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The Scherzer Deal Report: March April 1-8, 2020


Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.


PE and VC Firms Fundraising Location Amount Description
Activant Capital New York, NY $257M Third fund
American Pacific Group San Francisco, CA $450M Debut fund
Crescent Capital Group Los Angeles, CA and London, UK €1.6B Second European specialty lending fund
CVC Capital Partners New York, NY and London, UK $4.5B Fifth Asia-focused buyout fund
Deerfield Management New York, NY $840M Second healthcare growth equity fund
Flagship Pioneering Cambridge, MA $1.1B Early-stage fund
Index Ventures London, UK and San Francisco, CA $2B Tenth early stage VC fund  ($800M) and fifth growth fund ($1.2B)
Insight Partners New York, NY $9.5B Eleventh software-focused VC and growth equity fund
StepStone Group San Francisco, CA $2.1B Fourth private equity secondaries opportunity fund
The Blackstone Group New York, NY €9.8 b Sixth European real estate private equity fund
TrueBridge Capital Partners Chapel Hill, NC $190M Second direct venture fund
VenBio Partners San Francisco, CA $394M Third fund


Private Equity Investors Company  Amount Description
Silver Lake, Sixth Street Partners Airbnb $1B San Francisco, CA-based home rental platform
Bernhard Capital  Ascension Wastewater Treatment Undisclosed Louisiana-based private sewer utility operator
Marlin Equity Partners AVI-SPL Undisclosed Tampa, FL-based provider of workplace collaboration solutions
Veronis Suhler Stevenson, NewSpring Health Capital BRC Healthcare Undisclosed Texas-based addiction treatment services company
SoFi Galileo $1.2B Salt Lake City-based financial services API and payments platform
The Riverside Co. Independent Living Specialists Undisclosed Australian provider of mobility devices like wheelchairs and personal care equipment like shower stools
Webster Equity Partners One GI $80M Gastroenterology practice platform 
Pine Island Capital Partners, Bain Capital Credit Precinmac Undisclosed Manufacturer of high-precision machined components and assemblies for the aerospace & defense, semiconductor, and general industrials sectors
PSP Investments SitusAMC Undisclosed Provider of tech and consulting services to the real estate finance market
ICV Partners The Mintz Group Undisclosed New York-based investigative and enterprise risk management services company


Venture Capital Investors Company  Amount Description
Bregal Sagemount Accellion $120M Palo Alto, CA-based enterprise content firewall company
JMI Equity, Next Coast Ventures, Silverton Partners AlertMedia $15M Austin, TX-based provider of emergency communication software
Rally Ventures Bugcrowd $30M San Francisco, CA-based crowdsourced cybersecurity startup
IVP, Sapphire Ventures CircleCI $100M San Francisco, CA-based continuous integration and delivery platform for software development
DFJ Growth, Foundation Capital, Greenspring Associates, Wing VC, HP Enterprise, Cisco, Sequoia Capital, SoftBank Vision Fund Cohesity $250M San Jose, CA-based software-defined data management company
Vensana Capital, Amgen Ventures GPB Scientific $25.5M Richmond, VA-based therapeutic cell production and bioprocessing startup
AXA Venture Partners, Zendesk, Allos Ventures, Atlas Peak Capital, Rethink Education, The Yard Ventures Lessonly $15M Indianapolis, IN-based online training platform for teams
ClearSky Security, Bessemer Venture Partners, Felicis Ventures Okera $15M San Francisco, CA-based secure data access startup
Celeres Investments, Ford Motor Co., KT, Millennium Technology Value Partners, DSC Investment Phantom AI $22M Burlingame, CA-based vehicle-agnostic autonomous driving platform
YC Continuity, Sapphire Ventures, Alkeon Capital, Recruit Co., Ltd., IVP, Accel, Summit Partners, GV Podium $125M Lehi, UT-based customer messaging platform for local businesses
Atomico, BlackRock, Founders Fund, Redpoint Ventures PsiQuantum $215M Palo Alto, CA-based developer of a commercial quantum computer
D1 Capital Partners, Uncork Capital, Union Square Ventures, Bessemer Venture Partners Shippo $30M San Francisco, CA-based provider of shipping software
MemorialCare Innovation Fund, LRVHealth, OSF Ventures, UnityPoint Health Ventures, Act Venture Capital, B Capital Group SilverCloud Health $16M Boston, MA-based digital mental health platform
 General Catalyst, F-Prime Capital, Kickstart Seed Fund, Diōko Ventures, Jonathan Bush SonderMind $27M Denver, CO-based behavioral health startup
Delta-v Capital, Afia Capital, Stadia Ventures, General Catalyst, Seaport Capital, DUMAC, Steve Pagliuca, Reggie Love Teamworks $25M Durham, NC-based athlete engagement platform for collegiate and pro teams
Lightspeed Venture Partners Tonkean $24M San Francisco, CA-based no-code automation platform
Insight Partners, Olive Tree Ventures, Qualcomm Ventures, Orbimed, Echo Health, Qure, Teuza Tyto Care $50M New York, NY-based telehealth platform

April 10th, 2020|Scherzer Deal Report|

The CFPB issues new policy guidance on credit reporting and dispute resolution

On April 1, 2020, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a non-binding general policy statement (“Policy Statement”) regarding the Fair Credit Reporting Act (FCRA) and Regulation V in light of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

The CFPB’s Policy Statement highlights furnishers’ responsibilities and informs consumer reporting agencies (“CRAs”) of the Bureau’s flexible supervisory and enforcement approach during this pandemic. The Bureau intends to consider the circumstances that entities face as a result of the COVID-19 pandemic and their good faith efforts to comply with statutory and regulatory obligations as soon as possible.

