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Term Sheet — Tuesday, September 5


Good morning, Term Sheet readers.

Hope you had a great holiday weekend! Here are some things people were talking about:

SQUEEZED OUT: On Friday, we bid farewell to Juicero, our favorite juicer company to make fun of on Twitter. After raising more than $118 million in venture funding and charging customers $400 per juice-maker, the startup has shut down operations and suspended the sale of its presses. It’s now seeking a buyer, and offering customers the option to request a refund for up 90 days. I’ll leave you with this — Juicero was backed by investors including GV, Artis Ventures, Kleiner Perkins Caufield & Byers, and Thrive Capital, and raised more funding than SpaceX attracted in its first four years of operation.

Read the full story at Fortune.

CRYPTO CHAOS: Everything had been going so well in the world of initial coin offerings that even Paris Hilton was looking forward to participating. But just hours after Hilton tweeted out her support for #CryptoCurrency, things came crashing down. China’s central bank banned initial coin offerings, categorizing them as “illegal fundraising.” The bank lumped ICOs in with pyramid schemes, and demanded that those who have already run ICOs return investors’ cash. As a result, the cryptocurrency market, which includes Bitcoin, Ethereum, and Litecoin, lost 20% in two days. The crypto saga continues.

Read more at Fortune.

TRONC TO THE RESCUE: Now, let’s reflect on the depressing state of media. Tronc Inc, the ridiculously-named owner of the Chicago Tribune and Los Angeles Times, sealed a sweet deal today. It acquired The New York Daily News, one of largest newspapers in the country which won a Pulitzer Prize earlier this year, for virtually nothing. Tronc is paying $1 in cash and assuming at least $61.2 million in liabilities. What a time to be alive.

Read more at Fortune.


• CEOs from leading U.S. companies urge Trump to keep DACA (by Joseph Hincks)

• 4 important things about Hewlett Packard Enterprise’s multibillion dollar spinoff (by Jonathan Vanian)

• Will people buy a $1,000 iPhone? (by Jeff John Roberts)

• Putin: Whoever leads in AI will rule the world (by David Meyer)

• Meet the 23-year-old challenging Uber with cheaper rides (by Natasha Bach)


Facebook made its biggest live streaming bet. 10 of the most-funded startups to fail in 2017.  A gadget that tells you if your handbag is fake. Google plans to build a team of AI specialists in China. Verizon wants to build an advertising juggernaut.


Via, a New York-based shuttle-based carpooling service, raised a “strategic investment.” Daimler led the round. Alongside this, Daimler’s Mercedes Benz division is investing $50 million into a joint venture with the startup. The full amount of funding has not been disclosed, but TechCrunch reports that it is about $250 million. Read more.

Lilium, a Germany-based developer of an electric flying taxi, raised $90 million in Series B funding. Investors include Tencent, Atomico, Obvious Ventures, and LGT. Read more at Fortune.

ForgeRock, a San Francisco-based cybersecurity firm that manages people’s digital identities, raised $88 million in funding. Accel Partners led the round, and was joined by KKR. Read more at Fortune.

MapR, a San Jose, Calif.-based big data startup, raised $56 million in funding, according to Forbes. Lightspeed Venture Partners led the round. Read more.

Bitmain Technologies Ltd, a Beijing-based bitcoin mining organization, is raising $50 million in funding, according to Bloomberg. Investors include Sequoia Capital and IDG Capital. Read more.

Habito, a London-based online mortgage brokerage platform, raised £18.5 million ($24 million) in Series B funding, according to TechCrunch. Atomico led the round, and was joined by investors including Ribbit Capital, Mosaic Ventures, and Revolutionary (Ad)Ventures. Read more.

Allbirds, a San Francisco-based footwear brand, raised $17.5 million in Series B funding. Tiger Global Management LLC led the round, and was joined by investors including Elephant, Maveron, and Lerer Hippeau., a U.K.-based developer of a decision-making platform based on probabilistic modelling, raised £10 million ($13 million) in funding, according to TechCrunch. Cambridge Innovation Capital led the round, and was joined by investors including Atlantic Bridge Capital, Passion Capital, Amadeus Capital Partners and SG Innovate. Read more.

Apica, a Sweden-based software company, raised $12 million in funding. Oxx led the round, and was joined by investors including Nordic VC Industrifonden, SEB Venture Capital and KTH Chalmers Capital.

LookBookHQ, a Canada-based content marketing platform, raised a $11 million in Series B funding. Edison Partners led the round.

Aifloo, a Sweden-based developer of a “smart wristband” to help care for the elderly, raised €5.1 million ($6 million) in Series A funding, according to TechCrunch. EQT Ventures led the round. Read more.

Wizer, a New York-based A.I.-based SaaS consumer research company, raised $4 million in Series A funding. State of Mind Ventures led the round, and was joined by Nielsen Innovate.

OpenSpace, a machine vision company, raised $3 million in seed funding. Lux Capital led the round, and was joined by investors including Foundation Capital, National Science Foundation, the Box Group, AngelList, Goldcrest, Sterling Capital and Comet Labs.

Pillar Technologies, a New York City-based real-time risk management platform for general contractors, raised $2.75 million in seed funding. Investors include XL Innovate, Hyperplane VC, and Techstars Ventures.

Fast Travel Games, a Sweden-based VR games studio, raised $2.1 million in Series A funding. Industrifonden led the round, and was joined by investors including Creades, Inbox Capital and Sunstone Capital.

