co

🌎 Applied Carbon, an SF automated biochar production tech startup, raised $21.5m in Series A funding led by TO VC, with Congruent Ventures, Grantham Foundation, Microsoft Climate Innovation Fund, S2G Ventures, Overture.vc, Wireframe Ventures, Autodesk Foundation, Anglo American, Susquehanna Foundation, US Endowment for Forestry and Communities, TELUS Pollinator Fund for Good, and Elemental Excelerator also participating. appliedcarbon.com

• Checkly, a German software testing startup, raised $20m in Series B funding led by Balderton Capital, with Accel, CRV, and Paul H. Müller also participating. axios.link/3A7kHVA

🚑 Mindera Health, a San Diego skin testing company, raised $14m via convertible note led by Mountain Group Partners and other existing investors. minderahealth.com

• Tezi, a Menlo Park, Calif., AI recruiting startup, raised $9m in seed funding led by 8VC and Audacious Ventures, with Liquid 2, Afore, Prime Set, and South Park Commons also participating. tezi.ai

🌎 Axle Energy, a U.K. energy grid connectivity startup, raised $9m (£7m) in seed funding led by Accel, with Picus Capital, Eka Ventures, Amit Gudka, Sierra Peterson, Hanno Renner, and Nico Rosberg also participating. axios.link/3WPl8wM

🌎 Sora Fuel, a Boston sustainable aviation fuel startup, raised $6m in seed funding led by The Engine Ventures, with Wireframe Ventures and others also participating. axios.link/3yj240n

• Icebreaker, an N.Y. professional network, raised $5m in seed funding led by CoinFund, with Accomplice, Anagram, Legion Capital, and angel investors also participating. icebreaker.xyz

• When, a Chicago benefits transition startup, raised $4.6m in seed funding led by B Capital, with TTV Capital, Joyance Partners, Alumni Ventures, Network Ventures and Enfield Capital Partners also participating. axios.link/4dtCmVV

• Heeyo, an SF AI chat startup for kids, raised $3.5m in seed funding from OpenAI Startup Fund, Alexa Fund, Pear VC, Charge Ventures and other investors. heeyo.ai

🌎 Raad Labs, an N.Y. blockchain climate tech startup, raised $2.25m in funding led by CoinFund, with Tribe, EV3, and Protagonist also participating. raad.com

• Pichi Finance, a Hong Kong-based crypto trading protocol, raised $2.5m in seed funding led by UOB Venture Management, Signum Capital, and Mantle Network, with DWF Ventures, Wise3 Ventures, and Genesis Block Ventures also participating. pichi.finance

• Argonaut Private Equity acquired Layco Electric Innovations, a Tulsa, Okla., electrical equipment manufacturing and servicing company. lei-corp.com

• BridgeTower Media, backed by Transom Capital, agreed to acquire Virginia Business, a Richmond, Va., business news publication. virginiabusiness.com

• Eurazeo is considering selling Elemica, a Wayne, Pa., supply-chain software company, in a deal valuing it at more than $1 billion, per Bloomberg. axios.link/4fv39me

• JPMorgan Global Alternatives' Global Transportation Group acquired Bold Ocean, an Annapolis, Md., U.S. Flag shipping company, from Nova Infrastructure. boldocean.com

• Oaktree Capital Management is selling its stake in Stade Malherbe Caen, a French second division football club to Interconnected Ventures' Coalition Capital. axios.link/3SwYzKp

• Paul Marshall is the frontrunner to acquire The Spectator from RedBird IMI, a joint venture by RedBird Capital Partners and International Media Investments, per Bloomberg. axios.link/3LPPf0C

• Rand Logistics acquired Andrie, a Muskegon, Mich., marine transporter of liquid bulk commodity goods, from Auxo Investment Partners. randlog.com

• Bill Ackman's Pershing Square USA withdrew plans for an IPO. axios.link/3A8I8Ol

• AA Mission Acquisition, a SPAC targeting businesses in Asia, raised $300m in an IPO. /axios.link/4fqZAxE

⛽️ M3-Brigade Acquisition V, a SPAC led by Mohsin Meghji targeting energy in North America, raised $250m in an IPO. axios.link/3yuuq7K

• Plum Acquisition IV, a SPAC sponsored by investment company Plum Partners, filed for a $200m IPO. axios.link/4daZ9G7

• CBIZ (NYSE: CBZ) agreed to acquire the non-attest business of Marcum, an N.Y. accounting and advisory firm. cbiz.com

• Bending Spoons acquired WeTransfer, a Dutch file-sharing service. axios.link/46wabU3

• Family First acquired the assets of Cooper Parenting, an N.Y. parenting community and content company. axios.link/3SwMhC6

• Sequoia Financial Group acquired Karpas Strategies, a Litchfield, Conn.. independent investment management firm. sequoia-financial.com

• Tuple Technologies acquired Digital Wrench, a Long Island, N.Y., provider of remote monitoring, anti-virus, and computer security services. tupletechnologies.net

• Blue Delta Capital Partners, a McLean, Va., venture capital firm, raised $250m for its fourth fund. bluedeltacapitalpartners.com

• Knox Lane, an SF investment firm, closed $1b for its second fund. knoxlane.com

• Magnify Ventures, an LA early-stage venture firm, is seeking $50m for a second fund, per an SEC filing. axios.link/3Wwu6NZ

• Steel Atlas, an N.Y. venture firm, raised $10m for its first fund. axios.link/3WK9nrf

First half M&A activity in U.S. med tech deals nearly matched the numbers for all of 2023, per a new report from JPMorgan.

Why it matters: Amid a challenging fundraising and IPO market, M&A has become the primary exit strategy for the med tech sector, notes my colleague, Claire Rychlewski.

By the numbers: There were 114 acquisitions totaling $40.3 billion in the first half of 2024.

• In 2023, 127 med tech M&A deals were announced, totaling over $47.7 billion. That's down from 174 deals totaling $50.9 billion in 2022, and a significant slump from 2021's 369 deals at $145 billion.
• Median total deal value through the first half of 2024 is $100 million, down from the peak of $255 million in 2023.

Yes, but: The sector has so far drawn $9.7 billion across 341 rounds this year, with an estimate of $19.4 billion to finish 2024.