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Casper’s CEO is filing for a blank check company. What does he plan to buy?

August 19, 2020, 2:17 PM UTC

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Earlier this year Philip Krim took his bed-in-a-box mattress company, Casper, public. Now just six months later, Krim is seeking to take another business through the process via the summer’s new frosé: the blank check company.

On Tuesday, Tailwind Acquisition, a blank check company formed by Krim and venture capitalist Chris Hollod, filed to raise $300 million through an initial public offering. So-called blank check companies get their name because they are usually set up with the express purpose of acquiring a still-yet-to-be named company.

Tailwind plans to target a tech company with an enterprise value of between $750 million to $2 billion and a focus on “founder-led late stage growth equity opportunities in the high-growth technology and direct-to-consumer ecosystems,” according to the filing.

“COVID-19 has proven to be a catalyst for growth for our potential target universe, pulling forward digital consumer trends and adoption across several consumer categories,” the filing stated.

While Tailwind’s filing boasts of leveraging Krim’s expertise, himself having taken a digital consumer brand public, it’s worth noting that public market investors haven’t been ebullient about his current company, Casper. Shares of the company now trade 38% below their debut in February even as the S&P 500 climbs to new highs. Once valued at $1 billion in private markets, Casper valuation has slid to $338 million as a series of lackluster IPOs of unprofitable, consumer-facing tech companies (Lyft, Uber, and almost WeWork) injected a dose of skepticism into potential investors.

Krim, on his part, recently reiterated plans for Casper to become profitable on an EBITDA basis by 2021.

ON THE CLOCK: On Tuesday, President Donald Trump voiced support over the idea of Oracle taking over TikTok’s U.S. operations during a speech in Yuma, Ariz. Remember that Trump placed a sell deadline on TikTok’s parent company, Bytedance. Microsoft has been the frontrunner in the deal.

Notably, Oracle’s largest shareholder, Larry Ellison, is a known supporter of Trump and has hosted a fundraiser for the president. Trump has also previously said that the U.S. government should get a cut of TikTok’s U.S. operations, should a firm stateside acquire the social media company. Read more.

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

VENTURE DEALS

- SpaceX, Elon Musk’s space exploration company, raised $1.9 billion in new funding.

- Omio, a Berlin, Germany-based travel booking platform, raised $100 million in funding. Investors included Temasek, Kinnevik, Goldman Sachs Asset Management, NEA and Kleiner Perkins.

- Buildkite, a Melbourne-based platform for testing and building software projects, raised $28 million in funding. OpenView led the round.

- Hint, a San Francisco-based maker of flavored water, raised $25 million in Series D funding. Springboard Growth Capital led the round and was joined by investors including Philippe Laffont, Gingerbread Capital and Medina Heights Capital Partners.

- Carrot Fertility, a San Francisco-based fertility startup, raised $24 million in Series B funding. U.S. Venture Partners led the round and was joined by investors including  F-Prime Capital, CRV, Precursor Ventures, Maven Ventures, and Uncork Capital. Read more.

- Xos Trucks, a Los Angeles-based manufacturer of electric commercial vehicles, raised $20 million in funding. Investors include Proeza Ventures and BUILD Capital Group. 

- DayDayCook, a Hong Kong-based cooking site, raised $20 million in funding. Talis Capital led the round and was joined by investors including Ironfire Ventures. Read more.

- Fetch, an Austin, Tex.-based delivery startup focused on the last-mile problem in apartments, raised $18 million in Series B funding. Iron Gate Capital and Pando Ventures led the round and were joined by investors including Signal Peak Ventures, Silverton Partners, Seamless, and Venn Ventures. 

- ImmPACT Bio USA, a Camarillo, Calif.-based company developing novel cell therapies for treating cancer, raised $18m in Series A funding. Investors included OrbiMed, Johnson & Johnson Innovation, Takeda Ventures, Inc., RM Global Partners BioPharma Investment Fund, Novartis Venture Fund, Bukwang Pharmaceutical, Hayan Health Networks, and JVC Investment Partners.

- Pachyderm, an open-source platform for data science, raised $16 million in Series B funding. M12 led the round and was joined by investors including Jon Sakoda of Decibel Ventures, Benchmark, and YCombinator.

