Venture capital is calling out racism. But can it put its money where its mouth is?

Major venture capital firms are condemning racism following George Floyd’s death, with the likes of Accel and Benchmark donating to various civil-rights causes and others like First Round or Kleiner Perkins voicing their support of the Black Lives Matter movement.

“We can, and will, do better,” Kleiner Perkins’ statement read. “In order for society to operate with a higher ethical code and sustain change, it requires all of us to change.”

It’s no secret the venture capital community is far from the most colorful crayon box. While many VCs have voiced support for diversity and called for more inclusivity in their portfolios and in their investing teams, the industry remains far from representative. As systemic racism comes to the fore following the death of Floyd, the pressure is only stronger for investors to put the money where their mouths are.

But here lies the challenge for venture capital firms: The ongoing coronavirus could be a step back for diversity in the industry. In the middle of the pandemic, investors have turned much of their focus to the existing portfolio companies or investments they already know well—doubling down on their existing network—which could leave new, underrepresented founders by the wayside.

It’s also a concern whether diversity will take a step back in the realm of new fund managers. While limited partners are largely committed to funding their current commitments, in the next year or further out, LPs could focus on large existing funds—not only hurting founders of diverse ethnicities, but also those of different genders and geographies.

The private coronavirus investor: KKR has been the most active private equity firm since the coronavirus roiled global markets, according to Bloomberg. KKR has deployed about $12.7 billion around the world since the beginning of March, moving fast even before the market hit its all-time lows to avoid its mistakes from the 2008 financial crisis. By dollar volume, Silver Lake comes in second with $5.9 billion in deals during the same period. Among KKR’s notable deals: KKR’s infrastructure team acquired waste management business Viridor for roughly £4.2 billion ($5.2 billion) while KKR acquired the Wella and Clairol beauty brands from Coty in a $4.3 billion tie-up. Read more.

Lucinda Shen
Twitter: @shenlucinda
Email: lucinda.shen@fortune.com

VENTURE DEALS

- Vacasa, the rental property management startup, raised $108 million in financing. Silver Lake led the round.

- Locus Robotics, a Wilmington, Mass.-based autonomous mobile robots maker for fulfillment warehouses, raised $40 million in Series D funding. Zebra Ventures led the round, and was joined by investors including Scale Venture Partners.

- Danggeun Market, the startup behind South Korea’s largest neighborhood marketplace and networking app, raised $33 million in Series C funding. Goodwater Capital and Altos Ventures led the round.

- Vention, a Montreal-based manufacturing automation technology company, raised C$38 million ($28 million) in Series B funding. Georgian Partners led the round and was joined by investors including Bain Capital Ventures and White Star Capital.

- Cortex, a São Paulo, Brazil-based company measuring for digital marketing campaigns, raised $22 million in Series B funding. SoftBank’s Latin America Fund led the round and was joined by investors including Redpoint eventures and Endeavor Catalyst.

- Tovala, a Chicago-based meal service and countertop smart oven that scans, steams, broils and bakes chef-crafted meals, raised $20 million in Series B funding. Finistere Ventures led the round and was joined by investors including Comcast Ventures, OurCrowd and Rich Products Ventures

- Ezra, a New York-based provider of early cancer screenings using full-body MRI and AI, raised $18 million in Series A funding. FirstMark led the round and was joined by investors including Jeff Raider and Dave Gilboa of Harry’s and Warby Parker, Vlad Tenev of Robinhood, Fred Destin of Stride VC, and Andrei Dunca of LiveRail.

- Bonusly, a compensation platform, raised $9 million in Series A funding led by Access Venture Partners. Next Frontier Capital, Operator Partners and existing investor FirstMark Capital also participated in the round. Read more.

- Zeleros Hyperloop, a Spain-based mobility startup focused on the hyperloop project, raised €7 million ($7.8 million). Altran led and was joined by investors including Grupo Red Eléctrica, Goldacre Ventures, Road Ventures, Plug and Play, Spanish Angels Capital and MBHA.

- Oloid, a Sunnyvale, Calif.-based company building contactless biometrics platform for “deskless workers,” raised $5 million in seed funding. Emergent Ventures led and was joined by investors including Unusual Ventures.

- NEOU, a New York-based live streaming and on-demand platform for workouts, raised $5 million in capital from investors including Ares Management CEO Mike Arougheti. Read more.

- Biobot Analytics, a Massachusetts-based company tracking Covid-19 through sewage, raised $4.2 million in funding. The Engine led the round, and was joined by investors including AmFam Institute Impact Fund as well as returning investors Y Combinator and DCVC. Read more.

- Rise Gardens, a Chicago, Ill-based provider of an in-home garden system, raised $2.6 million in seed funding. True Ventures led the round.

- Ahana, a San Mateo-based analytics company, raised $2.25 million in funding led by GV (formerly Google Ventures) along with participation from Leslie Ventures and other angel investors.

- Temporall, a U.K.-based AI and analytics-based platform for performance, raised over £1 million ($1.3 million) in seed funding. Luminous Ventures led the round.

PE

- Summit Partners made a $37 million minority investment in Appway, a Switzerland-based provider of business process automation software focused on customer management for financial institutions.

- Hunter Boot, a U.K.-based footwear and outdoor lifestyle brand, was recapped with £18.5 million by existing shareholder Pall Mall Legacy, and supported by Searchlight Capital, Pentland, and more.

