Former U.S. secretary of state and Salesforce board member Colin Powell, dies at 84

A retired, four-star general who served as secretary of state during former President George W. Bush’s era, Powell died due to complications stemming from COVID-19, per his Facebook page. He was fully vaccinated, but was also being treated for multiple myeloma, a kind of blood cancer, per MSNBC.

Such was his prominence that Powell was called upon to run against President Bill Clinton in 1996, though he turned it down. 

But beyond his achievements in the government and the military, Powell’s death will also be felt throughout the tech and venture investing community. Though he remained in Virginia, much of his later work turned to venture capital and the private sector starting around 2005—after he left office.

In the summer of that year, the tech-savvy former government official was named a strategic limited partner at Silicon Valley VC firm Kleiner Perkins Caufield & Byers. “I wanted to be on the leading edge of technology developments in American and in the world, which will not only benefit America, but all of human kind,” Powell said at the time to VentureBeat.

Having sat on the board of Salesforce since 2014, Powell is also known for being close with Salesforce founder and CEO Marc Benioff. Leaked emails from 2016 revealed that that duo regularly communicated on everything from casual conversation to discussions about potential acquisitions. Powell also held a board seat at fuel cell company Bloom Energy—which at one point was a KPCB portfolio company.

“Deeply saddened by death of Colin Powell, a friend & partner for 25+ years. He provided invaluable counsel as an AOL board member in the 1990s. Later we collaborated on numerous initiatives and travelled together on many occasions. He was a great American and a loyal friend,” AOL co-founder and Revolution Chairman Steve Case wrote in a tweet early Monday. 

When Case launched his healthcare venture, Revolution Health, in 2007, Powell was among those sitting on its board. That company however was not without its struggles. The business made several layoffs, and later merged in a $300 million deal with Waterfront Media in 2008.

TETHER WAS BACKED LESS THAN 27.6% OF THE TIME: On Friday, Tether and its sister company, Bitfinex, agreed to pay about $42.5 million to settle allegations that it made false claims about its stablecoin—a digital currency tied to another asset, and is therefore perceived as more safe. In this case, the company claimed its tokens were backed all the time by the USD. 

But the CFTC says between a sample period in 2016 to 2018, Tether’s tokens were only backed sufficiently for 27.6% of the days. And the company apparently used spreadsheets to manually update the status of its reserves at least until 2018, per the complaint.

Tether’s General Counsel Stuart Hoegner took to Twitter to downplay the settlement, noting that neither Tether nor Bitfinex admitted wrongdoing (Though it is perhaps worth noting that he at one point told Bloomberg that Tether’s critics are “jihadists” looking to take down the business).Regardless, there’s likely more to come for Tether. The Department of Justice has reportedly looked into the company. And beyond that, the Treasury has sought to impose regulation on stablecoins, worried by the risk they pose to the broader economy.

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

Jessica Mathews compiled the IPO and SPAC sections of this newsletter.

VENTURE DEALS

- N26, a German challenger fintech bank, raised $900 million in Series E funding valuing it at $9 billion valuation. Third Point Ventures and Coatue Management led the round and were joined by investors including Dragoneer Investment Group.

- Deel, a San Francisco-based remote hiring company, raised $425 million in Series D funding, valuing the business at $5.5 billion. Coatue led the round and was joined by investors including Altimeter Capital, Andreessen Horowitz, the YC Continuity Fund, Spark Capital, Greenbay Ventures, and Neo.

- Enpal, a Berlin-based A.I. solar startup, raised €150 million ($174 million). SoftBank Vision Fund 2 led the round.

- Sunfire, a Lonon-based industrial electrolyzer maker, raised €109 million ($125 million) in Series D funding. Investors included Lightrock and Planet First Partner.

- Saildrone, an Alameda, Calif.-based ocean data, ocean mapping, and maritime intelligence company, raised $100 million in Series C funding. BOND led the round and was joined by investors including XN, Standard Investments, Emerson Collective, and Crowley Maritime Corporation. 

