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Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

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Jamie Dimon said the American Dream was slipping away. JPMorgan just put $40 million on the table to fix it
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Thank you

Lucinda Shen
By
Lucinda Shen
Lucinda Shen
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Lucinda Shen
By
Lucinda Shen
Lucinda Shen
Down Arrow Button Icon
December 3, 2021, 11:31 AM ET

My fantastic Term Sheet readers: That’s right—today is my last day at Fortune, making this my last missive to you from this newsletter.

I’m far from being a great romantic. But perhaps something about the diaphanous sunsets and craggly shores of Half Moon Bay, Calif., where I’ve spent the last week for Fortune’s Brainstorm Tech conference, have magnified the sentimentality of this being my final day here. 

So in lieu of the usual newsletter, let me take this moment to simply say thank you.

Thank you to Daniel Bentley, who hired me as a junior reporter all those years ago and Andrew Nusca, who got me started on this storied newsletter covering initial public offers. Thank you to preceding Term Sheet writer Polina Marinova for trusting me with this newsletter when she was out and to Jen Wiezcner for being an incredible advocate. Thank you to Adam Lashinsky for slotting me in as a co-chair at the Brainstorm Tech conference—not to mention a huge thank you to Marlene Saritsky and Michal Lev-Ram for making that job more fun than work. And of course, I can’t forget the meticulous hands of Karen Yuan and Ashley Sylla for ensuring this missive arrived in your inboxes with the minimal number of grammatical snafus and hiccups.

It really does take a village to build a person, which means there’s a whole list of names I’d love to add here (Ellen McGirt! Lee Clifford! Matt Heimer!), but I still have a duty to get this newsletter out at a reasonable hour.

Above all else, I reserve my greatest appreciation for all of you, the amazing Term Sheet readership. Taking over this newsletter at the start of the pandemic was a blessing: Even in quarantine, I never felt alone or lost because you all have been so responsive with your tips, insights, reactions, and puns. You all have given me more story ideas than I have been able to write. In fact, you all have even managed to turn me into a morning person (I’m still not sure that’s a good thing). 

For all of that, thank you.

That said, let’s stay in touch. As I mentioned a few weeks ago, I am joining media company Axios, where I’ll be helping launch a newsletter product focused on the fintech dealmaking world. Before I get settled with an email there, you can find me at shenzlucinda@gmail.com; on Twitter @ShenLucinda; and yes, even LinkedIn—please don’t be a stranger.

As for Term Sheet: Many of you have been asking who will be taking over. Drumroll please! 

I leave you in the capable hands of my co-worker, Jessica Mathews, who has been covering the IPO and SPAC sections of this newsletter in recent months. Jess is hardworking, witty, and incredibly enterprising—her byline would have been one to watch regardless. I’m excited to see her continue on in this wonderful community. You can reach here at Jessica.Mathews@Fortune.com.

Feeling sappy,

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

Jessica Mathews curated the IPO section.

VENTURE DEALS

- SOTIO Biotech, a Prague-based clinical stage immuno-oncology company, raised €280 million ($316 million) from PPF Group.

- LingoAce, a Singapore-based Mandarin Chinese language learning company, raised $105 million in Series C funding. Sequoia Capital India led the round and was joined by investors including Owl Ventures, Shunwei Capital, and SWC Global. 

- CertiK, a New York City-based blockchain security firm, raised $80 million in Series B2 funding. Sequoia led the round and was joined by investors including Tiger Global, Coatue Management, and GL Ventures.

- 100 Thieves, a Los Angeles-based clothing brand, raised $60 million in Series C funding. Green Bay Ventures led the round and was joined by investors including Breyer Capital, Aglae Ventures, Tao Capital, Willoughby Capital, and Artist Capital Management. The deal values the business at $460 million.

- CODA Biotherapeutics, a South San Francisco-based biopharmaceutical company focused on neurological disorders, raised $28 million. Pacira BioSciences led the round and was joined by investors including MPM Capital and Versant Ventures.

- P00LS, a Miami-based decentralized exchange creator cryptocurrencies, raised $18 million in seed funding. Global Founders Capital led the round and was joined by investors including L2 Ventures, Shift, Maveron, and Kima Ventures. 

- Hygieia, a Livonia, Mich.-based digital health company, raised $17 million in Series B funding. Firstime Ventures led the round.

- Mendel, a Mexico-based corporate spend management tech maker, raised $15 million in Series A funding. ALLVP and Infinity Ventures led the round.

- Procurated, a Washington, D.C.-based supplier ratings and review platform, raised $10 million in Series A funding. Greycroft led the round and was joined by investors including Tribeca Venture Partners, TDF Ventures, and Limerick Hill.

- Monsters Aliens Robots Zombies, a Canadian visual effects startup, raised CAD$6.5 million ($5.1 million) in Series A funding. Round13 Capital led the round.

- AdeptID, a workforce development and talent search startup, raised $3.5 million in seed funding. Zeal Capital Partners led the round and was joined by investors including Better Ventures and JFF's Employment Technology Fund.

PRIVATE EQUITY

- S.J. Electro Systems, a portfolio company of Audax Private Equity, acquired Ohio Electric Control, an Ashland, Oh.-based maker of electric control panels for the water, wastewater, and general industrial equipment markets. Financial terms weren't disclosed.

- Corza Medical, backed by GTCR, acquired Katena Products, a Parsippany, N.J.-based maker of ophthalmic products used across cataract, glaucoma and corneal surgeries. Financial terms weren't disclosed.

- Transom Capital Group acquired Aspen Publishing, Wolters Kluwer’s Legal & Regulatory U.S. Legal Education business. Financial terms weren't disclosed.

- SSW Advanced Technologies, a portfolio company of Trive Capital, acquired Schott-Gemtron, a Sweetwater, Tenn.-based specialty glass parts and glass systems supplier to the North American appliance sector. Financial terms weren't disclosed.

EXITS

- Charter Manufacturing acquired Aarrowcast, a Wisconsin-based iron casting business, from Industrial Opportunity Partners. Financial terms weren't disclosed.

 OTHER

- BuzzFeed, the new media company, will raise roughly $16 million from merger with a SPAC after a wave of investor withdrawals. The SPAC previously raised $287.5 million.

- DiDi, the Chinese ride hailing giant, is delisting from NYSE and will pursue a listing in Hong Kong.

- TransUnion (NYSE: TRU) acquired Sontiq, an identity protection and security company, for $638 million.

- Moody’s agreed to acquire Passfort and 360kompany AG, European providers of onboarding and Know Your Customer technology. Financial terms weren't disclosed.

- Sportsman’s Warehouse Holding canceled its merger with Bass Pro Shops, an outdoor sports retailer, after the Federal Trade Commission indicated it would nix the deal. 

IPO

- American Express Global Business Travel, said it would go public via a merger with Apollo Strategic Growth Capital, a SPAC backed by Apollo Global Management.

PEOPLE

- Gemspring Capital named Russ Spieler as a managing director.

This is the web version of Term Sheet, a daily newsletter on the biggest deals and dealmakers. Sign up to get it delivered free to your inbox.

About the Author
Lucinda Shen
By Lucinda Shen
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