Term Sheet — Tuesday, May 15 – 学期表-星期二,5月15日

Term Sheet -- Tuesday, May 15 - 学期表-星期二,5月15日

By

Polina Marinova

May 15, 2018

ALL BETS ARE ON

Good morning, Term Sheet readers.

Welcome to America — where sports betting is now legal.

In a 6-3 ruling, The Supreme Court cleared the way for states to legalize sports betting, striking down a 1992 federal law that had banned the practice in most states.

Justice Samuel Alito explained that this issue has long divided Americans. He said:

The legalization of sports gambling is a controversial subject. Supporters argue that legalization will produce revenue for the States and critically weaken illegal sports betting operations, which are often run by organized crime. Opponents contend that legalizing sports gambling will hook the young on gambling, encourage people of modest means to squander their savings and earnings, and corrupt professional and college sports.

The legalization of sports gambling requires an important policy choice, but the choice is not ours to make. Congress can regulate sports gambling directly, but if it elects not to do so, each State is free to act on its own.

This is huge news for daily fantasy sports companies like FanDuel and DraftKings, as sports gambling will account for a big chunk of their business. Ironically enough, both companies have long argued that daily fantasy sports, in which users can win cash prizes in exchange for cash entry fees, is legal because it’s technically a game of skill, not a game of chance.

Now, they’re changing their tune. Last week, FanDuel CEO Matt King told Term Sheet that he’s “excited about the future whatever the decision is.” Yesterday, he said he expects sports betting revenue to eclipse fantasy sports revenue at some point.

“We have exciting ideas from a game features standpoint that we will embed into our current experience,” he said. “What users will see is a simple integrated experience in our core app.”

What does such a product look like? It’ll likely allow users to gamble on the outcome of games or point totals.

Annually, illegal sports betting amounts to an approximately $150 billion industry, and FanDuel isn’t waiting too long to start taking bets from its users. The company plans to launch its sports betting offering as soon as this NFL season.

But where there is huge opportunity, there is also huge competition. When asked if he was worried about daily fantasy sports rival DraftKings, King said, “I’m always worried. I’m always constructively paranoid about the competition.”

He added that a market expansion like this one is bound to attract many new competitors as well. “We have a tremendous foundational business, but we need to execute really, really well.” he said. “I’m optimistic but also very realistic that it’ll be quite the battle.”

Meanwhile, DraftKings CEO Jason Robins is also excited about the Supreme Court ruling, also plans to debut his sports betting platform during NFL season, and is also aware of the competition. Robins said he’s “pretty comfortable with our market position at the moment.”

The ruling could have a big windfall for investors, too. Tusk Ventures’ Bradley Tusk, who invested in FanDuel, told Term Sheet that he expects another 25 to 30 states to legalize sports betting. “As an investor, I couldn’t be happier.”

It’s easy to see why. Tusk told ESPN that the decision likely doubled the value of the firm’s equity stake. “And once states start legalizing sports betting and it becomes common practice, it could be more like 5 times,” he added.

ONE MORE THING: Uber announced that it would end its policy for forced arbitration for individual sexual assault and harassment claims. It will also allow people to settle these claims with Uber without a confidentiality requirement covering the facts of their experience.

Just three weeks ago, 14 women who claim their Uber drivers sexually assaulted or harassed them wrote to Uber’s board to insist that their class-action lawsuit be allowed to go forward in open court.

“Secret arbitration takes away a woman’s right to a trial by a jury of her peers and provides a dark alley for Uber to hide from the justice system, the media and public scrutiny,” according to the letter.

Uber also committed to publishing a safety transparency report that will include data on sexual assaults and other incidents that occur on the Uber platform.

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VENTURE DEALS

Beam Therapeutics, a Cambridge, Mass.-based developer of precision genetic medicines through base editing, raised up to $87 million in Series A funding. F-Prime Capital Partners and ARCH Venture Partners led the round.

