A tech IPO in time for Valentine’s Day

IPO investors seem to think they’ve found a true match with dating app company Bumble.

The company behind Badoo and the Bumble app raised $2.2 billion in an offering of 50 million shares priced at $43, more shares sold at a higher price than previously anticipated.

Last valued at about $3 billion when Blackstone acquired the business in 2019, it is now valued at about $8.2 billion.

As we all wait for the inevitable fury around the IPO pop or radio silence should shares fall in its first day of trading, here’s the skinny on Bumble’s financial picture:

• The dating app that lets women make the first move posted revenue of about $416.6 million for the first nine months of 2020, surpassing the company performance the same period a year earlier at $362.6 million. While revenue grew nearly 15%, Bumble’s losses also outpaced its earnings, losing $116.7 million in those nine months of 2020 compared to a profit of $68.6 million the same period a year earlier.

• The company has a long way to go before it can match its larger competitor Tinder. The dating app owned by Match Group is expected to once again post revenue of over $1 billion for the entirety of 2020. 

• Bumble said it had 42 million monthly active users in the third quarter of 2020. Some 2.4 million of those users were paying in the nine months ending 2020.

• Led by a female CEO, Whitney Wolfe Herd, Bumble is really (really) marketing itself to investors as a company that has women as its core demographic in its prospectus, even though the company’s other dating app, Badoo, has no restrictions on who initiates the first move. “We believe that there is a significant opportunity to build on our foundation as a technology platform centered on women to become a preeminent global women’s brand,” the prospectus reads.

• The IPO comes after a rocky 2019 for the company, which was accused of a misogynistic workplace in a Forbes investigation. The co-founder and then CEO of the company Andrey Andreev stepped down that year, making way for Wolfe Herd. A U.K. law firm hired by the company to investigate Forbes’ allegations later largely denied them, though it did suggest that the company make it easier to report misconduct and improve diversity and inclusion training. 

A WALL STREET ANALYST STARTS A VC FUND: Rich Greenfield is known for being one of the most straight-talking analysts on Wall Street—in 2015, the media, telecom, and tech-focused investor called for the removal of then Zynga CEO Don Mattrick. 

Now, he’s co-raising a new $75 million venture fund. LightShed Ventures, the boutique research firm co-founded by Greenfield after he left BTIG in 2019, announced its first ever fund focusing on early-stage investments in the telecom, media, and technology sectors.

While the fund itself has yet to formally acquire a business, Greenfield has already invested in companies including Wondery, the podcast startup recently acquired by Amazon. Some of these deals are expected to be included in LightShed’s portfolio.

The hope is that investments in private companies will give Lightshed an edge in its research on public companies in the same sectors. Meanwhile its ties to the public markets would also be handy in building up early-stage businesses.

But the setup could potentially cause conflicts of interest if LightShed sells research that touches on its own portfolio companies. But Greenfield says LightShed will sell its shares immediately if an investment goes public or is bought by a public company. LightShed also doesn’t plan to own shares in public companies that it covers.

Greenfield’s co-founders include former BTIG coworkers Walter Piecyk and Brandon Ross (who you may remember from this incident) and Jamie Roberts Seltzer, formerly of Waverley Capital.

FINAL CALLS: Remember to submit your answers for the annual Semaphore and Term Sheet confidence survey of private equity and venture capital professionals. The survey closes at midnight Friday. Here’s a sneak peek: As a group, y’all are surprisingly split on the future of Big Tech. Take the survey here.

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

VENTURE DEALS

- Zocdoc, a New York-based digital healthcare scheduling platform, raised $150 million. Francisco Partners led the round.

- Armis, a Palo Alto, Calif.-based maker of a device security platform, raised $125 million, valuing it at $2 billion. Brookfield Technology Partners led the round and was joined by investors including Insight Partners, CapitalG, and Georgian. 

- Personal Genome Diagnostics, a Baltimore, Md.-based cancer genomics company, raised $103 million in Series C funding. Cowen Healthcare Investments led the round and was joined by investors including Northpond Ventures, Vensana Capital, Rock Springs Capital, Kern Capital, Sands Capital, PFM Health Sciences, Windham Ventures, New Enterprise Associates, Innovatus Capital Partners, and Catalio Capital Management.

