Illustration: Sarah Grillo/Axios
Venture Capital
💊 BlossomHill Therapeutics, a San Diego cancer biotech, raised an $84m Series B. Janus Henderson Investors, Brahma Capital and BioTrack Capital led, joined by Cormorant Asset Management, OrbiMed, Plaisance Capital Management and Vivo Capital. Go deeper
• Steelhead Technologies, a Michigan-based provider of ERP software for metal finishers and fabricators, raised $84m from Mainsail Partners. Go deeper
• Serval, an SF-based IT service management platform, raised $75m in Series B funding at a $1b valuation. Sequoia Capital led, joined by Redpoint, Meritech, First Round, General Catalyst, and Evantic. Go deeper
• Esusu, a NYC-based credit-building startup, raised $50m in Series C funding valuing it at $1.2b. Westbound Equity Partners led. Geraldine R. Dodge Foundation and Blue Meridian Partners joined. Go deeper
💊 PsiThera, an immunology and inflammation biotech, raised a $47.5m Series A from Samsara BioCapital, Lightstone Ventures and Roivant. Go deeper
💊 Cellular Origins, a U.K.-based cell therapy manufacturer, raised a $40m Series A. Johnson & Johnson led, joined by TTP, Highland Europe, BGF and NYBC Ventures. Go deeper
⚡General Fusion, a British Columbia-based fusion developer, closed $38m of a planned $50m round, according to an SEC filing. Go deeper
🚑 Ritten, a Philadelphia developer of EHR and clinic management software for behavioral health providers, raised a $35m Series B led by Five Elms Capital, with participation from Threshold Ventures, 8VC and Bienville Capital. Go deeper
• LI.FI, a Berlin-based crypto infrastructure platform, raised $29m in funding led by Multicoin and CoinFund. Go deeper
⚡ Bioleum, an Oklahoma City-based biofuels startup, raised $21.7m in equity and debt, according to an SEC filing. Go deeper
• Hello Vet, a U.K. veterinary clinic chain, raised £15m in Series A funding from Addition and Future Positive. Go deeper
• Skydo, an Indian payments platform for global exporters, raised $10m in Series A funding. Susquehanna Asia Venture Capital led, joined by Elevation Capital. Go deeper
• Double, a close management and practice management platform for accounting and bookkeeping firms, raised $6.5m in Series A funding led by Album Ventures. Go deeper
• AIR, an AI-powered credit intelligence platform, raised $6.1m in seed funding co-led by Work-Bench Ventures and Lerer Hippeau. Go deeper
• On Me, an SF-based digital gift card startup, raised $6m in seed funding led by NFX. Go deeper
💊 Allegria Therapeutics, a Swiss allergy and inflammatory biotech, raised $5.1m in a seed extension. ALK Abelló led, joined by HighLight Capital (HLC), Lichtsteiner Foundation and Forty51 Ventures. Go deeper
• Keeper, an NYC-based AI matchmaker product, closed a $4m pre-seed round led by Lightbank and Lakehouse Ventures, with participation from Champion Hill Ventures and Goodwater Capital. Go deeper
• Cyphlens, an enterprise visual encryption startup, raised $3.8m in seed funding from Salesforce Ventures, Motivate Ventures, DCG, ex/ante, and Cambrian Ventures. Go deeper
• GoDutch, an Amsterdam-based business and finance automation platform for SMEs, raised €3.6m in funding led by Luxembourg Finance House, with participation from QuantumLeap Capital. Go deeper
• BON Credit, an SF-based credit platform, raised $3.5m in seed funding led by VenturesLab, with participation from Hustle Fund, Outside VC, MBA Ventures, Sequoia Scout Fund and Accel Partners Scout Fund. Go deeper
• United Fintech, a London-based capital markets software platform, received a strategic investment from Barclays. Go deeper
• Orbital Biocarbon, a Pittsburgh-based sewage clean up company, raised an equity round from investors including EQT CEO Toby Z. Rice. Go deeper
Private Equity
• Advent International and Corvex Private Equity completed their $1.3b take-private buyout of executive search firm Heidrick & Struggles. Go deeper
• Crayhill Capital Management invested $150m in independent music label Rostrum Pacific. Go deeper
• Longshore Capital Partners invested in Enavate, a Tampa-based provider of Microsoft implementation and managed services. Go deeper
• Mollie, backed by Blackstone and EQT, agreed to acquire GoCardless, a London-based bank payments fintech, for €1.05b. GoCardless was last valued at $2.1b in a 2022 funding round. Go deeper
⚡ Tailwater Capital acquired a majority stake in Houston-based Central Midstream Partners. Go deeper
Liquidity
🚑 Joy Parenting Club, a parenting experience company backed by Forerunner Ventures and Magnify VC, acquired Heba Care, a London-based health care platform for parents of children with additional needs. TechStars backed Heba. Go deeper
• Nexo, a Cayman Islands-based cryptocurrency firm, is acquiring Buenbit, an Argentine crypto trading platform backed by Galaxy Ventures. Go deeper
Going Public
• Bluerock Acquisition, a SPAC led by Bluerock execs, raised $150m in its IPO. Go deeper
⚡ Karbon Capital Partners, an energy and infrastructure SPAC led by EQT chairman Thomas Karam, raised $300m in its IPO. Go deeper
• Generali (Milan: G) and French bank BPCE terminated plans to merge their asset management businesses. Go deeper
• Apollo is considering either a sale or an IPO of its golf membership club Invited, valuing the company at more than $3b. JP Morgan and Wells Fargo are working on the process, Reuters reports. Go deeper
Fundraising
• Factorial Capital, an early-stage VC firm, raised $25m for its second fund. factorialcap.com
Odds & Ends
💊 Zealand Pharma, a Danish weight-loss drugmaker, will pay $20m upfront and up to $2.5b to Shanghai-based biotech OTR Therapeutics to develop metabolic disease treatments. Go deeper
It's Personnel
💊 Harriss T. Currie, former SVP and CFO at Luminex, joined HealthTrack as EVP and CFO. Go deeper
💊 Rick Fair, former president and CEO of Bellicum Pharmaceuticals, was named CEO and board member of Enliven Therapeutics (Nasdaq: ELVN). Go deeper
• Michael Gordon has joined Crusoe as chief financial officer. Gordon was previously CFO of MongoDB. Go deeper
• Hunter McCrossin joined Willoughby Capital, Daniel Och's family office, as chief investment officer. He previously worked in the endowment offices of Columbia University, Vanderbilt, and Duke. Go deeper
• Mike Wallach was promoted to managing director of alternatives at Levy Family Partners. Go deeper
🚑 Dhiraj Patkar, former SVP at AVIA Health, joined MedSpeed as chief product and technology officer. Go deeper
• Bank of Montreal is looking externally for a head of US M&A. 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.