Saildrone, Inc., an Alameda, Calif.-based provider of high-resolution ocean data collected via a fleet of unmanned surface vehicles, raised $60 million in Series B funding. Horizons Ventures led the round, and was joined by investors including Capricorn’s Technology Impact Fund, Lux Capital, Social Capital, and The Schmidt Family Foundation.

Good Eggs, a San Francisco-based online market that delivers fresh groceries, raised $50 million in funding. Benchmark led the round, and was joined by investors including Index Ventures, Obvious Ventures, S2G Ventures, DNS Capital, Uprising and Collaborative Fund.

Metawave Corporation, a Palo Alto, Calif.-based developer of beamsteering automotive radars, raised $10 million in funding. Investors include DENSO, Toyota AI Ventures, Hyundai Motor Company, Asahi Glass, Motus Ventures, Khosla Ventures, Autotech Ventures, Bold Capital, SAIC Capital, Western Technology Investment (WTI), and Alrai Capital.

PegEx, Inc., a Fitchburg, Wisc.-based hazardous waste removal online platform raised $8 million in Series B funding. Plymouth Growth Partners led the round, and was joined by investors including Capital Midwest Fund and WISC Partners.

AnyDesk, a Germany-based remote desktop offering, raised $7.7 million in Series A funding. EQT Ventures led the round, and was joined by investors including Chris Hitchen and Andreas Burike.

Choosy, an on-demand social shopping platform, raised $5.4 million in seed funding. New Enterprise Associates led the round, and was joined by investors including Forerunner Ventures, Innovation Global Capital, Entrepreneurs Roundtable Accelerator, XFactor Ventures, Supernode Ventures, and Bryan Rosenblatt.

Prisma, a Berlin and San Francisco-based startup focused on GraphQL, raised $4.5 million in seed funding. Kleiner Perkins led the round.

Rael, a Buena Park, Calif.-based feminine care products startup, raised $2.1 million in pre-Series A funding. SoftBank Ventures Korea and Thrive Market Ventures co-led the round.

Printify, a San Francisco-based print-on-demand platform, raised $1 million in funding. The lead investor was Gokul Rajaram.

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HEALTH AND LIFE SCIENCES DEALS

Celsius Therapeutics, a Cambridge, Mass.-based company translating single-cell genomic insights into precision therapeutics for autoimmune diseases and cancer, raised $65 million Series A funding. Third Rock Ventures led the round, and was joined by investors including GV, Heritage Provider Network, Casdin Capital, and Alexandria Venture Investments.

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PRIVATE EQUITY DEALS

BJ Beltram, Inc., a portfolio company of Trivest Partners, acquired Louis Wohl and Sons Inc, a Tampa, Fla.-based provider of equipment, supplies and design services to the food service industry. Financial terms weren’t disclosed.

River Associates Investments LP acquired GAHH, a  North Hollywood, Calif.-based maker of aftermarket convertible tops, Jeep tops, seat covers and vehicle interiors. Financial terms weren’t disclosed.

KKR and Oaktree Capital Management LP acquired ProServ, a U.K.-based energy services company, for $50 million.

Fulcrum Equity Partners acquired a majority stake in Liberation Way, a Yardley, Penn.-based drug and alcohol addiction treatment facility. Financial terms weren’t disclosed.

The Halifax Group invested ChanceLight Behavioral Health, Therapy & Education, a provider of behavioral health, therapy and education solutions for children and young adults. Financial terms weren’t disclosed.

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IPOs

Canaan Creative and Zhejiang Ebang Communications, two Chinese Bitcoin mining firms, have applied for IPOs of up to $1 billion each in Hong Kong. Read more.

PluralSight, a Farmington, Ut.-based cloud-based learning platform, says it plans to raise $269.1 million in an IPO of 20.7 million shares priced between $12 to $14, up from a previously stated range of $10 to $12. Insight Ventures Partners (53% pre-offering), ICONIQ Strategic Partners (9.3%), and Keith Sparkjoy (7.4%) back the firm. Morgan Stanley, J.P. Morgan, Barclays, BofA Merrill Lynch are underwriters in the deal. The firm plans to list on the Nasdaq as “PS.” Read more.