- CYE, a Tel Aviv-based cybersecurity startup, raised $100 million. EQT led the round and was joined by investors including 83North.

- Instabox, a Stockholm, Sweden-based last-mile delivery company, raised $90 million in Series B funding. EQT Ventures led the round.

- Hyperfine Research, a Guilford, Calif.-based maker of a MRI system, raised $90 Million in Series D funding. Investors included GV, Nextrans, Axiom Associates, Huami, Colle Capital, LSS, and Altium Capital.

- Ensoma, a Boston-based genomics medicine company, raised $70 million in Series A funding. 5AM Ventures led the round and was joined by investors including F-Prime Capital, Takeda Ventures, Viking Global Investors, Cormorant Asset Management, RIT Capital Partners, Symbiosis II, and Alexandria Venture Investments. 

- Labster, a Boston-based virtual laboratory simulation company, raised $60 million in Series C funding. Andreessen Horowitz led the round and was joined by investors including GGV Capital, Owl Ventures, Balderton Capital, David Helgason (founder of Unity Technologies), Northzone, Swisscom Ventures, and EduCapital. 

- Flipdish, a Dublin-based online ordering and loyalty platform for restaurants, raised €40 million ($48.5 million) from Tiger Global Management.

- Pivotal Commware, a Kirkland, Wash.-based 5G mmWave infrastructure products company, raised $50 million in Series  C funding. Tracker Capital Management led the round.

- Win Brands Group, a New York-based business for buying other brands, raised $50 million. Investors included Assembled Brands and Oaktree Capital Management. It also acquired Gravity, a maker of gravity blankets. 

- Labelbox, a San Francisco-based developer of a data platform for machine learning applications, raised $40 million in Series C funding. B Capital Group led the round and was joined by investors including  Andreessen Horowitz, First Round Capital, Gradient Ventures, and Kleiner Perkins.

- SpyBiotech, a U.K.-based biotech with a vaccine platform targeting infectious diseases, cancer and chronic diseases, raised $32.5 million in Series A funding. Braavos Investment Advisers led the round and was joined by investors including Oxford Investment Consultants, Oxford Sciences Innovation, GV, and the U.K. Government’s Future Fund.

- Maisonette, a New York-based marketplace for children’s products, raised $30 million in Series B funding. G Squared led the round and was joined by investors including NEA and Thrive Capital.

– accessiBe, a Tel Aviv-based AI web accessibility provider, raised an additional $16 million in Series A funding.

- Nobl9, a Santa Monica, Calif.-based software monitoring platform maker, raised $21 million in Series B funding. Battery Ventures and CRV led the round and were joined by Bonfire Ventures, Resolute Ventures, Harmony Partners, and Sorenson Ventures. 

- Axiad Holdings, a Santa Clara, Calif.-based provider of a passwordless authentication method, raised $20 million. Invictus Growth Partners led the round.

- Celo, an San Francisco-based maker of a peer-to-peer payments platform using blockchain, raised $20 million. Andreessen Horowitz, Greenfield One, and Electric Capital invested.

- WireWheel, an Arlington, Va.-based data privacy company, raised $20 million in Series B funding. ForgePoint Capital led the round and was joined by investors including New Enterprise Associates, Revolution’s Rise of the Rest Fund, PSP Growth, Grotech, and Sands Capital Ventures.

- Lengoo, a Berlin-based language tech company, raised $20 million in Series B funding. Inkef Capital led the round and was joined by investors including Redalpine, Creathor Ventures, and Techstars.

- Equip, a San Diego, Calif.-based virtual eating disorder treatment program, raised $13 million in series A funding. Optum Ventures led the round and was joined by investors including .406 Ventures and F-Prime Capital.

- Uptime, a London-based app with five minute courses, raised $16 million in seed funding. Backers include Sir Terry Leahy, William Currie, and Lord Alliance.

- Powder, a France-based startup for sharing video clips, raised a $14 million in Series A funding. Serena led the round and was joined by investors including General Catalyst, Slow Ventures, Alven Capital, Bpifrance’s Digital Venture fund, Secocha Ventures, Turner Novak, and Kevin Hartz. Read more.