- Yunxi Technology, a Chinese digital marketing company, raised nearly $100 million in funding. Crescent Point led the round.

- H3 Dynamics Holdings, an aerial decarbonization company, raised $26 million in Series B funding. Japan’s Mirai Creation Fund led the round and was joined by investors including SPARX Asset Management and Sumitomo Mitsui Banking.

- Spot AI, a Burlingame, Calif.-based maker of A.I. to search video footage, raised $22 million in funding: $20 million in Series A led by Redpoint Ventures and a $2 million seed round from investors including Village Global and Stanford StartX.

- SouSmile, a Brazilian dental aligner startup, raised $18 million in Series B funding. Kaszek Ventures led the round and was joined by investors including Global Founders Capital, Chromo Invest, Atmos Capital, Allievo, and Endeavor Scale-up Ventures. 

- Crossing Minds, a San Francisco-based maker of a recommendation engine, raised $10 million in Series A funding. Radical Ventures led the round and was joined by investors including Index Ventures, Partech, and Lerer Hippeau. 

- Pagos, a Newton, Calif.-based payment infrastructure startup, raised $10 million in seed funding. Investors include Underscore VC and Point72 Ventures.

- TripleBlind, a Kansas City, Mo.-based data sharing focused on privacy, raised $24 million in Series A funding. General Catalyst and Mayo Clinic led the round.

- Metrolink.ai, an Israel-based data management software maker, raised $22 million in seed funding. Investors include Grove Ventures and Eclipse Ventures. 

- Hunt Club, a Chicago-based tech-sector-focused talent and recruitment company, raised $10 million in Series A from Teamworthy Ventures.

- OfficeRnD, a London-based space and hybrid work management software maker, raised $10 million in Series A funding. Runa Capital led the round and was joined by investors including Flashpoint Venture Capital and LAUNCHub Ventures. 

- Immediation, an Australian legal tech company, raised $3.6 million. Alex Waislitz and Thorney Investment Group led the round.

- Insiteflow, an Austin-based electronic health record interoperability company, raised $2.3 million. Silverton Partners led the round and was joined by investors including Congress Ave Ventures, Alumni Ventures, and Service Provider Capital.

- Gales, a San Diego-based maker of footwear for healthcare workers, raised $2.1 million in seed funding. Hannah Grey VC led the round and was joined by investors including Kokopelli, Techstars, and Green Valor Capital.

PRIVATE EQUITY

- MSD Partners agreed to take a 50% stake in West Monroe. A Chicago-based consultant, in a deal that values it at about $2.5 billion, per Bloomberg.

- Intelerad Medical Systems, backed by Ardan Equity Partners and HG Capital, acquired Ambra Health, a New York City-based image management and sorting software maker, valuing the combined business at $1.7 billion.

- Silver Lake will acquire a 9.9%% stake in Euroclear Holding SA/NV, a Belgian securities transaction and settlement company, from the Intercontinental Exchange (NYSE:ICE). The deal is valued at about €709 million.

- Bain Capital Tech Opportunities invested R$450 million ($82 million) in Bionexo, a Brazilian cloud software and data analytics business. 

- Cove Hill Partners invested in Artlogic, a London-based maker of software for the art industry. Financial terms weren't disclosed.

- Equistone Partners Europe acquired a majority stake in Gardengate, a European manufacturer of aluminium gates and doors. Crest Capital Partners will retain a minority stake. Financial terms weren't disclosed.m

- Gryphon Investors signed a definitive agreement to acquire Metagenics, a nutritional supplement company, from Alticor. Financial terms weren't disclosed.

- TechInsights, backed by Oakley Capital, acquired The Linley Group, a Mountainview, Calif.-based semiconductor analysis company. Financial terms weren't disclosed.

- Rockbridge Growth Equity acquired Protect Environmental, a  Louisville-based environmental consulting company. Financial terms weren't disclosed. 

- Shoreline Equity Partners invested in Career Now Brands, a Royal Oak, Mich.-based job search company. Financial terms weren't disclosed.

