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FinanceTerm Sheet

Term Sheet — Wednesday, October 26

By
Erin Griffith
Erin Griffith
Down Arrow Button Icon
By
Erin Griffith
Erin Griffith
Down Arrow Button Icon
October 26, 2016, 10:02 AM ET

Hello

Three years ago, when I met Dan Primack to discuss working together at Fortune, I had one request: Don’t make me work on your newsletter.

I’d already been through that stressful, sleepless grind years prior as a reporter at Thomson Reuters. Dan was my boss, and filling in for him on the peHUB Wire newsletter was one of my least favorite duties. I remember many 4 a.m. trudges through a dark, eerily empty Times Square to the Reuters building, where I’d sit alone in the newsroom, typing as fast as I could for five hours without ever looking up. Hitting the “publish” button never got less terrifying.

So when we met he agreed, and then broke that promise within a few months of my joining Fortune. But the experience this time around was different, perhaps due to many more years of reporting experience and the ability to produce the newsletter from my kitchen table in Brooklyn. Filling in for Dan, I quickly learned that Term Sheet is a fantastic place to break news, call out bad actors, opine on the latest deal, and occasionally step directly into the sh*t and stir it around. Dan even let me use his newsletter to point out how wrong he was.

Most importantly, Term Sheet's audience is terrific. Sure, you love pointing out typos. (YES THANK YOU I SAW IT, I AM AWARE, YES, THANKS.) But you are engaged, you always have smart feedback, and you are the best source of story ideas and scoops I’ve ever encountered.

One important thing I learned from Dan along the way is that it doesn’t matter if people disagree with you, as long as they respect you. That’s what I find here, every morning.

Dan has moved on to his next adventure, and as the photo at the top of this email indicates, I’m taking over Term Sheet. Even though I have a slightly menacing expression in my headshot, I can promise you I’m excited about it.

Expect some changes. Any attempt to imitate my predecessor’s voice, interests, and opinions is futile, so you’ll be getting my voice, interests, and opinions instead. The new Term Sheet will skew more toward venture, startup, and tech deals than it has in the past.

Further, Term Sheet is no longer a one-person operation. I’ve enlisted Fortune writer Laura Entis, who works on our Venture team, to help me. Direct your news announcements to Laura and me.

It’s going to be a continual evolution. I welcome all feedback -- and anonymous tips! -- along the way. Lastly, to converse throughout the day, follow me on Twitter.

THE LATEST FROM FORTUNE.COM...

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...AND ELSEWHERE

Antitrust Cher. On-demand Cheez-Its. Silicon is just sand.Why can’t the WSJ let startups melt down in peace?

VENTURE CAPITAL DEALS

• Daqri, a Los Angeles-based augmented reality company, is attempting to raise as much as $200 million in funding, according to Bloomberg. Read more.

• Hyperloop One, a transit company trying to turn Elon Musk’s vision of high-speed travel into a reality, is seeking to raise tens of millions in new funding, according to Forbes.  The company raised a $50 million convertible note from DP World Group earlier this month, and has raised a total of $141.1 million in funding to date. Read more.

• Wavefront, a Palo Alto, Calif.-based cloud analytics company, has raised $52 million in Series B Funding at a share price lower than its prior round of funding, according to the Wall Street Journal. Tenaya Capital led the round, and was joined by existing investors Sequoia Capital and Sutter Hill Ventures. Read more.

• Genomics Medicine Ireland (GMI), a Dublin-based life sciences startup, has raised a Series A investment of $40 million from ARCH Venture Partners, Polaris Partners, the Ireland Strategic Investment Fund, and GV.  www.genomicsmed.ie/

• Habit, a San Francisco-based personalized nutrition and wellness company, has raised $32 million in funding from Campbell’s Soup Company. www.habit.com

• Lendio, a South Jordan, Utah-based loan company for small businesses, has raised $20 million in funding. Comcast Ventures and Stereo Capital led the round, with participation from Napier Park, Blumberg Capital, Tribeca Venture Partners, and North Hill Ventures. www.lendio.com

• Culture Trip, a London-based media company, has raised $20 million in Series A funding, according to TechCrunch. PPF led the round. Read more.

• Dataiku, a Paris-based data analytics company, has raised $14 million in Series A funding. FirstMark Capital led the round and was joined by firms Alven Capital, and Serena Capital. www.dataiku.com

• Verse, a San Francisco-based instant mobile payments service, has raised $8.3 million in Series A funding. Greycroft led the round and was joined by Spark Capital and eVentures. Read more.

• IrisVR, a New York City-based virtual reality company that builds tools for the architecture industry, has raised $8 million in Series A funding, according to TechCrunch. Emergence Capital led the round, and was joined by Indicator Ventures, Pritzker Group Venture Capital, Valar Ventures, Azure Capital Partners, Locke Mountain Ventures and Morningside Group. Read more.

• TVision Insights, a Boston-based facial recognition software company, has raised $6.8 million in funding. Accomplice led the round, and was joined by Golden Venture Partners, Jump Capital, ITOCHU Technology Ventures, and Project 11 Ventures. tvisioninsights.com/

• KredX, a Bangalore, India-based online invoice discounting company, has raised $6.25 million in Series A funding, according to The Economic Times. Sequoia Capital India led the round, and was joined by Prime Venture Partners. Read more.

