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Just three working days into the new year and IPOs are rushing out of the gate in a continuation of 2020’s deluge.
On Tuesday, in a sign that a public debut is just around the corner, buy-now-pay-later fintech Affirm revealed plans to raise up to $934.8 million in an IPO that could value it at about $11 billion on a diluted basis. That’s no small step up for its investors: The company, which delayed its IPO late last year as the Securities and Exchange Commission tangled with a backlog of initial offerings, was last valued at $2.9 billion in 2019.
Then, adding to the January pile, second-hand clothing marketplace Poshmark revealed on Wednesday its estimated IPO range. The company, after posting a profit over the past two quarters, says it plans to raise as much as $257.4 million in an offering of 6.6 million shares priced between $35 to $39 apiece.
And investors are still waiting on gaming company Roblox’s IPO, which was also expected to debut in December but delayed its listing as shares of companies like Airbnb and DoorDash soared beyond expectations last year.
Of course, as with all such filings, the numbers are subject to change (Affirm currently says it plans to offer 24.6 million shares priced somewhere in the range of $33 to $38 apiece).
But the tl;dr: January is looking anything but sleepy.
RAZOR MERGERS GET RAZED: Procter & Gamble and women’s razors startup Billie agreed to terminate their merger Tuesday after the U.S. Federal Trade Commission filed a complaint in December alleging that the tie-up would eliminate competition from “innovative nascent competitors.” That comes after Edgewell Personal Care terminated its near $1.4 billion deal to acquire male-focused razor maker Harry’s last year following a suit from the FTC. Read more.
Lucinda Shen
Twitter: @shenlucinda
Email: [email protected]
VENTURE DEALS
- Rivian, a Plymouth, Mi.-based electric-truck startup backed by Amazon and Ford, is close to raising a new round of funding valuing it at about $25 billion, per Bloomberg citing sources. Read more.
- Fluence, an Arlington, Va.-based energy storage joint venture formed by the AES Corporation and Siemens, raised $125 million from the Qatar Investment Authority.
- Ikena Oncology, a Boston-based cancer therapeutics company, raised $120 million in Series B funding. Omega Funds led the round and was joined by investors including Surveyor Capital, Invus, Farallon Capital Management, and BVF Partners.
- Senti Biosciences, a San Francisco-based gene circuit company, raised $105 million in Series B funding. Leaps by Bayer led the round and was joined by investors including Matrix Partners China, Mirae Asset Capital, Ridgeback Capital and Intel Capital.
- Boat, an Indian maker of earbuds, raised $100 million. An affiliate of Warburg Pincus invested.
- SalesLoft, an Atlanta, Ga.-based platform for sales teams, raised $100 million at a $1.1 billion valuation. Owl Rock Capital led the round and was joined by investors including Insight Partners, HarbourVest, and Emergence Capital.
- Starburst Data, a Boston, Mass.-based analytics software maker, raised a $100 million in Series C funding. Andreessen Horowitz led the round and was joined by investors including Salesforce Ventures, Coatue, and Index Ventures.
- Aro Biotherapeutics, a Philadelphia-based maker of genetic medicines, raised $88 million in Series A funding. Northpond Ventures and Cowen Healthcare Investments led the round and were joined b y HealthCap, BVF Partners, and Ridgeback Capital.
- Terns Pharmaceuticals, a California-based developer of treatments for liver diseases, raised $87 million in Series C funding. Deerfield Management led the round and was joined by investors including OrbiMed, Lilly Asia Ventures, and Samsara Capital.
- Boston Metal, a startup seeking to lower the carbon footprint of metal production, raised about $50 million of an estimated $60 million round, per an SEC filing. Read more.
- Oxbotica, a London-based autonomous vehicle software maker, raised $47 million in Series B funding. Investors included BGF, bp ventures, Halma, HostPlus, IP Group,Tencent, Venture Science, and Doxa Partners.
- Chronosphere, a New York-based cloud mentoring company, raised $43.4 million in Series B funding. Investors included Greylock, Lux Capital, Lee Fixel, and General Atlantic.
- Volta Medical, a French health tech startup focused on cardiac arrhythmia, raised $28 million. Gilde Healthcare led the round and was joined by investors including Pasteur Mutualité.
- New Wave Foods, a New York City-based maker of a shrimp alternative, raised $18 million in Series A funding. New Enterprise Associates led the round and was joined by investors including Evolution VC Partners.
- Tsū Inc., a New York-based content creation social media company, raised $10 million valuing it at $100 million. TerraCap Ventures and Hilco Global led the round.
