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Social Security's 2032 deadline puts a 22% cut on the table — but Washington has way less room to negotiate than 1983

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CEO of $20 billion AI firm Perplexity says the secret to success is ‘sleeping with that fear’ that your competitor will steal your idea

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Boomers actually do hold most of the wealth and power. So why do they call it 'whiny' to point that out?

1

Social Security's 2032 deadline puts a 22% cut on the table — but Washington has way less room to negotiate than 1983

2

CEO of $20 billion AI firm Perplexity says the secret to success is ‘sleeping with that fear’ that your competitor will steal your idea

3

Boomers actually do hold most of the wealth and power. So why do they call it 'whiny' to point that out?
FinanceTerm Sheet

Term Sheet — Thursday, Aug. 10

By
Erin Griffith
Erin Griffith
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By
Erin Griffith
Erin Griffith
Down Arrow Button Icon
August 10, 2017, 10:16 AM ET
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ET CETERA

Good morning! No column today, but have these links:

• Sheryl Sandberg on harassment.

• Intel’s self-driving car plans.

• Apple’s antitrust concerns.

• Microsoft antitrust concerns.

• An interview with the Hyperloop One founders.

• Blue Apron earnings.

• The Microsoft Excel champ.

…AND ELSEWHERE

Alcohol companies are investing in a non-alcoholic future. How Palantir pushed into policing. Baby boomers who won’t sell are dominating the housing market. Who makes Trader Joe’s products? Want to get tech savvy? Don’t ask your children. How Facebook squashes the competition. Banker bonuses are rising, trader bonuses, not so much. Sugar Barons. Butlers at the Plaza. Uber winding down its car leasing biz.

VENTURE DEALS

• PCCW Media, a Hong Kong-based multimedia and entertainment company, raised $110 million in funding. Investors include Hony Capital, FoxConn Ventures, and Temasek.

• Flipkart, an India-based shopping site operator, raised funding of an undisclosed amount from SoftBank Group, according to Reuters. Flipkart will have more than $4 billion of cash after this investment, which is part of the same funding round in which Tencent, eBay and Microsoft also participated. Read more.

• Chef'd, an El Segundo, Calif.-based meal kit startup, raised $35.2 million. Investors include Smithfield Foods, Campbell Soup, and Fresh Direct, according to CNBC. Read more.

• Amplitude, a San Francisco-based product analytics company, raised $30 million in Series C funding. IVP led the round, and was joined by investors including Benchmark Capital and Battery Ventures.

• Auvik Networks, a Canada-based network monitoring and management software for managed service providers, raised about $12 million (C$15 million) in Series B funding. OpenView led the round, and was joined by investors including Celtic House Venture Partners and Rho Canada Ventures.

• Netlify, a San Francisco-based platform that automates code to create sites and web apps, raised $12 million in Series A funding. Investors include Andreessen Horowitz, Bloomberg Beta, Designer Fund, and Tank Hill Ventures.

• Parse.ly, a New York City-based internet attention analytics platform, raised $6.8 million in Series B funding. Grotech Ventures and Blumberg Capital led the round, and were joined by investors including Felton Group, FundersClub and DreamIt.

• Big Squid, a Salt Lake City, Utah-based provider of predictive analytics and machine learning, raised $6 million in Series A funding. Signal Peak Ventures led the round, and was joined by investors including Silverton Partners and Kickstart Seed Fund.

• GawkBox, a Seattle-based company that provides monetization for live streamers and other content creators, raised $3.7 million in Series A funding. Madrona Venture Group led the round, and was joined by investors including London Venture Partners and Erlend Christofferson.

• Brayola, an Israel-based e-commerce platform for bras raised $2.5 million in Series A funding, according to TechCrunch. Investors include The Firstime Fund, Ilan Shiloah, Nir Tralovsky, Jonathan Benartzi, Gett founders Shahar Waiser and Roi More, and Haim Dabah. Read more.

• Modern Fertility, a San Francisco-based fertility test services and information company, raised $1 million in funding. Investors include First Round Capital, Box Group and Y Combinator.

• Mission Secure, an Arlington, Va.-based provider of cyber security for the energy, transportation, and defense industries, raised funding of an undisclosed amount from Blue Bear Capital, Felton Group, and UVA funds.

• JetSmarter Inc, a Fort Lauderdale, Fla.-based technology-enabled marketplace for private aviation, raised funding of an undisclosed amount. Investors include Clearlake Capital Group and Leucadia National Corporation.

• TVM, a Stockholm-based digital marketing technology provider for the hospitality industry, raised pre-seed funding of an undisclosed amount. Investors include Butterfly Ventures.

PRIVATE EQUITY DEALS

• Abu Dhabi Investment Group agreed to invest up to $5 billion in Fiber Prime Telecommunications, a New York-based telecommunications carrier, for a 62.5% stake.

