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American taxpayers will get to see where most of their $500+ billion went, in a welcome win for transparency.
Driving the news: The Treasury Department and Small Business Administration on Friday said they will release information for small businesses that received at least $150,000 in PPP loans, after a week of bipartisan pushback against their desire to keep such data under wraps.
Why it matters: PPP has been lauded in some corners for helping to save millions of small businesses and to keep most of their employees on payroll. But it’s also been heavily criticized for a process that may have excluded small businesses without strong, existing banking relationships.
What we’ll get: Business names, addresses, NAICS codes, zip codes, business type, demographic data, nonprofit information, jobs supported, and loan amounts (as a range).
When we’ll get it: Unclear. SBA typically releases this sort of information on an annual basis, but there’s a more pressing interest this time around.
What we won’t get: Information for the vast majority of loan recipients. The data will represent around 75% of dollars disbursed, but only around 15% of total loans. For example, over half of PPP loans were for less than $50,000.
The bottom line: Treasury's initial position, based on an argument that such disclosure would put PPP loan recipients at a competitive disadvantage, was never politically or intellectually tenable.
Illustration: Lazaro Gamio/Axios
Indigo Ag, a Charlestown, Mass.-based developer of crop sustainability and selling solutions, raised around $300 million in new Series F funding, Axios has learned.
• Palantir, a Palo Alto-based big data analytics company, raised around $500 million in pre-IPO funding from Sompo Japan Nipponkoa. http://axios.link/22aR
• Checkout.com, a London-based payments platform, raised $150 million in Series B funding at a $5.5 billion valuation. Coatue led, and was joined by return backers Insight Partners, DST Global, Blossom Capital, and GIC. http://axios.link/vuQw
🚑 Engrail Therapeutics, a San Diego-based neuroscience startup, raised $32 million in Series A funding led by Nan Fung Life Sciences. http://axios.link/T4nM
• Shipper, a Jakarta -based logistics platform, raised around $20 million in Series A funding led by Prosus Ventures. www.shipper.id
🚑 Agamon, an Israeli AI radiology startup, raised $3 million. MMC Ventures led, and was joined by InHealth Ventures, Seedcamp, and Bayer G4A. http://axios.link/adWz
🚑 Deep01, a Taiwanese developer of brain scan interpretation software, raised $2.7 million led by ASUSTek. http://axios.link/HJVo
• AE Industrial Partners acquired a majority stake in NuWave, a McLean, Va.-based provider of data management and other tech solutions to the federal government. www.nuwavesolutions.com
• Apollo Global Management, Blackstone Group, Carlyle Group, and KKR all are circling the wealth management unit of National Australia Bank, per The Australian. Macquarie Capital and Morgan Stanley are managing the process.
• Arkema (Paris: AKE) is seeking a buyer for its plexiglass business, which could fetch around €1 billion, per Bloomberg. Interested suitors reportedly include Advent International, Rhone Capital, SK Capital Partners, and Triton Partners. http://axios.link/Z8HX
• Bain Capital and Cyrus Capital Partners have submitted final bids for bankrupt air carrier Virgin Australia, with a preferred bidder to be picked by June 30. http://axios.link/8C5R
• The Blackstone Group is in pole position to buy the mutual fund arm of India’s Larsen & Toubro, per Bloomberg. http://axios.link/shOO
🚑 Caring Brands International, a portfolio company of Levine Leichtman Capital Partners, acquired the Ireland master franchise of home-care company Bluebird Care. www.caringbrandsintl.com
• The Carlyle Group and Oak Hill Capital Partners formed Galway Insurance Holdings, a new brokerage distribution and underwriting platform that will include Oak portfolio company EPIC Brokers & Consultants and Carlyle portfolio company JenCap Holdings. http://axios.link/x0AE
🚑 Akouos, a Boston-based developer of gene therapies for hearing, set IPO terms to 8.33 million shares at $14-$16. It would have an initial market cap of around $425 million, were it to price in the middle, and plans to list on the Nasdaq (AKUS) with BofA as lead underwriter. The pre-revenue company raised $162 million in VC funding from firms like 5AM Ventures (21.6% pre-IPO stake), NEA (18.6%), Pivotal BioVentures (7.5%), Sofinnova Ventures (7.3%), RA Capital (7.3%), Novartis (5.3%), and Fidelity (5%).
🚑 Fusion Pharma, a Canadian developer of targeted alpha-particle radiotherapeutics for treating cancer, set IPO terms to 8.4 million shares at $14-$16. It would have a fully diluted market value of $619 million, were it to price in the middle, and plans to list on the Nasdaq (FUSN) with Morgan Stanley as lead underwriter. The pre-revenue company raised in VC funding from HealthCap (12.6% pre-IPO stake), Adams Street Partners (12.3%), J&J (10.4%), CPPIB (8.5%), TPG Biotech (8.1%), OrbiMed (7.8%), and Seroba Life Sciences (6.5%). http://axios.link/6sZt
• nCino, a Wilmington, N.C.-based digital banking startup, filed for a $100 million IPO. It plans to list on the Nasdaq (NCNO), and reports a $5 million net loss on $45 million in revenue for Q1 2020. The company raised just over $200 million in VC funding from Insight Partners (46.6% pre-IPO stake), Salesforce (13.2%), Wellington Management (9.5%), T. Rowe Price, and Bessemer Venture Partners. http://axios.link/GqCt
🚑 Poseida Therapeutics, a San Diego-based developer of CAR-T product candidates, filed for a $115 million IPO. The pre-IPO company plans to list on the Nasdaq (PSTX) with BofA as lead underwriter, and raised over $210 million from Malin Corp. (23.2% pre-IPO stake), Novartis (14.9%), Longitude Venture Partners (6.2%), Aisling Capital, Pentwater Capital Management, Perceptive Advisors, Vivo Capital, and Boxer Capital. http://axios.link/zBXe
🚑 SinocellTech, a Beijing-based biologic drugmaker, went public on Shanghai’s STAR Market with a market cap north of $5 billion. It had raised over $160 million from firms like Qiming Venture Partners and CDH Investments. http://axios.link/fvPg
• Toshiba (Tokyo: 6502) said it plans to sell down its 40.2% stake in Japanese flash memory chipmaker Kioxia when it goes public next year. Some media reports suggest Kioxia could be valued at around $32 billion. http://axios.link/Y2fL
🍕 Yum China, operator of KFC, Pizza Hut, and Taco Bell in China, filed confidential listing papers for a Hong Kong IPO that could raise around $2 billion, per Bloomberg. http://axios.link/arSZ
🚑 Invitae (NYSE: NVTA) agreed to buy ArcherDX, a Boulder, Colo.-based personalized genomics company focused on cancer, for upwards of $1.4 billion in cash and stock (including $325m in cash upfront). ArcherDX was in registration for an IPO, and had raised around $150 million in VC funding from Perceptive Advisors, Redmile Group, Boulder Ventures, Soleus Capital, Driehaus Capital Management, ArrowMark Partners, Sands Capital, Longwood Fund, and PBM Capital. www.archerdx.com
🐭 John Catsimatidis, a New York supermarket owner, is among those kicking the tires on Chuck E. Cheese, a troubled restaurant chain owned by Apollo Global Management, per the WSJ. http://axios.link/T1Jt
🚑 Merck (NYSE: MRK) completed its previously announced purchase of Themis Bioscience, an Austrian developer of immunomodulation therapies that had raised $75 million from Farallon Capital, Hadean Ventures, MSD, Adjuvant Capital, Global Health Investment Fund, aws Gründerfonds, Omnes Capital, Ventech, and Wellington Partners. http://axios.link/CiuN
• ServiceNow (NYSE: NOW) agreed to buy Sweagle, a Belgian configuration data management startup that had raised around $4 million from firms like XAnge Private Equity. http://axios.link/hB61
• Shift Technologies, a San Francisco-based P2P used car marketplace, is in talks to go private via a $500 million-plus reverse merger with blank-check acquisition company Insurance Acquisition Corp. (Nasdaq: INSU), per Bloomberg. Shift has raised over $300 million from firms like DCM, Highland Capital Partners, Threshold Ventures, and BMW iVentures. http://axios.link/eHKU
• Southern Capital Group and HPEF Capital Partners agreed to sell Singapore-based Canadian International School to China Maple Leaf Educational Systems (HK: 1317). http://axios.link/E5er
• Eramet (Paris: ERA) is seeking a buyer for its Aubert & Duval steel unit, with French aerospace firm Safran (Paris: SAF) reportedly interested. http://axios.link/DWkj
• Mediawan (Paris: MDW) agreed to buy French content creator Lagardere Studios from Lagardere (Paris: MMB) for around €100 million. The deal is being backed by MACSF and KKR. http://axios.link/Wd2l
• Ares Management raised $3.5 billion for a new special opportunities fund. www.aresmgmt.com
🚑 Epidarex Capital, a Scottish life science VC firm, raised £102 million for its third fund. http://axios.link/oZGj
• Priveq, a Nordic mid-market buyout firm, raised around $265 million for its sixth fund. http://axios.link/1rMl
• Mark Wiseman, former head of alternative investments for BlackRock and ex-CEO of the Canada Pension Plan Investment Board, was named chairman of the Alberta Investment Management Corp. (AIMCo). www.aimco.ca
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