This is Erin Griffith, filling in while Dan is off.
• Jet.com, the ambitious e-commerce startup taking on Amazon, has raised a $500 million round of venture capital led by Fidelity, according to people familiar with the company. The round is not yet closed and will likely include additional capital from existing investors. It values the company at $1 billion “pre-money,” or excluding the funding.
Fortune reported in August that the company was talking to investors. As noted, the company’s last round of funding in February was structured as capped convertible bridge notes whose valuation is directly tied to the next funding. With Jet’s $1 billion pre-money valuation, the bridge notes are valued at $575 million post-money. (Anything less, and the bridge note valuation would have fallen.)
A Jet spokesperson declined to comment.
Founded by Marc Lore, who sold his last e-commerce company to Amazon, Jet launched in July. Thanks to the company’s outsized ambitions, it has made a splash in a short time. Jet initially charged a $50 annual membership fee, but last month dropped that requirement.
Jet’s gross merchandize volume (GMV), or total sales, for September hit $20 million, according to a person close to the company. The company beat its October GMV target of $30.5 million by 11%, selling $33.2 million worth of items. In addition, Jet’s new buyers grew by 25% in October and repeat buyers grew by 62%.
Current retailers selling items through Jet include Toys R Us, Barnes & Noble, Sports Authority, GNC, and Lenovo. In addition, Dell, Petco, and Omaha Steaks will be added soon.
The company previously raised $220 million in equity and debt capital from a long list of investors: Bain Capital Ventures, Accel Partners, Coatue Management, General Catalyst Partners, Goldman Sachs, Google Ventures, MentorTech Ventures, New Enterprise Associates, Norwest Venture Partners, Silicon Valley Bank, Temasek, and Thrive Capital.
• IOU: Yesterday I asked readers whether any acquirers have ever refused to pay for the companies they agreed to buy. The context was a lawsuit between the Forbes family, which is suing a group of Hong Kong investors for refusing to pay what they owe on the acquisition of Forbes magazine.
Many acquisitions include a cash portion up-front with a note to be paid later. But the Forbes deal used “seller financing,” where the Forbes family lent money to the buyer. In other words, the family took on a lot of risk to get the deal done. These kinds of disputes happen often in private equity deals, one reader noted, but “there must have been some real bad blood here,” because it almost never happens as quickly as the month after it closed.
Term Sheet readers had some amusing horror stories about shady acquirers and lessons learned the hard way. One reader wrote: “Unless you’re dealing with a Google/Cisco/IBM type, earn-outs or deferred payments in M&A deals are very dangerous. Cash (upfront) is king!” From another: “Anyone who trusts the buyer, any buyer, must have been influenced by fairy tales as a youngster.”
• The Fortune Global Forum is going on again today, with appearances from Jamie Dimon, Brian Chesky and Leon Panetta. Watch the livestream here.
• Clarification: Yesterday’s Term Sheet included an item on the sale of eBay’s enterprise business, noting that Permira purchased Magento from eBay Enterprise and Zeta Interactive acquired eBay Enterprise’s CRM business. But I failed to include the fact that separately, Sterling Partners and Longview Asset Management purchased the services division from eBay Enterprise and combined it with Sterling’s portfolio company Innotrac Corporation. All three of the deals together total $925 million. Apologies for the oversight. Fortune’s Heather Clancy has more details on the deal here.
THE BIG DEAL
• Did I mention Jet.com raised $500 million?
