The Scherzer Deal Report: December 30, 2024 – January 3, 2025
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.
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Fundraising for PE & VC Funds
Accel
$650M
Eightg India-focused VC fund
Tacora Capital
$269M
Second venture debt fund
Private Equity Deals
Olympus Partners
Accelevation
Undisclosed amount
Miamisburg, OH-based provider of data center infrastructure products and services
Butterfly Equity
Duckhorn Portfolio
Undisclosed amount
St. Helena, CA-based winery owner
Highlander Partners
Ergobaby
Undisclosed amount
Los Angeles, CA-based baby carrier and stroller maker
OEP Ethos
Energy
Undisclosed amount
Houston, TX-based provider of rotating equipment for the energy industry
New Enterprise Associates
NeueHealth
Undisclosed amount
Minneapolis, MN-based health-care provider
Birch Hill Equity Partners
Rexall and Well.ca
Undisclosed amount
Canadian based pharmacy businesses
Balmoral Funds
Sheppard
Undisclosed amount
Hanover, PA-based provider of truck-steering technologies
Venture Capital Deals
SouthState
Independent Bank Group
Undisclosed
McKinney, TX-based financial institution
Durable Capital Partners and T. Rowe Price
KoBold Metals
$537M
Berkeley, CA-based EV battery mineral exploration company
New California Law Prohibits Employers from Telling Applicants That a Driver’s License Is Required for a Job Unless the Position Meets a Two-Part Test
What is this about?
On September 28, 2024, Governor Newsom signed Senate Bill (SB) 1100 to amend California’s Fair Employment & Housing Act (FEHA), making it an unlawful employment practice for an employer to include a statement in a job advertisement, posting, application, or other material that an applicant “must have” a driver’s license unless the employer “reasonably” anticipates driving as an essential job function that cannot be comparably performed by alternative means.
Effective Date:
The law becomes effective on January 1, 2025, as an amendment to Section 12940 of the Government Code.
Who must comply:
The new law applies to employers who regularly employ one or more persons or regularly receive the services of one or more persons providing services under a contract or any person acting as an agent of an employer, directly or indirectly, the state or any political or civil subdivision of the state, and cities.
Employer Obligations:
Starting January 1, 2025, employers must meet a two-part test before including a statement in a job advertisement, posting, application, or other material stating that an applicant must have a driver’s license:
- The employer must reasonably expect driving to be one of the job functions for the position, and
- The employer must reasonably believe that satisfying the job function using an alternative form of transportation (such as ride-hailing, taxi, carpooling, bicycling, or walking) would not be comparable in travel time or cost to the business
Why compliance matters:
Like other unlawful employment practices prohibited under the FEHA, employers who violate the new law could face an injunction or declaratory relief (such as being required to hire the applicant) or be held liable for compensatory damages, punitive damages, attorney’s fees, and costs.
What SI is doing:
To help ensure compliance with the new California license law, SI will modify its materials for California employers and applicants to indicate that providing driver’s license information is voluntary, not mandatory—unless the employer informs SI that the job position meets the new law’s two-part test
Employer Considerations:
If a job position does not require a driver’s license, employers may want to consider excluding a motor vehicle record from the background check.
The Scherzer Deal Report: December 9-13, 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
Carlyle
$7.1B
Third credit opportunities fund
Centana Growth Partners
$600M
Third fund
Dimension
$500M
Second fund
Humba Ventures
$40M
Second deep-tech and defense-tech fund
Laude Ventures
$150M
Debut fund
Redesign Health
$175M
New fund
Private Equity Deals
Shore Capital Partners
Agentis Longevity
Undisclosed amount
Nashville, TN-based longevity health care platform
Clarion Capital Partners
Arthur Murray International
Undisclosed amount
Coral Gables, FL-based international franchisor of dance studios
Blue Owl Capital
Bitkraft Ventures
Undisclosed amount
San Francisco, CA-based VC firm focused on gaming
Comvest Private Equity
Bland Landscaping
Undisclosed amount
Apex, NC-based provider of commercial landscaping services
TruArc Partners
DMI Personal Care
Undisclosed amount
Wharton, NJ-based contract manufacturer for beauty and personal care brands
Broad Sky Partners
Frontline Managed Services
Undisclosed amount
Atlanta, GA-based provider of managed services for the legal industry
Platinum Equity
Global the Source
Undisclosed amount
Universal City, TX-based master distributor of HVAC/R components
Google and TPG Rise Climate
Intersect Power
Undisclosed amount
Houston, TX-based renewables firm
Clear Peak Capital
ITsynch
Undisclosed amount
Orlando, FL-based provider of fleet management software for the cruise and maritime industries
New Heritage Capital
JA Moody
Undisclosed amount
Malvern, PA-based provider of marine products to U.S. Navy and commercial clients
Orion Infrastructure Capital, Nexus Holdings, Khasma Capital, Sterling Bank and Ameris Bank
Nexus W2V
$140M
Greenville, SC-based waste-to-fuels developer
Argosy Healthcare Partners
Nicklas Medical Staffing
Undisclosed amount
Jacksonville, FL-based staffing firm for pathology and histology labs
Patient Square Capital
Patterson Cos.
Undisclosed amount
Menlo Park, CA-based dental and animal health products distributor
Recognize
SDG Corp.
Undisclosed amount
Norwalk, CT-based provider of cybersecurity services
TZP Growth Equity
TruVideo
Undisclosed amount
Wellesley, MA-based provider of AI and AR communications tech for the transportation industry
Venture Capital Deals
Theory Ventures
Aampe
$18M
San Francisco, CA-based developer of AI agents for consumer apps
Coatue
Albert Invent
$22.5M
Oakland, CA-based AI platform for the chemicals sector
Bain Capital Life Sciences, Janus Henderson, OrbiMed, 3H Health Investment, Yonghua Capital, Legend Capital, and Elikon Venture
Angitia Biopharmaceuticals
$120M
Woodland Hills, CA-based biotech focused on serious musculoskeletal diseases
Sapphire Ventures and Mucker Capital
Ask Sage
$17M
Arlington, VA-based GenAI platform for DoD and other government agencies
Advent Global Opportunities, Light Street Capital, AMD Ventures, Intel Capital, and NVIDIA
Ayar Labs
$155M
San Jose, CA-based provider of optical interconnect solutions for large-scale AI workloads
Vertex Growth Fund, Nexus NeuroTech Ventures, Action Potential, Johnson & Johnson, Lightstone, Lux, GV, OSF Ventures, Ascension Ventures, TriVentures, Reimagined Ventures, Peak6, and Fiscus
Cala Health
$50M
San Mateo, CA-based bioelectronic medicine startup
Eclipse, Yu Galaxy, and Intuitive Ventures
Capstan Medical
$110M
Santa Cruz, CA-based developer of minimally invasive treatments for heart valve disease
Index Ventures
Cartesia
$22M
San Francisco, CA-based developer of state-space models
Founders Fund, Fidelity, Long Journey Ventures, Mubadala, NVIDIA, Ribbit Capital, and Valor Equity Partners
Crusoe
$600M
San Francisco, CA-based AI data center provider