- Arcline Investment Management acquired a controlling stake in Glebar Company, a Ramsey, N.J.-based maker of turnkey micro machining for the production of guidewire. It also acquired the electrochemical grinding assets of Everite Machine Products from Eureka Equity Partners.

- BDC Capital invested in Beehivr Technology, a Montreal-based provider of mobile applications for sales teams with integrated videoconferencing. Financial terms weren't disclosed.

- Copperweld, backed by Kinderhook Industries, acquired Seminole Wire & Cable Co, a Pennsauken, N.J.-based provider of specialty wire and cable products. Financial terms weren't disclosed.

- Enhanced Healthcare Partners is creating a medical-staffing services provider by buying Synergy Surgicalists Inc. and EA Health and merging them into EA-Synergy. Financial terms weren't disclosed. Read more.

- Osceola Capital recapitalized Central Medical Group, a Flanders, N.J.-based provider of outsourced equipment management solutions for hospices. Financial terms weren't disclosed.

- Suma Capital acquired a minority stake in Nice People at Work, a creator of analytics for video content providers. Financial terms weren't disclosed.

- Thoma Bravo agreed to acquire Exostar, a business collaboration platform for aerospace and defense, life sciences and healthcare industries. Financial terms weren't disclosed.

- Topspin Consumer Partners invested in reCommerce, a selling partner of brands through Amazon. Financial terms weren't disclosed.

- AE Industrial Partners acquired Deep Space Systems, a Littleton, Colo.-based provider of payloads, systems and components for the space industry. Financial terms weren't disclosed.

- Pexco, backed by AEA Investors, acquired Exlon Extrusion, a Greensboro, N.C.-based precision extruder of plastic tubing. Financial terms weren't disclosed.

- Architect Equity acquired Faultless Brands, a Kansas City, Mo.-based company of consumer products and brands. Financial terms weren't disclosed.

- Wellspring Capital Management Group acquired Steele Solutions, a Milwaukee, Wis.-based designer and manufacturer of steel infrastructure. Financial terms weren't disclosed.

OTHERS

- Volkswagen Group invested $2.6 billion in Argo AI, a Pittsburgh-based self-driving car startup that raised $1 billion in backing from Ford.

- Western Union Co. is seeking to acquire MoneyGram International, a competing money transfer company, per Bloomberg citing sources. Financial terms weren't disclosed. Read more.

- Shinsei Bank (TYO:8303) acquired Australia and New Zealand Banking Group New Zealand-based asset finance unit, UDC Finance, for NZ$762 million ($479 million).

- Oppenheimer & Co. Inc. agreed to acquire Brandis Tallman, a San Francisco-based investment bank specializing in the underwriting and placement of municipal debt for California issuers. Financial terms weren't disclosed.

- Emigrant Partners acquired a minority stake Pure Financial Advisors, a San Diego-based financial planning and investment advisory firm. Financial terms weren't disclosed.

BANKRUPTCIES, HANG UPS, AND BREAKUPS

- Templar Energy, an Oklahoma-based oil and gas driller, filed for Chapter 11 protection.

IPOs

- Vroom, a New York-based online used car marketplace, plans to raise up to $318.8 million in an IPO of 18.8 million shares priced between $15 to $17 apiece. It posted revenue of $1.2 billion and losses of $275.7 million in 2019. L Catterton, General Catalyst, and T. Rowe Price back the firm. It plans to list on the Nasdaq as “VRM.” Read more.

- Shift4 Payments, a Allentown payment processing company focused on the hospitality sector, plans to raise $300 million in an IPO of 15 million shares priced at a range of $19 to $21 apiece. It posted revenues of $731.4 million in 2019 and losses of $58.1 million. Searchlight Capital Partners backs the firm. It plans to list on the NYSE as “FOUR.” Read more.

- Dada Nexus, a Shanghai-based grocery delivery platform, plans to raise $264 million in an offering of 16.5 million ADSs priced between $15 to $17. It posted revenue of $437.8 million in 2019 and a loss of $348.1 million. JD Group (51.4%), Sequoia Capital China (11.4%), and Walmart (10.8%) back the firm. JD.com and Walmart intend to acquire $90 million worth of ADSs in the offering. It plans to list on the Nasdaq as “DADA.” Read more.

- Applied Molecular Transport, a South San Francisco-based biotech developing oral therapies for inflammatory diseases, plans to raise $130 million in an offering of 10 million shares priced between $12 to $14 apiece. EPIQ Capaital Group (25.9% pre-offering) and Founders Fund (20.7%) back the firm. It plans to list on the Nasdaq as “AMTI.” Read more.

- Calliditas Therapeutics, a Stockholm-based biotech developing therapies for kidney disease, plans to raise $75 million in an offering of 3.8 million ADSs priced at $19.77. It posted sales of $184.8 million in 2019 and a loss of $32.6 million. Stiftelsen Industrifonden (14.9% pre-offering), Linc (12.5%), and Investinor (10.7%) back the firm. It plans to list on the Nasdaq as “CALT.” Read more.

EXITS

- GI Partners acquired a majority stake in Blue Stream Fiber, a Coral Springs, Fla.-based provider of broadband and video and voice services to those in South Florida, from Twin Point Capital. Financial terms weren't disclosed.

- Shamrock Capital acquired Adweek, a news publication for the advertising and brand marketing industry, from Beringer Capital. Financial terms weren't disclosed.

- BMC closed its acquisition of Compuware, a provider of mainframe application development, delivery, and performance solutions. Investors including Thoma Bravo and Ares Capital backed Compuware.