Illustration: Brendan Lynch/Axios
Venture Capital
• Nscale, a London-based AI cloud platform, raised $433m in a pre-Series C SAFE from Blue Owl Managed Funds, Dell, Nvidia, and Nokia. Go deeper
⚡️Waat, a French provider of EV charging for residential and commercial buildings, raised €100m. DWS and Bpifrance led, joined by Raise Impact. Go deeper
• Einride, a Swedish provider of autonomous freight solutions, raised $100m from EQT Ventures and IonQ. Go deeper
• Outsmart, a New York-based online learning platform, raised $25m. DST Global Partners and Forerunner led, joined by Khosla Ventures, Lightspeed, Reach Capital, Abstract, Latitud, Adam D'Angelo, Sheila Lirio Marcelo, and Chris Britt. Go deeper.
⚡️ Electroflow, a Burlingame, Calif.-based battery materials developer, raised $10m in seed funding. USV and Voyager led, joined by Fifty Years and Harpoon Ventures. Go deeper
🌎 Optimuse, a Belgian developer of construction software to design efficient buildings, raised €4m in seed funding. Seed + Speed Ventures and Blum Ventures led, joined by Matterwave Ventures and aws Gründungsfonds. Go deeper
Private Equity
• Allworth Financial, backed by Lightyear Capital and Ontario Teachers' Pension Plan Board, acquired Shorepoint Capital Partners, a Norwood, Mass.-based RIA. Go deeper
• Blue Sage Capital acquired and merged Skid Pro Attachments and Accessories Unlimited, Minnesota-based providers of attachments for skid steers and compact track loaders. Go deeper
• Catchment Capital agreed to acquire a majority stake in Fidus Systems, a Canadian provider of electronic and embedded system design services. Go deeper
• Lovell Minnick Partners invested in Valor PayTech, a POS software and payment tech company. Go deeper
• Motivant acquired med spa Beverly Hills Rejuvenation Center. Go deeper
• Mubadala Capital acquired a 42% stake in Silver Rock Financial. Go deeper
• One Equity Partners invested in McNichols, a distributor of specialty metals and fiberglass products. Go deeper
• Palm Peak Capital acquired Domaille Engineering, a Rochester, Minn.-based provider of equipment for manufacturing pre-terminated fiber optic cables. Go deeper
• Serata Capital Partners invested in EventLink Group, a Sterling Heights, Mich.-based experiential marketing platform. Go deeper
• Thoma Bravo agreed to buy PROS Holdings (NYSE: PRO), a Houston-based provider of revenue management software to airlines, for $1.4b. It will run the travel business as a standalone, and merge PROS' B2B business with portfolio company Conga. Go deeper
• Windoria, backed by Investindustrial, agreed to acquire Al-Fursan Al-Maghawear, a Saudi provider of sauces, condiments, and other shelf-stable food products. Go deeper
Liquidity
• Temporal, a Seattle-based microservices orchestration startup, launched a $105m tender offer at a $2.5b valuation. GIC led, joined by Tiger Global and Index Ventures. Go deeper
• TMX Group acquired Verity, a research management software company, from Resurgens Technology Partners. Go deeper
M&A
• Axcelis (Nasdaq: ACLS) agreed to merge with rival semiconductor equipment maker Veeco (Nasdaq: VECO), creating a combined company with a $4.4b enterprise value. Go deeper
• Corteva (NYSE: CTVA), an Indianapolis agricultural giant, said that it will split up its seed and pesticides businesses into separate listed companies, confirming an earlier WSJ report. Go deeper
• Rocket Cos (NYSE: RKT) completed its purchase of rival mortgage provider Mr Cooper Group (Nasdaq: COOP). The all-stock deal was valued at $9.4b when first announced, but now is worth $14.2b. Go deeper
Going Public
🌎 Climate First Bancorp, a St. Petersburg, Fla.-based lender with $1.3b in AUM, hired Piper Sandler to explore an IPO, per Barron's. Go deeper
Fundraising
• Brookfield raised over $4b for the first close of its fourth infrastructure debt fund. Go deeper
• Notion Capital, a U.K.-based VC firm focused on B2B software, raised a €114m growth fund. Go deeper
• May Ventures, a German early-stage VC firm focused on AI startups, raised €30m toward a targeted €50m debut fund. Go deeper
🌎 Serena, a French VC firm, raised €200m toward a targeted €250m fourth fund. Go deeper
• Siguler Guff raised $415m for its third Brazilian special situations fund. Go deeper
It's Personnel
• Madelene Larsson was promoted to partner and head of early investments at Giant Ventures. Go deeper
⚡️Matt Severson is joining Englewood Capital, a climate-focused investment firm, full time as managing partner. He founded the firm while at Tesla. Go deeper
• Dave Tayeh and Jay Alix launched growth equity firm Tayeh Capital Group with backing from GCM Grosvenor. Go deeper
Odds & Ends
⚡️Evergrow, an SF-based tax finance provider for commercial solar and storage projects, is winding down. 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.