- Datasembly, a Washington D.C.-based provider of product pricing, promotions, and availability data for retailers and CPG brands raised $10.3 million in Series A funding. Craft Ventures led the round and was joined by investors including Valor Siren Ventures.

- Sendle, a small business shipping carrier, raised $13.7 million. Investors include King River Capital, Alberts Impact Capital, and Marinya Capital.

- Odeko, a New York-based supply and demand platform for coffee shops, merged with Cloosiv and raised $12 million in Series A funding. GGV Capital led the round and was joined by investors including First Round, Primary Venture Partners, Box Group, Addition Ventures, Two Sigma Ventures, Bar 9, Balius, i2bf, and Y Combinator. 

- PadSplit, an Atlanta-based affordable housing marketplace, raised $10 million in Series A funding. Core Innovation Capital led the round and was joined by Alate Partners, Citi, Kapor Capital, Impact Engine, and Cox Enterprises

- Moov Financial, a Cedar Falls, Iowa-based open source embedded banking platform, raised $5.5 million in seed funding. Bain Capital Ventures led the round and was joined by investors including Canapi Ventures, Commerce Ventures, Gradient Ventures, RRE Ventures, and Uncorrelated Ventures.

- EasyKnock, a New York-based residential sale-leaseback company, raised $5 million in additional Series B funding from Viola FinTech.

- Persefoni, a Tempe, Ariz.-based software and data company focused sustainability, raised $3.5 million in Seed funding. Rice Investment Group led the round and was joined by investors including Carnrite Ventures.

- Two Front, an orthodontic service, raised $1.4 million in pre-seed funding. Investors included Tuesday Capital, Lakehouse Ventures, and Blackjays Investments.

PRIVATE EQUITY

- CIVC Partners invested in iVision, an Atlanta, Ga.-based managed services and technology consulting provider. Financial terms weren't disclosed.

- Veriforce, a portfolio company of Thoma Bravo and Greenridge Investment Partners, acquired ComplyWorks, a Calgary-based compliance management solution. Financial terms weren't disclosed.

- Goldman Sachs Merchant Banking Division and Everstone Group agreed to acquire a stake in Infostretch, a California-based provider of digital engineering services. Financial terms weren't disclosed.

- FATHOM, backed by CORE Industrial Partners, acquired GPI Prototype & Manufacturing Service, a metal additive manufacturing services provider. Financial terms weren't disclosed.

OTHERS

- Johnson & Johnson agreed to acquire Momenta Pharmaceuticals, which focuses on autoimmune disease treatments, for $6.5 billion in cash. Read more.

- Dufry (S:DUFN) agreed to buy the rest of Hudson Ltd (NYSE: HUD) duty free unit for roughly $311 million in cash. Read more.

- Take Two Interactive acquired Two Dots, a New York-based mobile gaming firm, for $192 million.

- Reliance Industries acquired a majority stake in Netmeds, an online pharmacy, for 6.2 billion rupees ($83 million). Read more.

- Tahoe Investment Group Co. is weighing a sale of its Alliance Healthcare Services, its U.S. health care unit, that could fetch $300 million to $400 million, per Bloomberg citing sources. Read more.

IPOS

- Harmony Biosciences Holdings, a Plymouth Meeting, Pa.-based maker of therapies for adult narcolepsy, raised $128 million in an offering of 5.3 million shares priced above range at $24. Investors include Valor Equity Partners and Fidelity. Read more.

- Foley Trasimene Acquisition II, a blank check company founded by Bill Foley, raised $1.3 billion. Read more.

- Inhibrx, a La Jolla, Calif.-based maker of  cancer and rare diseases therapies, raised $119 million in an offering of 7 million shares priced at $17. RA Capital Funds and Viking Global back the firm. Evercore ISI, Barclays and Nomura Securities are underwriters. It plans to list on the Nasdaq as “INBX.” Read more.

EXIT

- Red Ventures is in talks to acquire CNET, the tech news site, from ViacomCBS, for a reported $500 million. Read more.

- Social Capital acquired Hustle, a San Francisco-based peer-to-peer texting startup. Hustles investors previously included GV. Read more.

F+FS

- Andros Capital Partners, a Houston-based investment firm, raised $250 million for its inaugural fund.