• Brickwork, a New York City-based software provider for retailers, has raised $5 million in Series A funding. Safeguard Scientifics led the round, and was joined by firms Recruit Strategic Partners, Advancit Capital, Beanstalk Ventures, Cowboy Ventures and Forerunner Ventures. www.brickworksoftware.com/

• Lively, a direct-to-consumer lingerie company based in New York City, has raised $4 million in seed funding, according to TechCrunch. GGV Capital led the round with participation from apparel maker Gelmart International and angel investors. Read more.

• Selency (formerly known as Brocante Lab), a French second-hand online furniture company, has raised €3 million in Series A funding. Accel led the round, and was joined by Kima Ventures. www.brocantelab.com

• Baffle, a Santa Clara, Calif.-based data encryption company, has raised $3 million in funding. True Ventures led the round with participation from Engineering Capital. www.baffle.io

• Perkbox, a London-based company that manages employee benefits, has raised £2.5 million ($3 million) in funding from the publicly-traded European VC Draper Esprit, according to TechCrunch. The company is currently seeking to raise an additional £2 million ($2.4 million) in equity crowdfunding. Read more.

•  Aura Semiconductor, a Bangalore, India-based provider of analog mixed signal solutions, has raised an undisclosed amount of Series A funding from WRV Capital. www.aurasemi.com/

PRIVATE EQUITY DEALS

• Northstar Group has agreed to acquire Singapore-listed Innovalues Ltd, a machine parts manufacturer, for $239 million, according to Reuters. Read more.

• Simmons Private Equity has made an undisclosed investment in Leap Energy, a consulting company for the oil and gas industries. www.leap-energy.com/

• Confie, a Buena Park, Calif.-based commercial insurance broker backed by Abry Partners, has acquired two auto insurance agencies, and a personal and commercial insurance company: Elizabeth, N.J.-based Salermo Insurance Agency, LLC, Tyler, Texas-based Hulme Corporate, and Jamestown, N.Y.-based Lockwood Agency. www.confie.com/

• Goode Partners LLC has acquired Stonefire Grill Inc., a Calif-based fast-casual restaurant chain. No financial terms were disclosed. www.goodepartners.com/

• Experienced Capital and 360 Capital Partners have invested Le Slip Français, a Paris-based underwear and swimwear retailer. No financial terms were disclosed.  www.leslipfrancais.fr/

IPOs

• Smart Sand, a Texas-based frac sand producer owned by Clearlake Capital, has set its IPO terms. It will sell 10.6 million at a price between $15 and $18 a share, and would have an initial market cap of around $175 million if it were to price in the middle of its range. It plans to trade on the Nasdaq under ticker symbol SND. www.smartsand.com/

EXITS

• Kohlberg & Company has agreed to acquire MarketCast, a Los Angeles-based market research company, from RLJ Equity Partners LLC and State Street Global Advisors. Financial terms were disclosed. www.mcast.com/

• Permira has acquired Schustermann & Borenstein, a German fashion retailer, from Ardian. Financial details were not disclosed, but Reuters previously reported the company would sell for between £700 to £800 million ($856 million to $1 billion). Read more.

• Opimus, a Hungarian holding company, has agreed to acquire the publisher Mediaworks from Vienna Capital Partners, according to Reuters. Read more.

• Generation Growth Capital has agreed to sell Atlantic Precision, Inc., an aerospace manufacturing company that specializes in 3D printing, to Precision Castparts Corp. Terms of the deal were not disclosed. www.atlanticprecision.com/

• Altaris Capital Partners LLC has acquired Senior Helpers, a Timonium, Md.-based elderly home care franchise, from Levine Leichtman Capital Partners. No financial terms were disclosed. www.seniorhelpers.com/

FIRMS + FUNDS

• Underscore.VC, a Boston-based early-stage VC firm focusing on cloud intelligence, has closed its first fund at $85 million, according to BostInno. Read more. underscore.vc

• SJF Ventures, a Durham, N.C.-based venture capital firm, has raised a total of $74.4 million in funding for its fourth fund, according to regulatory filings. The fund has a target of $125 million. sjfventures.com/

• Abu Dhabi Financial Group (ADFG) has launched a $200 million fund to invest in Gulf equities. Read more.

NEW JOBS

• Andrew Shuster has joined Global Access LLC as managing director in New York. He previously worked in the investment banking division at Barclays Bank PLC. www.globalaccesscsg.com/

• CenterOak Partners, LLC has hired Ben Adams as a vice president, Carrie Calhoun as a senior associate of business development and investor relations, and Josh Weaver as an associate.  www.centeroakpartners.com/

• Brady Fletcher has joined Canada’s TSX Venture Exchange as managing director. He previously was managing director of Sea to Sky Equities Inc. www.tmx.com/

In Memoriam

Shawn Price, a top Oracle cloud executive with more than two decades in the software business, died on Tuesday at the age of 53. Price passed away from cancer. Price is survived by Sarah, his wife of 25 years, two daughters, a sister, and his parents. A full obituary by Fortune's Barb Darrow can be found here.

SHARE TODAY'S TERM SHEET

http://fortune.com/newsletter/termsheet

• Term Sheet is produced by Laura Entis. Submit deal items here.

About the Author
By Erin Griffith
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