First Look: Electra's $115m, Autodoc's IPO timeline, a16z's new partner
Illustration: Sarah Grillo/Axios
Venture Capital
⚡️Electra, a Manassas, Va.-based maker of hybrid electric aircraft, raised $115m in Series B funding. Prysm Capital led, joined by Lockheed Martin Ventures, Honeywell, Safran, Statkraft Ventures, and the Virginia Innovation Partnership Corp. Go deeper
🌎 PHNX Materials, an SF-based concrete decarbonization startup, raised $2.5m in seed funding from Divergent Capital, KdT Ventures, and Overture. Go deeper
🌎 OlsAro, a Swedish developer of climate-resilient crops, raised €2.5m in pre-seed funding led by Future Food Fund and PINC, joined by AgFunder, Flora Ventures, and Mudcake. Go deeper
🌎 Fotenix, a U.K. crop diagnostics software developer, raised £2.1m led by River Capital, joined by Ehe Ventures. Go deeper
⚡️Salzstrom, an Austrian sodium-ion energy storage developer, raised $1m in pre-seed funding from Erste Bank. Go deeper
Private Equity
• Lynx Equity acquired MNM Group, a Willow Grove, Pa.-based communications contractor. Go deeper
• TPG and Temasek acquired minority stakes in Cliffwater, a Marina del Rey, Calif.-based alternative investment adviser and fund manager. Go deeper
• Waud Capital Partners acquired MedTec, an Illinois provider of in-home care and adult day services. medtechealthcare.com
Public Offerings
• Autodoc, a German spare car parts marketplace owned by Apollo, is prepping for a 2025 IPO. Go deeper
⚡️GrafTech, a Brooklyn Heights, Ohio-based developer of graphite electrodes, received a noncompliance warning from NYSE for trading below the exchange's $1 minimum. Go deeper
M&A
• Affiliated Managers Group agreed to buy a minority stake in Verition Fund Management, per Bloomberg. Go deeper
Odds & Ends
• Neat Burger, a vegan restaurant chain founded by F1 racer Lewis Hamilton and actor Leonardo DiCaprio, closed its U.K. locations. Go deeper
It's Personnel
⚡️Drew Maloney was named president and CEO of the Edison Electric Institute, the D.C. trade group for investor-owned utilities. He was CEO of the American Investment Council. Go deeper
• Erik Torenberg was named a general partner at a16z after its acquisition of Turpentine. Go deeper
- Erin Brodwin, Colin Campbell, Katherine Davis, Katie Fehrenbacher, Ryan Lawler, Alan Neuhauser, Dan Primack, and Aaron Weitzman contributed to this report.
