The Scherzer Deal Report: September 6-10, 2024
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.
Sign up: Get private equity and venture capital deals delivered to your inbox every week.!
Fundraising for PE & VC Funds
Asylum Ventures
$55M
Debut fund
Bregal Sagemount
$800M
Credit solutions fund
Halo Capital
$25M
Debut crypto fund
MCJ
$80.6M
Second fund
Slauson & Co.
$100M
Second fund
SparkLabs
$50M
Fund focused on AI startups
Warburg Pincus
$4B
Structured transactions fund
Private Equity Deals
Tower Arch Capital
ACS Manufacturing
Undisclosed amount
Denison, TX-based maker of structural enclosures for backup power systems
H.I.G. Capital
Action Elevator
Undisclosed amount
Millersville, MD-based elevator services company
Apax Partners
Altus Fire & Life Safety
Undisclosed amount
New York, NY-based provider of fire and life safety services
26North Partners
ArchKey Solutions
Undisclosed amount
St. Louis, MO-based provider of electrical, technological, and specialty systems
Mercer Advisors
Benchmark Wealth Management
Undisclosed amount
Old Lyme, CT-based financial planning and wealth management firm
Kohlberg & Co.Clea
Result
Undisclosed amount
Austin, TX-based energy efficiency services provider
RF Investment Partners and Greenridge Growth Partners
Covr
Undisclosed amount
Salt Lake City, UT-based provider of workforce management software to the post-acute care industry
Partners Group
EdgeCore Digital Infrastructure
$1.9B
Broomfield, CO-based data center operator
Welsh, Carson, Anderson & Stowe
EquiLend
Undisclosed amount
New York, NY-based provider of data and analytics solutions to the securities finance industry
Bansk Group
Foundation Wellness
Undisclosed amount
Wadsworth, OH-based maker of orthotics products
Charlesbank Capital Partners
Front Row Group
Undisclosed amount
New York, NY-based e-commerce agency and accelerator for beauty, health, wellness, and CPG brands
Amulet Capital Partners
Genetics & IVF Institute
Undisclosed amount
Fairfax, VA-based provider of reproductive tissue banking services
Rotunda Capital Partners
Lehman Pipe and Supply
Undisclosed amount
Miami, FL-based distributor of industrial pipe, valves, and fittings
Revelstoke Capital Partners
MediQuant
Undisclosed amount
Independence, OH-based provider of data archiving and interoperability software for hospitals and health systems
TPG Rise Climate
Miratech
Undisclosed amount
Tulsa, OK-based provider of aftermarket emissions and noise reduction tech for stationary industrial engines
Iron Creek Partners
MoneyThumb
Undisclosed amount
Encinitas, CA-based automated document evaluation company
WindRose Health Investors
MyndYou
Undisclosed amount
New York, NY-based provider of conversational AI solutions for healthcare
Hg
Ncontracts
Undisclosed amount
Brentwood, TN-based provider of risk and vendor management solutions
Turnspire Capital Partners
Pharmachem
Undisclosed amount
Kearny, NJ-based nutraceuticals business
Venture Capital Deals
Arch Venture Partners, Milky Way Investments Group, Regeneron Ventures, Nvidia, T. Rowe Price, Rock Springs Capital, Bristol Myers Squibb, Westlake Village BioPartners, SoftBank, and the Parker Institute for Cancer Immunotherapy
Arsenal Biosciences
$325M
South San Francisco, CA-based programmable cell therapy startup
NewSpace Capital
Atlas Space Operations
$15M
Traverse City, MI-based provider of ground station services for satellite communications
Scale Venture Partners, Sequoia Capital, and YC
Cortex
$60M
San Francisco, CA-based productivity platform for engineers
Lux Capital, Eisai Innovation, NATCO Pharma, Parkwood Corp. Arch Venture Partners, Khosla Ventures, Farallon Capital Management, Alta Partners, Leaps by Bayer, DaVita, and Freseniuse
Genesis
$191M
Cambridge, MA-based developer of human-compatible organs that are derived from pigs
John Doerr’s family office, Sam Altman-founded Hydrazine Capital, and Material Impact
Galy
$33M
Boston, MA-based developer of lab-grown cotton
Zeev Ventures, Stereo Capital, and Menlo Ventures
HomeLight
$20M
Scottsdale, AZ-based provider of buy-before-you-sell real estate products
Blue Delta Capital Partners
ITC Federal
$25M
