Good morning, Term Sheet readers.
Lyft raised $600 million in Series I funding at a $15.1 billion post-money, doubling the ride-hailing company’s valuation in little over a year. Fidelity led the round, and was joined by investors including Senator Investment Group. This capital infusion makes Fidelity one of Lyft’s largest investors with more than $800 million invested.
Here are some additional notes:
• In total, Lyft has raised $5.1 billion in funding. Lyft’s investors include AllianceBernstein, Baillie Gifford, and KKR & Co.
• Rival Uber has raised more than $21 billion to date from investors including SoftBank, TPG, Tencent, and Goldman Sachs.
• Lyft’s valuation went from $7.5 billion in April 2017 (Series G funding) to $15.1 billion in June 2018 (Series I), which is a 2x increase in a little more than a year.
• To compare, Uber said it would hold a secondary stock sale for employees and existing investors that would value the company at $62 billion, up from the $48 billion valuation it commanded in a secondary sale late last year.
• Lyft claims it has 35% market share in the U.S. (17% in January 2016, 22% in January 2017), although Uber remains the market leader.
• Lyft has a bookings run rate based on Q2 estimate of $7.7 billion.
The news is significant because Lyft made major strides at the expense of its main competitor, Uber. The massive injection of capital makes sense as Uber has Softbank behind it. In the ride-hailing wars, money matters. As Uber CEO Dara Khosrowshahi said about accepting an investment from SoftBank, “Rather than having their capital cannon facing me, I’d rather have their capital cannon behind me.”
Lyft has spent the last year and a half aggressively expanding into new U.S. markets, entering Canada, and investing in autonomous vehicle projects. Oh, and it’s reportedly nearing a deal to buy bike-share company Motivate for at least $250 million. That all requires a lot of $$$.
The new fundraise also likely means that Lyft is not planning to go public in the near future. For a deeper dive into Lyft’s operations, I highly recommend reading Fortune’s feature from July 2017. Read it here.
THE LATEST FROM FORTUNE…
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• Upstart Data Wrangler Raises $25 Million to Take on IBM, HPE, and Splunk (by Robert Hackett)
• High Fidelity Raises $35 Million For Blockchain VR Venture (by Jeff John Roberts)
• BitSight, a Cambridge, Mass.-based data analytics and security software, raised $60 million in Series D funding. Warburg Pincus led the round, and was joined by investors including Menlo Ventures, GGV Capital and Singtel Innov8.
• Away, a New York City-based direct-to-consumer travel brand, raised $50 million in Series C funding. Investors include Forerunner Ventures, Global Founders Capital, and Comcast Ventures.
• High Fidelity, a San Francisco-based open-source distributed VR platform, raised $35 million in Series D funding. Galaxy Digital Ventures led the round, and was joined by investors including Blockchain Capital, Breyer Capital, IDG Capital Partners and Vulcan Capital.
• LeaseAccelerator, a Great Falls, Va.-based developer of enterprise lease accounting software, raised $30 million in funding. Insight Venture Partners led the round.
• Ceres Imaging, an aerial spectral imagery and analytics company, raised $25 million in Series B funding. Insight Venture Partners led the round, and was joined by investors including Romulus Capital.
• tastytrade, Inc., a Chicago-based financial media company and parent to financial subsidiaries, raised $20 million in funding. Investors include TCV.
• Preempt, a San Francisco-based cybersecurity firm, raised $17.5 million in Series B funding. Investors include ClearSky, Blackstone, Intel Capital and General Catalyst.
• Signal Media, a London and New York-based artificial intelligence-powered reputation management and decision support platform, raised $16 million in Series B funding. Investors include GMG Ventures LP, MMC Ventures, Frontline, Hearst Ventures, Reed Elsevier Ventures and LocalGlobe.
• Cynet, an Israel-based developer of cyber-attack detection and remediation software, raised $13 million in Series B funding. Norwest Venture Partners led the round, and was joined by investors including Shlomo Kramer and Ibex Investors.
