Barry Diller’s IAC, which has focused on internet companies in recent years, has taken a $1 billion stake in gambling titan MGM Resorts International.

The stake gives IAC, which recently spun off its stake in online-dating company Match, a 13% stake in the publicly-traded casino and hotel company. 

It’s a bold bet. Casinos are perhaps one of the most vulnerable places to be during the pandemic: On a typical day, people mill about in close quarters in windowless, indoor spaces. Hardly a choice hangout spot in a time of social distancing.

Even public market investors, who have bullishly taken the S&P 500 to near-record highs, are wary of the sector. Shares of Wynn Resorts, for instance, stand at roughly 40% down from the start of the year, compared to the S&P’s 3% gain.

So why is IAC betting on MGM? In particular, it’s interested in “an area that currently comprises a tiny portion of its revenue—online gaming,” said Diller, chairman and senior executive at IAC in a statement. “There is a digital first opportunity within MGM Resorts’ already impressive offline businesses… We hope we can strongly contribute to the growth of online gaming.”

Every company is becoming an internet company, or so it seems. But keep track of another part to the deal: While tech valuations are at or above pre-pandemic levels, companies with heavy real estate presences, like MGM, have not recovered from the coronavirus market dip—which, from a P/E ratio perspective, spells opportunity. 

Whether IAC can execute is a different question.

Investing in the Black tech community: Valence, a network specifically aimed at connecting Black tech professionals, raised $5.25 million in Series A funding. It’s an interesting deal, because while diversity has been a growing issue in Silicon Valley, from a revenue perspective, the Black tech community is not exactly a huge one in the U.S., with the group consistently underrepresented in Silicon Valley and in executive teams. 

But GGV Managing Partner Hans Tung is betting that there are a core group of Black executives on that platform that can broaden the network. It comes at a time when the venture capital community may be more aware of racial inequalities than ever. But the Valence deal, he says, was underway well before the current conversation around Black Lives Matter.

“It is not a charity case. It will be a revenue-generating opportunity,” Tung says of Valence. He also applied his experience with investments in the female executive networking space to Valence. GGV invested in Chief, a company that networks women executives, adding a paid-model can enhance value: “There are many women groups out there. But the value will be more limited if it is free if you can’t hire the best with full-time dedication.”

While Valence is still very much in its early stages, Tung says the company, which currently offers virtual events and job postings for free, is exploring the idea of a freemium model, in which some services—say, mentoring—require a membership fee. The community currently has a membership of about 10,000 Black professionals.

GGV Capital led the round, and was joined by existing investor Upfront Ventures. Other investors include Maveron, Softbank Opportunity Fund, B Capital, True Capital Management, Neil Sequeira (Defy), Rick Heitzmann (FirstMark), David Krane (GV), Gunderson Dettmer, pro football player Kelvin Beachum and Sunny Dhillon (Signia).

Lucinda Shen
Twitter: @shenlucinda
Email: lucinda.shen@fortune.com

VENTURE DEALS

- HMD Global, the Finnish company behind Nokia phones, raised $230 million. Google, Qualcomm and Nokia Technologies led the round.

- Waterdrop, a Chinese healthcare crowdfunding platform, raised $200 million valuing it at about  $2 billion, per Bloomberg. Firms including Tencent back the firm, which is currently weighing an IPO. Read more.

- Dyne Therapeutics, a Waltham, Mass.-based biotechnology company focused on serious muscle diseases, raised $115 million. Vida Ventures and Surveyor Capital led the round and were joined by Wellington Management Company, Logos Capital, Franklin Templeton, Atlas Venture, Forbion, and MPM Capital.

- Atomwise, a San Francisco-based startup using AI in drug discovery, raised $123 million in Series B funding. Sanabil Investments and B Capital led the round.

- Coda, a San Francisco-based startup which helps users collaborate in online documents, raised $80 million in a funding round that values the company at $636 million. Kleiner Perkins led the round, and was joined by existing investors Greylock, Khosla Ventures and General Catalyst. Read more.

- Parsable, a San Francisco-based platform for industrial companies, raised $60 million in a Series D funding. Activate Capital and Glade Brook Capital Partners co-led the round, and were joined by investors including Alumni Ventures Group, Cisco Investments, Downing Ventures, Evolv Ventures, Princeville Capital, Lightspeed Venture Partners, Future Fund and B37 Ventures.

