Good morning, Term Sheet readers.
NEW FUND ALERT: Battery Ventures, a private equity and venture capital investment firm, raised $1.25 billion across two new funds. Battery Ventures XII is an $800 million fund, and Battery Ventures XII Side Fund is a companion vehicle with $450 million to fund larger growth and private equity investments. The firm also promoted Morad Elhafed to general partner.
Battery is stage-agnostic and it will make investments ranging from seed- and early-stage deals to majority-ownership transactions exceeding $100 million. The new fund will focus on sectors including business software, enterprise-IT infrastructure, consumer Internet and mobile, and industrial technology. Some of its portfolio companies include HotelTonight, Coinbase, and Wag.
Battery’s new fund comes on the heels of Sequoia Capital’s reported $8 billion global fund, among others.
General partner Michael Brown said this fundraise was not in response to the increasing pressure on VCs to build bigger war chests to compete for deals. It’s no question, however, that SoftBank’s $100 billion Vision Fund looms over these decisions.
Battery Ventures has firsthand experience with the Japan-based investing giant. Wag, which is a Battery portfolio company, just raised $300 million from SoftBank.
“It’s fascinating for us as early-stage investors as well as growth stage investors where they can come in and help bolster the balance sheet of some of our companies with a few hundred million dollars. From that standpoint, it can be game-changing,” Brown said. “From a growth standpoint, they could be competitors. And to be honest, they could be buyers of some of our companies over time. They play a really interesting part of the ecosystem and how that unfolds is still a work in progress.”
BITCOIN PLUNGE: The crypto bloodbath continues. Bitcoin slipped below $6,000 earlier this morning, marking its lowest level since October as worries over tighter regulation gave traders fresh reasons to sell. The selloff has now knocked more than half a trillion dollars from digital coins since early January. Buckle up because the wild ride is far from over. Read more.
WAYMO v. UBER: The first act in the high-stakes self-driving tech trial between Waymo and Uber kicked off on Monday in San Francisco. The alleged theft of trade secrets by a former Google engineer Anthony Levandowski—and the alleged use of those secrets by Uber—is at the center of Waymo’s lawsuit. If you’re having trouble remembering the dramatic series of events, my colleague Kirsten Korosec put together a helpful and very detailed timeline of what led up to the lawsuit.
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• Paige.AI, a New York-based cancer pathology machine learning-focused startup, raised $25 million in Series A funding. Breyer Capital led the round.
• Reonomy, a New York-based data provider to real estate investors, brokers, lenders and appraisers, raised $16 million in a deal led by existing investor Bain Capital Ventures. Also investing were MMC Technology Ventures, a subsidiary of Marcus and Millichap Company, Red Apple Group and JAWS.
• Lightmatter, a Boston-based maker of a light-powered AI chip, raised $11 million in Series A funding. Matrix Partners and Spark Capital led the round.
• Harbor, a blockchain technology company, raised $10 million in Series A funding. Investors include Vy Capital, Fifth Wall Ventures and Valor Equity Partners.
• Badi, a Barcelona-based marketplace for urban room rentals, raised $10 million in Series A funding. Spark Capital led the round. Read more.
• Wandering Bear, a New York-based coffee brand, raised $8 million in Series A funding. The investors were not named.
• 8th Wall, a Palo Alto, Calif.-based company that helps developers build augmented reality applications, raised $8 million in Series A funding. Norwest Venture Partners led the round, and was joined by investors including Venture Reality Fund, Shasta Ventures and Sparkland Capital.
• IntuiLab, a France-based software platform for creating touch-first digital signage without writing code, raised $3.7 million in Series A funding. Investors include IRDI SORIDEC Gestion and M Capital Partners.
• SAM, an Israel-based home network cyber defense company, raised $3.5 million in seed funding. Blumberg Capital led the round.
• Loris.ai, a data-driven compny spun out from Crisis Text Line, raised 2 million in seed funding. Floodgate led the round, and was joined by investors including Kapor Capital, Omidyar, Homebrew, Precursor, Citylight Capital, and WeWork.