• Social SafeGuard, a Charlottesville, Va.-based provider of software for digital risk protection, raised $11 million in funding. Investors include AllegisCyber and NightDragon Security.
• Bento for Business, a San Francisco-based provider of financial management solutions, raised $9 million in funding from Edison Partners.
• Codefresh, a Palo Alto, Calif.-based delivery and collaboration platform for containers and microservices, raised $8 million in Series B funding. M12 led the round, and was joined by investors including Viola Ventures, Hillsven and CEIF.
• Baffin Bay Networks, a Sweden-based cybersecurity startup, raised $6.4 million in Series A funding. EQT Ventures led the round.
• Guardian Optical Technologies, an Israel-based developer of software for the automotive industry, raised $3.1 million in funding. Investors include Mirai Creation Fund, Goldbell Investments and TransLink Capital.
• Flowspace, a Los Angeles, Calif.-based logistics startup that provides on-demand warehousing and fulfillment services, raised $2.2 million in funding. Moment Ventures led the round, and was joined by investors including 1984 Ventures and Y Combinator.
• Ambit Analytics, an emotional intelligence and voice analysis startup, raised $1.1 million in pre-seed funding. Romulus Capital led the round.
HEALTH AND LIFE SCIENCES DEALS
• Precision BioScience, a Durham, N.C.-based genome editing system provider, raised $110 million in Series B funding. ArrowMark Partners led the round, and was joined by investors including Franklin Templeton Investments, Cowen Healthcare Investments, Brace Pharma Capital, Adage Capital Management, Cormorant Asset Management, Gilead Sciences, Vivo Capital, Alexandria Venture Investments, Ridgeback Capital, Agent Capital, Leerink Partners, venBio, F-Prime and Osage University Partners.
• Carisma Therapeutics Inc., formerly CARMA Therapeutics, a biotechnology company focused on the development of macrophage-based immunotherapeutics, raised $53 million in Series A funding. AbbVie Ventures and HealthCap co-led the round, and was joined by investors including IP Group, Penn Medicine, Grazia Equity, Wellington Partners, TPG Biotech, MRL Ventures Fund and Agent Capital.
PRIVATE EQUITY DEALS
• Clearlake Capital Group and Vista Equity Partners will invest in EagleView, a Bothwell, Wash.-based provider of aerial imagery and property data analytics. Financial terms weren’t disclosed.
• BV Investment Partners made a majority investment in Risk International, a Fairlawn, Ohio-based risk management and benefits information services provider. Financial terms weren’t disclosed.
• Incline Equity Partners sold Revolution Dancewear, a Niles, Ill.-based maker of specialty dancewear, footwear and recital costumes. The buyer was not named. Financial terms weren’t disclosed.
• Ardian made an investment in Seri Jakala, an Italy-based company that outsources marketing services. Financial terms weren’t disclosed.
• New Capital Partners acquired Collect Rx, a Bethesda, Md.-based revenue cycle management company. Financial terms weren’t disclosed.
• Valet Living, which is backed by Ares Management LP and Harvest Partners LP, acquired Invisible Waste Services, a garbage collection company. Financial terms weren’t disclosed.
• Ironwood Capital made an investment in American Residuals Group, an Arizona-based environmental services company. Financial terms weren’t disclosed.
• BJ’s Wholesale Club, a Westborough, Mass.-based firm, raised $638 million in an offering of 37.5 million at $17, the high end of its $15 to $17 range. The firm posted revenue of $12.8 billion in the 12 months ending Feb. 3, 2018. On earnings of $50.3 million. CVC Capital and Leonard Green & Partners back the firm. BofA, Deutsche Bank, Goldman Sachs, and J.P. Morgan are underwriters in the deal. The fund plans to list on the NYSE as “BJ.” Read more.