EXITS

- CDW Corporation (Nasdaq: CDW) will acquire Sirius Computer Solutions, a San Antonio, Tx.-based digitization and IT services company, from Clayton, Dubilier & Rice for $2.5 billion.

- Harvest Partners acquired Fortis Solutions Group, a Virginia Beach, Va.-based, Fortis is a leading converter of pressure sensitive labels including multi-ply coupon and booklets, from Main Post Partners. Financial terms weren't disclosed.

- LEA Partners acquired b+m Group, a German financial software company, from Main Capital Partners, for a 3x return. Financial terms weren't disclosed.

- Guidehouse, a portfolio company of Veritas Capital, acquired Dovel Technologies, a data analytics and digitization company, from Macquarie Capital. Financial terms were not disclosed.

OTHERS

- Aristocrat Leisure will acquire Playtech, a British gambling software maker, for about 2.1 billion pounds ($2.9 billion).

- Nike, Epic Games, and Redbird Capital Partners will acquire a minority stake in The SpringHill Company, the consumer and entertainment business by LeBron James and his business partner Maverick Carter, in a deal valuing it at $725 million.

- Hertz Global, the rental company that exited bankruptcy in June, is now planning to list its shares on Nasdaq.

- Teligent, a Buena, N.J.-based generic drug maker, filed for bankruptcy protection.

IPO

- Informatica, a Redwood City, Calif.-based data software company, plans to raise $928 million in an offering of 29 million shares priced between $29 and $32 per share. The company reported revenue of $1.3 billion in 2020 and a net loss of $168 million. CPP Investments and Permira back the firm.

- The e-commerce business of Saks Fifth Avenue, a New York City-based luxury retailer, may go public as soon as the first half of 2022, per the Wall Street Journal. An IPO could value the unit at around $6 billion.

- OVH Groupe, a French cloud storage company, raised $464 million in an IPO in Paris, per Bloomberg. The offering values the company at about $4 billion.

- Xilio Therapeutics, a Waltham, Mass.-based cancer treatment company, plans to raise up to $132 million in an offering of 7.4 million shares priced between $16 and $18 per share. The company reported a net loss of $55 million in 2020 and has yet to generate revenue. Atlas Ventures, F-Prime Capital, Bain Capital Life Sciences, and Deerfield Management back the firm.

- Expensify, a Portland, Ore.-based expense management software platform, filed for an IPO. The company reported $88 million in revenue in 2020 and a net loss of $1.7 million. Hillsven Capital, OpenView Venture Partners, and PJC back the firm.

- Alamar Foods, Saudi Arabia’s franchise operator for Domino’s Pizza, is weighing an IPO, per Reuters. The Carlyle Group owns the firm.

- The holding company of Third Coast Bank, a Humble, Tex.-based state savings bank, filed for an IPO. The company posted total interest income of $82 million in 2020 and reported net income of $12 million.

- Arteris, a Campbell, Calif.-based on-chip communications company for semiconductor devices, plans to raise up to $80 million in an offering of 5 million shares priced between $14 and $16 per share. The company reported $32 million in revenue in 2020 and a net loss of $3 million. Ventech backs the firm.

IO Biotech, a Copenhagen-based immune-modulating cancer therapy development company, filed for an IPO in the U.S. The company reported a $12 million net loss in 2020 and has yet to post revenue. Novo Holdings, Lundbeckfond Emerge, Sunstone Life Science Ventures, Vivo Capital, and HBM Healthcare Investments back the firm.

- Verdant Earth Technologies, an Australian green energy company, filed for an IPO in the U.S. The company reported a total comprehensive loss of $2 million in 2020 and has yet to post revenue.

SPAC

- Okada Manila, a casino resort in the Philippines, will go public in the U.S. via a merger with 26 Capital Acquisition Corp., a SPAC. A deal values the company at $2.5 billion. Japan’s Universal Entertainment Corp. owns the firm.

PEOPLE

- Pretium hired Jamal Saab as a managing director for its Middle East presence.  

- Apollo Global Management named Roger W. Ferguson, Jr. as Vice Chairman of Apollo.