Insight Partners, M12, BGV, Capital One Ventures, Engineering Capital, and Vertex Ventures
Envinced
$55M
Carlsbad, CA-based maker of accessibility dev tools
DN Capital, Framework, Clear Ventures, and Fellows Fund
Evidently
$15M
Palo Alto, CA-based AI platform for health-care workflows
Base10 Partners, Inovia Capital, White Star Capital, and Fonds de solidarité FTQ
Flare
$30M
Encinitas, CA-based cyber threat intelligence focused on data theft
Avataar Ventures and Qualcomm Ventures
LambdaTest
$38M
San Francisco, CA-based software testing platform
M12, Mayfield, Stepstone Group and Prosperity7 Ventures
NeuBird
$22.5M
San Francisco, CA-based software and infrastructure reliability management startup
Alpha Edison
One Bio
$27M
David, CA-based developer of a concentrated form of fiber
M&G Catalyst and Glade Brook Capital Partners
Pixxel
$24M
Los Angeles, CA-based developer of a hyperspectral satellite constellation
Bluestone Equity Partners
Players Health
$60M
Minneapolis, MN-based provider of athlete safety and sports insurance solutions
Deerfield Management, Foresite Capital, and Medical Excellence Capital
Pleno
$25M
San Diego, CA-based biological target detection startup
Peak XV, Titanium Ventures, Accel, and Valley Capital Partners
RapidCanvas
$16M
Austin, TX-based provider of AI agents for data scientists
Maverix Private Equity, MacKinnon, Bennett & Co., Blue Bear Capital, Congruent Ventures, Buoyant Ventures, and YC
Raptor Maps
$35M
Boston, MA-based developer of solar farm monitoring software
Regeneron Ventures, Cure Ventures, and Invus Group
Tasca Therapeutics
$25M
Boston, MA-based oncology biotech
HubSpot Ventures, In-Q-Tel, Databricks, SK Telecom, and Snowflake Ventures
Twelve Labs
$40M
San Francisco, CA-based AI company focused on video understanding
Bessemer Venture Partners, Abstract Ventures, AI Grant, Y Combinator, Saga Ventures, and Michael Ovitz
Vapi
$20M
San Francisco, CA-based AI voice startup
Suvretta Capital Management, Longitude Capital, Surveyor Capital, Osage University Partners, PhiFund, JW Childs, and Connecticut Innovations
Veradermics
$75M
New Haven, CT-based developer of dermatologic drugs
a16zWave
Forms AI
$40M
Menlo Park, CA-based audio LLM startup
Toyota’s Woven Capital, Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures
WeaveGrid
$28M
San Francisco, CA-based EV charging software provider
Insight Partners
Zest AI
$200M
Burbank, CA-based automated underwriting startup
The Scherzer Deal Report: December 2-6, 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
Atlas Venture
$450M
14th biotech-focused VC fund
Swish Ventures
$60M
New seed fund
Valeas
$600M
Debut fund
Private Equity Deals
Altus Capital Partners
Air Innovations
Undisclosed
Houston, TX-based maker of environmental control units for manufacturers and distributors
Vector Capital
Bigtincan
Undisclosed amount
Waltham, MA-based provider of enterprise sales enablement software
CCMP
Combined Caterers
Undisclosed amount
Charlotte, NC-based event management and catering services provider
Insight Partners
Cosmo Tech
Undisclosed amount
French provider of AI simulation software for enterprise decision-making
PSG
Element451
$175M
Raleigh, NC-based higher ed CRM
Sojourner Consumer Partners
Hawaii Coffee Co.
Undisclosed amount
Honolulu, HI-based coffee
Private Equity
Ingtegris
Undisclosed amount
Cranbury Township, NJ-based cybersecurity and IT consulting firm
Blackstone Tactical Opportunities, Greater Sum Ventures, Goldman Sachs, Insight Partners, and PSG
Inhabit
Undisclosed amount
Knoxville, TN-based provider of property management software
VSE
Kellstrom
Undisclosed amount
Davie, FL-based aerospace engine aftermarket company
Align Capital Partners
MKB Co.
Undisclosed amount
Belleville, PA-based maker of erosion control, pollution prevention and stormwater management products
Berkshire Partners
RJW
Undisclosed amount
Woodridge, IL-based provider of retail logistics solutions for CPG brands
CVC Capital Partners
Therakos
Undisclosed amount
Raritan, NJ-based developer of extracorporeal photopheresis delivery systems for immunomodulatory therapies
Summit Partners
UHY
Undisclosed amount
Albany, NY-based provider of accounting, tax, consulting, and advisory services
Avenue Sports Fund
Unrivaled
Undisclosed amount
New York, NY-based new 3-on-3 women’s basketball league
Venture Capital Deals
Lowercarbon Capital and Collaborative Fund
Acceleron Fusion
$24M
Cambridge, MA-based developer of muon-catalyzed fusion energy
Congruent Ventures, Liberty Mutual Investments CalSTRS, Sequoia Capital, XN, Blue Earth Capital, Wellington Management, Range Ventures, and Tao Capital Partners
Amp Robotics
$91M
Louisville, CO-based developer of trash-sorting robots and recycling facilities
Insight Partners, Battery Ventures, and insiders
Cleerly
$106M
New York, NY-based provider of early detection for heart problems
Decarbonization Partners, MassMutual Ventures, Avista Development, Clean Energy Ventures, Energy Innovation Capital, Energy, LG Technology Ventures, and Zoma Capital
ConnectDER
$35M
Philadelphia, PA-based provider of residential decarbonization solutions
Eos Ventures and TIAA Ventures
DPL Financial Partners
$23M
Louisville, KY-based platform for commission-free annuities
Canaan Partners, Kleiner Perkins, Peak XV Partners, Wing Ventures, and Recall Capital
Enterpret
$20.8M
San Francisco, CA-based customer feedback insights platform
Future Positive, Lowercarbon Capital, Japan Airlines, Mitsubishi (Americas), Mitsui, Siemens Financial Services, and H&M Group
Heirloom
$150M
San Francisco, CA-based direct air capture company
BlackRock
HPS Investment Partners
$12B
New York, NY-based private credit manager
Light Street Capital, NewView Capital and Partners Group
Lumin Digital
$160M
San Ramon, CA-based digital banking provider
Frazier Life Sciences, Deep Track Capital, Janus Henderson Investors, Logos Capital, Third Rock Ventures, Arch Venture Partners, and Matrix Capital Management
Maze Therapeutics
$115M
South San Francisco, CA-based human genetics biotech
Accel
Public
$105M
New York, NY-based investing platform
Camber Creek and Left Lane Capital
S.MPLE
$45M
New York, NY-based sales app for real estate brokers
Foresite Capital, Torch Capital, Montage Ventures, Friedom Partners, Read Capital, and One Eight Capital
Sollis Health
$33M
New York, NY-based concierge care provider
Sapphire Ventures, General Catalyst, Next47, and NGP Capital
Tractian
$120M
Atlanta, GA-based manufacturing AI startup focused on reducing downtime
Intel Capital, SYN Ventures, Sorenson Capital, Rain Capital, and Wipro Ventures
Tuskira
$28.5M
San Francisco, CA-based threat defense platform
Craft Ventures, TCV, Alta Park Capital, Greylock, Cyberstarts, Leaders Fund, Cerca, and Sheva
Upwind
$100M
San Francisco, CA-based cloud security startup
TPG, Temasek, and Neuberger Berman Capital Solutions
Veeam
$2B
Seattle, WA-based data resiliency firm
XYZ VC, Glynn Capital, Nava Ventures, Bloomberg Beta, and Mango Capital
Yurts
$40M
San Francisco, CA-based developer of AI chatbots for DoD and other high-security users
Follow Up to Client Alert Regarding Compliance with the New York Clean Slate Act
Please note: Sample forms should NOT be construed as legal advice or counsel. Employers should consult their attorneys about their compliance responsibilities under the FCRA and applicable state law. Scherzer International disclaims any warranties, responsibility, or damages associated with or arising from the information provided in this form.
As highlighted in our client alert, the New York Clean Slate Act mandates that employers provide certain notices to applicants if an employment-related background screening report contains criminal record information. To assist our clients in meeting this requirement, we prepared a sample form which is linked below.
With any background report that contains a criminal record, we will include this form, the NYS Correction Law Article 23-A, and the Summary of Consumer Rights. You will need to forward the report and the notices to the applicant.
Links: