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Postmates CEO Still Plans to Take Company Public: Term Sheet

Postmates CEO Bastian Lehmann made an appearanceat Fortune’s Brainstorm Tech in Aspen, and reiterated that his goal isto take the company public even as rumors swirl that the company is looking tobe bought. “The official line is I can’t comment,” he said, only to later say,“Our plan is to take it public.” 

Lehmann, who wasaccompanied on stage by a robot, told attendees that it’s common forcompanies planning to go public to get inquiries from other industry playersabout the possibility of selling. He also wasn’t sure where the rumors werecoming from. 

Last week, reports surfaced that Postmates wasexploring a sale, courting larger competitors like DoorDash and Uber, as wellas Walmart. The news came five months after Postmates said it confidentiallyfiled for an initial public offering. At the time of filing, the companyoperated in 2,940 U.S. cities and Mexico.

Mycolleague Danielle Abril reports:

Since it confidentiallyfiled, Postmates has grown its footprint to cover 3,500 cities and debuted anew free delivery service called Postmates Party, which now accounts for 15% ofthe company's orders. It also has been working to improve its new deliveryrover that it’s piloting in Los Angeles. 

The delivery robot, calledServe, currently functions as semi-autonomous vehicle, using sensors tonavigate sidewalks with remote operators standing by in case they need to stepin. Postmates built Serve in house, giving it a cartoon-like appearance with tworound illuminated cameras that look like eyes. 

When asked about whatPostmates does with the data its Serve rover collects, Lehmann joked that Servewould stay true to Silicon Valley’s reputation. “

We’ll do like everyone elseand just sell to highest bidder,” he said, spurring laughter from the audience.“Given that I was born in Germany, maybe its part of my evil plan.” 

The reality is Servepresently only roams on public sidewalks, delivering small loads within shortdistances. The current version is the first iteration of the bot, whichPostmates has also tested in a senior living community.

Readthe full story here.

VENTURE DEALS

N26 GmbH, a Germany-based provider of a mobile banking solution, raised a $170 million extension of its Series D funding round to $470 million. The deal values the company at $3.5 billion. Investors include Insight Venture Partners, GIC (Singapore’s sovereign wealth fund), Tencent, Allianz X, Peter Thiel’s Valar Ventures, Earlybird Venture Capital, and Greyhound Capital. 

TravelPerk, a Spain-based developer of a tool for business travel bookings and management, raised $60 million in funding. Investors include Kinnevik, Felix Capital, Partners of DST Global, Target Global, Sunstone and LocalGlobe.=

Traxens, a France-based provider of data and services for the supply chain industry, raised $22.7 million in Series C funding. Itochu Corporation, Bpifrance and Supernova Invest led the round.

Pyxis Oncology, a Boston-based newly formed immuno-oncology company, raised $22 million in Series A funding. Leaps by Bayer led the round, and was joined by investors including Agent Capital, Ipsen and Longwood Fund.

Fortify, a Boston-based 3D printing startup, raised $10 million in Series A funding. Accel led the round, and was joined by investors including Neotribe, Prelude Ventures and Mainspring Capital Partners.

RoadBotics, a Pittsburgh-based infrastructure technology company, raised $7.5 million in Series A funding. Radical Ventures led the round, and was joined by investors including Hyperplane Venture Capital and Wharton Alumni Angels of Silicon Valley.

TurboTenant, a Fort Collins, Colo-based online platform for tenants and landlords, raised $6.5 million in Series A funding. RET Ventures led the round, and was joined by investors including Access Venture Partners.

UbiquitiLink, a Falls Church, Va.-based commercial space startup, raised $5.2 million in financing. Investors include Revolution’s Rise of the Rest Seed Fund and Blazar Ventures.

Horizon Blockchain Games, a Canada-based video game studio and blockchain infrastructure company, raised $3.75 million in a seed funding. Initialized led the round, and was joined by investors including Golden Ventures, Polychain, Coinbase, Digital Currency Group, and Inovia Capital. 

Spruce, a Houston, Texas-based provider of hotel-inspired services to the multifamily industry, raised $3 million in funding. Fitz Gate Ventures led the round, and was joined by investors including Mercury Fund, Capital Factory and the Houston Angel Network.

Dashmote, a Netherlands-based artificial intelligence tech company, raised $2.8 million in funding. Investors include SP Investment Associates, Three Curve Capital and Gaomei Yunjing Investments.

Berbix, a San Francisco-based provider of hosted user verifications for online platforms, raised $2.5 million in seed funding. Investors include Y Combinator, Initialized Capital, Fika Ventures, Dream Machine and Liquid 2 Ventures.

VComply, a San Jose, Calif.-based governance, risk, and compliance management solution provider, raised $2.5 million in seed funding. Accel led the round. 

Ready, Set, Food!, a Los Angeles-based developer of a food allergy prevention system, raised $2.2 million in pre-seed funding. Investors include Amplify.LA and PLG Ventures. 

Tökr, a Marina Del Rey, Calif.-based cannabis e-commerce and recommendation platform, raised $1 million in funding. Merida Capital Partners led the round.

Fluence Analytics, a New Orleans, La.-based provider of combined hardware and software analytics solutions to polymer manufacturers, raised funding of an undisclosed amount. The investors included Energy Innovation Capital and Diamond Edge Ventures Inc.

OceanEx, a cryptocurrency exchange, raised Series A funding of an undisclosed amount. Fenbushi Capital led the round.

