Illustration: Gabriella Turrisi/Axios
Venture Capital
💊 Treeline Biosciences, a Watertown, Mass.-based clinical-stage biopharma, raised an additional $200m for its Series A. Investors include ARCH Venture Partners, OrbiMed, GV and KKR. Go deeper
💊 Galvanize Therapeutics, a Redwood City, Calif.-based cancer and lung disease biotech, raised a $100m Series C. Sofinnova Partners led and was joined by Norwest Venture Partners, Elevage Medical Technologies, Ally Bridge Group, Perceptive Xontogeny Venture Fund, Janus Henderson Investors and Longaeva. Go deeper
• Mojo Vision, a Cupertino, Calif.-based micro-LED platform, raised $75m in Series B funding. Vanedge Capital led, joined by Edge Venture Capital, NEA, Fusion Fund, Knollwood Capital, Dolby Family Ventures, Khosla Ventures, imec.xpand, Keymaker, Ohio Innovation Fund, and Hyperlink Ventures. Mojo.vision
• Lead Bank, a Missouri-based fintech lender, raised $70m at a $1.47b valuation from Andreessen Horowitz, Khosla Ventures, Ribbit Capital, Coatue Management, Zeev Ventures, Iconiq Capital, and Greycroft. Go deeper
💊 MRM Health, a Belgian microbiome startup, raised a €55m Series B. Biocodex led and was joined by ATHOS, BNP Paribas Fortis Private Equity, SFPIM and OMX Europe Venture Fund. Go deeper
🚑 Ketryx, an AI compliance platform for life science companies, raised a $39m Series B funding round led by Transformation Capital. The latest round brings the company's total funding to over $55m. Go deeper
💊 Congruence, a Montreal drug developer, raised $32m. Investors include Amplitude Ventures, FSTQ, Lumira, Investissement Quebec and Thrive Venture Fund. Go deeper
💊 LPOXY Therapeutics, a Platte City, Mo.-based biopharma company, said it is fundraising a $28m Series A round. So far, 5Horizons Ventures has invested. Go deeper
💊 Boomerang Medical, a Mountain View, Calif.-based bioelectronic medicine company, raised $20m in a Series B. Arboretum Ventures and Hatteras Venture Partners led. Go deeper
• Reggora, a Boston-based real estate appraisal software startup, raised $18m led by Centana Growth Partners. Go deeper
• Fiveonefour, a Portland, Ore.-based developer toolkit for analytical backends, raised $17m. Dimension Capital led, joined by Stage 2 Capital, Flybridge Capital Partners, Ridge Ventures, Tokyo Black Venture Capital, and Vermillion Cliffs. Go deeper
🚑 Revalia Bio, a New Haven, Conn.-based provider of human data to biopharma, raised $14.5m. America's Frontier Fund and Sierra Ventures led, joined by Roger Ferguson. Go deeper
• Puro.earth, a Helsinki-based carbon removal platform, raised an €11m Series B round led by Nasdaq with participation from Fortum Innovation & Venturing. Go deeper
🚑 NewDays, a Seattle-based provider of AI companionship tools for aging populations, including cognitive therapies, raised $7m in seed funding. Madrona and General Catalyst co-led. Go deeper
💊 Neon Health, a San Francisco-based AI tool for the specialty drug market, raised $6m. NFX led, and was joined by DigiTx, Olive Capital, Ascend, Village Global and Digital Health Venture Partners. Go deeper
Private Equity
• Cantilever Group, a GP stakes firm, acquired a passive minority stake in Tecum Capital, a Pittsburgh-based midmarket PE firm. Go deeper
• Garage Beer, a light-beer maker backed by Travis and Jason Kelce, raised funding led by Durational Capital Management at a $200m valuation. Go deeper
• Milrose Consultants, a Southfield Capital portfolio company, acquired Borne Consulting, an SF-based architectural engineering firm. milrose.com
• Rainier Partners acquired Kleen-Tech Services, a Denver-based janitorial services provider. kleen-tech.com
• W. Graeme Roustan, owner of The Hockey News, agreed to acquire hockey equipment maker True Hockey from True Temper Sports, a Lincolnshire Management portfolio company. Go deeper
M&A
• Daimler Truck is seeking an investment partner for its self-driving unit, Torc Robotics, per Bloomberg. Go deeper
• Goldman Sachs (NYSE: GS) plans to invest up to $1b for a 3.5% stake in T. Rowe Price (Nasdaq: TROW), as part of a strategic agreement whereby Goldman will sell T. Rowe's private market products to retail investors. Go deeper
• Kraken, a U.S.-based crypto exchange, acquired Breakout, a crypto-native prop trading platform that raised a $4.5m seed round led by RockawayX. Terms were not disclosed. Go deeper
• MediaForEurope acquired a 75.6% stake in German media group ProSiebenSat.1 for around $1.7b. Go deeper
Fundraising
💊 Atlas Venture, a biotech investor, raised $400m for a third fund. Go deeper
Debt
• Catalyze, a Houston-based independent power producer, raised $200m in debt and credit from Deutsche Bank for project deployment and acquisitions. Go deeper
• OData, a Sao Paulo-based data center company, raised $1.02b from banks Apterra, BNP Paribas, Crédit Agricole CIB, Deutsche Bank, MUFG Bank, Ltd., Natixis Corporate and Investment Banking, Nomura, Societe Generale, and SMBC. Go deeper
Odds & Ends
⚡️Natron Energy, a Santa Clara, Calif.-based sodium battery maker, is going out of business, according to local reports. Go deeper
💊 Novartis agreed to pay $200m upfront and as much as $2b to Pasadena, Calif.-based Arrowhead Pharmaceuticals in a global licensing and collaboration deal for a preclinical neuromuscular therapy. Go deeper
💊 Novartis agreed to pay $160m upfront and up to $5.2b to Shanghai-based Argo Biopharmaceutical to develop experimental candidates for cardiovascular disease. Go deeper
💊 Radiance Biopharma, a Boston antibody drug conjugate developer, is paying $15m in cash and offering more than $1b to Novatim Immune Therapeutics for licensing rights to a bispecific antibody-drug conjugate. Go deeper
💊 Roche's Genentech unit is paying $20m upfront and more than $400m in milestone payments to Oxford-based Omass Therapeutics to license an inflammatory bowel disease program. Go deeper
💊 Royalty Pharma, a New York pharmaceutical company, will pay $75m upfront and up to $300m to Zenas BioPharma in exchange for a royalty on sales of autoimmune disease drug obexelimab. Go deeper
💊 Vertex Pharmaceuticals will pay $45m upfront and more than $2b over time to Enlaza Therapeutics in a deal to create T-cell engagers and small-format drug conjugates. Go deeper
It's Personnel
⚡️Leandro Abreu has joined Convergent Energy and Power as chief operating officer. Abreu was previously CEO of Prospera + Greener. Go deeper
• Matt Furlong has joined ecoATM as CEO. Furlong was previously chief marketplace officer at Shutterstock. Go deeper
- Ryan Barwick, Natalie Breymeyer, Erin Brodwin, Colin Campbell, Katherine Davis, Katie Fehrenbacher, Ryan Lawler, Chris Metinko, Alan Neuhauser, Dan Primack, and Brock E.W. Turner contributed to this report.
