It’s a pretty good week for Altos Ventures

Covering the recent spate of public debuts this week, one name jumps out: Altos Ventures. 

Founded in 1996 with a focus on early-stage investments, Altos Ventures invests across both South Korea and the U.S., and has picked up stakes in businesses including Chowbus, Quizlet, and Toss Bank.

Along the way, the investment firm also picked up a substantial stake in gaming company, Roblox, which, as you may have read, went public via direct listing on Wednesday, soaring on its debut. The valuation of the company rose as high as $45 billion on a fully-diluted basis, making CEO Dave Baszucki a billionaire four times over. 

It also turned Altos Ventures’ stake in Roblox worth $7.5 billion. Having first invested in a $2.9 million Series C round in the company back in 2008, Altos Ventures gradually added to its stake over time, investing roughly $141 million in the far meatier Series F, G and H rounds, according to Roblox’s prospectus. Which,even by a very rough, back-of-the-envelope calculation = mega, mega returns. 

Oh, and it also so happens that Altos Ventures is an investor in another company going public today: South Korean e-commerce business Coupang. According to Pitchbook, Altos Ventures made its first bet on the delivery company in 2011. On Thursday, the company raised $4.6 billion ahead of its debut on the New York Stock Exchange, valuing it at about $63 billion on a fully-diluted basis. Granted, that stake is much smaller than its Roblox bet (with Altos Ventures holding some 23.6% of Roblox’s Class A shares prior to the listing): Altos Ventures is not named as an investor in Coupang’s IPO filing, meaning it holds less than 5% of the e-commerce business.

Not a bad week for Altos Ventures.

IS BITCOIN BAD FOR THE CLIMATE? On Monday, I wrote about one of the costs of the rising interest in cryptocurrencies, the climate. In it, I alluded to researchers who say the mining of the digital coins takes an outsized amount of electricity, which in turn, mainly comes from less environmentally-friendly sources, such as coal. Union Square Ventures Partner, Fred Wilson, wrote back, saying he believed I oversimplified the issue and that effectively, more data is needed on the topic.

“It is time for the crypto industry to study this issue carefully and provide real data. I would like to see carbon emissions from proof of work mining measured over time and projected into the future,” he writes.

Here’s his blog post in full on the topic.

Lucinda Shen
Twitter: @shenlucinda
Email:  [email protected]

VENTURE DEALS

- Aqua Security, a Burlington, Mass. And Ramat Gan, Israel-based cloud native security company, raised $135 million in Series E funding, valuing it over $1 billion. Ion Crossover Partners led the round and was joined by investors including M12, Lightspeed Venture Partners, Insight Partners, TLV Partners, Greenspring Associates, and Acrew Capital.

- Ushopal, a Shanghai-based luxury beauty and new retail group, raised $100 million. FountainVest Partners led the round and was joined by investors including Cathay Capital, Zhongyuan Capital, Hengxu Capital, and Dazhong Zhongsong Fund.

- Icertis, a Bellevue, Wash.-based contract management company, raised $80 million in Series F funding, valuing it at $2.8 billion. B Capital Group led the round and was joined by investors including Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, and e.ventures. 

- Nimble Robotics, a San Francisco-based robotics and ecommerce fulfillment technology company, raised $50 million in Series A funding. DNS Capital and GSR Ventures led the round and was joined by investors including Accel and Reinvent Capital.

- Oishii, a New Jersey-based company focused on indoor vertical strawberry farming, raised $50 million in Series A funding. SPARX Group’s Mirai Creation Fund II led the round and was joined by investors including Sony Innovation Fund, PKSHA Technology,  and Social Starts.

- NuORDER, a Los Angeles-based e-commerce platform, raised $45 million. Brighton Park Capital and Imaginary Venture s led the round. 

- Cynet, a Boston-based maker of a security autonomous platform, raised $40 million in Series C funding. Greenfield Partners led the round and was joined by investors including Norwest Venture Partners, Vintage Investment Partners, BlueRed Partners, and Deutsche Telekom.