- Pattern, a Salt Lake City-based ecommerce firm, raised $52 in funding. Ainge Advisory and KSV Global co-led the round.   

- Mux, a San Francisco-based video platform for developers,raised $37 million in Series C funding. Andreessen Horowitz led the round and was joined by investors including Cobalt and Accel. 

- AREVO, a Milpitas, Calif.-based 3D printing company, raised $25 million in Series B funding. Defy Partners and GGV Capital co-led the round and were joined by investors including Khosla Ventures and Alabaster.

- Nurx, a San Francisco-based digital practice for women’s health, raised an additional $22.5 million in funding. Trustbridge led the round and was joined by investors including Comcast Ventures, and Wittington Ventures.

- GoSite, a San Diego, Calif.-based platform for small businesses to transition operations online, raised $16 million in Series A funding. Longley Capital led the round and was joined by investors including Stage 2 Capital, Ankona Capital, Serra Ventures, and SaaS Ventures.

- Simpplr, a Redwood City, Calif.-based maker of intranet software, raised $10 million in Series B funding. Norwest Venture Partners led the round and was joined by investors including Salesforce Ventures. 

- Parabola, a San Francisco-based data task automation company, raised $8 million in Series A funding. Matrix Partners led the round and was joined by investors including Thrive Capital, and Elad Gil.

- WayScript, a New York-based company with a platform to turn scripts into internal business applications, raised $5 million in seed funding Greycroft led the round and was joined by investors including Tectonic Ventures, and Contour Venture Partners.

- The Demex Group, a Washington D.C.-based climate financial risk solution, raised $4.2 million in seed funding. Anthemis and IA Capital Group were the investors.

- Brella Insurance, a New York-based provider of a health insurance plan for Texas-based employers and their teams, raised an additional $1.5 million. Investors include Digitalis, Operator Partners, and angel investor Ron Bouganim. 

- Clearstep Health, a New York-based virtual triage platform, raised $1.3 million in pre-seed funding. RRE Ventures, Newark Venture Partners, and OCA Ventures invested.

- hey, a Japanese payments and e-commerce platform, raised an undisclosed amount in  Series E funding. Bain Capital Tech Opportunities led the round and was joined by investors including PayPal Ventures, Goldman Sachs, YJ Capital, Anatole, and existing investor World Innovation Lab. 

PRIVATE EQUITY

- Align Capital Partners acquired Electronic Transaction Consultants Corporation, a Richardson, Texas-based maker of electronic tolling equipment. Financial terms weren't disclosed.

- Advent International agreed to buy stakes in the U.K. and German logistics operations of Otto, a German retailer. Financial terms weren't disclosed.

- Arsenal Capital Partners acquired Cello Health, a healthcare-focused advisory firm, for a total enterprise value of £181.8 million. 

- BHI Energy, backed by AE Industrial Partners, acquired Coastal Electrical Construction, a provider of substation, transmission, and distribution construction and maintenance services. Financial terms weren't disclosed.

BREAKUPS, HANGUPS, AND BANKRUPTCIES

- Sur La Table, the home kitchenware chain, plans to sell itself out of bankruptcy for nearly $89 million to a joint venture between e-commerce business CSC Generation and brand owner Marquee Brands. Read more.

IPOS

- Guoquan, a Chinese hotpot ingredients supplier, is weighing an IPO as soon as next year that could raise as much as $500 million, per Bloomberg. IDG Capital backs the firm. Read more. 

- CureVac, a German drugmaker developing a vaccine against the coronavirus pandemic, aims to raise up to $245 million in an IPO of 15.3 million shares priced between $14.00 and $16.00 apiece.

EXITS

- American Express is in advanced talks to acquire Kabbage, a small business lender backed by SoftBank Group and Reverence Capital Partners, per Bloomberg. The deal could value Kabbage at as much as $850 million. Read more.

- The Carlyle Group is weighing options for Logoplaste, its Portuguese plastic-packaging firm, including a potential sale that could value the firm at 1 billion euros ($1.2 billion), per Bloomberg. Read more.

F+FS

- Industry Ventures closed Industry Ventures Direct II with $180 million in commitments.