
Illustration: Gabriella Turrisi/Axios
Venture Capital
π Dualitas Therapeutics, a Bay Area developer of antibodies for immune and inflammatory diseases, raised $65m in a Series A. Versant Ventures and Qiming Venture Partners led, and Eli Lilly, Chugai Venture Fund and Alexandria Venture Investments joined as strategic investors. Go deeper
π Synthesize Bio, a Seattle-based AI genomics startup, launched with a $10m seed round. Madrona led and Sahsen Ventures, AI2 Incubator, Inner Loop Capital and Point Field Partners participated. Go deeper
β‘XL Batteries, a Marlborough, Mass.-based flow battery maker, raised $7.5m from Merrin Investors. Go deeper
π Bio Protocol, a Swiss autonomous "bioagent" developer, raised $6.9m in a seed led by Maelstrom Fund. Mechanism Capital, Animoca Brands and Presto Labs participated. Go deeper
π Trially, a Kansas City clinical trial recruitment platform, raised a $4.7m seed. Flyover Capital led, and Alpaca, Atria, Blu Ventures, Looking Glass Capital, Redbud, The Council, and Gaingels participated. Go deeper
π Terra Oleo, a Singapore-based biomaterials startup, raised $3.1m from ADB Ventures, The Radical Fund, Elev8.vc, and Better Bite Ventures. Go deeper
π Finally Foods, an Israeli molecular farming startup making dairy proteins in potatoes, raised $1.2m led by CBC Group. Go deeper
Private Equity
β’ Best Warehousing & Transportation, a portfolio company of Bluejay Capital Partners and Argosy Private Equity, acquired RAZR Logistics, a warehouse servicing company and a subsidiary of Johnson Storage & Moving. Go deeper
β‘I Squared Capital, a Miami-based infrastructure investment firm, invested $800m in battery part maker Entek Technology to receive a majority stake in the company. Go deeper
β’ L Catterton agreed to invest in Seki Furniture, a Japanese furniture company. Go deeper
β’ Levine Leichtman Capital Partners acquired a majority interest in Entro Service, a Hamburg-based testing, inspection, repair and installation service to entrance, fire safety and access control systems. Go deeper
β’ FitzMark, a portfolio company of Calera Capital, acquired Hometown Logistics, a non-asset freight brokerage firm. Go deeper
Odds & Ends
β’ Elliott Management has taken a $2b stake in Workday (Nasdaq: WDAY), a Pleasanton, Calif.-based workplace software maker. Go deeper
π CSL, an Australian biopharma giant, is paying $117m upfront and up to $2.1b in a collaboration and option agreement with Dutch biotech VarmX to develop a coagulation treatment. Go deeper
π Kalexo Bio, a Aditum Bio subsidiary, will pay $12m and up to $1b to Mabwell Bioscience for rights to an experimental cardio drug. Go deeper
Fundraising
β’ Axum Capital Partners is targeting $300m for its next fund focused on health and wellness-centric food and beverage brands. Go deeper
πVoLo Earth Ventures, a Colorado-based VC firm investing in the energy economy, closed its Fund II at $135m, anchored by Voloridge Investment Management. Go deeper
β’ American Airlines, Alaska Airlines and a group of airlines have partnered with Breakthrough Energy Ventures to launch a $150m Oneworld BEV Fund to invest in sustainable aviation fuel startups. Go deeper
It's Personnel
β’ Axum Capital Partners hired Lance Johnson and Derrick Brown as general partners. Johnson was previously at Wells Fargo while Brown previously co-founded Free Fenix. Go deeper
π Ryan MacPherson joined Accelr8 Ventures as a partner. He was director of climate innovation and investment at Autodesk. Go deeper
π Mary Beth Harler joined Flagship Pioneering's in-house drug discovery and development unit, Pioneering Medicines, as president. She was the CEO of IGM Biosciences. Go deeper
π Yasir Al-Wakeel joined Flagship Pioneering as CEO-Partner and Vesalius Therapeutics as CEO. He was an entrepreneur in residence at SR One Capital Management. Go deeper
