Pro Rata Premium: First Look

Venture Capital

🚑 Tennr, an NYC-based provider of patient referral automation tools, raised $101m at a $605m valuation led by IVP with participation from new backers ICONIQ and GV, plus insiders Lightspeed, Andresseen Horowitz, Foundation Capital, and Y Combinator. Go deeper

• PolyActiva, an Australian ocular biotech, raised A$40m in Series C funding led by an undisclosed Australian sovereign wealth fund, with insider Brandon Capital also participating. Go deeper

• Senra Systems, a Redondo Beach, Calif.-based developer of wire harnesses for aerospace and defense applications, raised $25m in Series A funding. Dylan Field and CIV led, joined by General Catalyst, Sequoia Capital, Founders Fund, a16z, 8VC, and Pax. Go deeper

• Elemental Advanced Materials, a Houston-based developer of low-carbon nanomaterials, raised $20m led by Taranis. elementaladm.com

• Grifin, a retail investing app, raised $11m in Series A funding led by Nava Ventures, with Alloy Labs, Draper Associates, Gaingels, Nevcaut Ventures, and TTV Capital participating. Go deeper

• Gradient Network, a developer of decentralized AI on Solana, raised $10m in seed funding. Pantera Capital and Multicoin Capital co-led, joined by HongShan. Go deeper

💊 Infinity Bio, a Baltimore-based immune response mapping company, raised $8m in Series A funding led by Illumina Ventures, with participation from PTX Capital, Blackbird BioVentures, and Propel Baltimore Fund. Go deeper

💊 GeneCentric Therapeutics, a Durham, N.C.-based gene expression company, raised $8m in Series C funding. Hatteras Venture Partners led with participation from IAG Capital Partners, Alexandria Venture Investments, and Labcorp. Go deeper

• DESKi, a Bordeaux-based maker of AI-powered diagnostic tools, raised $6m in seed funding led by Racine². BNP Paribas Développement, Épopée Gestion, Good Only Ventures, Better Angle, and NACO participated. heartfocus.ai

• NaroIQ, a German fintech building digital fund infrastructure, raised €5.85m in a seed round led by Magnetic, with participation from Redstone. Go deeper

• TAC, a New York City-based startup for decentralized applications to reach the Telegram ecosystem, raised $5m in additional capital led by Hack VC. Go deeper

• SaturnX, a Dubai-based stablecoin infrastructure startup, raised $3m in seed funding led by White Star Capital. Go deeper

• Nook, a crypto-focused savings app, raised $2.5m led by Coinbase Ventures. Go deeper

• Senra Systems, a wire harness manufacturing startup, raised $25m in a deal co-led by Dylan Field, co-founder of design software company Figma Inc., and VC firm CIV. Go deeper

🎤 Punchup, an NYC-based entertainment platform for comedy, raised $2.3 million in a seed round, led by Social Leverage. Go deeper.

Private Equity

• Bayview Asset Management will buy all shares of mortgage lender Guild Holdings (NYSE: GHLD) it does not already own for $1.3b. Go deeper

• Bitdefender, a Romanian cybersecurity company backed by Vitruvian Partners, agreed to acquire Mesh Security, an Irish email security startup backed by Elkstone and Enterprise Ireland. Go deeper

• Duration Capital Partners invested more than $600m for a minority stake in Watco, a Kansas-based transportation service company whose assets include short line railroads and ports. Go deeper

• Garnett Station Partners formed a commercial roofing services platform called Skybound Service Partners, including an acquisition of Atlanta-based Roof Technology Partners. skyboundservicepartners.com

• Macquarie Group acquired stakes in three U.K. airports from Ontario Teachers' Pension Plan. Go deeper

• PACT Capital Partners, a middle-market focused GP stakes investment firm, made a minority equity investment in Accel-KKR. Go deeper

M&A

• The European Union will launch a full antitrust investigation into Mars' proposed $35.9b takeover of snack maker Kellanova (NYSE: K), per Reuters. Go deeper

• NerdWallet acquired Future You Wealth, a NYC-based RIA with $178m in AUM. Go deeper

• Wix (Nasdaq: WIX) acquired vibe coding startup Base44 for an initial $80m. Go deeper

It's Personnel

• Aquiline promoted Daniel Flueckiger, Stewart Koenigsberg, Dante La Ruffa, and Matthew Woeste to partners. aquiline.com

• Neil Moge is joining Prudential PLC as chief investment officer, succeeding Don Guo, per PE International. Moge previously spent 11 years with Goldman Sachs. Go deeper

🚑 Dave Wojczynski joined R1 as president. He was formerly the CEO of Revecore. Go deeper

Odds & Ends

• Affirm Holdings expanded its long-term capital partnership with PGIM Fixed Income, securing up to $500m in private consumer-loan purchases over three years. Go deeper

- Ryan Barwick, Natalie Breymeyer, Erin Brodwin, Colin Campbell, Katherine Davis, Katie Fehrenbacher, Ryan Lawler, Chris Metinko, Alan Neuhauser, and Dan Primack contributed to this report.