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Term Sheet — Wednesday, September 21

Random Ramblings

Tons of deal news this morning, so just time for a few quick notes:

• VC nerderly: The National Venture Capital Association this morning announced that, going forward, it will be using PitchBook as its primary data provider. That means its 18-year relationship with Thomson Reuters (of which I was once a tangential part) is kaput. MoneyTree Three RIP.

• Yo this: Today’s Big Deal isn’t actually the biggest in terms of size, but is one of countless rebuttals to the idea that Silicon Valley does little more than make Yo apps. It’s a venture capital round for d.light, which develops solar light and energy solutions for off-grid communities in remote emerging market locations. My colleague Katie Fehrenbacher has more here.

• Bain busted: Bain Capital has confirmed that it is giving up control of South African clothing retailer Edcon Holdings, via a debt-for-equity swapwith creditors like Franklin Templeton. It’s not commenting on how much it lost, but a 2007 annual report (thanks for the presidential run, Mitt!) shows that the private equity giant pumped in around $580 million of equity. And it does not appear to have pulled any out over the subsequent years.

• Update: Elephant Partners, the venture growth firm co-founded last year by Highland Capital vets Andy Hunt and Jeremiah Daly, has closed its debut fund with $156 million in capital commitments.


• Gametime: We have three spots left on the Term Sheet softball team, which will be playing in a charity game this coming Monday at Fenway Park in Boston (beneficiary is ABCD’s summer jobs program). Skill level is irrelevant. The cost is $909, and first pitch is at 2:10pm. You’ll get to hit, field, sit in the home dugout, etc. If interested in playing, please let me know ASAP via email.


• D.light, a San Francisco-based provider of solar lighting and power products households in remote locations like, has raised $22 million in new VC funding. Kawasaki Ventures and Energy Access Ventures were joined by return backer NewQuest Capital Partners. Read more.


• Metromile, a “pay per mile” insurance startup based in San Francisco, has raised $191.5 million in new equity and debt funding. Backers include Intact Financial, China Pacific Insurance, NEA, Index Ventures, First Round Capital, SV Angel and Mitsui & Co. Part of the proceeds will be used to acquire insurance carrier Mosaic Insurance. Read more.

• OurCrowd, an Israel-based equity crowdfunding platform, has raised $72 million in Series C funding. No investor information was disclosed.

• Heliatek, a German solar film manufacturer, has raised €42 million in Series D equity funding. Innogy SE led the round, and was joined by ENGIE, BNP Paribas, CEE Group and return backers AQTON, BASF, eCAPITAL, HTGF, Innogy Venture Capital, TUDAG and Wellington Partners. The company also secured €20 million in debt and about €18 million in subsidies.

• Pepperfry, an online home goods retailer in India, has raised $31 million in new VC funding. Return backers include Bertelsmann India Investments, Goldman Sachs, Norwest Venture Partners and Zodius Technology Fund.

• FinanceFox, a European insurance technology startup, has raised $28 million in Series A funding. Horizons Ventures and Target Global co-led the round, and were joined by return backers AngelList, Idinvest, Salesforce Ventures, Speedinvest, Seedcamp and Victory Park Capital.

• Gametime, a San Francisco-based mobile provider of last-minute tickets, has raised $20 million in Series B funding. Google Ventures, Evolution Media Partners and the Stanford StartX Fund were joined by return backers like Accel Partners.

• Efficient Drivetrains Inc., a Milpitas, Calif.-based developer of hybrid and electric drivetrain solutions, has raised $7.85 million in a first close of its Series C funding round. H&Q Asia Pacific led the round, and was joined by Jiaxing Daxin Investment Partnership. The round is expected to close next quarter with a total of $15 million.

• Troops, a New York-based Slackbot for sales, has raised $7 million in new VC funding. Aspect Ventures, Slack Fund, Susa Ventures and Flight.VC were joined by return backers First Round Capital, Nextview Ventures, Chicago Ventures, Great Oaks Capital, Founder Collective and Vast Ventures. Read more.

• Catalyze Inc., a Madison, Wis.-based provider of cloud infrastructure for healthcare companies, has raised $6.5 million in Series B funding. Lewis & Clark Ventures led the round, and was joined by return backers Arthur Ventures, Baird Venture Partners and Chicago Ventures.

• Mobilize, developer of a unified messaging management platform, has raised $6.5 million in new VC funding. Backers include Trinity Ventures, Array Ventures, Floodgate, Hillsven Capital and Upwest Labs.

• Nucleus, a New York-based maker of a connected home intercom, has raised $5.6 million in Series A funding. Amazon’s Alexa Fund led the round, and was joined by BoxGroup, Greylock, Founders Fund, Foxconn, Liquid 2 Ventures and SV Angel.

• Imbellus, a New York-based job candidate screening and personality assessment platform, has raised $4 million in new VC funding. Backers include Upfront Ventures, GLG, Sound Ventures and Thrive Capital. Read more.

• Allset, a San Francisco-based “wait-free dining startup,” has raised $2.35 million in seed funding. Metamorphic Ventures led the round, and was joined by Andreessen Horowitz, FJ Labs and return backer SMRK VC Fund.

• SecurityMatters, a Dutch provider of cybersecurity solutions for industrial control systems, has raised an undisclosed amount of new VC funding. Emerald Technology Ventures led the round, and was joined by Robert Bosch Venture Capital, KPN Ventures and Phoenix Contact Innovation Ventures.


• Apax Partners is among several private equity firms circling Arrow Global Group PLC (LSE: ARW), a UK-based buyer and manager of delinquent consumer loans, according to Bloomberg. The company has a current market cap of around £480 million. Read more.

• The Blackstone Group has agreed to acquire 46 industrial properties in the U.S. (mostly on the West Coast) from LBA Realty LLC for $1.5 billion. .

• Capshare, a Sandy, Utah-based equity management platform, has raised an undisclosed amount of strategic funding from Standish Management, a San Francisco-based provider of private equity fund administration services. Existing Capshare investors include Draper Associates, Kickstart Seed Fund and Otter Rock Capital.

• Connecting Point Marketing Group Inc., a Rye, N.H.-based provider of business networking and information events for senior-level executives in various industries, has raised an undisclosed amount of private equity funding from Corridor Capital and Aldine Capital Partners.

• Deposition Solutions, a Houston, Texas-based litigation support services company owned by Trinity Hunt Partners, has acquired Jensen Litigation Solutions, a Chicago-based provider of deposition reporting and legal videography services. No financial terms were disclosed.

• Forsyth Capital Investors has acquired HawkeyePedershaab Inc., a Mediapolis, Iowa-based maker of capital equipment and aftermarket products for the production of concrete pipe and manholes. No financial terms were disclosed.

• Great Point Partners has sponsored a recapitalization of Alliance Biomedical Research, a Greenville, S.C.-based clinical trial research site business. No financial terms were disclosed.

• Versa Capital Management has acquired SynCardia Systems Inc., a Tucson, Ariz.-based developer of an “implantable system designed to assume the full function of a failed human heart,” via a bankruptcy court process.

• Young Innovations, an Earth City, Mo.-based portfolio company of Linden Capital Partners, has acquired The Orthodontic Store Inc., a Gaithersburg, Md.-based provider of orthodontic appliances, supplies and instruments.


• BlackLine Systems, a Los Angeles-based accounting software company backed by Silver Lake, has hired Goldman Sachs to prep an IPO that could value the company north of $1 billion, according to Reuters. The company reportedly has already filed confidentially with the SEC. Read more.

• Novan Inc., a Durham, N.C.-based developer of dermatological therapies via a nitric oxide platform, raised $45 million in its IPO. The company priced 4.1 million shares at $11 per share, compared to earlier plans to offer 3.75 million shares at between $11 and $13 per share. It will trade on the Nasdaq under ticker symbol NOVN, with Piper Jaffray serving as lead underwriter. Shareholders in the pre-revenue company include Malin Corp. (16.25% pre-IPO stake), Claris Ventures, OrbiMed Advisors, U.S. Venture Partners, Astellas Venture Management and 5AM Ventures.

