Illustration: Sarah Grillo/Axios
The U.S. Senate failed millions of small businesses yesterday, by ending its week without passing an extension to the number of weeks that PPP loan recipients have to use their funds.
At issue is the so-called "covered period," during which time PPP loan recipients must spend the funds in order to have them forgiven. It currently stands at eight weeks, but a bipartisan proposal would double it to 16 weeks.
There was hope yesterday that the Senate would get this done via a unanimous consent vote. But that didn't happen. Senators say the language is still being negotiated.
What's next: It is possible, albeit unlikely, that the Senate could hold a pro forma session today and get the extension passed.
Bottom line: For some the earliest loan recipients, the 8-week period begins expiring in June. Later loan recipients are in planning mode, and are being hamstrung by uncertainty. In both cases, paycheck protection hangs in the balance.
Magic Leap, a Florida-based maker of augmented reality devices, raised $350 million in new funding, according to a company memo first reported on by Business Insider.
This long weekend's project is for your kids to make a family dinner. More specifically, breakfast for dinner. Cereal, toast, fruit, etc. And be sure to decorate the table with whatever they can find around the house. This should be a fancy feast, minus the fancy food.
Yesterday's project was for your kids to make potato people:
• Couchbase, a Santa Clara, Calif.-based NoSQL database, raised $105 million in Series G funding. GPI Capital led, and was joined by return backers Accel, Sorenson Capital, North Bridge Venture Partners, Glynn Capital, Adams Street Partners, and Mayfield. http://axios.link/BYcC
🚑 Mindstrong Health, a Mountain View, Calif.-based digital therapeutic platform for serious mental health conditions, raised $100 million in Series C funding. Optum Ventures, Foresite Capital Management, and Arch Venture Partners were joined by return backers General Catalyst, What If Ventures, 8VC, and Bezos Expedition. http://axios.link/KzaQ
🚑 Day One Biopharma, a South San Francisco-based drug startup focused on pediatric cancer, raised $60 million in Series A funding from Canaan Partners, Atlas Venture, and Access Biotechnology. http://axios.link/U00Y
• MakeSpace, a New York-based on-demand physical storage company, raised $45 million in Series E equity funding and $10 million in debt. Iron Mountain led, and was joined by 8VC, Upfront Ventures, Maywic Select Investments, Provenio Capital, Ten Eighty, and CX Collective. http://axios.link/NHij
• Ecwid, a San Diego-based e-commerce platform for small businesses, raised $42 million from Morgan Stanley and PeakSpan Capital. http://axios.link/yyb5
🚑 Octant, an Emeryville, Calif.-based synthetic biology multi-target drug discovery startup, raised $30 million in Series A funding. Andreessen Horowitz led, and was joined by 8VC, SV Angel, Allen & Co. http://axios.link/krq4
• Clara Analytics, a Santa Clara, Calif.-based provider of AI tech to the commercial insurance market, raised $25 million in Series B funding. Aspen Capital Group led, and was joined by return backer Oak HC/FT Partners. www.claraanalytics.com
• Attest Technologies, a London-based market research platform, raised $15 million from NEA and an undisclosed lead investor. http://axios.link/OF25
• Chief, a social network for professional women in senior leadership positions, raised $15 million from return backers General Catalyst, Inspired Capital, GGV Capital, Primary Venture Partners, Flybridge Capital, and BoxGroup. http://axios.link/8oOP
• Run The World, a Mountain View, Calif.-based virtual events startup, raised $10.8 million in Series A funding co-led by Founders Fund and seed backer Andreessen Horowitz. http://axios.link/trUn
• VergeSense, a San Francisco-based "sensor-as-a-system" for office management, raised $9 million led by Allegion Ventures. http://axios.link/idqN
• Skyflow, a Mountain View, Calif.-based privacy API startup, raised $7.5 million in seed funding led by Foundation Capital. http://axios.link/UF2Y
🚑 PathSpot, a New York-based hand hygiene management system, raised $6.5 million in Series A funding. Valor Siren Ventures led, and was joined by Fika Ventures and Walden VC. http://axios.link/fdZW
• Missfresh, a Chinese grocery delivery company, is in talks to raise $500 million in new funding, per Bloomberg. Existing backers include Tencent, Goldman Sachs, and Tiger Global Management. http://axios.link/v4bg
• Aurora Capital Partners agreed to buy FMG Suite, a San Diego-based provider of digital marketing software to financial advisors, from K1 Investment Management.
• Hudl, a Lincoln, Neb.-based sports performance analysis platform, raised an undisclosed amount of funding led by Bain Capital Tech Opportunities. http://axios.link/4weP
• KKR agreed to invest $1.5 billion into Jio Platforms, the telecom and tech subsidiary of Indian conglomerate Reliance Industries. Go deeper into Jio.
⚽ RedBird Capital Partners agreed to buy an 85% stake in French football club Toulouse. http://axios.link/3o3r
Waterland Private Equity invested in IMC, a provider of healthcare communications and consulting to the global pharma market. www.imcmedcom.com
• Hudson Executive Investment, a blank-check acquisition company focused on a fintech or healthcare target, filed for a $300 million IPO. http://axios.link/l5Pt
🚑 Inari Medical, an Irvine, Calif.-based maker of medical devices for treating venous diseases, raised $156 million in its IPO. The company priced 8.2 million shares at $19, versus original plans to offer 7.33 million shares at $14-$16. It will list on the Nasdaq (NARI) with BAML as lead underwriter, and had raised $53 million in VC funding from such firms as USVP (20% pre-IPO stake), Gilde Healthcare (19.6%), Versant Ventures (14.9%), and Crown Venture Fund (8.9%). http://axios.link/eoHJ
• Ethiopia's government said it will sell a 40% stake in Ethio Telecom, the country’s monopoly operator. http://axios.link/FIBl
• Nexi (BIT: NEXI) and SIA are "intensifying" talks about a potential merger between the two Italian payment providers, per Bloomberg. SIA backers include CDP Equity and FSIA Investment. http://axios.link/4pFV
⛵ Sanlorenzo (BIT: SL), an Italian luxury boat maker, said it may buy a majority stake in Italian sailing brand Perini Navi. http://axios.link/WGkG
• Xinghua Port Holding's controlling shareholder, chairman Patrick Ng, is considering a sale of his majority stake, per Bloomberg. The listed Chinese logistics operator has a current enterprise value of around $187 million. http://axios.link/NhCj
• Apollo Global Management raised $1.75 billion for its new credit fund focused on dislocations caused by the pandemic. http://axios.link/4NXQ
• Ottawa Avenue Private Capital, an investment arm of the DeVos family office, is prepping a secondary sale of around $1 billion of private equity fund stakes, per Buyouts. http://axios.link/FLY1
• Spectrum Equity raised $1.5 billion for its ninth flagship growth equity fund. www.spectrumequity.com
• Jon Costello is stepping down as head of secondaries advisory at PJT Partners' Park Hill unit, in order to "return to the buyside," per Secondaries Investor. http://axios.link/pGSQ
⛽ Chuck Yates is stepping down as a managing partner of Kayne Anderson Capital Advisors, as part of the firm's consolidation of its two energy-focused private equity teams, per Reuters. http://axios.link/KShD
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