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Honestly, the headline says it all.
Hedge fund-turned-omnipresent venture investor Tiger Global Management announced two mega deals Tuesday.
They include: An $83 million Series D round in Vast Data, a New York-based storage software company, valuing it at $3.7 billion; and one mega $550 million round in Kajabi, an Irvine, Calif.-based platform for creating lessons, valuing it at over $2 billion.
The investing titan led a $425 million round in corporate credit card startup Brex just last week. Tiger Global also participated in a $73 million round of funding in Safety Culture announced Monday, although it did not lead the deal. And it played a role in the raises of companies Current and MessageBird a few days ago.
That’s just the tip of the iceberg. The firm has participated in over 100 deals since the start of the year, based on data from Pitchbook. It’s much-talked-about, aggressive investment strategy has been called a “deal machine,” driving up valuations with hard-to-compete-with terms: Tiger has been happy to take a back-seat role within its portfolio companies while cutting enormous checks compared to those of its rivals (Founders Fund Principal Everett Randle also compared Tiger’s high-speed approach to that of Walmart). Tiger’s seemingly risky and rapid-fire bets have gotten it into some of the hottest cap tables out there. Where it goes in the long term is anyone’s guess.
At any rate, Tiger is seeking more funding. Axios reports that the firm is in talks to raise about $10 billion for a new equity fund, just a month after raising a $6.7 billion one.
A SPAC GETS SLASHED: AEye, an autonomous vehicle sensor company that agreed to go public via merger with a Cantor Fitzgerald-backed SPAC, amended the terms of its merger with the blank check company Monday. Citing the shifting valuations of other lidar sensor companies in public markets, the duo changed the agreement to value AEye at about $1.52 billion, down from the $2 billion back in February. Read more.
Lucinda Shen
Twitter: @shenlucinda
Email: [email protected]
VENTURE DEALS
- Solid Power, a Louisville-based maker of solid-state batteries for electric vehicles, raised $130 million in Series B funding. Investors included Ford and BMW.
- Memic Innovative Surgery, an Israel and Florida-based medical device company, raised $96 million in Series D funding. Ceros Financial Services and Peregrine Ventures led the round and were joined by investors including OurCrowd and Accelmed.
- WorkBoard, a Redwood City, Calif.-based employee performance platform, raised $75 million. SoftBank Vision Fund 2 led the round and was joined by investors including Andreessen Horowitz, GGV Capital, Workday Ventures, M12, Capital One Ventures, and SVB Capital.
- LoanSnap, a San Francisco-based lending startup, raised $30 million in Series B funding. True Ventures led the round and was joined by investors including Baseline, Virgin Group, AAA, MANTIS, and Hall of Fame NFL quarterback , Joe Montana.
- JupiterOne, a Morrisville, N.C.-based provider of cyber asset management and governance solutions, raised $30 million in Series B funding. Sapphire Ventures led the round and was joined by investors including Bain Capital Ventures.
- Crayon, a Boston-based competition intelligence platform for the enterprise, raised $22 million in Series B funding. Baird Capital led the round and was joined by investors including Baseline Ventures, Bedrock Capital, C&B Capital, and Oyster Funds.
- Pawp, a New York-based veterinary telehealth platform, raised $13 million in Series A funding. Lux Capital led the round and was joined by investors including Good Friends (founders of Warby Parker, Harry's, and Allbirds).
- Qredo, a London-based decentralized digital asset management infrastructure company, raised $11 million in seed funding. Investors include G1, Gumi Cryptos, Maven 11, Spartan Group, 1kx, and Kenetic.
- Thentia, a Toronto-based platform for government licensing and data management, raised $10 million in Series B funding. Spring Mountain Capital led the round and was joined by investors including BDC Capital.
- Alife Health, a San Francisco-based fertility data company, raised $9.5 million in seed funding. Lux Capital led the round and was joined by investors including Amplo, IA Ventures, and Springbank Collective.
- Carry1st, a Brooklyn, N.Y.-based mobile games publishing platform focused on theAfrican market, raised $6 million in Series A funding. Konvoy Ventures led the round and was joined by investors including Riot Games, Raine Ventures, AET Fund / Akatsuki, and TTV Capital.
- Portainer.io, an Auckland-based container management tool, raised $6 million in Series A funding. Bessemer Venture Partners led the round and was joined by investors including Sonae Investment Management and Movac.
- Datanomix, a Nashua, N.H.-based vendor of production intelligence software for industrial manufacturers, raised $6 million in Series A funding. Bob Davoli (Founder and Managing Director at Gutbrain Ventures) and Bruce Clarke (Managing Partner of PBJ Capital) with participation from Mike Wohl (Chief Investment Officer at CEAS Investments).
- Little Otter, a San Francisco-based mental health company focused on children, raised $4.2 million in pre-seed and seed funding. Torch Capital, Vast Ventures, Box Group, Canaan, 8VC, Able, and Hinsdale led the round.
