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Term Sheet — Wednesday, November 14

November 14, 2018, 2:51 PM UTC


Good morning Term Sheet readers. This is Lucinda filling in for Polina until Friday. Please send all deals to

WEWORK: In the span of just seven years, WeWork’s valuation has grown 1,000 times to $45 billion. Not only is it the largest U.S.-based unicorn by valuation, it’s also larger than the likes of Marriott ($40 billion), Target ($44 billion), and Capital One ($43 billion).

That comes after Softbank committed another $3 billion in funding to the co-working space Tuesday.

The Saudi-backed SoftBank Vision Fund previously invested $4.4 billion in WeWork. Though notably, this most recent infusion is coming not from the largely Saudi Backed vehicle, but apparently directly from SoftBank.

When asked about a movement to shun Saudi funding following the death of journalist Jamal Khashoggi, WeWork CFO Artie Minson dubbed questions “irrelevant,” the Wall Street Journal reports.

Still, even before this new funding, investments from the Vision Fund had made SoftBank the largest shareholder in WeWork. And if SoftBank’s Vision Fund indeed plans to invest another $10 billion to $15 billion in WeWork (the two have reportedly been in talks), the firm may have to confront that question again.

It won't be the only one. SoftBank’s Vision Fund has plans to be largest shareholder in 100 tech companies.

OH SNAP: The company behind Snapchat revealed Tuesday that it had been subpoenaed by the Department of Justice over its 2017 IPO disclosures.

Shareholders have sued the company, alleging that it had misrepresented to threat of Instagram.

Snap is now valued at around $8.5 billion, compared to $24 billion following its IPO.


Amazon Chooses HQ2 Cities

Walmart, Microsoft, AT&T-Backed Foundry Invests in Encryption Pioneer

Revenues at Cannabis Startups Surge as Demand Begins to Outstrip Supply

Blue Apron's Stock Falls 6% After the Meal Delivery Company Lays off 4% of Its Workforce


iFood, an online food delivery platform in Latin America, has raised $500 million in funding. The investors were Movile, Naspers and Innova Capital.

NetEase Cloud Music, a Chinese internet and online game services provider, raised over $600 million in funding. Investors included Baidu, General Atlantic and Boyu Capital.

Sweetgreen, a Los Angeles-based restaurant chain that serves salads, raised $200 million in funding. Fidelity Investors led the round.

NextCure Inc., a Beltsville, M.D.-based biopharmaceutical company, raised $93 million in Series B funding. Hillhouse Capital Management and Quan Capital led the round, and was joined by investors including Bay City Capital, Surveyor Capital, Ping An Ventures, Taiho Ventures LLC, ArrowMark Partners, NS Investment, Canaan Partners, Lilly Asia Ventures, OrbiMed Advisors LLC, Pfizer Inc., Sofinnova Ventures and Alexandria Venture Investments.

Sojern, a San Francisco travel tech firm, raised $120 million in a funding. TCV led the round.

Poynt, a Palo Alto, Calif.-based connected commerce platform, raised $100 million in Series C funding. Investors included Elavon and National Australia Bank.

Ridecell Inc, a San Francisco-based ride-sharing and autonomous ride-hailing platform, raised over $60 million in Series B funding. Activate Capital led the round.

Mojo Vision, a Saratoga, Calif-based firm in the augmented reality space, raised over $50 million to date in funding from investors including Shanda Group, Khosla Ventures, NEA, Fusion Fund, Liberty Global Ventures, 8VC, Dandolby Family Ventures, AME Cloud Ventures,  Open Field Capital.

WalkMe, a San Francisco-based digital adoption platform, boosted series F funding to $50 million. EDBI joined the round.

Axoni, a New York-based provider of enterprise blockchain technology, raised $36 million in Series B funding. Investors included HSBC.

Velox, an Israel-based developer of mass production digital printing technology, raised $32 million in funding. JAL Ventures and O.R.T. Technologies Ltd led the round, and was joined by investors including ALTANA, Evonik, and Michael Ilan Management & Investments Ltd.

Ribometrix, a Durham, N.C.-based biotech, raised $30 million in Series A funding. M Ventures led the round and was joined by investors including Amgen Ventures, Pappas Capital, and Illumina Ventures.

You.i TV, an Ottawa, Canada-based provider of software tools for addressing cross-platform app development, raised $23 million in funding. Causeway Media Partners led the round, and was joined by investors including WarnerMedia, Kayne Anderson Capital Advisors, and Vistara Capital Partners.

XM Cyber, an Israeli firm creating automated APT simulation and remediation platform, raised $22 million in Series A funding. Macquarie Capital, Nasdaq Ventures, Our Innovation Fund, and UST Global participated.

