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Yesterday was a roller-coaster for WellCare, a Tampa-based managed healthcare plan operator that operates heavily in the Medicaid space.
The bottom line: Centene is a massive player in ACA marketplaces, meaning that both company rely heavily on government-sponsored plans. They can talk all they want about corporate synergies, but their future success will be decided less in boardrooms than in courtrooms.
• Checking in: Levi Strauss shares closed their fourth day of trading at $22.08 per share. That's well above their $17 IPO price, but a tiny bit below the first trades at $22.22.
• New firm alert: Axios has learned that Renata Quintini is stepping down as a partner with Lux Capital, in order to launch a new VC firm with Roseanne Wincek, who had been a principal with Institutional Venture Partners.
They have a third partner, also an experienced women venture capitalist, but I haven't yet confirmed her identity.
🎧Pro Rata Podcast: Our new episode digs into the extortion charges against Michael Avenatti, and what it means for both Nike and the NCAA. Listen here.
Illustration: Aïda Amer/Axios
Bain Capital Double Impact has acquired a majority stake in Rural Sourcing, an Atlanta-based provider of onshore outsourced IT services, from Clarkston Merchant Partners.
🚑 Shuidichou, a Chinese healthcare crowdfunding platform, raised around $74 million in Series B funding led by Tencent. http://axios.link/vGIU
• MineralTree, a Cambridge, Mass.-based provider of accounts payable and payment automation software, raised $50 million. Great Hill Partners led, and was joined by return backers .406 Ventures and Eight Roads Ventures. www.mineraltree.com
🚑 Saama Technologies, a Campbell, Calif.-based provider of clinical data analytics software, raised $40 million from Perceptive Advisors. http://axios.link/HdR9
• Applicaster, a New York-based SaaS platform for producing and delivering direct-to-consumer media apps, raised $20 million. Viola Growth led, and was joined by from 83 North, Pitango, Saban Ventures and Planven Investments. http://axios.link/n9Iz
• Ellevest, a digital investment platform for women, raised $28 million of a round that could total $33 million, per an SEC filing. It previously raised $44 million from firms like Rethink Impact. http://axios.link/lPU4
🌳 TerViva, an Oakland-based cultivator of pongamia trees for reviving agricultural land, raised $20 million in a first close of its Series D round. Backers include Evans Properties, The Jeremy and Hannelore Grantham Environmental Trust, Elemental Excelerator, the Yield Lab, Astia Angels and Allotrope Ventures. http://axios.link/cmft
• 3D Hubs, an Amsterdam-based automated manufacturing platform, raised $18 million in Series C funding. Endeit Capital led, and was joined by Hearst Ventures, EQT Ventures and Balderton Capital. http://axios.link/xiwW
• Qupital, a Hong Kong-based trade financing platform for SMEs, raised $15 million in Series E funding. CreditEase FinTech Investment Fund led, and was joined by seed backers Alibaba HK Entrepreneurs Fund and MindWorks Venture. http://axios.link/LAgW
• SentiLink, a San Francisco-based synthetic identity fraud prevention startup, raised $14 million in Series A funding. Andreesen Horowitz led, and was joined by Nyca Partners, Goldcrest, Felicis Ventures and Caffeinated Capital. http://axios.link/3GVV
• Rewire, an Israeli mobile money transfer startup, raised $12 million in Series A funding. Viola Fintech led, and was joined by Opera Tech Ventures, Standard Bank of South Africa and individual angels. www.rewire.to
• Boundless Immigration, a Seattle-based platform that helps immigrants navigate the green card and citizenship processes, raised $7.8 million in Series A funding. Foundry Group led, and was joined by Trilogy Equity Partners, Pioneer Square Labs, Two Sigma Ventures and Founders’ Co-op. http://axios.link/gQbj
• MotoRefi, an Arlington, Va.-based auto refinance startup, raised $4.7 million in seed funding. Accomplice led, and was joined by QED Investors and Motley Fool Ventures. www.motorefi.com
• Linear Labs, a Granbury, Texas-based smart electric motor startup, raised $4.5 million in seed funding co-led by Science Inc. and Kindred Ventures. http://axios.link/3LlD
• Revvo (fka IntelliTire), a San Francisco-based maker of smart sensors for vehicle tires, raised $4 million in Series A funding. Norwest Venture Partners led, and was joined by Vulcan Capital and AngelList. http://axios.link/9Owe
• MaintainX, a workflow management platform for deskless employees, raised $3.8 million in seed funding co-led by August Capital and Amity Ventures. http://axios.link/rt4n
• Preteckt, a Memphis-based machine learning platform for automotive prognostics, raised $2 million in seed funding from Comet Labs and Las Olas VC. http://axios.link/LktC
🚑 OncoLens, an Atlanta-based provider of collaboration software for cancer care programs, raised $1.35 million in seed funding from BIP Capital and Atlanta Technology Angels. www.oncolens.com
