Ryan Smith, the billionaire owner of the NBA's Utah Jazz and NHL's Utah Hockey Club, tells Axios that he's forming a $1 billion venture capital fund with longtime Accel partner Ryan Sweeney.

• It will focus on growth-stage tech companies within what Sweeney calls "the experience economy," including sports.
• A first close happened today on most of the money, and Accel will collaborate by providing much of the back-office.

The big picture: The launch comes as the worlds of tech, business, and sports are colliding.

• Smith explains that the Jazz are involved in payments, retail, social media, and health care. Plus regular interactions with government.
• "I could see a world where sports events become the executive briefing centers of the future, much like what you've seen F1 becoming."

Catch up quick: The "Ryans" have been tied at the financial hip since 2012, when Sweeney led Accel's investment in Qualtrics, which Smith founded and where he still serves as executive chairman.

• Qualtrics was eventually bought by SAP for $8 billion, before going public and then being taken private again for $12.5 billion.
• In the meantime, Smith bought the Jazz with Sweeney taking a minority stake.

What they're saying: "Everywhere I go people want to talk to me about sports, which I obviously understand but I'm a tech guy at heart," Smith says. "And this really feels a lot like the when we started Qualtrics, in that I think tech is about to go on another epic run."

• Sweeney adds: "I've been trying to convince Ryan to be an investor for years now. It's a natural extension of his journey."

The bottom line: The fund, called Halo Experience (dba HX One), will be headquartered in Utah and plans to build out its investment team.

• Sweeney will remain a partner on existing Accel funds, and maintain some board seats, but plans to be full time with Smith going forward.
• It can coinvest with Accel, although it's not required.

Arla Foods, a Danish dairy, has agreed to merge with German rival DMK.

Why it's the BFD: This would create Europe's largest dairy cooperative, with more than 12,000 farmers and combined annual revenue of around €19 billion.

• It also comes as the U.S. tomorrow is expected to impose 20% tariffs on EU dairy imports, while the EU for now has removed dairy from its list of proposed tariffs on U.S. imports.

The bottom line: The companies said that the deal will provide "resilience ... despite the anticipated decline" in European milk production.

• Krea, an SF-based platform for creatives working with genAI, raised $83m. Bain Capital Ventures led, joined by a16z and Abstract Ventures. axios.link/4lmBQxt

• Sipay, a Turkish "Stripe for emerging markets," raised $78m in Series B funding at an $875m valuation. Elephant VC led, joined by QuantumLight. axios.link/4j3LQdF

• Aurascape, a Santa Clara, Calif., provider of security and observatbility for AI apps, raised $50m co-led by Mayfield and Menlo Ventures. axios.link/3YnUB9X

• Blackbird Labs, a blockchain-enabled payment option for restaurants, raised $50m in Series B funding. Spark Capital led, joined by Coinbase Ventures, Amex Ventures and a16z. axios.link/42ipm19

⚡ Heron Power, a solid-state transformers startup led by ex-Tesla exec Drew Baglino, is raising up to $50m in Series A funding to be led by Capricorn Investment Group, per Axios Pro. axios.link/42yEWqO

• NexGen Cloud, a U.K. AI infrastructure startup, raised $45m from high-net-worth individuals and family trusts. axios.link/4i8riiP

• Optilogic, an Ann Arbor, Mich., provider of supply chain design software, raised $40m in Series B funding. NewRoad Capital Partners led, joined by MK Capital and Moore Strategic Ventures. optilogic.com

• Portnox, an Austin, Texas-based provider of zero trust access control solutions, raised $37.5m in Series B funding. Updata Partners led, joined by insider Elsewhere Partners. portnox.com

• Corsha, a Vienna, Va.-based provider of machine-to-machine communication solutions, raised $18m. SineWave Ventures led, joined by Razor's Edge Ventures and Ten Eleven Ventures. axios.link/3XPPVJS

• Turbine, a Santa Monica, Calif., provider of credit facilities to venture investors, raised $13m in Series A funding. Alpha Edison and TTV Capital co-led, joined by Fin Capital, B Capital, and Sozo Ventures. axios.link/42fVySY

🌎 Tracera, a New York-based platform that automates the collection, verification and auditing of sustainability data, raised $12m in Series A funding. Foundry led, joined by Rho Ignition, Tola Capital, and Contour Venture Partners. tracera.com

• Qevlar AI, a Paris-based developer of autonomous security operations centers, raised $10m co-led by EQT Ventures and Forgepoint Capital International. qevlar.com

⚡ Zero Industrial, a Charleston, S.C.-based thermal energy storage systems startup, raised $10m. Evok Innovations led, joined by Rusheen Capital Management. axios.link/442BGFB

🚑 Ingenix, a Polish clinical trials simulation startup, raised €9m. Inovo vc led, joined by OTB Ventures amd IFC. ingenix.ai

• Starhive, a Swedish IT management startup, raised $5m in pre-seed funding. Ventech led, joined by node vc. axios.link/3XOLaAa

• Sizl, a Chicago-based ghost kitchen startup, raised $3.5m in seed funding led by Yellow Rocks. axios.link/3XOX2lI

• BLNG AI, a gen AI platform for luxury jewelry design, raised $3m in seed funding. Speedinvest led, joined by Cove Fund, eSeed, and Focal. blng.ai