• Fair, a Santa Monica, Calif.-based car ownership startup, raised funding of an undisclosed amount. next47 led the round, and was joined by investors including BMW, CreditEase FinTech Investment Fund, Millennium Technology Value Partners, 137 Ventures, G Squared and Upfront Ventures.
• Glever.com, a Santa Clara, Calif.-based AI-assisted business writing company, raised seed funding of an undisclosed amount, from Innotech Capitals.
PRIVATE EQUITY DEALS
• Causeway Media Partners invested in QuintEvents, a Charlotte, N.C.-based provider of travel/experience/hospitality packages. Financial terms weren't disclosed.
• Cairngorm Capital Partners LLP acquired MJ Wilson Group Limited, a U.K.-based distributor of process instrumentation and control products. Financial terms weren't disclosed.
• Blueday Inc, a Boston-based provider of the store revenue management system for retail, raised funding of an undisclosed amount from Radian Capital.
• Baird Capital acquired a stake in ReMed Recovery Care Centers, a Paoli, Penn.-based provider of treatment for individuals with traumatic brain injuries. Financial terms weren't disclosed.
• EagleTree Capital acquired a majority stake in Airtech Group, a provider of specialized pressure technologies. Financial terms weren't disclosed.
Wellspring Capital Management LLC acquired SupplyOne Inc., a Newtown Square, Penn.-based distributor and converter of packaging products. Financial terms weren't disclosed.
• Capital Dynamics will acquire 8point3 Energy Partners LP, a joint venture company of solar power developers First Solar Inc and SunPower Corp for about $976.6 million, according to Reuters. Read more.
• Walmart Inc’s technology incubator, Store No 8, acquired Spatialand, a virtual reality startup. Financial terms weren't disclosed.
• Rubrik acquired Datos IO, a San Jose, Calif.-based market company focused on backup and recovery for NoSQL databases and big data file systems. Financial terms weren't disclosed.
• Simplus acquired CirrusOne, a San Francisco–based firm that specializes in high-quality consulting services for CPQ, CLM, billing and customer success solutions. Financial terms weren't disclosed.
• Del Monte Philippines, the Philippines-based unit of the packaged food company, said it plans to raise up to $324 million in an IPO this year. The company plans to offer 559.46 million shares priced at, at most, 29.88 pesos ($1.59) each. Read more.
• Skyview Capital sold Digital Fuel SV LLC, a Los Angeles-based provider of IT business management tools, to Apptio Inc. Financial terms weren't disclosed.
• Platinum Equity acquired WS Packaging Group, a Green Bay, Wisc.-based provider of labels and packaging solutions for the food and beverage, consumer packaged goods and pharmaceutical markets. The seller was J.W. Childs Associates. Financial terms weren't disclosed.
• Gill Marine acquired Gill North America Ltd, a marine gear company. The seller was YFM Equity Partners. Financial terms weren't disclosed.
• Gartner Inc agreed to sell CEB Talent Assessment, a provider of talent assessment solutions, for $400 million, to Exponent Private Equity.
• Alliance HealthCare Services agreed to buy e+CancerCare, a Nashville, Tenn.-based operator of a network of outpatient cancer care centers. It was a portfolio company of Kohlberg & Co. Financial terms weren't disclosed.
FIRMS + FUNDS
• Towerbrook Capital Partners, a New York-based investment firm, is looking to raise $5 billion for its latest flagship buyout fund and another vehicle that buys minority stakes, according to PE News.
• 137 Ventures, a San Francisco, Calif.-based venture capital firm, has set out to raise a $200 million fourth venture fund, according to a filing with the SEC.
• CREO Capital Partners, a Denver, Colo.-based private equity firm, raised $124 million for its fourth fund, according to a SEC filing.
• Huron Capital hired Scott Hauncher as a partner and promoted James Mahoney and David Reynolds to senior partners.
• Molly McCartin joined Drive Capital as an investor partner.
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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.