- Pico Interactive, a San Francisco-based developer of virtual reality and enterprise solutions, raised $37.4 million (€31.4 million) in additional Series B funding. Investors included Co-Stone Asset Management, Shenzhen Yidun Media Investment Fund, Jianyin International Capital Management (Tianjin) Co., and CCBI Tech Venture (Suzhou) Combined Debt & Equity Private Equity Fund.

- Hi Marley, a Boston-based maker of a texting platform for the insurance industry, raised $25 million in Series B funding. Emergence Capital led the round and was joined by investors including Underscore, True Ventures, Bain Capital Ventures, Greenspring, and Brewer Lane.

- Assembled, a San Francisco-based operating system for customer support teams, raised $16.6 million in Series A funding. Emergence Capital led the round and was joined by investors including Stripe, Basis Set Ventures, and Felicis Ventures. 

- AcreTrader, a Fayetteville, Ark.-based farmland investing platform, raised $12 million in Series A funding. Jump Capital led the round and was joined by investors including Narya Capital, Revolution’s Rise of the Rest Seed Fund, RZC Investments, and Revel Partners.

- Splashtop, a San Jose, Calif.-based remote access and remote support firm, raised $15 million from existing investors Sapphire Ventures, Storm Ventures, NEA, and DFJ DragonFund.   

- Forma.ai, a Canada-based sales performance analytics provider, raised $10 million in Series A funding. Crosslink Capital led the round and was joined by investors including Golden Ventures, Panache Ventures, Uncork Capital, and Xfund. 

- Digital Motors, an Irvine, Calif.-based sales platform for automotive dealerships and manufacturers, raised $10 million in Series A funding. DN Capital led the round.

- retrain.ai, a New york-based provider of a platform for training and placing professionals in new roles, raised $9 million in Series A funding. Square Peg led the round.

- Exabel, a Norway-based analytics tool for  investment teams, raised $6 million in additional seed funding. AWC invested.

- Populus, a San Francisco-based transportation data startup, raised $5 million. Investors included Storm Ventures and Magna, as well as Precursor, Relay Ventures, and Ulu Ventures. Read more.

- Clara, a Mexico City-based corporate card and business spend management solution, raised $3.5 million in pre-seed funding. General Catalyst led the round and was joined by investors including Picus Capital, Canary Ventures, SV Angel, GFC, SOMA Capital, Liquid2, and Adapt Ventures. 

- Sommelier, a San Francisco-based blockchain protocol and Ethereum bridge, raised $3.5 million in seed funding. Standard Crypto led the round and was joined by investors including Multicoin Capital, Alameda Ventures, Proper Cygni, and Power Planet Holdings.

- Image Relay, a Burlington, Vt.-based digital asset management platform, raised $3.5M in Series A funding. Audeo Capital led the round and was joined by existing investor FreshTracks Capital.

- Arist, a Cumberland, R.I.-based startup for organisations deliver training to staff via text, raised an additional $2 million in seed funding. Global Founders Capital led the round. Read more.

- Copper Labs, a Boulder, Colo.-based company offering wireless energy management solutions, raised $2 million in funding. National Grid Partners led the round.

- PropSwap, a Las Vegas-based secondary marketplace to buy and sell sports bets, raised $2 million. Investors included Fama Ventures and Chris Grove (partner at Eilers & Krejcik Gaming).

PRIVATE EQUITY

- A group invested $1.9 billion in Lineage Logistics, a Novi, Mi.-based cold chain industrial REIT and logistics solutions provider. The group of investors included BentallGreenOak, D1 Capital Partners, Oxford Properties, CenterSquare Investment Management, MS Tactical Value and Conversant Capital, OP Trust, and Cohen & Steers.

- Vista Equity Partners invested in AlertMedia, an Austin-based provider of emergency communication software and threat intelligence solutions. A source with knowledge of the matters puts the investment at $400 million. Financial terms weren't disclosed. Read more.

- Procuritas Capital Investors acquired Polarn O. Pyret,a Swedish children’s clothing brand, for a SEK 330 million ($38.9 million) on a cash and debt-free basis. 

- Abracon, backed by The Riverside Co., acquired AEL Crystals, a U.K.-based frequency control supplier. Financial terms weren't disclosed.