- SecuriThings, a Tel Aviv-based IoT cybersecurity company, raised $14 million in Series A funding. Aleph led the round and was joined by investors including Firstime VC. Read more.

- Scalarr, a Delaware-based ad fraud prevention firm, raised $7.5 million in Series A funding. The European Bank of Reconstruction and Development led the round and was joined by investors including TMT Investments, OTB Ventures, and Speedinvest. 

- BusUp, a San Francisco-based bus management software maker, raised $6 million in Series A funding. Proeza Ventures led the round and was joined by investors including Autotech Ventures, and Finaves V.

- Quilt, a audio social network that focuses on wellness, raised $3.5 million in seed funding. Mayfield Fund led the round. Read more.

- MutualMarkets, a New York-based-based marketing company using A.I.,  raised $3 million in seed funding. Greycroft and Bessemer Venture Partners led the round and were joined by investors including Peak Opportunity Partners, Michael Kempner (founder/CEO of MWWPR), Gerald S. Hobbes (Managing Director at BV Investment Partners), Itzhak Fisher (founder, PEREG Ventures), and Russell Farscht (former Managing Director, Carlyle).

- Alleva, a Laguna Niguel, Calif.-based behavioral health software maker, raised $2.8 million in seed funding. Jonathan Ord led the round.

- Lang.ai, a Madrid-based maker of a platform to automate tasks, raised $2 million in seed funding. Village Global led and was joined by investors including Acceleprise, Oceans Ventures, Alumni Ventures Group, 2.12 Angels, GTMFund, and Lorimer Ventures.

- Level, a Seattle-based startup focused on credit to gig-economy workers, raised $1.5 million in pre-seed funding. NextView and Untapped led the round. Read more.

- Brightly, a Seattle, Wash.-based database for eco-friendly products, raised $1 million in funding. The Female Founders Alliance led the round and was joined by investors including Tacoma Venture Fund and Keeler Investments.

- U.S. Integrity, a Las Vegas and New York-based analytics company monitoring match-fixing, raised $1 million in seed funding. New York Angels led the round and was joined by investors including Harvard Business School Alumni Angels of New York, and SeventySix Capital.

 

PRIVATE EQUITY

- Ares Management pulled its $4.9 billion offer for AMP, an Australian wealth manager. Read more.

- FountainVest Partners is nearing a deal to acquire CJ Rokin Logistics Supply Chain, the Chinese unit of CJ Logistics. A deal could value the unit at about $1.1 billion, per Bloomberg. Read more.

- Clearlake Capital Group and Siris Capital Group invested $400 million in Constant Contact, a Waltham, Mass.-based marketing company, spinning it out from Clearlake’s Endurance International Group Holdings. 

- Endurance Web Presence, now backed by Clearlake Capital Group, merged with Web.com, a platform for making websites backed by Siris Capital, to form Newfold Digital. Financial terms weren't disclosed.

- Alaris Equity Partners invested $66 million in Brown & Settle, a Bristow, Va.-based parcel site development contractor.

- IBH, backed by Periscope Equity, acquired HMC HealthWorks, a Jupiter, Fla.-based chronic condition management focused business. Financial terms weren't disclosed.

- Koch Strategic Platforms, a subsidiary of Koch Investments, invested in EVBox, an Amsterdam-based electric vehicle charging station company that is set to go public via merger with TPG Pace Beneficial Finance, (NYSE: TPGY.U), a SPAC. Financial terms weren't disclosed.

- Morgan Stanley Expansion Capital will become a majority shareholder in Neptune Wellness Solutions (NASDAQ: NEPT), a Canadian company with hemp and cannabis-based products. That comes after Neptune acquired a majority stake in Sprout Foods, portfolio investment of MSEC for about $20 million in cash and stock. 

- Growth Catalyst Partners backed The Equine Network’s acquisition of Spalding Laboratories, a Reno, Nv.-based provider of insect control services. Financial terms weren't disclosed.

- QuantiTech, a portfolio company of Sagewind Capital, merged with Millennium Engineering and Integration Company, an Arlington, Va.-based provider of engineering services. Financial terms weren't disclosed.

- Silver Lake and Nestlé made a minority investment  in IVC Evidensia, a U.K.-based veterinary services firm. Financial terms weren't disclosed.

- Carlyle Group and Certares Management settled their lawsuits over American Express Global Travel. A consortium backed by Carlyle previously backed out on a deal to acquire a 20% stake in the company in a deal that would have valued the company at $5 billion including debt. Financial terms weren't disclosed. Read more.

EXITS

- Togetherwork acquired Fonteva, an Arlington, Va.-based events management platform built on Salesforce. Bilgola Capital backed Fonteva. Financial terms weren't disclosed.

OTHERS

- A deal to acquire TikTok’s U.S. operations by a consortium of investors including Oracle (NYSE: ORCL) and Walmart (NYSE: WMT)  has been shelved indefinitely, per the Wall Street Journal citing sources. Read more.

- ARC Resources agreed to buy Seven Generations Energy, a Canadian oil company, for about  C$2.7 billion ($2.2 billion), creating the country’s sixth-largest energy company. Read more.

- Tyler Technologies (NYSE: TIL) agreed to acquire NIC (Nasdaq: EGOV), an Olathe, Ka.-based government tech company, for $2.3 billion. 

- Microsoft (Nasdaq: MSFT) previously approached Pinterest (NYSE: PINS), a San Francisco-based consumer tech company, about a potential acquisition, per the Financial Times. The negotiations are reportedly no longer active. Read more.

IPOs

- Clarios, a Glendale, Wis.-based car battery maker, is aiming to go public in a deal valuing it at $20 billion, per Bloomberg.  Brookfield Asset Management backs the firm. Read more.

- Kahoot, a Norway based edtech, is looking to go public in Oslo in coming weeks, valuing it at potentially $7 billion, per Reuters. SoftBank backs the firm. Read more.

- Signify Health, a Norwalk, Conn.- maker of a payment program for healthcare companies, now plans to raise $482 million in an offering of 23.5 million shares priced between $20 to $21. New Mountain Capital backs the firm. Read more.

- Viant Technology, an Irvine, Calif.-based maker of advertising software, raised $250 million in its IPO. Read more.

SPAC

- the Beachbody Company, a Santa Monica, Calif.-based fitness and nutrition company, will go public via merger with Forest Road Acquisition (NYSE: FRX), a SPAC, and Myx Fitness, an at-home fitness stationary bike system. The deal values the business at about $2.9 billion.

- Sema4, a Stamford, Conn.-based genomic and clinical data company, will go public via merger with CM Life Sciences (Nasdaq: CMLF), a SPAC. The deal values the firm at around $2 billion.

- Opportunity Financial, a Chicago-based financial technology company, agree to go public via merger with FG New America Acquisition (NYSE: FGNA), a SPAC. A deal values the business at $800 million. 

- Austerlitz Acquisition I, a SPAC by dealmaker Bill Foley, filed to raise $500 million. It is seeking a target in financial technology, information services and business services. It’s sister SPAC, Austerlitz Acquisition II, filed to raise $1 billion to acquire a business in those same areas.

- ScION Tech Growth II, a SPAC formed by ION Investment Group, raised $300 million.

- Freedom Acquisition I, a SPAC by Pimco and former Credit Suisse CEO Tidjane Thiam, filed to raise $250 million. 

- Rocket Internet Growth Opportunities Corp. a SPAC backed by Rocket Internet CEO Oliver Samwer, filed to raise $250 million. It is seeking a target in enterprise software, artificial intelligence, health and financial technology, e-commerce and other marketplaces. 

- Supernova Partners Acquisition II, a SPAC founded by those including Zillow co-founder Spencer Rascoff, filed to raise $250 million.

- Crystal Peak, a SPAC by Telecity Group founder Michael Tobin and executives at Torch Partners, is expected to seek to raise $243 million in Amsterdam. Read more.

PEOPLE

- Volition Capital, a venture firm, named Rent the Runway co-founder Jennifer Fleiss as a venture partner. 

F+FS

- Thrive Capital, a New York-based venture firm, raised $2 billion for its seventh fund: Some $500 million for early stage companies and $1.5 billion designated for late stage companies. 

- Entrepreneurial Equity Partners, a Chicago-based private equity firm,  raised $308.9 million for its first fund. Read more.

- HighBar Partners, a Menlo Park, Calif.-based private equity investor, raised $100 million for HighBar Partners III from Sixth Street.