The Bureau believes that this flexibility will help furnishers and CRAs to manage the challenges of the current crisis. Below are examples of the flexibility the Bureau intends to provide in the consumer reporting system.

Furnishing consumer information impacted by COVID-19: The Bureau reiterates its prior guidance encouraging financial institutions to work constructively with borrowers and other customers affected by COVID-19 to meet their financial needs. While companies generally are not legally obligated to furnish information to CRAs, the Bureau encourages them to continue doing so despite the current crisis. Furnishers’ providing accurate information to CRAs produces substantial benefits for consumers, users of consumer reports, and the economy as a whole. The CARES Act, a section of which amends the FCRA, generally requires furnishers to report as current certain credit obligations for which furnishers make payment accommodations to consumers affected by COVID-19 who have sought such accommodations from their lenders. Many furnishers are or will be offering consumers affected by COVID-19 various forms of payment flexibility, including allowing consumers to defer or skip payments, as required by the CARES Act or voluntarily. Such payment accommodations will avoid the reporting of delinquencies resulting from the effects of COVID-19. The Bureau supports furnishers’ voluntary efforts to provide payment relief, and it does not intend to cite in examinations or take enforcement actions against those who furnish information to CRAs that accurately reflects the payment relief measures they are employing.

Disputes: The FCRA generally requires that CRAs and furnishers investigate disputes within 30 days of receipt of the consumer’s dispute. The 30-day period may be extended to 45 days if the consumer provides additional information that is relevant to the investigation during the 30-day period. The Bureau is aware that some CRAs and furnishers may face significant operational disruptions that pose challenges in the investigations. For example, some CRAs and furnishers may experience reductions in staff, difficulty in taking disputes, or lack of access to necessary information, rendering them unable to investigate the disputes within the timeframes the FCRA requires. Furnishers include a wide variety of businesses that vary in size and sophistication and can range from small retailers to very large financial services firms, each of which will face unique challenges due to the COVID-19 pandemic. In evaluating compliance with the FCRA as a result of the pandemic, the Bureau will consider a CRA’s or furnisher’s individual circumstances and does not intend to cite in an examination or bring an enforcement action against a CRA or furnisher making good faith efforts to investigate disputes as quickly as possible, even if dispute investigations take longer than the statutory timeframe. The Bureau reminds furnishers and CRAs that they may take advantage of statutory and regulatory provisions that eliminate the obligation to investigate disputes submitted by credit repair organizations and disputes they reasonably determine to be frivolous or irrelevant. The Bureau will consider the current constraints on furnishers’ and CRAs’ time, information, and other resources in assessing if such a determination is reasonable.

Regulatory requirements: The Policy Statement is a non-binding general statement of policy articulating considerations relevant to the Bureau’s exercise of its supervisory and enforcement authorities. It is therefore exempt from the notice and comment rulemaking requirements under the Administrative Procedure Act pursuant to 5 USC 553(b).

Resources for consumers and small businesses facing the impacts of the COVID-19 pandemic are available on the Bureau’s website at https://www.consumerfinance.gov/coronavirus/.

April 3rd, 2020|Guidence|

The Scherzer Deal Report: March 25-April 1, 2020


Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.


PE and VC Firms Fundraising Location Amount Description
Arch Venture Partners Chicago, IL $1.46B Tenth early-stage biotech fund and an affiliated overage fund
Ardian Paris, France $18B Eighth private equity secondaries fund
Gemspring Capital Westport, CT $750M Second fund
General Catalyst Cambridge, MA $600M Tenth early stage fund
General Catalyst Cambridge, MA $1B New growth fund
General Catalyst Cambridge, MA $700M New “endurance fund” that will back companies doing at least $100 million in sale
Tailwater Capital Dallas, TX $1.1B Fourth fund


Private Equity Investors Company  Amount Description
Palm Beach Capital Allen Brothers Undisclosed Philadelphia, PA-based wholesale distributor to the convenience and grocery store market
PSP Investments,  Alberta Teachers’ AltaGas Canada C$1.7B Canadian utility
Thoma Bravo Command Alkon Undisclosed Birmingham, AL-based supplier collaboration platform for heavy construction
Apple Dark Sky Undisclosed New York-based weather app that specializes in weather forecasting and visualization
Stone Canyon Industries Kissner $2B Toronto-based salt producer
Charlesbank Capital Partners News America Marketing $235M New York-based coupon-publishing unit 
Genstar Capital Obsidian Insurance Holdings $100M New fronting insurance holding company
HGCC PCF Insurance Undisclosed Woodland Hills, CA-based retail insurance brokerage
Council Capital Physician Housecalls Undisclosed Chickasha, OK-based provider of primary care services at private residences, assisted living centers, and independent senior apartments
Morgan Stanley Infrastructure Partners Seven Seas $500M + Tampa, FL-based water treatment business
Francisco Partners Smith Technologies Undisclosed Spartanburg, SC-based developer of community pharmacy and long-term care technology
Calera Capital Thayer Power & Communication Undisclosed Pataskala, OH-based provider of repair, maintenance, and upgrade services for the utility and telecom industries
Stonepeak Infrastructure Partners Trac Intermodal Undisclosed Princeton, NJ-based transportation equipment company