• Firefish, a marketplace for bitcoin-collateralized loans, raised $1.8m in seed funding from backers like Braiins and Miton. firefish.io

• Altus Capital Partners and Centerfield Capital Partners acquired ALM Positioners, a Rock Island, Ill., provider of automated positioning equipment for manufacturers. almmh.com

🚑 Bain Capital is in talks for a $2.6b acquisition of Burlington, Mass.-based health-care software firm HealthEdge from Blackstone, per the FT. axios.link/4j1DX8A

• Comply365, backed by Insight Partners and Liberty Hall Capital Partners, acquired the safety and compliance systems business of Rolls-Royce (LSE: RR). comply365.com

• Middle West Partners acquired David Webb, a New York-based jeweler. axios.link/3Rac1mB

🚑 New Mountain Capital invested in Office Ally, a Vancouver, Wash., provider of cloud-based clearinghouse and software to health care. axios.link/426LInK

🚑 Nordic Capital opted against making a takeover offer for PureTech Health (Nasdaq: PRTC), a British biotech with around a $400m market cap. axios.link/4jsO2Lz

• Seaside Equity Partners invested in Capstone, a provider of tax, accounting, and advisory services to small and mid-size clients in the Pacific Northwest. capstoneaccounting.com

🚑 Surplus Solutions, a portfolio company of NMS Capital, acquired Certified Genetool, an SF-based provider of lab instruments and services. axios.link/4j2lEQA

• Trivest Partners formed a commercial dock and door services platform called Sentinel, via the acquisition of three companies: Lenworth Building Services, Pro Door & Dock Systems, and Mar-Lin Dock & Door. axios.link/3XOY1m3

• New Providence Acquisition III, a consumer SPAC led by former soft drink execs, filed for a $261m IPO. axios.link/4i5z9xo

• Twelve Seas Investment III, a SPAC focused on global companies located outside the U.S., filed for a $150m IPO. axios.link/4j22N8i

• 3i Group is postponing the £500m sale of cat food brand Applaws, per Bloomberg. axios.link/3FXzwg9

• Artivo Surfaces, a portfolio company of Transom Capital Group, sold the woodworking products unit of its Virginia Tile division to Wilsonart. virginiatile.com

• Corsair Capital sold U.K.-based foreign exchange firm eurochange, the last remaining Corsair-owned piece of NoteMachine, to Western Union (NYSE: WU). axios.link/4clyJBQ

🚑 McKesson (NYSE: MCK) completed its purchase of an 80% stake in Prism Vision, an Edison, N.J.-based provider of ophthalmology and retina management services, for $850m from Quad-C Management. axios.link/4gmKkkJ

⚡ Federated Hermes (NYE: FHI) bought a majority stake in Rivington Energy Management, a U.K. renewable energy project developer. axios.link/3RElRxb

• Infineon Technologies of Germany agreed to buy Marvell Technology's (Nasdaq: MRVL) auto ethernet business for $2.5b in cash. axios.link/42gw33W

• Ripple, the crypto company that just settled with the SEC, agreed to buy prime brokerage Hidden Road for $1.25b. axios.link/3Yl1F7g

• SBI Holdings (Tokyo: 8473) is considering the sale of a $100m minority stake in crypto market maker B2C2, per Bloomberg. axios.link/4cnZeXf

🚑 Transcarent, an SF health-care navigation company valued by VCs at $2.1b, completed its $621m cash acquisition of Accolade (Nasdaq: ACCD), a Seattle health benefits navigator. axios.link/4fOxYl1

⚡ Andros Capital Partners, a Houston-based PE firm focused on gas and oil assets, raised $1b for its third fund. androscapital.com

⚡ Excelsior Energy Capital raised just over $1b for its second energy transition fund. excelsiorcapital.com

• Oncap of Toronto raised US$1.3b for its fifth flagship fund. oncap.com

• FM Capital, a Boulder, Colo.-based VC firm focused on transportation tech, raised $240m for its fourth fund. fmcap.com

• Pantheon raised $5.2b for its third private credit secondaries fund. pantheon.com

• SignalFire, a VC firm focused on applied AI, raised over $1b for its latest fund. axios.link/3FWXt7j

• Michael Harrington joined Clayton, Dubilier & Rice as risk director. He previously was with Lockheed Martin. axios.link/421h9Qa

🚑 Regina Hodits joined Angelini Ventures as a managing director. She previously was with Wellington Partners. axios.link/421dOka

• Nicola Idehen joined Red Arts Capital as COO. She previously was with Citadel. axios.link/4cuqwvs

• InTandem Capital Partners promoted Greg Martinsen to chief administrative officer and Chris Latino to CFO. axios.link/4jfNQPq

• Mark Wiedman,, is joining PNC Financial Services as president. He previously led BlackRock's global client business and was viewed as a possible successor to CEO Larry Fink. axios.link/42zQ1b7

U.S. Steel shares surged as the broader markets crashed, thanks to President Trump's decision to order a new CFIUS review of its proposed $55 per share takeover by Japan's Nippon Steel.

• Trump has opposed the deal since it was first announced in late 2023, but seems to be softening as Nippon has offered new concessions.
• President Biden blocked the merger on national security grounds before leaving office, with U.S. Steel suing to get the new CFIUS review that Trump has now announced.