ClearSky Data, a Boston-based provider of on-demand primary storage with built-in offsite backup and disaster recovery, raised $20 million in funding. Investors include Pear Tree Partners.

Kymera Therapeutics Inc, a Cambridge, Massachusetts-based biotechnology company targeting protein degradation, raised $65 million in Series B funding. 6 Dimensions Capital, Bessemer Venture Partners, and Pfizer Ventures led the round.

Nyxoah S.A., a Belgium-based medical device company treating sleep apnea, raised $17.1 million in funding. Cochlear Limited led the round.

Cognigo, a New Jersey and Tel Aviv-based AI-driven enterprise platform for data protection and compliance, closed on $8.5 million in Series A funding. OurCrowd led the round and was joined by investors including Prosegur and State of Mind Ventures.

Heyday, a New York-based facial treatments firm, raised $8 million in Series A funding. Fifth Wall Ventures led the round and was joined by investors including Lerer Hippeau and Brainchild Funding.

Savi, an Alexandria, Va.-based provider of big data/machine learning analytic solutions, raised $7.5 million in funding. Eastward Capital Partners led the round.

Syndio, a New York-based SaaS firm for pay equity issues, raised $5.2 million in seed funding. Investors included Sirius Partners, Contour Venture Partners, and Frontier Venture Capital.

ParkWhiz, a Chicago-based parking app, raised another $5 million in Series D funding, for a total of $25 million for the round. NewSpring Capital, Amazon’s Alexa Fund, Alate Partners, Chaifetz Group, and Purple Arch Ventures are among the investors.

Pickup, a Dallas-based last-mile delivery company, raised $5 million in funding. TDF Ventures, Noro-Moseley Partners, and Engage Ventures were investors.

Pryon Inc., an New York-based enterprise artificial intelligence and natural language processing startup, raised $4.5 million in seed funding.


OzCode, an Israel-based provider of debugging-as-a-service, raised $3.5 million in seed funding. RDC and TPY Capital led the round.

Oji Life Lab, a San Francisco-based firm focused on boosting emotional intelligence of working groups, raised $1.7 million in seed funding from investors including Evolve Venture.

Minnow, a Portland-based maker of IoT-enabled food pickup kiosks, raised $1.2M in a seed round. Elevate Capital led the round.

Enevate Corp, an Irvine, Calif.-based an advanced lithium-ion battery technology company, raised funding from Alliance Ventures. Financial terms weren't disclosed.


Brookfield Business Partners L.P., acquired Johnson Controls International’s car batteries unit for $13.2 billion. Read more.

KKR invested in Calabrio, a Minneapolis-based provider of customer engagement and analytics software. Financial terms weren't disclosed.

TorQuest Partners acquired Bartek Ingredients Inc, an Ontario-based specialty chemical manufacturer. Financial terms weren't disclosed.

ClearCourse Partnership, backed by Aquiline Capital Partners, acquired MillerTech, a London-based provider of membership and customer relationship management systems for nonprofits. Financial terms weren't disclosed.

Dubin Clark & Company Inc invested in ABCOMRENTS, a Chicago-based provider of event technology equipment rentals and services.

Industrial Growth Partners acquired Electric Power Systems International Inc, a  St. Louis, Mo.--based provider of outsourced electrical engineering. Financial terms weren't disclosed.

Lovell Minnick Partners invested in SRS Acquiom, a Denver-based fintech company that provides technology-enabled services related to M&A. Financial terms weren't disclosed.


Blackstone is weighing a potential acquisition of some General Electric assetsm Fox Business reports.

SVB Financial Group acquired Leerink Holdings, a Boston-based firm running an investment bank, for $280 million.


Vapotherm, an Exeter, N.H.-based maker of noninvasive breathing aids to treat respiratory distress, raised $56 million in an IPO of 4 million shares priced at $14, the low end of its $14  to $16. It posted revenue of $35.5 million and loss of $31 million in 2017. SightLine Partners and Glide Healthcare Partners back the firm. BofA Merrill Lynch and William Blair are underwriters. It plans to list on the NYSE as “VAPO.” Read more.


Bain Capital Ventures raised $1 billion in new funding to invest in early through growth-stage technology startups.

Portfolia Funds closed its newest fund to invest in women’s health companies.

Apis Capital Management  launched Apis Ventures, a fund focused on acquiring companies in the artificial intelligence, machine learning, and neural networks space in the $100 million to $500 million range.


Peak Rock Capital, an Austin-based private equity firm, has named Thomas Moran as managing director, Philos Carnio as principal, David Alter as senior vice president and David Wolfish as vice president. Peak Rock also promoted Jordan Campbell to managing director, and Karson Chang to vice president.


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Lucinda Shen produced today's Term Sheet. Please send deal announcements to Lucinda here.