Venture Capital Investors Company  Amount Description
F-Prime Capital, NEA, Atlas Venture, Alexandria Venture Investments, Lonza, Partners Innovation Fund Affinia Therapeutics $60M Waltham, MA-based gene therapy startup
Pivotal BioVenture Partners, Cormorant Asset Management, Cowen Healthcare Investments, EcoR1 Capital, Fidelity, Polaris Founders Fund, Pagsgroup, Surveyor Capital, Wu Capital, 5AM Ventures, NEA, Novartis, Partners Innovation Fund, RA Capital Management, Sofinnova Investments Akouos $105M Boston, MA-based developer of gene therapies for hearing
Cigna Ventures, MemorialCare Innovation Fund, Avalon Ventures, CU Healthcare Innovation Fund, Stanford Health Care AristaMD $18M San Diego, CA-based e-consulting platform for medical specialists
OrbiMed, Arch Venture Partners, Frazier Healthcare Partners, Domain Associates, Section 32, Sam Altman Aspen Neuroscience $70M San Diego, CA-based developer of an autologous neuron replacement therapy to treat Parkinson’s disease
Lux Capital, Coatue, Sonder Capital, Playground Global, Baidu Ventures, Refactor Capital Avail Medsystems $25M Palo Alto, CA-based startup that helps digitize a surgeon’s physical presence in the operating room
Lightspeed Venture Partners, OpenView, Bessemer Venture Partners, YL Ventures, Vertex, WTI Axonius $58M New York-based cybersecurity asset management company
Itochu Corp. BigRentz $15M Irvine, CA-based construction equipment rental platform
Durable Capital Partner, Iconiq Capital, Index Ventures, Battery Ventures, CapitalG, Dawn Capital Collibra $112.5M New York-based provider of data governance software for business users
The Invus Group, Surveyor Capital, EDBI, Vertex Ventures, F2 Ventures, MPM Capital, EcoR1 Capital, Redmile Group, Samsara BioCapital ElevateBio $170M Cambridge, MA-based cell and gene therapy startup
T.J. Rogers, York Capital Enovix $45M Fremont, CA-based developer lithium-ion batteries
LeapFrog, Sequoia Capital, Sofina MedGenome $55M Foster City, CA-based genetic diagnostics and research startup focused on Southeast Asia
Index Ventures Notion $50M San Francisco-based provider of cloud-based collaboration tool
General Catalyst, Drive Capital, Oak HC/FT, Ascension Ventures Olive $51M Columbus, OH-based provider of health care administration automation software
Dell Technologies Capital, WRVI Capital, Avalon Ventures, Argentum Capital Partners, Allen and Company, Mathers Associates Orion Labs $29M San Francisco, CA-based provider of communication and automation SaaS for deskless workers
Access Biotechnology, Boxer Capital, RA Capital, OrbiMed, Polaris Partners, Versant Ventures, Roche Venture Fund, SR 1, JDRF T1D Fund, BioInnovation Capital Pandion Therapeutics $80M Cambridge, MA-based biotech focused on autoimmune disorders like Type 1 diabetes
G2VP Seegrid $25M Pittsburgh, PA-based developer of self-driving industrial vehicles for material handling
Georgian Partners, Franklin Templeton, Prologis Ventures, GreatPoint Ventures, Alumni Ventures Group Strivr $30M Palo Alto, CA-based provider of VR training solutions
RA Capital Management, Janus Henderson Investors, TPG Growth, Abingworth, Longitude Capital, Frazier Health Care Partners, Pivotal bioVenture Partners, Medixci, CTI Life Sciences, Roche Venture Fund, Foresite Capital SutroVax $110M Foster City, CA-based developer of a pneumonia vaccine
Radicle Impact Partners, The Ecosystem Integrity Fund, ID8 Investments, AiiM Partners Vericool $19.1M Livermore, CA-based maker of compostable insulation packaging
Exor, Shell, Macquarie Capital, Mori Building Via $200M New York-based ride hail and transit software compan

April 2nd, 2020|Scherzer Deal Report|

The Scherzer Deal Report: March 18-25, 2020


Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.