• Mobvoi, a Chinese developer of human-machine interaction technologies, is in talks to raise $100 million at a valuation north of $1 billion, with plans to then list on a new Shanghai exchange, per Bloomberg. It to date has raised over $250 million from backers like GV and Volkswagen. http://axios.link/egTO
• Abcom Computer Rental, an Itasca, N.Y.-based portfolio company of Dublin Clark & Co., acquired SmartSource, a Hauppauge, N.Y.-based provider of computer and AV equipment rentals for businesses and events. www.abcomrents.com
🌮 Bessemer Investment Partners acquired the assets of KorMex Foods, operator of 73 Taco Bell locations in the Houston area. www.masrestaurantgroup.com
• The Blackstone Group agreed to buy Servpro, a Gallatin, Tenn.-based franchisor of cleaning and emergency restoration service providers. No financial terms were disclosed, but an earlier WSJ report put the price-tag north of $1 billion (including debt). http://axios.link/Lhh0
• Olympus Partners has repurchased Tank Holding Corp., a St. Bonifacius, Minn.-based maker of rotationally-molded polyethylene tanks and containers, from Leonard Green Partners. www.tankholding.com
• The Stephens Group acquired Sound Seal, an Agawam, Mass.-based manufacturer of acoustical noise control solutions. www.soundseal.com
• Tata Group, GIC and SSG Capital Management agreed to invest $1.2 billion for a 45% stake in GMR Airports, operator of Delhi International Airport. http://axios.link/sQId
• Thomas H. Lee Partners acquired Fortna, a Reading, Penn.-based provider of supply chain services. www.fortna.com
🎬 TPG Capital agreed to buy Entertainment Partners, a Burbank, Calif.-based provider of production workforce management and automated production software to the entertainment industry. www.ep.com
• Casper, the direct-to-consumer mattress maker, is in talks to hire IPO bankers, per Reuters. http://axios.link/IVMB
🚑 Genfit, a French biotech focused on liver disease, raised $135 million in its IPO. The company priced 6.65 million shares at $20.32 per share, compared to plans to offer 5 million shares at $26.32, and will trade on the Nasdaq (GNFT). www.genfit.com
🚑 Silk Road Medical, a Sunnyvale, Calif.-based developer of surgical solutions for stroke patients, set IPO terms to 4.7 million shares at $15-$17 per share. It would have a fully-diluted market value of $513 million, were it to price in the middle, and plans to trade on the Nasdaq (SILK) with J.P. Morgan as lead underwriter. Shareholders include Warburg Pincus (56% pre-IPO stake), The Vertical Group (18.9%), Norwest Venture Partners (11%) and Janus Capital Management (11%). www.silkroadmed.com
• Tradeweb Markets, a New York-based electronic trading platform backed by The Blackstone Group and Thomson Reuters, set its IPO terms to 27.3 million shares at $24-$26. It would have an initial market cap of $5.6 billion, were it to price in the middle, and plans to trade on the Nasdaq (TW), and reports $101 million of net income on $658 million in revenue for 2018. www.tradeweb.com
• Merck KGaA of Germany has gone hostile in its efforts to buy Versum Materials (NYSE: VSM), a Tempe, Ariz.-based maker of specialty materials for the semiconductor and display industries, for $5.9 billion in cash. http://axios.link/JXON
⛽ Nebras Power of Qatar is considering the sale of its 35.5% stake in Indonesian power producer PT Paiton Energy, which could fetch over $1 billion, per Bloomberg. http://axios.link/vqHt
• Singapore Exchange invested $25 million for a 20% position in London-based foreign exchange trading platform BidFX Systems, with an option to later acquire a majority stake. http://axios.link/TAGZ
• Unilever has offered to buy French premium skincare and cosmetics brand Garancia. http://axios.link/r7YE
• 500 Startups raised $33 million for its MENA-focused venture capital fund. http://axios.link/gXvw
• Advent International has set a $20 billion hard cap for its ninth flagship fundraise, which could fetch significantly more than the $13 billion it raised in 2016 for Fund VIII, per PE International. http://axios.link/qwu4
• Asterion Industrial Partners of Spain held a €519 million first close on its debut pan-European infrastructure private equity fund (total target of €850m). It’s led by former members of the KKR infrastructure team, including incoming partner Guido Mitrani. www.asterionindustrial.com
• GED Capital, a Spanish lower mid-market private equity firm held a €100 million first close on its sixth fund (total target of €175 million). www.gedcapital.com
• Merida Capital Partners is raising upwards of $200 million for its third fund, per an SEC filing. www.meridacap.com
• Nautic Partners raised $1.5 billion for its ninth fund. The Providence, R.I.-based mid-market buyout firm focuses on the healthcare, industrial products, and outsourced services sectors. www.nautic.com
• Canaan Partners promoted Joydeep Bhattacharyya to general partner. www.canaan.com
• Investcorp said that John Fraser will step down as head of U.S. credit management, to be succeeded by Jim Feeley. www.investcorp.com
• Vlad Sejnoha joined Glasswing Ventures as a venture partner. He’s the former CTO of Nuance Communications and chief scientist for Kurzweil AI. www.glasswing.vc