HEALTH AND LIFE SCIENCES DEALS

Kronos Bio, Inc., a New York-based developer of therapies that modulate historically recalcitrant cancer targets, raised $105 million in Series A funding. Vida Ventures and Omega Funds co-led the round, and were joined by investors including Nextech, GV (formerly Google Ventures), Perceptive Advisors, Invus and Polaris Partners. 

Orum Therapeutics, a Cambridge, Mass.-based biotech firm, raised $30 million in Series B financing. The investors were IMM Investment, Smilegate Investment, KTB Network, Stassets Investment, InterVest and KB Investment/Solidus Investment.

Vine Health, a U.K.-based AI-driven platform providing support to improve the quality of life and survival of cancer patients, raised £1.2 million ($1.5 million) in seed funding. Playfair Capital led the round.

PRIVATE EQUITY DEALS

– OpenGate Capital Management acquired Essentra Specialty Tapes, a Forest Park, Ill.-based B2B manufacturer of specialty tapes. Financial terms weren’t disclosed. 

Slim Chickens, a Fayetteville, Ark.-based fast casual restaurant franchise, raised funding of an undisclosed amount from 10 Point Capital. Financial terms weren’t disclosed. 

– Arsenal Capital Partners agreed to acquire a controlling interest in Revolution, a Little Rock, Ark.-based provider of sustainable plastic products. Financial terms weren’t disclosed. 

– AE Industrial Partners agreed to acquire Columbia Helicopters, an Aurora, Colo.-based provider of heavy-lift rotorcraft services with extensive manufacturing and MRO capabilities. Financial terms weren’t disclosed. 

– Kersia, a portfolio company of Ardian, acquired Choisy Laboratories, a Canada-based developer and manufacturer of chemical, biotechnological and biosecurity hygiene solutions, from the Trudeau family and Champlain Financial Corporation. 

OTHER DEALS

– Frontline Education agreed to acquire Perennial EdTech, a Roseville, Calif.-based developer of education software. Financial terms weren’t disclosed. 

– Breville Group acquired ChefSteps, a Seattle-based food and technology company. Financial terms weren’t disclosed.

IPOs

Genmab, a Copenhagen, Denmark-based maker of antibody therapies and technologies for cancer, raised $506 million in an IPO of 28.5 million ADSs priced at $17.75. It posted revenue of $455.3 million and income of $221.6 million for 2018. Artisan Partners backs the firm. It plans to list on the Nasdaq as “GMAB.” Read more.

AssetMark Financial Holdings, a Concord-based wealth management platform for independent financial advisers, raised $275 million in an IPO of 12.5 million shares (50% insider) priced at $22. It posted revenue of $363.6 million in 2018 and income of $37.4 million. Huatai International backs the firm. It plans to list on the NYSE as “AMK.” Read more.

– Voyager Air, an aircraft leasing firm, pulled its $200 million IPO in London. Read more.

Phreesia, a New York-based software platform for healthcare providers, raised $167 million in an IPO of 9.3 million shares priced at $18, above range. The firm posted revenue of $99.9 million and loss of $45.3 million in the year ending Jan. 31. 2019. LLR Equity Partners (24% pre-offering), HLM Venture Partners (17.3%), and Polaris Venture Partners (15%) back the firm. J.P. Morgan, Wells Fargo Securities, William Blair, Allen & Company and Piper Jaffray are underwriters. It plans to list on the NYSE as “PHR.” Read more.

Mirum Pharmaceuticals, a Foster City, Calif.-based biotech developing therapies for rare liver diseases, raised $75 million in an IPO of 5 million shares priced at $15. It has yet to post revenue and posted losses of $17.3 million between May and December 2018. New Enterprise Associates (20.8%), Frazier Life Sciences (17.3%) and Deerfield Healthcare Innovation (17.3%). It plans to list on the Nasdaq as “MIRM.” Read more.

Fulcrum Therapeutics, a Cambridge, Mass.-based clinical-stage biotech developing therapies for rare diseases, raised  $72 million in an IPO of 4.5 million shares priced at $16, the low end of its range. The firm has yet to post revenue and posted losses of $39.1 million in 2018. Third Rock Ventures (43.2% pre-offering), GlaxoSmithKline (9.5%), and Foresite Capital (8%) back the firm. It plans to list on the Nasdaq as “FULC.” Read more.

Oportun Financial, a San Carlos, Calif.-based provider of installment loans to those with a limited credit history, filed for a $50 million IPO. The company posted revenue of $497.6 million and income of $16.6 million in 2018. Fidelity(8.5%), Grelock(14.7%), and Institutional Venture Management (13.4%) back the firm. It plans to list on the Nasdaq as “OPRT.” Read more.

EXITS

– 8×8, Inc. (NYSE: EGHT) acquired Wavecell Pte. Ltd., a Singapore-based provider of a cloud communications platform, for approximately $125 million in cash and stock. Wavecell had raised approximately $9.9 million in venture funding from investors including MDI Ventures, Qualgro VC, and Wavemaker Partners.

FIRMS + FUNDS

CVC Capital Partners, a U.K.-based private equity firm, raised €4.6 billion ($5.2 million) for its CVC Strategic Opportunities II. 

Vida Ventures, a Boston-based life sciences-focused venture firm, raised $537 million toward its second fund, according to an SEC filing

PEOPLE

TSG Consumer Partners promoted Adam Hemmer to senior vice president.

Trinity Ventures promoted John Lin to principal and hired Prakash Ramamurthy as operating partner and Lisa Coca as EIR.

Arable Capital Partners hired Matt Reus as a vice president.