Hong Kong has formally unveiled new stock exchange rules that will allow listings of unprofitable biotech companies, plus dual-class share structures.
• Unicorn bonds: WeWork is seeking to raise up to $500 million via a junk bond sale, in what would be its first-ever debt offering. That also means that it's passing around financials, and the FT got its hands on them. Highlights:
• IPO watch: Indoor cycling "unicorn" Peloton this morning hired ex-JPMorgan exec Jill Woodworth as CFO (replacing Lisa Klinger), and also added four new VP-level execs. This comes one day after it added Pamela Thomas-Graham as an independent director.
• On the docket: Sequoia Capital has sued the founder of a Chinese cryptocurrency exchange for allegedly violating a funding round exclusivity agreement (i.e., negotiating with another firm after agreeing in principle with Sequoia). Par for the course in M&A and private equity, but it's pretty rare in VC-land.
• Retail therapy: Private equity has become a scapegoat for retail industry woe, thanks to recent bankruptcies of companies like Toys "R" Us, Nine West and Bi-Lo.
Comcast this morning announced a $31 billion takeover bid for European television giant Sky (LSE: SKY), which subsequently terminated an already agreed-upon deal with 21st Century Fox that was 16% lower per share.
🚑 Doctor On Demand, a San Francisco-based virtual care provider, raised $74 million in Series C funding. Goldman Sachs and Princeville Global co-led and were joined by return backers Venrock, Shasta Ventures and Tenaya Capital. www.doctorondemand.com
• BigCommerce, an Austin, Texas-based outsourced builder of e-commerce sites, raised $64 million in new funding. Goldman Sachs led, and was joined by return backers General Catalyst, GGV Capital and Tenaya Capital. http://axios.link/ulqd
• CampusLogic, a Phoenix-based provider of student financial services software, raised $55 million in funding led by JMI Equity. www.campuslogic.com
• SEMRush, a Philadelphia-based digital marketing analytics platform, raised $40 million in funding co-led by Greycroft, Siguler Guff and e.ventures. www.semrush.com
• Uberflip, a Toronto-based content experience platform for B2B marketers, raised US$32 million in Series A funding led by Updata Partners. www.uberflip.com
• Clark, a German robo-insurance advisor, raised $29 million in Series B funding. Portag3 Ventures and White Star Capital co-led, and were joined by Coparion, Kulczyk Investments and Yabeo Capital. http://axios.link/C1ai
• Guesty, a Walnut, Calif.-based CRM tool for property management, raised $19.75 million in Series B funding, per an SEC filing. http://axios.link/hcVD
• KidBox, a New York-based kid’s clothing subscription box service, raised $15.3 million in Series B funding. Canvas Ventures led, and was joined by Thrive Global, Zola and return backers Firstime Ventures and HDS Capital. http://axios.link/rjkk
• BuildingConnected, a San Francisco-based provider of contractor-selection software for construction projects, raised $15 million in new funding from Brookfield Ventures. http://axios.link/Xqa7
• Savari, a Santa Clara, Calif.-based developer of sensors that connect cars to roadway signals, raised $12 million in Series B funding. Aviva Ventures led, and was joined by return backers SAIC Capital and Flex. http://axios.link/xxXc
• GitPrime, a Durango, Colo.-based provider of software engineering analytics, raised $10.5 million in Series A funding. OpenView led and was joined by return backer DCVC. www.gitprime.com
• Pusher, a London-based provider of cloud infrastructure for adding real-time functionality to apps, raised $8 million in Series A funding. Balderton Capital led and was joined by Heavybit. http://axios.link/ok3k
• SidelineSwap, a Boston-based online marketplace for buying and selling sports apparel and equipment, raised $5 million in Series A funding. Global Founders Capital led, and was joined by Admiral Capital, Peak6 Sports, RiverPark Ventures, FJ Labs and The Player’s Impact. http://axios.link/wygd