GetAccept, a Sunnyvale, Calif.-based e-signature service, raised $1.6 million in seed funding, according to TechCrunch. Investors include Amino Capital and Y Combinator. Read more.

Event Pop, a Thailand-based digital ticketing startup, raised $1.6 million in Series A funding, according to TechCrunch. InVent and Kasikorn Bank’s Beacon fund led the round. Read more., a Chicago-based big data and analytics platform, raised $1 million in funding. Investors include West Loop Ventures.


Genstar Capital is nearing a deal to acquire Tekni-Plex, a King of Prussia, Penn.-based manufacturer of medical packaging and tubing, from American Securities for roughly $1.5 billion, including debt, according to Reuters. Read more.

The Carlyle Group acquired a majority stake in Thomas Scientific, a Swedesboro, N.J.-based provider of laboratory supplies and equipment for the scientific and research community. Financial terms weren’t disclosed.

Apax Partners bought a majority stake in, a U.K.-based luxury e-commerce group. Financial terms weren’t disclosed.

Mecadaq, a portfolio company of Activa Capital, acquired Armoa, a France-based high precision machining company.. Financial terms weren’t disclosed.


United Technologies Corp agreed to buy Rockwell Collins (NYSE:COL) for $30 billion, including debt. Read more at Fortune.

Hewlett-Packard Enterprise will acquire Cloud Technology Partners, a Boston-based company that helps business customers plan and build cloud computing capabilities. Financial terms weren’t disclosed. Read more at Fortune.

Teleflex Inc will buy NeoTract Inc, a Pleasanton, Calif.-based medical device developer, in a deal valued at up to $1.1 billion, according to Reuters. Read more.

Merck KGaA (DB:MRK) is considering selling its $1 billion consumer health unit, according to Reuters. Read more.

Nasdaq Inc will buy eVestment Alliance LLC, a Marietta, Ga.-based investment analytics provider, for $705 million, according to Reuters. Read more.

3SBio Inc (SEH:1530) agreed to buy the contract development and manufacturing unit of Canada’s Therapure Biopharma Inc for $290 million, according to Reuters. Read more.


Rovio, the Finnish mobile game maker behind Angry Birds, is planning for an IPO in Helsinki. The company said the IPO would raise about $35.71 million. Trema International backs the company.

Pirelli, an Italian tire-maker, plans to sell up to 40% of its equity in an IPO in October. The company, acquired by state-owned China National Chemical about two years ago, plans to list on the Milan Stock Exchange. Pirelli’s equity is valued at between $9 billion to $10.4 billion. Reuters.

NuCana, an Edinburgh, U.K.-based chemotherapy biotech, filed for an IPO to raise up to $115 million. In 2016, the company posted loss of about $6.1 million. Sofinnova (45% pre-offering) and Morningside Venture(12%) back the company. Citi, Jefferies, and Cowen & Co. are joint bookrunners in the deal. The company planes to list on the Nasdaq as “NCNA.”

Roku, A streaming device maker based out of Los Gatos, Calif., filed for an IPO raising $100 million. In 2016, the company posted revenue of  $399 million and loss of $42.8 million. Roku is backed by Menlo Ventures(35.3% pre offering), Fidelity(12.9%), Globespan Capital Partners(6.1%), and Twenty-First Century Fox(7%). Morgan Stanley and Citigroup Global are lead underwriters in the deal. The company plans to list as “ROKU” on the Nasdaq.

Deciphera Pharmaceuticals, a Waltham, Mass.-based cancer drug maker focused on kinase-inhibiting treatments, filed for an IPO to raise $100 million. The company shed $25.9 million. Brightstar Associates(67.85% pre-offering), and New Leaf Ventures(15.3%) back the company. J.P. Morgan and Piper Jaffray are underwriters in the deal. The company plans to list on the Nasdaq as “DCPH.”

RumbleOn, a Charlotte, N.C.-based motorcycle e-marketplace, filed for an IPO to raise up to $25 million Friday. In 2016, the company posted revenue of $138,141 on loss of $1.8 million. Ralph Wegis(9.9% pre-offering) and NexGen Dealer(16.9%) back the company. Roth Capital is bookrunner in the deal. The company plans to list as “”RMB”” on the Nasdaq.


H.B. Fuller Co agreed to acquire rival Royal Adhesives & Sealants, a South Bend, Ind.-based adhesive manufacturer, from American Securities LLC for about $1.58 billion.

TA Associates made an investment of an undisclosed amount in PetPeople, a Hillard, Ohio-based retailer of dog and cat foods, treats and supplies, from Rosser Capital Partners.

Francisco Partners sold Therapeutic Research Center, a Stockton, Calif.-based medication learning solutions provider, to Levine Leichtman Capital Partners. Financial terms weren’t disclosed.

Argentum Medical, a portfolio company of Shore Capital Partners, acquired the TheraBond® family of products from Alliqua BioMedical, Inc. Financial terms weren’t disclosed.

National Waste Partners, a portfolio company of Bestige Holdings, LLC, acquired Environmental Equipment Services and National Compactor Rental, which are Phoenix-based equipment rental and service companies, from DWS, Inc.  Financial terms weren’t disclosed.


Hammond, Kennedy, Whitney & Company, an Indianapolis-based private equity firm, is seeking to raise $350 million for its fifth fund, according to an SEC filing.


Gregory Lau joined Welsh, Carson, Anderson & Stowe as a general partner. Previously, Lau was at FFL Partners.

Peter J. Mobberley joined SPM LLC as a managing director. Previously, Mobberley was at Axonic Capital LLC.


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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.