Airport greetings from Las Vegas. Kia fills in for me tomorrow, so be sure to email her any interesting news or views (email@example.com). I'll be back from the home office on Monday. Have a great weekend. 2-0 and counting...
The private markets are said to follow the public markets and, if that holds, then tech startup valuations may soon begin a pullback that has nothing to do with SoftBank or Saudi.
• Deal scoop: Assembled Brands, a financing platform for consumer brands, raised $100 million from Oaktree Capital Management, Axios has learned. Oaktree also will have seats on Assembled's board and investment committee.
Why it matters: Upstart consumer brands traditionally have relied on a de facto credit system led by department stores, but that's begun to disappear alongside department stores. Assembled, which is structured as a holding company, wants to fill that gap.
• Alt assets: Research firm Preqin predicts that private equity will become the world's largest alternative asset class within five years, surpassing hedge funds.
🎧 Pro Rata Podcast: Our new episode focuses on political text messages, which have been bombarding voters ahead of the midterms. Listen here.
StoneCo, a Brazilian online payment processor, raised $1.1 billion in its IPO. The company priced 50 million shares at $24 (above $21-$23 range), for an initial market cap of nearly $6.6 billion, and will trade on the Nasdaq under ticker STNE.
• Terminus Technologies, a Chinese IoT solutions provider, raised $173 million in Series B funding from firms like China Everbright, IDG Capital and SenseTime. http://axios.link/jPsq
• Algorand, a Boston-based developer of blockchain and cryptocurrency products for business, raised $62 million from firms like Union Square Ventures, Slow Ventures, and Pillar Venture Capital. http://axios.link/hSjl
• Yellowbrick Data, a Palo Alto-based data warehouse startup, raised $48 million in Series B funding. Next47 led, and was joined by DFJ and return backers GV, Menlo Ventures, Samsung Ventures and Third Point Ventures. http://axios.link/PWW2
• Innovusion, a Los Altos, Calif.-based developer of LiDAR tech for autonomous vehicles, raised $30 million in Series A funding from NIO Capital, Eight Roads Ventures, F-Prime Capital and Gaorong Capital. www.innovusion.com
• People.ai, a San Francisco-based AI platform for enterprise revenue, raised $30 million in Series B funding. Andreessen Horowitz led, and was joined by return backers Lightspeed Venture Partners, GGV Capital and Y Combinator. www.people.ai
• Infoworks.io, a Palo Alto-based provider of agile data engineering solutions, raised $25 million in Series C funding. NEA led, and was joined by Nexus Venture Partners and Centerview Capital Technology. www.infoworks.io
🚑 HealthKart, an Indian omnichannel health products retailer, reportedly raised $10 million from IIFL Alternative Asset Advisors and return backer Sequoia Capital India. http://axios.link/Bvrb
• WireWheel, an Arlington, Va.-based data privacy compliance SaaS company, raised $10 million. NEA and PSP Growth co-led, and were joined by Grotech Ventures, Sands Capital Ventures and Revolution. www.wirewheel.io
• Dash Radio, a Los Angeles-based streaming radio startup focused on live programming, raised $8.8 million in seed funding from backers like Nimble Ventures, Lazerow Ventures, Arab Angel, Lindzon Capital Partners and Slow Ventures. http://axios.link/8NjE
• Wahed Invest, a New York-based halal robo-advisor, raised $8 million at a $100 million valuation, from Cue Ball Capital and BECO Capital. http://axios.link/plEo
• Urban Sports Club, a Berlin-based providers of flat rate fitness memberships, raised “8 digit financing” led by Partech. http://axios.link/9Wwh
🚑 CEI Vision Partners, an ophthalmology management services company owned by Revelstoke Capital Partners, acquired two Ohio practices: Dayton Eye Associates and Retina Physicians and Surgeons. www.cvphealth.com
• Gemspring Capital invested in Fiesta Insurance Franchise Corp., a Las Vegas-based provider of non-standard auto insurance and tax preparation services. www.fiestafranchise.com
• Kar’s Nuts, a Madison Heights, Mich.-based snackmaker owned by Palladium Equity Partners, acquired Clinton Township, Mich.-based Morley Candy Makers from Peninsula Capital Partners. http://axios.link/7zlQ
🚑 KKR agreed to invest A$400 million for a 20% stake in Australian cancer and cardiac care company GenesisCare, with an option to invest another A$250 million, per AFR. KKR owned Genesis care from 2012-2016, before selling to China Resources Group and Macquarie Capital. http://axios.link/rLWk
• Sverica Capital invested in Gorilla Logic, a Boulder, Colo.-based nearshoring and Agile software development solutions. www.gorillalogic.com
• Curaleaf, a Wakefield, Mass.-based cannabis retailer, is planning to raise around $400 million at nearly a $4 billion valuation, via a Toronto IPO, per Reuters. http://axios.link/qU7d
• Pintec Technology, a Chinese online platform that connects businesses with financial services companies, raised $44 million in its IPO. The company priced 3.7 million shares at $11.88 (within range), for a fully-diluted market value of $520 million. It will trade on the Nasdaq (PT). Goldman Sachs (Asia) was lead underwriter, while shareholders include Ventech China and Xiaomi Ventures.
• Aptive (NYSE: APTV) acquired Winchester, a Middlebury, Conn.-based provider of interconnect solutions for harsh environment applications, from Snow Phipps Group. www.winchesterelectronics.com
• Berkshire Partners hired Baird and Jefferies to find a buyer for Implus, a Durham, N.C.-based maker of footwear and fitness accessories that could fetch around $1 billion, per the WSJ. http://axios.link/KgRZ
• Comvest Partners agreed to sell Red Hawk Fire & Safety, a Boca Raton, Fla.-based provider of commercial fire, life safety and security services, to ADT (NYSE: ADT) for $317.5 million in cash. www.redhawkus.com
• Golden Gate Capital sold a control stake in 2020, a Fort Worth, Texas-based outsourced sales and merchandising company, to chairman and CEO Christopher Munday. Golden Gate will retain a minority stake. www.2020companies.com
• Refinitiv, which Blackstone recently carved out of Thomson Reuters for $17 billion, is exploring the sale of International Financing Review, with both Euromoney and Moody’s viewed as possible suitors, per Bloomberg. http://axios.link/rZKN
• Vista Equity Partners hired Morgan Stanley and Macquarie to find a buyer for Mediaocean, a New York-based advertising software company that could fetch more than $1.5 billion, per the WSJ. http://axios.link/eyxo
• CommScope (Nasdaq: COMM) is in talks to buy Suwanee, Ga.-based set-top box maker Arris International (Nasdaq: ARRS). http://axios.link/86sR
• Evolve Vacation Rental Network, a Denver-based vacation rental management company that has raised around $100 million, bought the assets of Everbooked, a pricing platform for the short-term rental market. http://axios.link/cGb8
⛽ Felix Energy, a Denver-based shale oil producer, hired Jefferies to find a buyer, per Reuters. A deal could fetch more than $3.5 billion. http://axios.link/Ttiv
• Rothschild & Co. agreed to sell its trust services unit to Rothschild executive Richard Martin, who is being backed by an undisclosed investor. http://axios.link/TkoW
• Pershing Square Capital Management acquired a 3.7% stake in Hilton Worldwide (NYSE: HLT). http://axios.link/xv0y
• Wingtech Technology of China agreed to buy Dutch chipmaker Nexperia for $3.63 billion from backers like Beijing JianGuang Asset Management. http://axios.link/nXel
• WPP (LSE: WPP) is seeking a buyer for a stake in its Kantar data analytics unit, per Reuters. http://axios.link/vudI
• Roark Capital Partners raised $6.5 billion for its fifth flagship fund and its second sidecar fund. www.roarkcapital.com
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