Free cash flow. Reduce risk. Go FOF yourself.
This is the latest advice from Sequoia Capital, which yesterday released four slide decks it has presented to its portfolio companies in the last month, including one that Fortune published late last month.
There are a few common threads throughout the guidance—one of them being that this downturn could last somewhere around three years, and founders need to prepare for exactly that.
“During the Internet bubble, it took about three years before it felt like we were back to a reasonably normal funding environment,” reads one slide on how to FOF yourself, or “Fund Our Future.”
Sequoia has been known to issue ominous warnings ahead of severe recessions, including its infamous “R.I.P. Good Times” presentation during the 2008 financial crisis.
In its latest rendition, Sequoia published decks focused on adapting, forecasting and scenario planning, extending the runway of your business, and leading during uncertain times.
“It takes many quarters to gain credibility, and only 90 days to lose it,” reads a quote by Sequoia partner Carl Eschenbach, who has backed Zoom and Snowflake.
You can read through Sequoia’s full slide decks here.
Press pause… Because it can be tiring to write (and read) about layoffs, systemic risk, etc., here is a cute photo of my dog encouraging me as I got out yesterday’s newsletter. Remember to spend time with those you love, thank (and tip!) your servers, and tell people that they matter to you on a regular basis. And if you can help it, avoid looking at your 401(k) at all costs. That is not meant to be investment advice, but if it were, it’d be great advice.
See you tomorrow,
Jessica Mathews
Twitter: @jessicakmathews
Email: jessica.mathews@fortune.com
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Jackson Fordyce curated the deals section of today’s newsletter.
VENTURE DEALS
- Wonder Group, a New York-based at-home dining and food delivery company, raised $350 million in Series B funding. Bain Capital Ventures led the round and was joined by investors including Accel, Alpine Group, Amex Ventures, Forerunner, General Catalyst, GV, NEA, YieldStreet, and others.
- Invoca, a Santa Barbara, Calif.-based A.I.-powered conversation intelligence for revenue teams, raised $83 million in Series F funding. Silver Lake Waterman led the round and was joined by investors including Hollyport Capital, Kingfisher Investment Advisors, Fenwick & West, Upfront Ventures, Accel, H.I.G. Capital, and Industry Ventures.
- Proximie, a London-based health technology platform digitally connecting operating rooms, raised $80 million in Series C funding. Advent Life Sciences led the round and was joined by investors including Emerson Collective, SoftBank Vision Fund 2, British Patient Capital, Mubadala Investment Company, the Minderoo Foundation, F-Prime Capital, Eight Roads, Questa Capital, Global Ventures, and Maverick Ventures.
- Turntide Technologies, a Sunnyvale, Calif.-based electrification and sustainable operations technologies developer, raised $80 million in a funding round. OGCI Climate Investments, SDCL Energy Efficiency Income Trust, Fifth Wall and Meson Capital's Captain Planet LP fund invested in the round.
- Performio, an Irvine, Calif.-based sales commission software solution provider, raised $75 million in a funding round led by JMI Equity.
- Cirkul, a Tampa-based beverage platform, raised $70 million in Series C funding. SC Holdings led the round and was joined by investors including AF Ventures and Siddhi Capital.
- Postscript, a remote-based SMS marketing company for Shopify businesses, raised $65 million in Series C funding. 01 Advisors led the round and was joined by investors including Twilio Ventures, Expanding Capital, m]x[v Capital, Greylock, Accomplice, Elephant, and OpenView.
- LiveView Technologies, an Orem, Utah-based surveillance camera systems provider, raised $50 million in Series B funding. Sorenson Capital, The Larry H. Miller Group, Lead Edge Capital, and Pelion Venture Partners invested in the round.
- The Wildcard Alliance, the McKinney, Texas-based Web3 game franchise from Playful Studios, raised $46 million in Series A funding. Paradigm led the round and was joined by investors including Griffin Gaming Partners and Sabrina Hahn.
- Proscia, a Philadelphia-based pathology software provider, raised $37 million in a funding round. Highline Capital Management, Triangle Peak Partners, Alpha Intelligence Capital, Scale Venture Partners, Hitachi Ventures, ROBO Global, Emerald Development Managers, and Razor's Edge Ventures invested in the round.
- Distribusion, a Berlin-based B2B ground transportation marketplace, raised €30 million ($31.25 million) in funding. Lightrock led the round and was joined by investors including Creandum and Northzone.
- ALICE Technologies, a Menlo Park, Calif.-based construction simulation and optimization company, raised $30 million in funding. Vanedge Capital led the round and was joined by investors including Bouygues, Gaingels, GRID Capital, JLL Spark, MetaPlanet, Future Ventures, Merus Capital, and Rising Tide.
- Sesame, a New York-based health care marketplace, raised $27 million in Series B funding. GV led the round and was joined by investors including Virgin Group, TeleSoft Partners, FMZ Ventures, General Catalyst, Industry Ventures, Coefficient Capital, Giant Ventures, and Alumni Ventures Group.