• Pepper Group (ASX:PEP) agreed to a A$657 million ($518 million) takeover from KKR, according to Reuters. Read more.

• Centerbridge Partners agreed to buy a majority stake in Pittsburgh-based health insurer Highmark Health’s managed vision care benefits unit, Davis Vision, for an undisclosed amount, according to Reuters. Read more.

• Valet Living, which is backed by Ares Management and Harvest Partners, acquired Atlanta-based ChoreMate, an Atlanta-based amenity services provider for multifamily communities. Financial terms weren’t disclosed.

• Voices.com, which is backed by Morgan Stanley Expansion Capital, agreed to acquire Voicebank.net, a Beverly Hills, Calif.-based website that hires celebrities for voice-overs. Financial terms weren’t disclosed.

• Yukon Partners and GenNx360 Capital Partners recapitalized Tooling Technology Group, a  Fort Laramie, Ohio-based provider of tools and related equipment mostly for the automotive sector. Financial terms weren’t disclosed.

• An investor group led by HPS Investment Partners LLC and Tennenbaum Capital Partners agreed to buy Globecomm Systems Inc, a Hauppauge, N.Y.-based satellite communications company. Financial terms weren’t disclosed.

• Sverica Capital Management acquired a majority interest in Women’s Health USA, an Avon, Conn.-based national physician practice management organization focused on women’s health. Financial terms weren’t disclosed.

OTHER DEALS

• Oman Telecommunications Co. will buy almost 10% of Zain Group (KWSE:ZAIN) for $846.1 million.

• Aegon (ENXTAM:AGN) sold its Irish unit Aegon Ireland to Athene for about €180 million ($211.3 million), according to The Irish Times. Read more.

• Altice NV (ENXTAM:ATC) and its U.S. cable unit are in the early stages of working on an offer to buy Charter Communications Inc (Nasdaq:CHTR), according to Reuters. Read more.

• Birchbox, a New York-based beauty, grooming, and lifestyle products company, has discussed a potential sale with several retailers including Wal-Mart Stores Inc, according to Recode. Read more.

• TeamSnap, a Boulder, Colo.-based integrated sports management software company, acquired Korrio, a Seattle, Wash.-based cloud service for organizing and sharing youth sports. Financial terms weren’t disclosed.

IPOS

• Contura Energy, a Bristol, Tenn.-based coal company which came out of Alpha Natural’s restructuring, said it would postpone its IPO. Previously,the company had planned to offer 6 million shares at a range of $23 to $27 a piece, raising about $150 million. The company had planned to list on the NYSE under symbol “CTRA.” Citi is acting as sole bookrunner in the deal.

• Quintana Energy, a Houston, Texas-based oil and gas services provider filed for an IPO to raise up to $100 million. In 2016, the company booked loss of 11.7 million on revenue of $210.4 million. Merrill Lynch, Pierce, Fenner & Smith as well as Piper Jaffray are representing the underwriters. Terms of the deal have yet to be disclosed.

• Binh Son Refinery and Petrochemicals Co., which operates Vietnam’s only refinery, plans to go public November 7 and raise about 1.9 trillion dong, or $84 million, Bloomberg reports. The offering, which will represent a 4% take in the company, is still awaiting government approval.

• YogaWorks, the Culver City, Calif-based yoga studio chain now says it plans to raise $44 million in an offering of 7.3 million shares at $5.50 to $6.60 a piece. YogaWorks previously said it plans to raise $65 million. In 2016, the company booked losses of $9.5 million on revenue of $55.1 million. The company, which filed confidentially mid-April, has 50 studios, and about 3 million student visits in 2016. Cowen, Stephens, and Guggenheim are lead underwriters in the deal. Great Hill Partners backs the company, which plans to list as “YOGA” on the Nasdaq.

EXITS

• Huddle, a San Francisco-based enterprise content collaboration company, is selling to Turn/River. One source estimated the deal at $89 million, according to Business Insider. The company was once reportedly valued between $250 to $300 million in a previous fundraising round. Huddle had raised approximately $89 million in venture funding from investors including Zouk Capital, Icon Ventures, Matrix Partners, and Eden Ventures. Read more.

• EQT Partners acquired Data Intensity, a Bedford, Mass. and UK-based provider of application and database managed services. The seller was Audax Private Equity. Financial terms weren’t disclosed.

PEOPLE

• Mason McVerry joined Frontier Capital as the director of business development. Previously, McVerry was at Sockwell Partners.

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Polina Marinova produces Term Sheet, and Lucinda Shen compiles the IPO news. Send deal announcements to Polina here and IPO news to Lucinda here.

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By Erin Griffith
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