- Kanarys, a Dallas-based diversity insights company, raised $3 million in seed funding. Zeal Capital Partners’ Inclusive Investing fund led the round and was joined by investors including Revolution's Rise of the Rest Seed Fund, Morgan Stanley, 100 Black Angels Fund, Segal Ventures, and Jigsaw Ventures.
- PAIRIN, a Denver-based workforce education company, raised an additional $2.3 million in Series A funding. Investors included Potencia Ventures.
- Uprising, a Cincinnati, Oh.-based subscription bakery offering keto-friendly and fiber-rich foods. Raised $1.3 million. Trousdale Ventures led the round.
PRIVATE EQUITY
- Insight Partners invested over $100 million in iLobby, a Toronto-based digital identity company.
- Water Street Healthcare Partners invested $100 million in Southern Scripts, a Natchitoches, La. Pharmacy benefit management company.
- AI Fire, a portfolio company of Audax Private Equity, acquired North Shore Fire Equipment, a New York-based fire extinguisher company. Financial terms weren't disclosed.
- Berkshire Partners recapitalized National Carwash Solutions, a Grimes, Ia.-based car wash company. Financial terms weren't disclosed.
- Clearlake Capital Group invested in Web.com Group, a Jacksonville, Fla.-based web address company. Financial terms weren't disclosed.
- Computer Design & Integration, a portfolio company of One Equity Partners, acquired High Availability, a Philadelphia-based cloud company. Financial terms weren't disclosed.
- Duo Bank of Canada, backed by Centerbridge Partners and Ontario Teachers' Pension Plan Board, acquired the remaining shares of Fairstone Financial Holdings, a Canadian lender. Financial terms weren't disclosed.
- Gen Cap America acquired Frontier Packaging, a Tukwila, Wash.-based manufacturer and distributor of packaging materials. Financial terms weren't disclosed.m
- Hg invested in Prophix, a provider of enterprise software. Financial terms weren't disclosed.
- IQ-EQ, a portfolio company of Astorg, acquired Constellation Advisers, an investment management provider. Financial terms weren't disclosed.
- H.I.G. Capital invested in Action Point and Signature Flexible Packaging, Los Angeles-based providers of food packaging. Financial terms weren't disclosed.
- Katabat, backed by Tritium Partners and Terminus Capital Partners, acquired Simplicity Collection Software, an Idaho Falls, Id.-based debt collection software company. Financial terms weren't disclosed.
- LDC invested in UK-based Omniplex, a U.K.-based eLearning company. Financial terms weren't disclosed.
- LLR Partners invested in Dizzion, a Denver-based desktop software company. Financial terms weren't disclosed.
- Riverwood Capital invested in HG Insights, a Santa Barbara, Calif.-based revenue analytics company. Financial terms weren't disclosed.
- The Riverside Compan y invested in UniFocus, a Carrollton, Tx.-based maker of workforce management software for the hospitality industry. Financial terms weren't disclosed.
- NAMSA, a portfolio company of ArchiMed, acquired Syntactx, a New York-based clinical trials and healthcare testing company. Financial terms weren't disclosed.
- Navisite, backed by Madison Dearborn Partners, acquired Velocity Technology Solutions, a Charlotte, N.C.-based cloud managed service provider. Financial terms weren't disclosed.
- Pacific Shoring Products, backed by Huron Capital,acquired Xterra Trench Shields, a Pasadena, Tx.-based maker of trench safety products such as slide rails. Financial terms weren't disclosed.
- Palladin Consumer Retail Partners invested in Leapfrog Brands, a Chicago-based designer of beverageware. Financial terms weren't disclosed.
- PCS Retirement, backed by LRR, acquired Alliance Benefit Group–Rocky Mountain, a Salt Lake City-based retirement software company. Financial terms weren't disclosed.
- Peak Rock Capital acquired Shipley Franchise Company and Shipley Do-nut Flour & Supply Co., Houston, Tx.-based restaurant franchisor. Financial terms weren't disclosed.
- Pritzker Private Capital acquired Vertellus, a Bayonne, N.J.-based specialty chemicals manufacturer. Financial terms weren't disclosed.
- Revelstoke Capital Partners acquired a majority interest in Empire Portfolio Group Holdings, a New York-based Orangetheory Fitness franchisee. Financial terms weren't disclosed.
- Sagewind Capital invested in Sigma Defense Systems, a Perry, Ga.-based-based airborne intelligence, surveillance, and reconnaissance sensor data transport engineering and services. Financial terms weren't disclosed.
- SK Capital Partners agreed to acquire the Catalent Pharma Solutions’ Blow-Fill-Seal Sterile Contract Development and Manufacturing Business, a Woodstock, Ill.-based clinical to commercial manufacturing company . Financial terms weren't disclosed.
- Source Advisors, backed by Gainline Capital Partners, has acquired Intrepid Advisors, a Marlborough, Mass.-based building consulting company. Financial terms weren't disclosed.
- Trinity Consultants, a portfolio company of Levine Leichtman Capital Partners, acquired AWN Consulting International, a Dublin, Ireland-based provider of environmental, acoustics, and risk management consulting services. Financial terms weren't disclosed.
- USALCO, a portfolio company of H.I.G. Capital, acquired AlChem and CalCHEM, makers of chemicals for municipal water treatment. Financial terms weren't disclosed.
- Varsity Healthcare Partners invested in Peak Dental Services, a Colorado Springs, Colo.-based dental services organization. Financial terms weren't disclosed.
EXITS
- Hologic (Nasdaq: HOLX) agreed to acquire Biotheranostics, a San Diego, Calif.-based provider of molecular diagnostic tests for breast and metastatic cancers, for approximately $230 million. Biotheranostics investors include Evidity Health Capital, HealthQuest Capital, and MVM Partners.
- Odyssey Investment Partners acquired Service Champions, a West Coast-based residential HVAC and plumbing services company, from CenterOak Partners. Financial terms weren't disclosed.
- Twitter acquired Breaker, a San Francisco-based podcasting company. Its investors have included Y Combinator, Shrug Capital, and Betaworks Ventures. Financial terms weren't disclosed.
- Quest Software acquired erwin, a Melville, N.Y.-based software company, from Parallax Capital Partners. Financial terms weren't disclosed.
- Zywave, backed by Clearlake Capital Group and Aurora Capital Partners, acquired Insurance Technologies Corporation, a Carrollton, Tx.-based provider of marketing, rating, and agency management software to the insurance industry, from Accel-KKR. Financial terms weren't disclosed.
OTHER
- Gojek and Tokopedia, an Indonesian e-commerce company, are in talks to merge in a $18 billion deal ahead of an IPO, per reports citing sources. Read more.
- Global Switch Holdings, a London-based data center company, is weighing a potential sale that could value it at 8 billion pounds ($10.9 billion) per Bloomberg. Jiangsu Shagang Group controls the company. Read more.
- Wiley acquired Hindawi Publishing Corporation, a London-based open access publisher, for $299 million.
- Agnico Eagle Mines agreed to acquire TMAC Resources, a Toronto-based mining company, for about C$286.6 million ($225 million).
- AvidXchange acquired Core Associates, a maker of automation software. Financial terms weren't disclosed.
- Hightower acquired Bel Air Investment Advisors, a Los Angeles=based wealth management company, from Fiera Capital Corporation (TSX: FSZ). Financial terms weren't disclosed.
- Nintendo will acquire Next Level Games, a Canadian game developer. Financial terms weren't disclosed.
- FlashParking plans to merge with Arrive Inc, an online platform for booking parking spaces. Investors of Arrive include Baird Capital, Beringea, NewSpring Capital, and Alate Partners. Financial terms weren't disclosed.
- Paradox acquired Spetz.io, an Israeli candidate screening startup using machine learning. Financial terms weren't disclosed.
IPOs
- Nykaa E-Retail, an Indian cosmetics company, is weighing an IPO that would value it at $3 billion, per Bloomberg citing sources. TPG backs the firm. Read more.
SPAC
- Fortress Value Acquisition Corp III, a blank check company formed by Fortress Investment Group, raised $200 million. Read more.
- Atlas Crest Investment II, a SPAC formed by Moelis and Company, filed ro raise $250 million. Read more.
- Crucible Acquisition, a SPAC formed by the Foundry Group, raised $225 million. Read more.
F+FS
- Oak Hill Capital, a New York-based private equity firm, closed its fifth fund at $3.8 billion.
- JLL Partners, a New York-based private equity firm, raised $857 for its eighth fund. Read more.
- Access Holdings, a Baltimore-based mid-market investment firm, raised$340 million for its inaugural fund.
PEOPLE
- Northpond Ventures, a venture capital firm specializing in medicine, promoted Shaan Gandhi, M.D., D.Phil.; Andrea Jackson; and Adam Wieschhaus, Ph.D., CFA to directors.
- DCM, a venture firm investing in Asia and the U.S., promoted David Cheng to principal.
- TA Associates, a growth equity firm, name d Ajit Nedungadi as CEO. It also named Jason Mironov, Jeffrey Hadden, and Tony Marsh as managing directors.
- Two Sigma Ventures, the venture capital arm of Two Sigma, promoted Dusan Perovic and Frances Schwiep to partner.
