Illustration: Aïda Amer/Axios
Venture Capital
• OpenAI aims to raise at least $30b at a $1.4t valuation, Bloomberg reports. Go deeper
🌎 Hertha Metals, a Conroe, Texas-based green steel producer, raised $134m in Series A funding. Khosla Ventures and Doerr Capital led the round, which included $65m from the U.S. government. They were joined by CEV, Pear Ventures, Gates Frontier, Niterra SUISO no MORI Fund, Toyota Ventures, and Siemens Financial Services. Go deeper
• Jeeves, an Orlando-based stablecoin-native banking platform for enterprises, raised $110m. CoinFund led, joined by AllianceBernstein, Vista Credit Partners, Coinbase Ventures, a16z, and YC. Go deeper
⚡️ Efficient Computer, a Pittsburgh-based developer of energy-efficient processors, raised more than $97m in Series B funding at a $650m valuation. TQ Ventures led, joined by Eclipse, Union Square Ventures, Giant Ventures, Triatomic Capital, TO Capital, TF Capital, Mana Ventures, Toyota Ventures, Overmatch, and Borderless. Go deeper
• Reco, an Altamonte Springs, Fla.-based agentic AI developer, raised $55m from AT&T Ventures, Forestay, and Quadrille Capital. Go deeper
💊 Aptadir Therapeutics, an Italian developer of RNA inhibitors for genetic diseases, raised $45m in seed funding. 4BIO Capital led, joined by Extend, CDP Venture Capital, XGEN Venture, and CE-Ventures. Go deeper
• HyperGuest, an Israeli travel tech startup, raised $25m from Apax Mid-Market Israel. Go deeper
• Proximal, an SF-based coding startup, raised $15m in seed funding led by General Catalyst at a $300m valuation, per the Information. Go deeper
• Rayon, an interior design software platform, raised €10m in Series A funding. Partech led, joined by insiders Northzone, Foundamental, and Seedcamp. Go deeper
• Brodie Rec League, a Toronto-based basketball league, raised C$5m led by Golden Ventures and Lerer Hippeau. brodierec.com
🌎 Cotierra, a Swiss startup converting agricultural waste into biochar, raised $3m. PINC led, joined by Zürcher Kantonalbank, Carbon Drawdown Initiative, Better Ventures, GOTA Ventures, Hungry4Impact, and Triple Impact Ventures. Go deeper
Private Equity
• CLEAResult, backed by Kohlberg, acquired CHEERS (California Home Energy Efficiency Rating Services) and its affiliate ConSol. Go deeper
🚑 MyEyeDr, backed by Goldman Sachs Asset Management and Charlesbank, agreed to acquire Partners Group-backed EyeCare Partners' optometry division. Go deeper
• Long Lake Management completed its $6.3b take-private buyout of Amex GBT, the business travel and expense management firm. Go deeper
• Transom Capital Group agreed to acquire public safety tech company SoundThinking (Nasdaq: SSTI) for around $114m. Go deeper
Public Offerings
• Calm Seas Acquisition, a SPAC led by Pilgrim Global Advisors execs, filed for a $300m IPO. Go deeper
Liquidity Events
• Capitolis, a VC-backed fintech for banks, agreed to acquire securities lending agent eSecLending from Parthenon Capital for $200m in cash. Go deeper
M&A
• Ancora sweetened its offer for H.B. Fuller's (NYSE: FUL) building adhesives business to $1.4b, after a $1.2b bid was rejected. Go deeper
• Caterpillar (NYSE: CAT) agreed to acquire John Fabick Tractor Co., a Cat dealer in Missouri, Illinois, Wisconsin and the Upper Peninsula of Michigan. Go deeper
• Piper Sandler (NYSE: PIPR) is in talks to buy advisory firm Perella Weinberg Partners (Nasdaq: PWP), per the WSJ. Go deeper
• Specialty Program Group, a unit of VC-backed HUB International, acquired HCM Unlocked, a Miami-based managed service provider focused on HR. Go deeper
Fundraising
• Dorm Room Fund raised $50m for its second VC fund. Go deeper
• Princeton Equity Group raised $1.3b for a fund focused on franchising. Go deeper
• Rising Point Capital raised $325m for its debut fund focused on lower midmarket services companies. Go deeper
It's Personnel
⚡️ Ben Monaghan is leaving PJT Partners to become head of M&A at BP, effective in 2027. Go deeper
• Portage Point Partners named Steven Shenker as co-head of turnaround and restructuring services. Go deeper
Editor's note: This story has been corrected to note that Vista Credit Partners backed Jeeves (not Vista Equity Partners).