VENTURE CAPITAL DEALS
• CureVac, a Tubigen, Germany-based clinical-stage biopharmaceutical company, raised $110 million (€100 million) led by Baillie Gifford, Chartwave Limited, the Coppel family, Elma Investments, Sigma Group and the Bill & Melinda Gates Foundation. www.curevac.com/
• Turo, a San Francisco-based peer-to-peer car rental service previously known as RelayRides, has raised $47 million in Series C funding led by Kleiner Perkins Caufield & Byers. sturo.com/welcome
• Uniplaces, a Lisbon, Portugal-based student housing booking startup, raised $24 million in Series A funding led by Atomico. swww.uniplaces.com/
• Bidgely, a Sunnyvale, Calif.-based energy analytics company, has closed a Series B round of funding worth $16.6 million led by Constellation Technology Ventures, the venture capital arm of Exelon Corporation, alongside E.ON and RWE and existing investor Khosla Ventures. www.bidgely.com/
• Weave, Luhi, Utah-based provider of communications tools for small and medium-sized businesses, raised $15.5 million in a Series B round of funding led by Crosslink Capital with participation from Pelion Ventures, Peak Capital, A Capital, Y Combinator, Initialized Capital and individual investors Geoff Ralston and Joe Montana. www.getweave.com/
• Invoice2go, a mobile invoicing app maker based in Redwood City, Calif., has raised $15 million in Series C funding led by Ribbit Capital with participation from Accel Partners. sinvoice.2go.com/en-us/
• SnapApp, a Boston-based content marketing startup, has raised $12 million in Series A funding from Providence Equity Partners. www.snapapp.com/
• LISNR, a Cincinnati- Ohio-based audio data protocol company, raised $10 million in Series B funding led by Intel Capital with participation from Mercury Fund, Jump Capital and R/GA Ventures. lisnr.com/
• Body Labs, a New York City-based company which makes 3D body models, has raised $8 million in Series A funding led by Intel Capital, with participation from FirstMark Capital, Max-Planck-Innovation GmbH, Osage University Partners, and Catalus Capital. www.bodylabs.com/
• Steton Technology Group, a provider of compliance auditing software based in Salt Lake City, Utah, raised $7.5 million in Series B funding from Access Holdings. www.steton.com/
• Havenly, an online interior design service, today announced it has raised $7.5 million in Series A funding led by the Foundry Group with participation from other private investors. www.havenly.com
• Yello, a Chicago-based web and mobile recruitment platform, raised $5 million in Series B funding led by Argentum Group with participation from existing investor First Analysis. yello.co/
• BeneStream, a New York City-based maker of software product Medicaid Migration, has raised $4.26 million Series A funding from TLSG Investments, alongside Kapor Capital, Relativity Healthcare Partners and Serious Change LP. benestream.com
• Zenchef, a France-based restaurant website startup, has raised €6 million in new funding led by Edenred Capital Partners with participation from Xange, Metro, and previous backers Elaia Partners, Accélérateur Capital Partners and Kima Ventures. zenchef.com/en/
• WakingApp, a Tel Aviv-based provider of augmented and virtual reality tools, raised $4.3 Million in Series C funding from Youzu Interactive. www.wakingapp.com/
• 915 Labs, a Centennial, Colo.-based food processing and packaging technology company raised $3 million in venture funding from undisclosed investors. www.915labs.com/
• Verge Genomics, San Francisco-based a biopharmaceutical company focused on neurodegenerative diseases raised $4 million in seed financing led by IA Ventures with participation from Two Sigma Ventures, Draper Associates, Great Oaks VC, Slow Ventures, Karlin Venture, Elad Gil and David Lee. www.vergegenomics.com
• Affinio, a Halifax, Nova Scotia-based marketing intelligence platform, raised a Series A investment of $4 Million led by venture fund Whitecap Venture Partners, with participation from Social Starts, BRaVe Ventures, and angel investors. www.affinio.com/
• What3words, a London-based location platform, has raised $3.5 million in Series A funding led by Intel Capital with articulation from Horizons Ventures what3words.com/
• Solera Health, a Phoenix, Ariz.-based software platform focused on chronic disease prevention in communities raised $3 million in Series A funding from BlueCross BlueShield Venture Partners (BCBSVP) with participation by Sandbox Industries. soleranetwork.com/
• Chargifi, a London-based wireless charging deployment company, raised $2.7 million in Series A funding from Intel Capital. chargifi.com/
• The History Project, an Oakland, Calif.-based media company, has raised $2 million in funding led by The New York Times Company, with additional investment by Matter Ventures and Altpoint Ventures. www.thehistoryproject.com/
• Marketing.AI, a Vancouver-based content marketing company, has raised $2 million in funding from Marin Investments Limited. marketing.ai/
• Fuzzy Logix, a Charlotte, N.C.-based big data analytics company, has raised invested $5.5 million in Series A funding from New Science Ventures. www.fuzzyl.com/
• Localize, a San Francisco-based translation software company, has raised a $1.1 million in seed funding led by FG Angels with participation from Kima, zPark, and Matchstick Ventures. slocalizejs.com
• FunkSac, Denver-based company which makes odor-barrier and child-resistant packaging for marijuana, has raised from Casa Verde Capital. The size of the round was not disclosed. www.funksac.com/
• In addition to the previously noted Intel Capital deals, the firm announced investments of undisclosed size in the following startups:
• Perfant Technology, a China-based developer of imaging and video technologies www.perfant.com/
• KM Labs, a Boulder-based laser manufacturer, with participation from Colorado Impact Fund www.kmlabs.com/
• Prieto Battery, a Fort Collins, Colo.-based provider of 3D Lithium Ion battery technology www.prietobattery.com/
• Sckipio Technologies, a Israeli chip design startup www.sckipio.com/
• FreedomPop, a Los Angeles-based provider of wireless voice and data services
• Parallel Machines, a Tel Aviv-based predictive analytics and machine learning startup www.parallelmachines.com/
PRIVATE EQUITY DEALS
• Funko, an Everett, Washington-based provider of branded pop culture products, has sold to ACON Investments for an undisclosed amount. Prior owner Fundamental Capital will retail a minority ownership stake. funko.com/
• MW Industries, a Genstar Capital-backed provider of precision components, acquired Cedar Grove, NJ-based Servometer and Ormond Beach, Fla.-based BellowsTech, both manufacturers components. Terms were not disclosed. www.mw-ind.com/
• Anglo European Group, a UK-based provider of steel for window and door reinforcement, has sold a stake to Octopus Investments. Deal terms were not disclosed. www.angloeuropean.net/
• Climax Portable Machine Tools, a portfolio company of Industrial Growth Partners, acquired H&S Tool, a Wadsworth, Ohio-based portable machine tool maker. Terms were not disclosed. climaxportable.com/
• QuVa Pharma, a Sugar Land, Texas-based sterile compounding pharmacy services company, has acquired Unique Pharmaceuticals. Terms were not disclosed. www.quvapharma.com/
• Winona Capital has acquired a minority stake in Rodd & Gunn a menswear apparel brand based in Auckland, New Zealand. Terms were not disclosed. us.roddandgunn.com/
• Eagle Family Foods Group LLC, a unit of private equity firm Kelso & Co., has agreed to acquire the U.S. canned milk brands of J. M. Smucker Co. Deals were not disclosed. www.eaglebrand.com/
• Sverica Capital Management acquired Synoptek, an Irvine, Calif.-based provider of outsourced IT managed services. Deal terms were not disclosed. www.sverica.com.
• SterlingBackcheck, a New York-based background screening company owned by Goldman Sachs and CDPQ, acquired EmployeeScreenIQ, a Cleveland, Ohio-based global provider of employment background checks and substance abuse screening services. Terms of the transaction were not disclosed. www.sterlingbackcheck.com/
• Ettain Group, a Charlotte, N.C.-based recruiting company focused on the managed IT services category and backed by New MainStream Capital, has acquired Timberhorn IT Solutions, an IT staffing company based in Dallas-Fort Worth Metroplex. Terms were not disclosed.
• SCI Solutions, a portfolio company of Columbia Pacific Advisors, ORIX Ventures, The Wicks Group and New Enterprise Associates, has acquired Clarity Health, a Seattle-based software company serving medical practices, hospitals and health systems. www.clarityhealth.com
• Dali Foods Group Company Ltd, a Chinese snack food company, plans to go public at a valuation of $1.3 billion, according to Bloomberg. Read more.
• Olympus Partners has sold Woodcraft Industries, a Stamford, Connecticut-based wood doors and components company, to Quanex Building Products Corporation. www.woodcraftind.com/
• PagerDuty, a San Francisco-based operations performance management startup, has acquired Seattle-based startup Event Enrichment HQ and its Event Enrichment Platform. PagerDuty is backed by Andreessen Horowitz, Bessemer Venture Partners, Baseline Ventures and Ignition Partners. swww.eventenrichment.com/
• GE Capital may sell its Australian commercial lending and leasing arm to Sankaty Advisors and Deutsche Bank, according to Dealbook. Read more.
FIRMS & FUNDS
• BlueMountain Capital Management, closed BlueMountain Summit Opportunities Fund II, a fund with a broad investment mandate, with $1.3 billion in capital commitments. swww.bluemountaincapital.com/
• Lovell Minnick Partners, a private equity firm focused on financial and business services companies, completed of fundraising for its fourth institutional buyout fund, raising $750 million. www.lovellminnick.com/
• Satilla Capital Partners, a private real estate and credit investment manager based in Atlanta, has raised $160 million in new capital commitments. www.satillacapital.com
• Wellington Financial LP, a specialty finance firm providing term, venture and amortizing loans up to $40 million, raised $300 million for its latest fund, Wellington Financial Fund V. www.wellingtonfund.com/
MOVING IN, UP, ON & OUT
• Robert Eatroff joined Comcast Corporation as Executive Vice President, Global Corporate Development and Strategy. Eatroff previously worked at Morgan Stanley as Managing Director and Head of Mergers & Acquisitions for the Americas. corporate.comcast.com/
• Ron Rolighed will join Victory Park Capital’s Chicago office as a principal leading business development and client services. Rolighed was previously a managing partner and co-founder of Mira Capital Advisors. www.victoryparkcapital.com/
• Monroe Capital has hired Andy Moser and Marc Price co-head new business vertical dedicated to Retail and Consumer Products Asset Based Lending for the Chicago-based firm from its Boston office. Previously Moser President and CEO of Salus Capital Partners and Price was Executive Vice President at Salus Capital Partners. www.monroecap.com/
Share today’s Term Sheet: