Funding pours into the at-home fitness trend
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At-home fitness startups are muscling up as gyms file for bankruptcy.
Adding to the flurry of deals in the space: Tonal, a startup with a strength-training system, raised $110 million in funding from investors including L Catterton (an existing investor), as well as Delta-v Capital, the Amazon Alexa Fund, Steph Curry of the Golden State Warriors, and golfer Michelle Wie.
That comes after weight-training startup Tempo raised some $60 million in July and Lululemon acquired Mirror for $500 million in late June—not to mention Apple’s foray into the space, announcing earlier this week a subscription service that offers workout classes online.
While Apple’s name may strike the fear of… well, Apple, in the hearts of some investors (Peloton’s shares did some funny somersaults mirroring that of investors’ stomachs upon Apple’s announcement), the obsessive community Peloton has built is still among the most formidable—after all, it was will to pay $2,000-plus, even when gyms were open, for a stationary bike and the hype that comes with being a part of Peloton nation. But hey…famous last words.
Also worth noting is a returning investor in Tonal’s round: L Catterton has invested quite a bit across not only companies in the physical gym space, but also in the at-home fitness trend—and in a potential competitor to Tonal. Earlier this year, L Catterton invested in Hydrow, a younger rowing startup that recently raised $25 million. Before that, the firm made bets on the likes of ClassPass and Equinox.
STRIPE’S PLAN FOR EMPLOYEES WHO LEAVE MAJOR CITIES: As the pandemic pushes employees to move to more suburban sprawls than urban haunts, fintech darling Stripe is addressing the shifting dynamic in its compensation. The company, which employs about 2,800 people, plans to make a one-time payment of $20,000 to those who decide to leave San Francisco, New York, or Seattle, according to Bloomberg—though it also plans to cut their base salaries by as much as 10%. Read more.
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- Olive, a Columbus, Oh.-based automation platform for hospitals, raised $106 million in financing. General Catalyst and Drive Capital led the round and were joined by Ascension Ventures, Oak HC/FT and SVB Capital.
- Boosted Commerce, a Los Angeles-based company acquiring businesses that list goods on Amazon, raised $87 million and acquired six Amazon fulfillment centers. Investors include Torch Capital and CrossCut Ventures.
- AppDirect, a San Francisco-based subscription commerce platform, raised $185 million in funding. Investors include Caisse de dépôt et placement du Québec.
- Synthekine, a Menlo Park, Calif.-based biotech company engineering cytokine therapeutics for cancer and autoimmune diseases, raised $82 million in Series A funding. Canaan, The Column Group and Samsara led the round.
- Ready, a New Orleans-based on-demand healthcare service, raised $54 million in funding. The company’s investors include GV, Deerfield Management Company, City Light Capital, Town Hall Ventures, and Frist Cressey Ventures.
- GoExpedi, a Houston-based supply chain and analytics company for industrials and energy companies, raised $25 million in Series C funding. Top Tier Capital Partners led the round and was joined by investors including Crosslink Capital, San Jose Pension Fund, CSL Ventures, Bowery Capital, and Hack VC.
- Joint Academy, a Sweden-based digital treatment for chronic joint pain, raised $23 million Series B funding. Kinnevik led the round Karl-Johan Persson (chairman of H&M) and Alfvén & Didrikson led the round.
- Aidoc, a New York-based AI solution for radiologists, raised $20 million in extended Series B funding. Investors include Square Peg Capital.
- Humatics, a Waltham, Mass.-based maker of micro-location technology, raised $30 million in Series B funding. Blackhorn Ventures led the funding round and was joined by investors including Tenfore Holdings, Fontinalis Partners, Airbus Ventures, Lockheed Martin Ventures, and Presidio Ventures.
- Bunch, a New York-based party app for multiplayer games, raised $20 million in Series A funding. General Catalyst led the round.
- JupiterOne, a Morrisville, N.C.-based cybersecurity company, raised $19 million in Series A funding. Bain Capital Ventures led the round and was joined by investors including Rain Capital and LifeOmic.
- Quanto, a Brazil-based open banking company, raised $15 million in Series A funding. Bradesco and Itaú Unibanco led the round and was joined by investors including Kaszek Ventures and Coatue.
- Air, a Brooklyn, New York-based cloud collaboration tool for visual work, raised $12 million in Series A funding. Tiger Global led the round and was joined by investors including Lerer Hippeau, WndrCo, Slack Ventures, Red Sea Ventures, and Advancit Capital.
- eFileCabinet, a Lehi, Ut.-based document management company, raised $11.5 million in Series C funding. Allegis Capital and Signal Peak Ventures led the round and were joined by investors including Camden Partners, Allegis Nippon Life and Oquirrh Ventures.