• SalesHero, a San Francisco-based maker of a AI-enabled sales assistant, raised $4.5 million in seed funding from Baidu Ventures, CometLabs, Cherry Ventures and Signals VC. www.saleshero.ai
• Cowboy, a Belgian e-bike maker, raised $3 million in seed funding led by Index Ventures. http://axios.link/g495
• Improvado.io, a San Francisco-based startup seeking to simplify how marketers and ad agencies interact with data, raised $3 million in seed funding from individuals. www.Improvado.io
🏈 Religion of Sports Media, a startup whose co-founders include Tom Brady and Michael Strahan, has raised $3 million in a venture capital round co-led by Advancit Capital and Courtside Ventures. http://axios.link/WUHs
• AEA Investors and BC Investment Management agreed to buy Springs, a Middleton, Wis.-based maker of window coverings and drapery hardware, from Golden Gate Capital. www.springswindowfashions.com
• Leonard Green & Partners agreed to acquire SRS Distribution, a McKinney, Texas-based wholesale distributor of building products, from Berkshire Partners for more than $3 billion, per Reuters. http://axios.link/w01N
• One Championship, a Singapore-based mixed martial arts league, is raising at least $100 million at around a $1 billion valuation, per Bloomberg. http://axios.link/JjDR
• Docusign, a San Francisco-based e-signature platform, increased its IPO price range from $24-$26 to $26-$28. It still plans to offer 21.7 million shares and begin trading later this week on the Nasdaq under ticker DOCU. Morgan Stanley is lead underwriter. www.docusign.com
• Libstar Holdings, a South African maker of sweets and bakery products, priced a Johannesburg IPO at a valuation of nearly $700 million. In other South African IPO news, glass bottle-maker Consol has shelved its IPO plans due to “market conditions.”
• A U.S. bankruptcy court judge approved the sale of 82 Toys "R" Us stores in Canada to Toronto-based Fairfax Financial for C$300 million. http://axios.link/Bqsg
• Bharti Infratel agreed to merge with rival Indus Towers, in a deal that would create the world’s second-largest telecom towers company. http://axios.link/iLyG
• Sinclair Broadcast Group (Nasdaq: SBGI) said it would sell 23 television stations as a condition of completing its $3.9 billion acquisition of Tribune Media (NYSE: TRCO). http://axios.link/4Ipa
• SoftBank plans to move its $20 billion in ride-hail investments off its balance sheet and into Vision Fund, per the FT. http://axios.link/DiJL
🚑 Takeda Pharmaceutical (Tokyo: 4502) announced preliminary agreement to acquire Irish drugmaker Shire (LSE: SHP) for $64 billion. http://axios.link/3eLd
• AIG (NYSE: AIG) is seeking to sell a portfolio of private equity fund stakes that could be valued at upwards of $2.3 billion, per PE International. http://axios.link/4QR6
• G2VP closed its debut fund with $298 million, per an SEC filing. The firm is comprised of former Kleiner Perkins greentech investors, and says it focuses on sustainable industrial technologies. www.g2vp.com
• Nonantum Capital Partners has raised $386 million for its debut private equity fund, per an SEC filing.
• Sinovation Ventures, a China-based VC firm led by ex-Google China boss Kai-Fu Lee, raised $500 million for its $900 million-targeted fourth fund. http://axios.link/bYGA
• Canada Pension Plan Investment Board has put Shane Feeney in charge of its C$51 billion global private equity portfolio. http://axios.link/mUfx
• Eric Goldstein joined Goodwin as a New York-based partner in the private equity and private funds practices. He previously was deputy GC and chief compliance officer for Insight Venture Partners. www.goodwinlaw.com
• Jay Hegenbart (ex-Harvest Partners) has formed a new private equity firm called Infinedi Partners, per his LinkedIn profile.
• Ben Veghte has stepped down as VP of communications with the National Venture Capital Association, in order to lead comms for Pluralsight.
• Chris Williams has taken an “indefinite leave of absence” from Twin Brook Capital Partners, the mid-market lender he co-founded in 2014, according to Buyouts. The move relates to a family health issue, per an investor letter. http://axios.link/DNXL