• EverQuote, a Cambridge, Mass.-based auto insurance marketplace, raised $84 million in an IPO of 4.7 million shares priced at $18, above its $15 to $17 range. The firm posted revenue of $126.2 million in 2017. Link Ventures (61.9% pre-offering) backs the firm. J.P. Morgan and BofA Merrill Lynch are underwriters in the deal. It plans to list on the Nasdaq as “EVER.” Read more.
• BrightView Holdings, a Plymouth Meeting, Penn.-based landscaping service, raised $469 million in an IPO of 21.3 million shares priced at $22, the low end of its $22 to $25 range. The firm posted revenue of $2.2 billion in 2016. KKR (75% pre-offering) backs the firm. Goldman Sachs, J.P. Morgan, KKR, and UBS are among bookrunners in the deal. The firm plans to list on the NYSE as “BV.” Read more.
• New Frontier, a Hong Kong-based blank check company seeking a business in healthcare, tech, or education sectors in China, raised $250 million in an upsized IPO of 23 million shares priced at $10, up from a previous $230 million. New Frontier Group’s Carl Wu is CEO of the firm. Credit Suisse and UBS are underwriters. It plans to list on the NYSE as “NFC.U.” Read more.
• Tridica, a San Francisco-based biotech firm for kidney diseases, raised $222 million in an IPO upsized IPO of 11.7 million shares priced at $17, the middle of its $16 to $18 range. It has yet to post a revenue. Orbimed (36.9% pre-offering), Sibling Capital (23.4%), and Longitude Venture Partners (10.1%) back the firm. Goldman Sachs, J.P. Morgan, and Cowen & Company are underwriters. The firm plans to list on the Nasdaq as “TCDA.” Read more.
• Translate Bio, a Lexington, Mass.-based mRNA therapeutics firm, raised $122 million in an upsized IPO of 9.4 million shares priced at $13, above its $12 to $14 range. The firm has yet to post a revenue. Shire Human Genetic Therapies (19.6%), Fidelity (14.5%), Baupost (13%), and Atlas Venture Fund (11.1%) back the firm. Citigroup, Leerink Partners, and Evercore ISI are underwriters. The firm plans to list on the Nasdaq as “TBIO.” Read more.
• Forty Seven, a Menlo Park, Calif.-based immuno-oncology firm, raised $113 million in an IPO of 7 million shares priced at $16, an upsized IPO at the high end of its range. It has yet to post a revenue. Lightspeed Ventures Partners (16.8% pre-IPO), Sutter Hill Ventures (16.8%), Clarus Lifesciences (15.8%), Wellington Management Company (8.8%), and Alphabet (6.7%) back the firm. Morgan Stanley and Credit Suisse are underwriters. It plans to list on the Nasdaq as “FTSV.” Read more.
• Neuronetics, a Malvern, Penn.-based firm treating depression with magnets, raised $94 million in an upsized IPO of 5.5 million shares priced at $17, above its $14 to $16 range. The firm posted revenue of $40.4 million in 2017. Investor Growth Capital (15.9% pre-offering), Onset Management (8.9%), InterWest Partners (9.2%), New Leaf Ventures (13.7%), and Polaris Venture Partners (7.3%) back the firm. Piper Jaffray and William Blair are underwriters in the deal. It plans to list on the Nasdaq as “STIM.” Read more.
• Aquestive Therapeutics, a Warren, N.J.-based central nervous system therapies maker, filed for a $69 million IPO. The firm posted revenue of $66.9 million in 2017. Bratton Capital Management and Genpar Monosol back the firm. BMO Capital Markets and RBC Capital Markets are underwriters. It plans to list on the Nasdaq as “AQST.” Read more.
• Gather acquired EVENTup, a Chicago-based online marketplace for event venues. Financial terms weren’t disclosed. EVENTup had previously raised approximately $1.8 million in venture funding from investors including NEA, Crosscut Ventures, Pritzker Group Venture Capital, Wavemaker Partners, and Lightbank.