Photo illustration: Greg Ruben/Axios
Venture Capital
• Ineffable Intelligence, a London-based reinforcement learning startup, raised $1.1b at a $5.1b valuation. Sequoia Capital and Lightspeed led, joined by Nvidia, Google, and Index Ventures. Go deeper
• Vinted, a Lithuanian second-hand marketplace, raised €880m in a secondary share sale valuing it at €8b. EQT, Schroders Capital, and Teachers' Venture Growth led, joined by BlackRock, Lombard Odier Investment Managers, and Pinegrove Opportunity Partners. Go deeper
• Avoca, a NYC-based developer of agents for service businesses, raised more than $125m in seed, Series A, and Series B funding at a $1b valuation. Meritech and General Catalyst led the Series B and Kleiner Perkins led the Series A. Go deeper
⚡️ Wiliot, a San Diego-based developer of sensors and software for supply chains, raised $75m from Avery Dennison. Go deeper
🚑 Nervonik, a LA-based maker of medical devices for peripheral nerve stimulation, raised $52.5m in Series B funding. Amzak Health led, joined by Elevage Medical Technologies, USVP, Lumira Ventures, Foothill Ventures, and Shangbay Capital. Go deeper
💊 Fathom Therapeutics, a NYC-based quantum and AI drug design company, raised $47m in Series A funding. Sutter Hill Ventures led, joined by Chemistry, Alexandria Venture Investments, and Empire State Development. Go deeper
🌎 Fermeate, an SF-based precision fermentation startup, raised $2m in seed funding. Newfund Capital led, joined by SOSV, Ajinomoto Group Ventures, Ki Tua Fund, Heuristic Capital Partners, Momentum Capital, Plug and Play, Tesserakt Ventures, and Ag Startup Engine. Go deeper
• Linexa, German developer of factory efficiency software, raised €2m in pre-seed funding led by Project A. Go deeper
Private Equity
• Artemis agreed to acquire Optikos, a Wakefield, Mass.-based optical products testing company. Go deeper
• Bridgepoint agreed to buy a majority stake in German identity security firm iC Consult from Carlyle. Go deeper
• Newport Specialty Partners, backed by Lovell Minnick Partners, acquired Complex Coverage, a Huntington, N.Y.-based managing general agency focused on in homeowners' and personal lines insurance. Go deeper
⚡️Pelican Energy Partners acquired Environmental Alternatives, a Mechanicsville, Va.-based provider of environmental remediation and nuclear decontamination services. Go deeper
• Protos Security, backed by Southfield Capital, acquired At-Risk International, a Chantilly, Va.-based security and risk consulting services company. Go deeper
⚡️Saavi Energia, backed by Global Infrastructure Partners, agreed to merge with Grupo Mexico's electricity generation unit. Go deeper
⚡️Stonepeak and Bernhard Capital Partners agreed to acquire Louisiana utility Cleco Group,, from Macquarie Asset Management, British Columbia Investment Management, and Manulife Investment Management. Go deeper
Public Listings
💊 Hemab Therapeutics, a Copenhagen-based blood disorder biotech, plans to offer 11.8m shares at $16-$18. The Phase 3 company would have a $666m market cap, were it to price in the middle, and plans to list on the Nasdaq (COAG). It's raised around $346m from firms like RA Capital Management (17.6% pre IPO stake), Novo Holdings (15.2%), Access Industries (13.8%), Sofinnova (8.7%), Deep Track Capital (8%), SCWF (7.9%), Healthcap (6.9%), and Avoro Ventures (6.6%). Go deeper
💊 Seaport Therapeutics, a Boston-based developer of neuropsychiatric medicines, set IPO terms to 11.8m shares at $16-$18. The Phase 2 biotech would have an $861m market cap, were it to price in the middle, and plans to list on the Nasdaq (SPTX). It's raised around $330m from firms like PureTech Health (42.9% pre-IPO stake), Arch Venture Partners (13.4%), General Atlantic (8.6%), Sofinnova (7%), and Third Rock Ventures (5.3%). Go deeper
Liquidity
• Main Post Partners completed its sale of DeMert Brands, parent company of haircare brand Not Your Mother's, to Henkel. Go deeper
M&A
🚑 Advanced Bifurcation Systems, a VC-backed maker of stents for coronary angioplasties, acquired the assets of Svelte Medical Systems, a Providence, N.J.-based stent maker.
💊 Angelini Pharma, an Italian drugmaker, is exploring an acquisition of Catalyst Pharmaceuticals (Nasdaq: CPRX), per Bloomberg. Go deeper
• The NBA expects bids for new teams in Las Vegas and Seattle to sell for as much as $10 billion, Bloomberg reports. PJT Partners is advising the league. Go deeper
Fundraising
• Emerald Lake, led by Ares vet Dan Lukas, raised $825m for its debut fund. Go deeper
It's Personnel
⚡️ Yuan Gao joined the board of Pure Lithium, a Chicago-based lithium extractor and battery maker. Go deeper
⚡️Dan Summer was named president and CEO of nuclear reactor maker Westinghouse Electric. Go deeper
• Robert Zell joined Maple Park Capital as CFO. He previously was with Alta Fox Capital Management. Go deeper