• Postal Savings Bank, a state-owned Chinese lender, has raised more than $7 billion in a Hong Kong IPO. Read more.

• Trade Desk Inc., a Ventura, Calif.-based self-serve digital ad platform, raised $84 million in its IPO. The company priced 4.67 million shares at $18 per share (high end of upwardly-revised range), for an initial market cap of approximately $688 million. It will trade on the Nasdaq under ticker symbol TTD, with Citigroup serving as left lead underwriter. Trade Desk reports $6.6 million of net income on $76 million in revenue for the first six months of 2016, compared to 5.7 million of net income on $42 million in revenue for the year-earlier period. Investors include IA Ventures (19.8% pre-IPO stake), Founder Collective (14.1%), Wellington Management (11.5%) and Highwind (7%).


• The Abraaj Group has agreed to sell its 80% stake in Jordan Aircraft Maintenance Ltd., a Jordanian commercial aircraft maintenance, repair and overhaul facility, to Dubai Aerospace Enterprise. No financial terms were disclosed. Read more.

• KPS Capital Partners has sold United Copper Industries Inc., a Denton, Texas-based manufacturer and distributor of copper building wire and cable, to Southwire Company LLC for an undisclosed amount.

• LastMinute Group (Swiss: LMN) has acquired WAYN, a UK-based travel social network founded in 2002. No financial terms were disclosed. WAYN backers had included Draper Esprit, Scottish Equity Partners and Howzat Partners. Read more.


• Allergan (NYSE: AGN) has agreed to acquire liver disease drug maker Tobira Therapeutics (Nasdaq: TBRA) for approximately $1.7 billion. Read more.

• Kuwaiti European Holding Group has acquired a 23.1% stake in UK-based stockbroker WH Ireland Group PLC (AIM: WHI) for £8.45 million. Read more.

• Banco Santander has ended talks to acquire London-based commercial bank Williams & Glyn from Royal Bank of Scotland, according to the FT, which cited price disagreements. Read more.

• Tessera Technologies (Nasdaq: TSRA) has agreed to acquire DTS (Nasdaq: DTSI), a provider of audio technology for mobile devices, for about $850 million in cash. Read more.


• Five Arrows Secondary Opportunities, the European small and mid-cap private equity secondaries unit of Rothschild Merchant Banking, has closed its fourth fund with €451 million in capital commitments.

• The Riverside Company has closed its fourth microcap buyout fund with $650 million in capital commitments.

• The Rohatyn Group, a New York-based emerging markets asset management and investment firm, has opened a new office in Seoul, South Korea. It will be led by managing director Gordon Cho.


• Bessemer Venture Partners has promoted Josh Harder to vice president. He joined the firm in 2014, and recently relocated from New York to San Francisco.

• John Boehner, former Speaker of the U.S. House of Representatives, has joined law firm Patton Boggs as a “strategic advisor.” Read more.

• John Cesarz has joined Perella Weinberg Partners as a New York-based managing director in the firm’s advisory business and a member of its restructuring practice. He previously was a managing director with Miller Buckfire & Co.

• Todd Combs, one of Warren Buffett’s lieutenants at Berkshire Hathaway, has been named to the board of J.P. Morgan Chase (NYSE: JPM). Read more.

• Scott Graves is stepping down as head of credit strategies at Oaktree Capital Management, in order to “pursue new opportunities.” He has been with the Los Angeles-based firm for 15 years. Read more.

• Sandor Hau and Matt Jacobson have joined Charlesbank Capital Partners as a managing director and principal, respectively. Hau previously was with Nomura as a managing director and head of corporate credit and special situations. Jacobson also was with Nomura previously.

• Damien Loveday has joined Angelo, Gordon & Co. as a managing director of investor relations. He previously was global head of diversifying strategies for Willis Towers Watson.

• Helge Lund, former CEO of BG Group PLC and Statoil ASA, has joined buyout firm Clayton, Dubilier & Rice as an operating advisor.

• Karimah Es Sabar has been named CEO of Quark Venture, a Vancouver-based VC firm focused on the biotech and life sciences space. He previously was president and CEO of the Centre for Drug Research and Development.

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