Arlington, VA-based provider of IT solutions and enterprise services to U.S. federal agencies
Accel
Laravel
$57M
Benton AR-based PHP web application framework
Shell Ventures, Eni Next, Engine Ventures, New Climate Ventures, Hartree, bp Ventures, Arosa Ventures, Vale Ventures, Newlab, and MCJ Collective
Mantel Capture
$30M
Cambridge, MA-based carbon capture startup that uses molten borate
A16z, Bain Capital Ventures, and YC
Mintlify
$18.5M
New York, NY-based code documentation platform
Ascenta Capital, Woodline Partners, Samsara Biocapital, Longitude Capital, Enavate Sciences, NuevaBio, and Eli Lilly
OrsoBio
$67M
Menlo Park, CA-based developer of obesity treatments
Silver Lake Waterman
Oyster
$59M
Wilmington, DE-based payroll and HR platform for distributed workforces
Icon Ventures, Mayfield, GTM Capital, and StepStone Group
Revefi
$20M
Seattle, WA-based data ops automation startup
Change Forces Capital, Grantham Foundation, Astanor Ventures, Acre Venture Partners, Anthos Capital, Thia Ventures, Emerson Collective, and Ag Ventures Alliance
Switch Bioworks
$17M
San Carlos, CA-based developer of sustainable fertilizers
Index Ventures and General Catalyst
Thatch
$38M
San Francisco, CA-based personalized health benefits startup
D2 Asset Management, Saluda Grade, Second Century Ventures, and Reach
Unlock Technologies
$30M
Tempe, AZ-based home equity agreement provider
Georgian, Salesforce Ventures, NVIDIA, Softbank Ventures Asia, DuckDuckGo, and Day One Ventures
You.com
$50M
Palo Alto, CA-based search engine
The Scherzer Deal Report: August 26-30, 2024
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.
Sign up: Get private equity and venture capital deals delivered to your inbox every week.!
Fundraising for PE & VC Funds
Abry Partners and Coller Capital
$1.6B
GP-led credit continuation fund
CenterOak Partners
$1.1B
Third fund
G Squared
$1.1B
Sixth flagship fund
LS Power Group
$2.7B
Fifth fund
Magnetar
$235M
AI fund
Oncology Ventures
$30M
Debut fund
Private Equity Deals
Citation Capital
Aptive Environmental
Undisclosed amount
Provo, UT-based pest control company
One Equity Partners
EthosEnergy
Undisclosed amount
Houston, TX-based provider of rotating equipment for energy customers
Mill Point Capital
Garyline
Undisclosed amount
Spring Hill, FL-based provider of promotional and specialty packaging products
O2 Investment Partners
Harley Exteriors
Undisclosed amount
Bothell, WA-based provider of residential renovation services
GHK Capital Partners
Horizon Group
Undisclosed amount
Jamaica, NY-based provider of international freight forwarding services
Falfurrias Management Partners
Moxfive
Undisclosed amount
Tysons, VA-based cybersecurity company
Boyne Capital
Premier Building Associates
Undisclosed amount
North Branford, CT-based roofing contractor
Mainsail Partners
Rentvine
$74M
Estero, FL-based provider of property management software for the long-term residential rental market
KKR
Varsity Brands
$4.75B
Memphis, TN-based maker of yearbooks and class rings
Venture Capital Deals
Scale Venture Partners
Bland AI
$16M
San Francisco, CA-based conversational AI platform for enterprise phone calls
Sequoia Capital, Ribbit Capital, Index Ventures, and Haun Ventures
Bridge
$58M
San Antonio, TX-based money movement startup
Foundry, Pacific Alliance Venture, GS Futures, DNX Ventures, Ray Stata, Joi Ito, Carrier, and Qualcomm
Butlr
$38M
Burlingame, CA-based senor platform for intelligent buildings
General Catalyst, Kleiner Perkins, and Greenoaks
Codeium
$150M
San Jose, CA-based code acceleration platform
Redpoint Ventures, Animo Ventures, Costanoa Ventures, FJ Labs, RTP Global, and South Park Commons
Comun
$21.5M
New York, NY-based digital bank focused on U.S. immigrants
GV, GIC, CapitalG, IVP, and CRV
Cribl
$319M
San Francisco, CA-based data infrastructure startup
Gigafund, the Autodesk Foundation, and family offices
Last Energy
$40M
Washington, DC-based developer of micro-nuclear power plants
Eric Schmidt, CapitalG, Atlassian, Elad Gil, Jane Street, Nat Friedman, Daniel Gross, and Sequoia Capital
Magic
$320M
San Francisco, CA-based generative AI coding company
IAG Capital Partners
Miris
$26M
Culver City, CA-based provider of spatial content streaming solutions
Forbion and RA Capital Management
Navigator Medicines
$100M
Scotch Plains, NJ-based developer of bispecific antibodies
Headlight Partners
nOps
$30M
San Francisco, CA-based provider of an AI platform for businesses to manage and optimize their cloud usage, spending, and commitments on Amazon Web Services
Millennium New Horizons, Samsung Next, GTMfund, DCM Ventures, and Jason Lemkin
OpusClip
$30M
Redwood City, CA-based AI-powered video repurposing startup
Castle Island Ventures, Hack VC, Franklin Templeton Digital Assets, OKX Ventures, and Mirana Ventures
SatLayer
$8M
Seattle, WA-based BTC re-staking platform developer
Sapphire Ventures, Bonfire Ventures, and Foothill Ventures
Supio
$25M
Seattle, WA-based provider of a purpose-built AI platform for personal injury and mass tort plaintiff law firms
Framework Ventures, Lightspeed Faction, Arrington Capital, Hivemind Capital. M12, DCG, F-Prime Capital, OKX Ventures, Circle Ventures, and Alumni Ventures
SxT Labs
$20M
Los Angeles, CA-based developer of a verifiable compute layer
LA County Fair Chance Ordinance becomes operational September 3, 2024
What is this about?
On February 27, 2024, the County of Los Angeles Board of Supervisors voted to adopt the County’s Fair Chance Ordinance for Employers (FCO). The FCO aligns with the California Fair Chance Act (FCA), also known as “Ban the Box.” However, it adds several compliance requirements when considering the applicant’s criminal record history to make an employment decision.
Effective Date:The FCO is operative on September 3, 2024.
Who must comply:
The FCO applies to any “employer” located or doing business in the unincorporated areas of Los Angeles County who employs five or more employees regardless of location. The FCO protects both applicants seeking employment and employees seeking promotions, as well as others seeking non-traditional employment, such as contract or freelance work.
New requirements:
Notice of Intent to Conduct Background Check.
This notice must be given along with any conditional offer of employment to the applicant or employee that states (1) the conditional offer is contingent upon a review of a criminal record history and (2) the employer has good cause to conduct the criminal history review “for the specific job position with supporting justification in writing.” It is not enough for the employer to merely state it reviews such information because of a generalized “safety concern.” Specific information is required.
Before employers can take any adverse action against an individual, such as rescinding a conditional job offer, the FCO requires the employer to (1) prepare a written individualized assessment of an applicant’s criminal history in the manner required by the FCO; (2) provide a form of preliminary notice of adverse action with mandatory content; (3) provide a second written individualized assessment if the individual provides information in response to the preliminary notice of adverse action; and (4) provide a final notice of adverse action if the employer makes a final decision to withdraw the conditional offer of employment or take any other adverse action (the final notice must also include mandatory content).
Why compliance matters:
The FCO authorizes public and private remedies, including civil claims. The County of Los Angeles Department of Consumer and Business Affairs (DCBA) is authorized to take appropriate steps to enforce the FCO and conduct investigations of possible violations by an employer. The DCBA may issue monetary penalties of up to $5,000 for the first violation, up to $10,000 for the second violation, and up to $20,000 for the third and subsequent violations.
How SI can help:
SI can help ensure compliance in several ways, including the timing of background checks, the distribution of mandatory and sample notices, and the monitoring of the required time periods for taking adverse action.
The Scherzer Deal Report: August 19-23, 2024
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.
Sign up: Get private equity and venture capital deals delivered to your inbox every week.!
Fundraising for PE & VC Funds
HarbourVest Partners
$18.5B
11th private equity secondaries fund ($15.1B) and Secondary Overflow Fund V ($3.4B)
Radical Ventures
$800M
New fund
Private Equity Deals
Audax Private Equity
Avantor
$650M
Radnor Township, PA-based clinical services business
Rise Growth Partners
Bleakley
Undisclosed
Fairfield, NJ-based wealth advisory and financial planning firm
Quantum Capital Group
Caerus Oil and Gas
$1.8B
Denver, CO-based conventional oil and gas producer
Sixth Street
Caliche Development Partners
Undisclosed amount
Houston, TX-based acquirer and operator of natural gas and industrial gas storage assets
Topspin Consumer Partners
Carpe
Undisclosed amount
Durham, NC-based antiperspirant brand
Koch Equity Development
Iconectiv
$1B
Bridgewater, NJ-based call-routing business
Falfurrias Management Partners
Jumo Health
Undisclosed amount
New Haven, CT-based provider of clinical trial solutions
Arsenal Capital
Knowtion Health
Undisclosed amount
Boca Raton, FL-based provider of revenue cycle insurance claim resolution services
Terramont Infrastructure Partners, Tecum Capital, and Patriot Capital
Long Island Waste Services
Undisclosed amount
Islandia, NY-based solid-waste hauler
Warburg Pincus
MIAX
$100M
Miami, FL-based parent company of options exchange operator
Warren Equity Partners
MoboTrex
Undisclosed amount
Davenport, IA-based provider of traffic and mobility solutions to government agencies
Brighton Park Capital and Symphony Ventures
TikPick
$250M
New York, NY-based online ticket marketplace
Carlyle
Worldpac
Undisclosed amount
Newark, CA-based auto parts wholesale distributor
Venture Capital Deals
Nova Threshold, 776, Initialized, Caladan, YC, Uncorrelated Ventures, and Jed McCaleb
AstroForge
$40M
Huntington Beach, CA-based asteroid mining startup
Bessemer Venture Partners, Fifth Growth Fund, and Red Cell Partners
Defcon AI
$44M
McLean, VA-based provider of modeling, simulation, and analysis for military applications
Innovation Endeavors, Icon Ventures, Amplify Partners, and Menlo Ventures
Eppo
$28M
San Francisco, CA-based AI experimentation platform
Blockchain Capital, 1kx, Offchain Labs, Polygon, and Matter Labs
Fabric Cryptography
$33M
Santa Clara, CA-based maker of cryptography hardware
Khosla Ventures and Temasek
Fortera
$85M
San Jose, CA-based maker of low-carbon cement
Lightspeed, GIC, Sequoia Capital, Coatue, Lead Edge Capital, and JPMorgan
Grafana Labs
$270M
New York, NY-based open observability platform.
Lagniappe Capital Partners
Home Run Dugout
$22.5M
Katy, TX-based baseball-focused eat-ertainment concept.
Zeev Ventures
Lettuce
$15M
San Francisco, CA-based automated accounting and tax solution
Sonder Capital and Olympus Corporation of the Americas
Neptune Medical
$97M
Menlo Park, CA-based developer of GI devices and robotics
Plum Alley Ventures, Khosla Ventures, and Bold Capital Partners
Openwater
$54M
San Francisco, CA-based developer of open-source tech for medical devices
PeakSpan Capital, UST Global, Verica, Vertical, and YouNest
Opkey
$47M
Dublin, CA-based test automation platform
Eventide, Labcorp, Quest Diagnostics, and GenHenn Capital Venture
PreciseDx
$20.7M
New York, NY-based oncology diagnostics company
Pelion Venture Partners, Cervin Ventures, Epic, Kickstart, and Aglaé Ventures
Redo
$24M
Heber City, UT-based provider of returns management software
WestCap
Siepe
$30M
Dallas, TX-based provider of software to the private credit industry
Andreessen Horowitz
Slingshot AI
$30M
Albany, NY-based mental health startup
A16z and Polychain Capital
Story Protocol
$80M
Bellevue, WA-based blockchain platform for IP owners to track usage
Moderne Ventures, Construct Capital, First Round Capital, FJ Labs, and Redpoint Ventures
The Rounds
$24M
Philadelphia, PA-based provider of e-commerce restocking solutions
Redpoint
Trunk Tools
$20M
New York, NY-based provider of automation solutions for construction documentation
Omega Funds, Intuitive Ventures, Cleveland Clinic, Ajax Health, Longview Ventures, Aperture Venture Partners, and JobsOhio Growth Capital Fund
XII Medical
$45M
Union City, CA-based developer of therapies for obstructive sleep apnea
The Scherzer Deal Report: August 12-16, 2024
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.
Sign up: Get private equity and venture capital deals delivered to your inbox every week.!
Fundraising for PE & VC Funds
HighPost Capital/HIPstr
$100M
Early-stage fund
Resurgens Technology Partners
$800M
Third fund
Private Equity Deals
Lightyear Capital Cura
Linc Healthcare
Undisclosed amount
Chicago, IL-based provider of employee assistance, student, and workforce mental health programs
Lindsay Goldberg
Golden State Foods
Undisclosed amount
Irvine, CA-based distributor of food to the foodservice and retail sectors
Summit Park
Hylaine
Undisclosed amount
Charlotte, NC-based tech consultancy
Vista Equity Partners
Jaggaer
Undisclosed amount
Morrisville, NC-based supply chain software firm
Blackstone
M3
Undisclosed amount
Lawrenceville, GA-based provider of hospitality accounting software
Warburg Pincus
Service Express
Undisclosed amount
Grand Rapids, MI-based provider of post-warranty data center maintenance services
MidOcean Partners
SI Solutions
Undisclosed amount
Huntersville, NC-based provider of engineering and other services for the power and critical infrastructure markets
Venture Capital Deals
Andreessen Horowitz and Thrive Capital
Anysphere
$60M
Buffalo, NY-based developer of an AI-powered coding assistant
PFM Health Sciences, BlackRock Innovation Capital, MTIP, Bioniq Capital, Pictet Alternative Advisors, Surgical.ai, Aescuvest, Optum Ventures, Cure Capital, Relyens Group, Vesalius Biocapital, Lauxera Capital, Plug & Play, and ProAssurance Corp.
Caresyntax
$80M
San Francisco, CA-based surgical data analysis platform
Haun Ventures, F-Prime Capital, Spartan Capital, Slow Ventures, Lightspeed Venture Partners, Galaxy Ventures, Wintermute Ventures, PayPal Ventures, General Catalyst, Bessemer Venture Partners, and Coinbase Ventures
Chaos Labs
$55M
New York, NY-based provider of on-chain risk management
Avanta Ventures, Liberty Mutual Insurance, Old Republic International Corporation, and Stray Dog Enterprises
Companion Protect
$20.3M
Leawood, KS-based pet health administrator
Khosla Ventures, Mayfield Fund, and Dheeraj Pandey’s family office, Param Hansa Values
DevRev
$100M
Palo Alto, CA-based customer relationship and product development software provider
Decarbonization Partners, Ecolab, Rethink Impact, GSBackers, Greycroft, and Breakthrough Energy Ventures
Guidewheel
$31M
San Francisco, CA-based maker of factory ops software
Deep Track Capital, Frazier Life Sciences, RA Capital Management, Vida Ventures, Boxer Capital, Taiho Ventures, Canaan Partners, Access Biotechnology, Elm Street Ventures, and Connecticut Innovations
Halda Therapeutics
$126M
New Haven, CT-based developer of solid tumor drugs
Alpha Wave Ventures, Amzak Health, HealthQuest Capital, JJDC, Venture Investors, Lumira Ventures, Yonjin Venture, and the State of Wisconsin Investment Board
HistoSonics
$102M
Minneapolis, MN-based developer of liver cancer therapy solutions
NEA, 7WireVentures, Signal Fire, and Viola Ventures
PayZen
$232M
San Francisco, CA-based provider of health care financing tools
Arch Venture Partners, F-Prime Capital, Sequoia Capital, Hither Creek Ventures, Canaan Partners, Fitz Gate Ventures, In-Q-Tel, Osage University Partners, Connecticut Innovations, Tao Capital Partners, and Tribeca Venture Partner
Quantum Circuits
$60M
New Haven, CT-based developer of superconducting architecture
General Catalyst
Re:Build Manufacturing
$120M
Cambridge, MA-based provider of industrial manufacturing solutions
Pantera Capital, Binance Labs, Polychain Capital, Samsung, Matrix Partners, dao5, Geekcartel, Nomad Capital, SCB 10X, Canonical Capital, Mirana Ventures, Foresight Ventures, Dispersion Capital, Aegis Ventures, Alumni Ventures, and Tangent Ventures
Sahara AI
$43M
Los Angeles, CA-based decentralized AI blockchain platform