PE and VC Firms Fundraising Location Amount Description
FMI Investment Partners Durham, NC $26M Debut fund
Fort Ross Ventures Menlo Park, CA $235M Second fund
Mayfield Menlo Park, CA $475M 16th early-stage fund 
Mayfield Menlo Park, CA $275M 2nd opportunities fund
Origami Capital Partners Chicago, IL $520M 4th fund
The Carlyle Group Washington, DC $2.3B 4th Japan buyout fund


Private Equity Investors Company  Amount Description
TA Associates Accion Labs Undisclosed Pittsburgh, PA-based software engineering company
Levine Leichtman Capital Partners Blue Ridge ESOP Associates Undisclosed Charlottesville, VA-based provider of ESOP administration and recordkeeping solutions
OLX Group, Andreessen Horowitz, Warburg Pincus OfferUp $120M Bellevue, WA-based peer-to-peer marketplace for local goods
Marlin Equity Partners SmartLinx Undisclosed Iselin, NJ-based provider of workforce management software for skilled nursing, senior living and post-acute care providers
Gainline Capital Partners SourceHOV Undisclosed Fort Worth, TX-based provider of tax incentive solutions to accounting firms and mid-market companies
MPE Partners Teel Plastics Undisclosed Baraboo, WI-based manufacturer of highly engineered and complex plastic components
The Jordan Co. Transportation Impact Undisclosed Emerald Isle, NC-based provider of software for high-volume shippers
Northlane Capital Partners VMG Health Undisclosed Dallas, TX-based valuation and transaction advisory firm exclusively focused on the healthcare industry


Venture Capital Investors Company  Amount Description
Decheng Capital, Oceanpine Capital Apexigen $65M San Carlos, CA-based developer on cancer antibodies
M12, PayPal, USVP Arkose Labs $22M San Francisco, CA-based provider of online fraud and abuse prevention software
Fidelity, Valor Equity Partners Castle Creek Biosciences $55M Exton, PA-based gene therapy company focused on rare skin conditions
Updata Partners CData $20M Chapel Hill, NC-based provider of data access and connectivity software
Insight Partners, Cisco Investments, Lightspeed Venture Partners, Norwest Venture Partners, Redpoint Ventures Dremio $70M Santa Clara, CA-based “data lake engine” startup
Insight Partners, Wing VC, General Catalyst Espressive $30M Santa Clara, CA-based developer of company help-desk chatbots
Stripe, Index Ventures, Susa Ventures Fast $20M San Francisco, CA-based developer of platform-agnostic login and checkout services
Dell Technologies Capital, Accel Humio $20M London-based log management platform
Casdin Capital, Greenspring Associates, Alexandria Venture Investments, Illumina Ventures, Polaris Partners, The Column Group Kallyope $112M New York-based biotech focused on the “gut-brain axis,”
Notion Capital, Workday Ventures, Foundation Capital, Emergence Capital Mya Systems $18.75M San Francisco, CA-based hiring chatbot
Generation Investment Management,  Breakthrough Energy Ventures, 1955 Capital, Mousse Partners, ADM Ventures, Danone Manifesto Ventures Nature’s Fynd $80M Chicago, IL-based alternative protein startup
B Capital Group, Kleiner Perkins, Khosla Ventures, Accomplice, Top Tier Capital Partners Plastiq $75M San Francisco, CA-based solution for paying bills via credit card
4BIO Capital, Arkin Bio Ventures, Takeda Ventures, New York Ventures, Alexandria Venture Investments Redpin Therapeutics $15.5M New York-based chemo-genetics focused on nervous system diseases
Cobro Ventures, Taiwania Capital, 3E Bioventures Capital, Yonjin Capital, VIVA Biotech Holdings Regenacy Pharma $30M Waltham, MA-based developer of diabetes treatments
Advance, The Chernin Group Scopely $200M Los Angeles, CA-based mobile gaming company
Mann & Hummel, IDEA Fund Partners, Multiplier Capital, Lead Edge Capital, Arsenal Growth, One Better Ventures, Bonaventure Capital SecondNature $16.4M North Carolina-based DTC air purifier and water filter startup
Undisclosed SoftIron $34M London-based developer of data center appliances
Argo Infrastructure Partners, Wafra, Macquarie Capital Principal Finance, Cequel, Ontario Teachers, RedBird Capital Partners, The Stephens Group, Thompson Street Capital Partners TierPoint $320M St. Louis, MO-based data center operator

March 26th, 2020|Scherzer Deal Report|

Updated: Client communication regarding coronavirus – March 20, 2020

As noted in our previous communication, disaster preparedness is an integral part of our risk management program and includes pandemic preparedness. As the “Safer at Home” emergency order went into effect for Los Angeles County on March 19, we have fully activated our business continuation plan in both our headquarters in Woodland Hills, CA and as a precautionary measure, in our Rocky River, OH office.

The plan is multi-faceted and has been designed to provide a seamless remote operation–our workforce has the training, equipment, technology support and other resources necessary to provide the quality reports and exceptional service you expect. 

We are committed to doing our part to limit the spread of the virus and remain dedicated to the health, well-being, and safety of our employees and clients. And, just as importantly, we are committed to being here for you. 

We recognize this is a tough situation for all of us and we wish you well during this time. Please continue to reach out to us with any questions or needs.


March 20th, 2020|Press Release|

The Scherzer Deal Report: March 11-18, 2020


Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.