- A group of investors including Bain Capital will acquire the assets of By Chloe, the vegan restaurant chain, out of bankruptcy for $333,000. The deal will not include the By Chloe trademark. Read more.

- CVC will pay acquire a stake in Six Nations Rugby, the organization overseeing Europe’s main rugby tournament, for as much as $509 million. 

- Fralock Holdings, backed by Arsenal Capital,  acquired Oasis Materials, a Valencia, Calif.-based maker of ceramic heaters. Financial terms weren't disclosed.

- Right Time Group of Companies, backed by Gryphon, acquired Atlas Service Company, a Canada-based provider of residential HVAC, air quality, plumbing and hot water services. Financial terms weren't disclosed.

- Stonewall Kitchen, a portfolio company of Audax Private Equity, acquired Urban Accents, a Chicago-based manufacturer of branded, shelf-stable spices, sauces and plant-based meat alternatives. Financial terms weren't disclosed.

- Trive Capital invested in NutriFresh Services, an Edison, N.J.-based cold chain logistics company. Financial terms weren't disclosed.

EXITS

- Hilton Grand Vacations agreed to acquire Diamond Resorts International, a Las Vegas-based timeshare operator, for about $1.4 billion from Apollo Global Management and Reverence Capital Partners.

- Via agreed to acquire Remix, a San Francisco-based transportation software maker, for $100 million in cash and equity. Sequoia Capital backs Remix.

- Vacasa agreed to acquire TurnKey Vacation Rentals, an Austin-based vacation rental manager. Investors including Adam Street Partners and Altos Ventures backed TurnKey.

OTHER

- AerCap agreed to acquire General Electric’s airline leasing unit for $30 billion.

- A.P. Moller-Maersk is weighing a sale of its refrigerated container business that could be valued at $1 billion, per Bloomberg. Read more.

- JBS is in talks to acquire Conagra Brands’ (NYSE: CAG) Hebrew National hot dog brand, per the Wall Street Journal. A deal, which could include the Egg Beaters and Odom’s Tennessee Pride brands, could value the unit at $700 million. Read more.

IPO

- Alkami Technology, a Plano, Tx.-based maker of an online banking platform, filed to raise $100 million via an IPO. General Atlantic and S3 Ventures back the firm. Read more.

- Hello, a Chinese bike-sharing company, filed confidentially for an IPO in the U.S., per Bloomberg. Ant Group backs the firm. Read more.

SPAC

- IronNet Cybersecurity, a McLean, Va.-based cybersecurity firm, is in talks to merge with LGL Systems Acquisition, a SPAC, per Bloomberg. A deal could value the business at $1.2 billion. ForgePoint Capital and Kleiner Perkins back IronNet. Read more.

- Velo3D, a Cambell, Calif.-based maker of 3D metal printers, is in talks to merge with Jaws Spitfire Acquisition, a SPAC from Barry Sternlicht. A deal could value it at over $1 billion, per Bloomberg. Read more.

- Grab, the Southeast Asian ride-hailing firm, is weighing plans to go public in the U.S. Via merger with a blank-check company, per Bloomberg. Read more.

- BuzzFeed, a New York-based online media outlet, is in talks to go public via merger with 890 5th Avenue Partners, a SPAC, per Bloomberg. Read more.

- Independence Holdings, a SPAC led the round by founders of FT Partners and Sagemount, raised $435 million.

F+FS

- CIIG Capital Partners II, a SPAC formed by investors at Cuneo & Company and IIG Holdings, filed to raise up to $300 million.

- PAI Partners, a European private equity firm, closed PAI Mid-Market Fund with €920 million ($1.1 billion) of commitments. 

- Clerisy, a New York-based growth equity firm co-founded by former L Catterton Partner Lisa Myers and Gilt co-founder Alexandra Wilkis Wilson, launched a $100 million fund.

- SIP Global Partners, a U.S. And Japan-based firm, has raised $75 million of $150 million for its debut fund.

- Volpe Capital, a Sao Paulo, Brazil-based venture firm targeting Latin America, held a first close of its fund with $80 million. Read more.

PEOPLE

- KKR, a New York-based investment firm, named Dinesh Paliwal, former Chief Executive Officer of HARMAN International, as a partner in its private equity business.