- GoTab, an Arlington, Va.-based contactless ordering and payment platform for hospitality companies, raised $6 million. Investors included Anthony Bruce (former CEO at APT) and Greg Cohen (former president of iPayment and Paya).
- First AML, a New Zealand-based anti-money laundering startup, raised $5.4 million in Series A funding. Bedrock Capital led the round and was joined by investors including Pushpay founder Chris Heaslip and Icehouse Ventures.
- HappySignals, a Helsinki-based platform measuring the experiences of IT employees, raised €4.7 million ($5.5 million) in Series A funding. Nauta Capital led the round and was joined by investors including Vendep Capital.
- Zuper, a Seattle-based provider of a workforce and customer management platform, raised $1.1 million in seed funding. Prime Venture Partners led the round and was joined by investors including Gunderson Dettemer and Gemba Capital.
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- The Carlyle Group plans to acquire a majority stake in Victory Innovations, a Minneapolis-based maker of electrostatic sprayers used to disinfect offices, airplanes, schools and other businesses. Financial terms weren't disclosed.
- Spectrum Equity and Blue Venture Fund invested in PWNHealth, a New York-based healthcare diagnostic testing company. Financial terms weren't disclosed.
- San Francisco Equity Partners invested $20 million in BrüMate, a Fort Lauderdale, Fla.-based maker of insulated drinkware for adult beverages. Financial terms weren't disclosed.
- RelaDyne, backed by Audax Private Equity, acquired Nick Barbieri Trucking, a Ukiah, Calif.-based lubricant, gasoline and diesel fuel distributor. Financial terms weren't disclosed.
- SSI Acquisition, formed by TCW Asset Management Company, Cerberus Capital Management, and Lantern Capital Partners, acquired School Specialty, a Greenville, Wis.-based provider of educational products to pre-K through to the 12th grades. Financial terms weren't disclosed.
- An affiliate of Peak Rock Capital acquired Halo Foods, a Newport, Wales-based maker of healthy bars and snacks. Financial terms weren't disclosed.
- Sennder agreed to acquire Uber Technologies’ European freight business in an all-stock transaction valuing the unit at less than €900 million euros ($1.1 billion). Read more.
- EQT Corp. (NYSE:EQT) bid $750 million on Chevron Corp's (NYSE:CVX) Appalachia gas properties and a pipeline stake. Read more.
- Embracer agreed to acquire Vertigo Games, a Netherlands-based virtual reality games maker for €50 million ($59.3 million) upfront and a possible additional payment of up to €65 million ($76.5 million) based on performance. Read more.
- Delivery Hero (DE:DHER) agreed to acquire the Latin American operations of Glovo, a Spanish on-demand delivery service, for up to €230 million ($272 million).
- Illumina (Nasdaq:ILMN) is in talks to acquire Grail, a Menlo Park, Calif.-based cancer detection startup, in a deal that could value the latter at $6 billion. Its investors include Hillhouse Capital, Bill Gates, and Bezos Expeditions.
- Pure Storage (NYSE: PSTG) agreed to acquire Portworx, a Los Altos, Calif.-based data management company based on Kubernetes, for about $370 million in cash. Portworx investors have included Sapphire Ventures and Mayfield Fund.
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- Clearlake Capital Group agreed to acquire Zywave, a provider of office insurance solutions, from Aurora Capital Partners. Financial terms weren't disclosed.
- SEMrush acquired Prowly.com, a Polish public relations software maker. Prowly’s investors included IQ Partners and Internet Ventures.
- The Hut Group, the UK-based ecommerce company, raised £1.88 billion ($2.4 billion) in the U.K. Investors including BlackRock participated.
- American Well, a Boston-based telehealth company, raised $742 million in an offering of 41.2 million shares priced at $18. Allianz Strategic Investments and Teva Pharmaceuticals back the firm. Google also invested $100 million. It plans to list on the NYSE as “AMWL.” Read more.
- Taysha Gene Therapies, a Dallas-based biotech developing treatments for central nervous system disorders, plans to raise $125 million by offering 6.6 million shares priced between $18 to $20. Read more.
- Apollo Strategic Growth Capital, a blank check company formed by Apollo, filed to raise $750 million. Read more.
- Harvester Holdings, a SPAC formed by the founders of investment firms Mariposa and Viking, plans to raise $750 million in an IPO on the London Stock Exchange. Read more.
- VG Acquisition Corp, a blank-check company founded by billionaire Richard Branson, filed to raise $400 million. Read more.
- Questa Capital Management raised $348 million for Questa Capital Partners II.
- Atlassian Ventures plans to deploy $50 million in investments over the next three years