PE and VC Firms Fundraising Location Amount Description
Cold Bore Capital Chicago, IL $200M Second fund
Commonfund Capital Wilton, CT $300M Third emerging markets fund-of-funds
Congruent Ventures San Francisco, CA $125M Second fund
Form Capital Hamilton, Bermuda $25M Debut fund
Greycroft New York, NY $400M Third growth fund


Private Equity Investors Company  Amount Description
Hellman & Friedman Checkmarx Undisclsoed Paramus, NJ-based provider of software security solutions for DevOps
Advent International Conservice Undisclsoed Logan, UT-based provider of utility management software and billing solutions to property owners and managers
AE Industrial Partners G.S. Precision Undisclsoed Brattleboro, VT-based maker of high-precision machined components and complex assemblies
Agilitas Learning Curve Group Undisclsoed British upskilling company
Monomoy Capital Partners Mac Papers Undisclsoed Jacksonville, FL-based distributor of paper, packaging, wide format and envelope products
TSG Consumer Partners Pathway Vet Alliance  $2.65B Austin, TX-based veterinary clinic chain
Serent Capital  SHR Undisclsoed Houston, TX-based central reservation system for hotels
Colfax Creek Capital Traverse City Products Undisclsoed Traverse City, MI-based provider of supplier of custom roll-formed and stamped metal products


Venture Capital Investors Company  Amount Description
Accel, Bessemer Venture Partners, FirstMark, Version One, Leaders Fund, Burst Capital Ada $44M Toronto, Canada-based developer of customer service chatbots
Ten Eleven Ventures, Cyberstarts Axis Security $17M San Mateo, CA-based private app access startup
UnityPoint Health Ventures, Well Ventures B.well Connected Health $16M Baltimore, MD-based digital health engagement platform
The Column Group, Nextech Invest, ShangPharma, LifeForce Capital, Berkeley Catalyst Fund Circle Pharma $45M South San Francisco, CA-based developer of cell-permeable macrocyclic peptide therapeutics
Lyell Immunopharma Eureka Therapeutics $45M Emeryville, CA-based developer of T-cell therapies for solid tumors
MSD Partners, F1 BioVentures Exuma Biotech $19M West Palm Beach, FL-based developer of CAR-T therapies for solid and liquid tumors
Franklin Templeton Investments, T. Rowe Price, Geodesic Capital, GGV Capital, Mayfield, IVP, Redpoint Ventures, True Ventures HashiCorp $175M San Francisco, CA-based provider of multi-cloud automation software
Mirae Asset Global Investments, Mindy Kaling, Peter Jackson, Horizons Ventures, Khosla Ventures, Temasek Impossible Foods $500M Redwood City, CA-based maker of plant-based protein products
Summit Partners NinjaRMM $30M San Francisco, CA-based provider of remote monitoring and endpoint management software
Foundation Capital, Core Innovation Capital, Obvious Ventures One $17M San Francisco, CA-based digital banking startup
Forerunner Ventures, Gradient Ventures, Square Oura $28M San Francisco, CA-based maker of a sleep-tracking device
Scale Venture Partners,  SVB, West Ventures, Kleiner Perkins, YC Proxy $42M San Francisco, CA-based Bluetooth ID startup
Telstra Ventures, Mayfield, Nexus Venture Partners, GRC SinoGreen, F&G Ventures Rancher Labs $40M Cupertino, CA-based Kubernetes management platform
Greycroft, e.ventures, Franklin Templeton, Adams Capital Management, FJ Labs RoadRunner Recycling $28.6 m Pittsburgh, PA-based recyclying company
D1 Capital Partners Sight Sciences $30M Menlo Park, CA-based developer of ophthalmology and optometry device
CPP Investments, Longevity Vision Fund, BlackRock, Flagship Pioneering Sigilon Therapeutics $80.3M Cambridge, MA-based cell therapy startup
Baillie Gifford, Franklin Templeton, NEA, Novo Holdings, T. Rowe Price Tempus $100M Chicago, IL-based precision medicine company
Insight Partners, Accel, OpenView, Greenspring Associates UserTesting $100M San Francisco, CA-based user experience testing platform
Wing VC, Greylock Partners, Sallyport Investments Validere $15M Houston, TX-based informatics platform for energy companies
First Analysis, Blue Heron Capital, UnityPoint Health Ventures, Next Level Ventures, Chartline Capital Partners, Rural Vitality Fund, Rittenhouse Ventures, Iowa First Capital Fund, The Angels’ Forum VIDA Diagnostics $11M Coralville, IA-based provider of lung imaging analytics

March 20th, 2020|Scherzer Deal Report|

The Scherzer Deal Report: March 4-11, 2020


Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.