- Gatheround, a team bonding and community engagement platform, raised $4 million in funding. Investors include Claire Hughes Johnson (COO of Stripe), Scott Heiferman (Co-Founder of Meetup), Li Jin, and Lenny Rachitsky.
- DELOCE, a Los Angeles-based cocktail brand, raised $1.5 million. Vice Ventures led the round.
- Ceremonia, a New York-based clean hair care brand rooted in Latinx heritage, raised $2 million. Silas Capital and Beliade led the round.
PRIVATE EQUITY
- Knighthead Capital Management and Certares Management upped an offer to buy Hertz Global Holdings, the car rental company, out of bankruptcy per Bloomberg. A deal would value the company at $6.2 billion.
- CVC Capital Partners VII led an over $250 million round in Acronis, a Switzerland-based cyber protection company. The deal values the company at $2.5 billion.
- Eldridge and JE Dunn invested $190 million in Prescient, a Charlotte, N.C.-based architectural software and digital design company.
- One Equity Partners agreed to acquire the North American operations of AMECO, a provider of construction equipment, scaffolding, small tools management and total site solutions, from Fluor (NYSE: FLR) for $73 million.
- Bold Orange, backed by Mountaingate Capital, acquired Three Deep Marketing, a St. Paul, Minn.-based marketing company. Financial terms weren't disclosed.
- Brentwood Associates acquired Watermill Express, a Brighton, Colo.-based drinking water franchise. Financial terms weren't disclosed.
- CVC Capital Partners and Caisse de dépôt et placement du Québec will acquire a majority stake in BlueFocus Intelligent Communication Group’s international group of agencies. That includes We Are Social, fuseproject, and Vision7 International. Financial terms weren't disclosed.
- Crest Rock Partners invested in Jelecos, an Omaha, Ne.-based tech consulting company. Financial terms weren't disclosed.
- Francisco Partners merged TradingScreen, a provider of trading execution and order management software, and Imagine Software, a risk and compliance software platform. Financial terms weren't disclosed.
- Leeds Equity Partners is investing in OptionMetrics, a New York-based options and futures database and analytics provider for institutional investors and academic researchers. Financial terms weren't disclosed.
- Meridian Adhesives Group, backed by Arsenal Capital Partners, acquired Frontier Products, an Alvarado, Texas-based manufacturer of flooring solutions. Financial terms weren't disclosed.
- PrimePay, backed by Aquiline Capital Partners, agreed to acquire SyncHR, a Denver-based HR, payroll and benefits management software provider. Financial terms weren't disclosed.
- Provation, backed by Clearlake Capital Group, acquired iProcedures, a provider of anesthesia documentation and perioperative data management software solutions. Financial terms weren't disclosed.
- Sovos, backed by H g and TA Associates, acquired Chile-based Acepta’s digital enablement business. Financial terms weren't disclosed.
EXITS
- Global Payments (NYSE: GPN) agreed to acquire Zego, a provider of real estate software and payments solutions, from Vista Equity Partners. The deal values Zego at about $925 million.
- Better Collective A/S agreed to buy Action Network, a New York-based sports analysis media company made by the Chernin Group, for $240 million.
- PrimeSource Building Products, backed by Clearlake Capital Group, agreed to acquire NWI Enterprises, a provider of specialty hardware for outdoor residential applications, from Harbour Group. Financial terms weren't disclosed.
OTHER
- InVivo agreed to acquire Soufflet, an French agricultural business, in a deal worth as much as 2.3 billion euros ($2.8 billion), per Reuters.
- Meredith Corporation (NYSE: MDP) agreed to sell its Local Media Group, a collection of 17 local news stations, to Gray Television (NYSE: GTN) for $2.7 billion in cash.
- Switch (NYSE: SWCH) agreed to acquire Data Foundry, an Austin-based colocation provider, for $420 million in an all cash transaction. Financial terms weren't disclosed.
IPOS
- DLocal, a Uruguay-based payments startup, filed for an IPO that could value it at $5 billion, per Bloomberg. Its investors include General Atlantic, Tiger Global, and D1 Capital Partners.
- Flywire, a Boston-based payments company, filed for an IPO. Spark Capital, Ossa Investments, and F-Prime Capital back the firm.
SPACS
- Iris Energy, an Australia-based Bitcoin mining company, is considering talks to go public via merger with a SPAC in the U.S. In a deal that could raise between $300 million to $500 million, per Bloomberg.
F+FS
- Sixth Street, a San Francisco-based investment firm, named Goldman Sachs veteran R. Martin Chavez as vice chairman and partner. Chavez has been tapped to build of the firm’s digital capabilities and develop “software and A.I.-related themes with the Sixth Street Healthcare and Life Sciences group”.