- Arkestro, a New York-based predictive procurement orchestration platform, raised $26 million in Series A funding. NEA, Construct, Koch Disruptive Technologies, and Four More Capital led the round and were joined by investors including Cervin, Correlation, El Cap, Forum, Illuminate, and Tenacity.
- Platform9, a Mountain View, Calif.-based open distributed cloud company, raised $26 million in funding. Celesta Capital led the round and was joined by investors including Cota Capital, NGP Capital, and others.
- KEO World, a Miami-based B2B buy now, pay later platform, raised $20 million in funding. Montreux Growth Partners led the round and was joined by investors including Mayberry Investments and Avior.
- Next Matter, a Berlin-based automation platform for operations, raised $16 million in Series A funding. OMERS Ventures led the round and was joined by investors including BlueYard Capital, Crane Venture Partners, and other angels.
- Tabnine, a Tel Aviv-based A.I.-powered assistant for developers, raised an additional $15.5 million in a funding round. Qualcomm Ventures, OurCrowd, Samsung NEXT Ventures, Khosla Ventures, and Headline Ventures invested in the round.
- Greenstruxure, a Boston-based leading energy supply and services company, raised $15 million in funding from AXA IM Alts.
- Tango, a Los Angeles-based workflow intelligence platform, raised $14 million in Series A funding. Tiger Global Management led the round and was joined by investors including Slack Fund, Atlassian Ventures, Wing VC, General Catalyst, GSV Ventures, Red Sea Ventures, and Outsiders Fund.
- Chain.io, a Philadelphia-based cloud-based supply chain integration platform, raised $11 million in a Series A round. Fontinalis Partners and High Alpha co-led the round and were joined by investors including Mercury, Grand Ventures, Eve Atlas, and Waybury Capital.
- AMILI, a Singapore-based gut health company, raised $10.5 million in Series A funding. Vulcan Capital led the round and was joined by investors including Pruksa Group, TVM Capital Healthcare, Emtek Group, Capital Code, Pureland Group, Blue7, SEEDS Capital, GK Goh, and others.
- NOWATCH, an Amsterdam-based health technology wearable company, raised $8.7 million in Series A funding. Angel investor Chris Hall led the round and was joined by Flow Ventures.
- Prometheus, a Los Angeles-based investing insights platform for investors, family offices, and wealth advisors, raised $5 million in Pre-Series A funding. 8VC’s Joe Lonsdale led the round and was joined by other angels.
- Terra.do, a Stanford-based climate career platform, raised $5 million in seed funding led by Avaana Capital.
- Spirea Limited, a Cambridge, U.K.-based antibody drug conjugate therapeutics developer, raised £2.4 million ($2.88 million) in a funding round. Jonathan Milner and Cambridge Enterprise co-led the round and were joined by investors including R42 Group, ACF Investors, o2h Ventures, Syndicate Room, and the Cambridge Angels.
- Granular, a Paris-based clean energy market provider, raised €2 million ($2.1 million) in a pre-seed funding round. Seedcamp, Revent, and Powerhouse Ventures invested in the round.
PRIVATE EQUITY
- Allied Industrial Partners acquired a majority stake in Waste Eliminator, a Gainesville, Ga.-based solid waste hauling, disposal, and recycling services provider for commercial and industrial waste generators. Financial terms were not disclosed.
- Lido Advisors acquired Enterprise Trust & Investment Company, a Los Gatos, Calif.-based private trustee services and investment management provider. Financial terms were not disclosed.
- The Riverside Company agreed to acquire a majority stake in Montel, an Oslo-based energy and electricity market information provider. Financial terms were not disclosed.
- Serent Capital acquired a majority stake in BW Events, a Gilbert, Ariz.-based managed services and technology consulting solution for the events industry. Financial terms were not disclosed.
OTHER
- ResMed acquired MEDIFOX DAN, a Hildesheim, Germany-based software solution provider for home health, nursing home, and outpatient therapy, for $1 billion.
- Lenovo Group agreed to acquire two units of investment holding firm PCCW, a Hong Kong-based telecommunications company, for $613.6 million.
- Blink Charging acquired SemaConnect, a Bowie, Md.-based EV charging infrastructure solutions provider, for $200 million.
- Bardavon Health Innovations acquired PeerWell, a San Francisco-based musculoskeletal digital health platform. Financial terms were not disclosed.
IPOS
- Rohlik Group, a Prague-based online supermarket, plans to go public within the next three to five years. Index Ventures and Partech back the company.
FUNDS + FUNDS OF FUNDS
- World Innovation Lab, a Palo Alto and Tokyo-based venture capital firm, raised over $1 billion for a fund that will be deployed across multiple funds. These funds focus on startups and corporations in the United States and Japan.
- Glade Brook Capital Partners, a Greenwich, Conn.-based growth equity investment firm, raised $430 million for a third fund focused on internet, software, and fintech at the Series B and C stages.
PEOPLE
- Broad Sky Partners, a New York-based private equity firm, hired Amy Margolis as managing director and head of business development and promoted Heidi Vanhamme to managing director. Formerly, Margolis was with CI Capital Partners and The Riverside Company.
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