PE and VC Firms Fundraising Location Amount Description
Frontline Ventures Dublin and London $80M New fund
Felicis Ventures Palo Alto, CA $510M Seventh early-stage fund
New Enterprise Associates Chevy Chase, MD $3.6B Seventeenth venture capital fund
Serent Capital San Francisco, CA $750M Fourth fund


Private Equity Investors Company  Amount Description
CIP Capital 3Pillar Global Undisclosed Fairfax, VA-based software product development firm
Susquehanna Growth Equity Clutch Co Undisclosed Washington, DC-based B2B ratings and reviews platform for IT, marketing, and biz services providers
New Heritage Capital DeWinter Group Undisclosed San Francisco, CA-based provider of temporary and permanent staffing solutions with a focus on finance, accounting, and IT
Shoreline Equity Partners Engelman Baking Co Undisclosed Norcross, VA-based wholesale bakery focused on breads and rolls
The Blackstone Group HealthEdge $700M Burlington, MA-based provider of core administrative processing systems for health care businesses
Bessemer Investors Leonard Valve Co. Undisclosed Cranston, RI-based maker of water temperature control valves and monitoring devices
Marlin Equity Partners Lifesize Undisclosed Austin, TX-based provider ofv ideo collaboration and meeting productivity solutions
The Riverside Company National Flavors Undisclosed Kalamazoo, MI-based maker of flavors for use in beverages and foods
 Excellere Partners ParcelShield Undisclosed Redmond, OR-based provider of predictive parcel tracking and engagement software for health care clients
Battery Ventures WinWorker Undisclosed German provider of business management software and mobile tools for SME craftsmen


Venture Capital Investors Company  Amount Description
Bain Capital Ventures, First Round Capital, BoxGroup Airbase $23.5M San Francisco, CA-based spend management platform
Blue Cloud Ventures, Stereo Capital, Delta-v Capital, NextEquity Partners Arctic Wolf $60M Sunnyvale, CA-based security operations center-as-a-service company
Hummingbird Ventures, NeoTribe Ventures BillionToOne $15M Menlo Park-based diagnostics company that uses maternal blood to discover genetic disorders in fetuses
Viking Global Investors, PeakSpan Capital, Recruit Co., Ltd., Counterpart Ventures, Cultivation Capital Cloudbeds $82M San Diego, CA-based provider of hospitality management solutions
Celeres Investments, Engage, AI List Capital Deep North $25.7M Foster City, CA-based video analytics startup
Five Elms Capital, Beringea DeepCrawl $19M New York-based technical SEO platform
CapitalG, Menlo Ventures, Andreessen Horowitz, K9 Ventures Everlaw $62M Oakland, CA-based cloud e-discovery and litigation platform
T. Rowe Price, Durable Capital Partners HaulHub $30M Boston, MA-based heavy construction logistics startu
Oberndorf Enterprises Human Interest $40M San Francisco, CA-based provider of 401(k)s for small and mid-sized businesses
Evolution VC Partners Hungry $20M Catering marketplace that connects businesses with independent chefs
BVF, Redmile Group, Wellington Management Co., Bain Capital Life Sciences, Janus Henderson, BlackRock, Rock Springs Capital Kymera Therapeutics $102M Cambridge, MA-based biotech focused on protein degradation
Dell Technologies Capital, Bain Capital Ventures, Blue Cloud Ventures, Greylock Partners, IBM, Intel, Juniper Networks, Shasta Ventures Lightbend $25M San Francisco, CA-based creator of a reactive architecture platform
IVP, Meritech Capital Partners, Casdin Capital, Crown Venture Fund, Glynn Capital, Greylock Partners, Providence Ventures, Tenaya Capital, Venrock Lyra Health $75M Burlingame, CA-based behavioral health tech company
Health Catalyst Capital, Horizon BlueCross BlueShield of New Jersey, Goodwater Capital, NEA, Lux Capital, Three Fields Capital, SVB Pager $33M New York-based virtual health care companion
General Catalyst, LionBird, North Coast Ventures Remesh $25M New York-based research platform
Deerfield Management, Optum Ventures, HLM Venture Partners, Waterline Ventures, Heritage Provider Network RubiconMD $18M New York-based e-consultant for specialist health care
USVP, Nextech Invest, Hunt Investment Group, Pontifax, Colt Ventures, NS Investment, OrbiMed, Bristol-Meyers Squibb, Alexandria Venture Investments Silverback Therapeutics $78.5M Seattle, WA-based developer of immune-modulating drug conjugate
Almanac Insights, KarpReilly, Prolong Ventures, VMG Partners Spindrift $29.8M Charlestown, MA-based maker of sparkling waters and seltzers
01 Advisors, Dragoneer, Franklin Templeton, EPIQ Capital Group SpotOn $50M San Francisco, CA-based provider of point-of-sale payment solutions
e.ventures, Bertelsmann, Andreessen Horowitz, Axel Springer, the Blackstone Group, Breyer Capital, CrunchFund, Dawn Capital, Goodwater Capital, Greycroft, Greylock, Kleiner Perkins, NEA, Stereo Capital, Foxhaven Asset Management Zumper $60M San Francisco, CA-based property rental platform

March 13th, 2020|Scherzer Deal Report|

Client communication regarding coronavirus

At Scherzer International, we are keenly aware of the potential impact of the coronavirus (COVID-19) and are taking steps to provide for the continuity of our services and the safety of our employees. Disaster preparedness is an integral part of our risk management program and includes a viable pandemic plan. Below are some of the features of the plan and actions we are taking:  

The outbreak of COVID-19 and its threats are changing rapidly. We will provide further updates as new information is available.


Disclaimer: This communication is for general informational purposes only, and does not constitute legal advice. No recipient should act, or refrain from acting, on the basis of any information provided here without advice from a qualified attorney licensed in the applicable jurisdiction.

March 10th, 2020|Press Release|

Q1 2020: UPDATE OF LAWS AFFECTING EMPLOYMENT BACKGROUND SCREENING

As the year and a new decade unfold, we bring you this update on ban-the-box legislation and laws that restrict credit report usage in employment decisions. And no update would be complete without a reminder about a standard-setting federal appellate opinion from 2019 interpreting the Fair Credit Reporting Act (FCRA) disclosure requirement for an employment background check.

Let’s start with a reminder

In January 2019, the Ninth Circuit’s opinion in Gilberg v. California Check Cashing Stores, LLC made clear that any extraneous information in an FCRA disclosure form regarding an employment background check — even if the information is related to state-mandated expansions of consumer rights — violates the FCRA’s requirement that the disclosure must be “in a document that consists solely of the disclosure.

Even seemingly innocuous content, such as asking for an acknowledgment that the candidate received the FCRA summary of rights or including a statement that hiring decisions are based on legitimate non-discriminatory reasons may run afoul of the FCRA. And any state and local notices regarding the background check must be provided in separate documents, as applicable to each candidate.

Experts believe that the number of class-action lawsuits brought under the FCRA for technical errors will continue to increase. But there is an easy way to comply:

Present the disclosure to the candidate in a separate, standalone, conspicuous document. Make it clear and simple. Keep it short.

Ban-the-box laws continue to proliferate

“Ban-the-box” measures – which generally prohibit employers from inquiring about a candidate’s criminal history (including performing background checks) until later in the hiring process – continue to proliferate. Currently, 14 states (CaliforniaColoradoConnecticutHawaii; IllinoisMaryland (effective February 29, 2020); MassachusettsMinnesotaNew JerseyNew Mexico; Oregon; Rhode Island; Vermont and Washington) and 22 local jurisdictions (Austin, TX ; Baltimore, MDBuffalo, NYChicago, ILCook County, ILColumbia, MODistrict of ColumbiaGrand Rapids, MIKansas City, MOLos Angeles, CA; Montgomery County, MDNew York City, NY;  Philadelphia, PA; Portland, ORPrince George’s County, MDRochester, NYSaint Louis, MO (effective January 1, 2021); San Francisco, CA; Seattle, WA; Spokane, WA; Waterloo, IA (effective July 1, 2020 but lawsuit filed to strike down the ordinance); and Westchester County, NY) have such laws in place for private employers.

Be mindful of credit restrictions

Less popular than state and local legislatures on ban-the-box and prohibitions on salary history inquiries, credit check restrictions remain an important consideration for employers. Ten states CaliforniaColoradoConnecticut, Hawaii, Illinois, Maryland, Nevada, OregonVermont, and Washington – as well as ChicagoDistrict of ColumbiaNew York City, and Philadelphia all place restrictions on employers’ use of credit reports with exceptions for the use of such checks when required by law or the responsibilities of the position.      

Arguably, the most imposing local credit report law to date continues to be the New York City’s Human Rights amendment that went into effect on May 6, 2015, and made requesting and using consumer credit history for hiring and other employment purposes, with certain exceptions, an unlawful discriminatory practice. The law provides that a “consumer credit report” includes “any written or other communication of any information by a consumer reporting agency that bears on a consumer’s creditworthiness, credit standing, credit capacity or credit history.”Many legal experts hold that the broad scope of this definition not only prohibits obtaining a consumer credit report but also searches of liens, judgments, bankruptcies, and financially-related lawsuits if there is no exemption. There is no case law on this matter. 

On the national level, the U.S. House of Representatives on January 29, 2020, passed legislation that prohibits employers from using credit reports for employment decisions, except when required by law or for a national security clearance. The bill also prohibits asking questions about applicants’ financial past during job interviews or including questions about credit history on job applications. The U.S. Senate, however, is not expected to introduce the legislation.

March 6th, 2020|Employment Decisions|

The Scherzer Deal Report: Feb 26 – March 4, 2020


Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.


PE and VC Firms Fundraising Location Amount Description
Corsair Capital  New York, NY $1B Fifth private equity fund 
Fifth Wall Ventures Los Angeles, CA $100M Fifth Wall Ventures Retail Fund
Lakestar Zurich, Switzerland $735M European investment funds
M33 Growth Boston, MA $260M Second fund
MPM Capital Boston, MA $100M MPM Oncology Innovations Fund (INV)
QED Investors Alexandria, VA $350M Sixth fund
Ridgewood Infrastructure New York, NY $600M Debut private equity fund
Speedinvest Vienna, Austria €190 m Third pan-European VC fund
Ubiquity Ventures Palo Alto, CA $40M Second fund


Private Equity Investors Company  Amount Description
Regions Bank Ascentium Capital Undisclosed Kingwood, TX-based equipment finance lender
The Blackstone Group Dealpath Undisclosed San Francisco, CA-based provider of real estate investment and portfolio management software
Warburg Pincus Delta Midstream Undisclosed Houston, TX-based midstream energy company focused on multiple basins
Prospect Hill Growth Partners Fitness Ventures Undisclosed Orlando, FL-based franchisee of Crunch Fitness gyms
Nautic Partners Harrington Industrial Plastics Undisclosed Chino, CA-based distributor of industrial plastic piping
The Blackstone Group NRStor Undisclosed Toronto-based developer of battery storage solutions
Odyssey Investment Partners NSi Industries Undisclosed Huntersville, NC-based provider electrical connectors and wire management products
Highview Capital, Firstlight Media Quickplay Undisclosed Toronto, Canada-based provider of managed solutions for distributing video content to IP-connected devices
Francisco Partners Smith Technologies Undisclosed Spartanburg, SC-based developer of community pharmacy and long-term care technology
Charlesbank Capital Partners World Insurance Associates Undisclosed Tinton Falls, NJ-based insurance brokerage


Venture Capital Investors Company  Amount Description
Pivotal bioVenture Partners, Cormorant Asset Management, Cowen Healthcare Investments, EcoR1 Capital, Fidelity, Polaris, Pagsgroup, Surveyor Capital, Wu Capital, 5AM Ventures, NEA, Novartis, Partners Innovation Fund, RA Capital Management, Sofinnova Investments Akuous $105M Boston, MA-based gene therapy startup focused on hearing loss
Fidelity, T-Rowe Price, Durable Capital Partners Alignment Healthcare $135M Orange, CA-based Medicare Advantage insurer
Omega Funds, Longitude Capital, Redmile Group, Polaris Partners, Casdin Capital, Two River, Venrock, Delian Capital, Frazier Healthcare Partners Amunix Pharmaceuticals $73M Mountain View, CA-based developer of T-cell engagers for treating solid tumors
Oak HC/FT, .406 Ventures, BlueCross BlueShield Venture Partners, Sandbox Advantage Fund AxialHealthcare $15M Nashville, TN-based healthcare optimization startup focused on substance use issues
Rokk3r Fuel Bolt Mobility $30M Miami Beach, FL-based electric scooter company co-founded by Olympic sprinter Usain Bolt
Summit Partners Brooklinen $50M Brooklyn, NY-based e-commerce company for bedding and home goods
JLL Technologies Eden $29M San Francisco, CA-based office management services platform
Deerfield Healthcare, Qiming Venture Partners US, Cormorant Asset Management, Invus Opportunities, Third Rock Ventures, GV Element Science $146M San Francisco, CA-based developer of wearable cardioverter defibrillators
Mercato Partners, Napier Park Financial Partners, Comcast Ventures, Blumberg Capital, Stereo Capital, Runa Capital Lendio $55M Lehi, UT-based small business loans marketplace
M33 Growth Mize Undisclosed Temple Terrance FL-based customer experience platform for manufacturers
Arrowroot Capital mParticle $45M New York-based consumer data platform
EQT Ventures, Preston-Werner Ventures, Andreessen Horowitz, Kleiner Perkins Netlify $53M San Francisco, CA-based web development platform
Novartis, Redmile Group, Farallon Capital Management, Cormorant Asset Management, Surveyor Capital, Logos Capital, Eventide Asset Management, Cowen Healthcare Investments, Schroder Adveq, Menlo Ventures, SCubed Capital, Agent Capital Pliant Therapeutics $100M San Francisco, CA-based developer of fibrosis treatments
Rokk3r Fuel PredaSAR $25M Boca Raton, FL-based developer of a synthetic aperture radar satellite constellation
Bessemer Venture Partners, Vy Capital, Andreessen Horowitz, YC, DCVC, FF Science, AME Cloud Ventures, Morado Ventures, WTI Rigetti Computing $71M Berkley, CA-based developer of quantum computing for AI and computational chemistry
Susquehanna International Group, Morningside Group, SMiT, Palm Commerce Holdings Co., Chariot Gold, SV Tech Ventures, Innolinks Ventures Sensel $22M Sunnyvale, CA-based developer of pressure-sensitive touchpad devices
Craft Ventures, Redpoint Ventures, Goldcrest Capital Sourcegraph $23M San Francisco, CA-based provider of universal code search for companies
Flare Capital Partners, Breyer Capital, Epsilon Health, First Round Capital, Venroc Suki $20M Redwood City, CA-based developer of a voice-enabled digital clinical assistant
Cornerstone OnDemand, HTC, Farmers Insurance Exchange Talespin $15M Los Angeles, CA-based provider of AR/VR workforce training
Founders Fund, Khosla Ventures, DCM, Bling Capital Tempo $17.5M San Francisco, CA-based connected home fitness system
Draper Esprit, Lloyds Banking Group, IQ Capital, Backed, Playfair Capital Thought Machine $83M London-based core banking platform
Zeev Ventures, Lennar Ventures Veev $85M San Mateo, CA-based developer of smart home materials and systems
Silver Lake, CPPIB, Mubadala Investment Co., Alphabet, Andreessen Horowitz, AutoNation, Magna International Waymo $2.25B Mountain View, CA-based self-driving unit of Alphabet
Takeda Ventures, SV Health Investors, MRL Ventures Fund, RiverVest Venture Partners, Bay City Capital, Solasta Ventures, M Ventures, Ipsen Ventures, F-Prime Capital, Atlas Venture Xilio Therapeutics $100.5M Waltham, MA-based developer of tumor-selective immuno-oncology therapies

March 5th, 2020|Scherzer Deal Report|