MeiraGTx, a New York City-based gene therapy firm, filed for an $86.3 million IPO. The firm has yet to post a revenue. Kadmon Corp. (17.7%), Perceptive Advisors (16.1%), and Alexandria Equities (8.2%) back the firm. BofA, Barclays, and Evercore ISI are joint bookrunners in the deal. The firm plans to list on the Nasdaq as “MGTX.” Read more.

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EXITS

Edison Partners sold its stake in Billtrust, a Hamilton, N.J.-based provider of payment cycle management solutions, to W Capital Partners. Financial terms weren’t disclosed.

Sun European Partners acquired ESIM Chemicals, an Austria-based chemical maker, from Ardian. Financial terms weren’t disclosed.

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FIRMS + FUNDS

OpenView, a Boston-based expansion-stage investor, raised$296.75 million for its fifth fund.

Unusual Ventures, a Menlo Park-based seed-stage venture capital firm, raised $160 million for its first fund.

Silverton Partners, an Austin, Texas-based venture capital firm, raised $108 million for its fifth fund.

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Polina Marinova produces Term Sheet, and Lucinda Shen compiles the IPO news. Send deal announcements to Polina here and IPO news to Lucinda here.

WPA6021602IMG2018年5月15日波琳娜马里诺娃所有赌注都在 早上好,学期表读者。欢迎来到美国,体育博彩现在是合法的。在6到3的裁决中,最高法院为各州合法化体育博彩扫清了道路,击落了1992个联邦法律,禁止大多数州的这种做法。Samuel Alito法官解释说,这个问题长期以来一直分裂美国人。他说:体育赌博合法化是一个有争议的话题。支持者认为,合法化将为States带来收入,并严重削弱非法体育博彩业务,这往往是有组织犯罪。反对者争辩说,体育赌博合法化将使年轻人赌博,鼓励人们以适度的手段挥霍他们的储蓄和收入,腐败职业和大学体育。体育博彩法制化需要一个重要的政策选择,但我们的选择并非如此。国会可以直接管理体育赌博,但是如果它不这样做,每个州都可以自行行动。这对于像FANDUEL和DraftKings这样的每日幻想体育公司来说是一个巨大的消息,因为体育赌博将占他们生意的很大一部分。具有讽刺意味的是,两家公司一直争辩说,每日幻想体育,其中用户可以赢得现金奖励交换现金入场费,是合法的,因为从技术上讲,这是一个技巧的游戏,而不是一个机会游戏。现在,他们正在改变他们的调子。上周,范道尔首席执行官Matt King告诉学期表,他“对未来感到兴奋,不管决定是什么。”昨天,他说他希望体育博彩收入能在某种程度上超越梦幻体育收入。“我们有一个令人兴奋的想法,从游戏的特点,我们将嵌入到我们目前的经验,”他说。“用户将看到的是一个简单的集成体验在我们的核心应用程序。”这样的产品是什么样的?它很可能允许用户对游戏结果或积分进行赌博。每年,非法的体育博彩金额约为1500亿美元,范德维尔并没有等太长时间才开始向用户下注。该公司计划在NFL赛季推出其体育博彩产品。但哪里有巨大的机会,也有巨大的竞争。当被问及他是否担心每天幻想的体育对手制图时,国王说:“我总是担心。我总是对竞争抱有建设性偏执。”他补充道,像这样的市场扩张必然会吸引许多新的竞争者。他说:“我们有一个巨大的基础性业务,但我们需要执行得非常好。”“我很乐观,但也非常现实,这将是相当激烈的战斗。”与此同时,制图公司首席执行官杰森罗宾斯也对最高法院的裁决感到兴奋,也计划在NFL赛季开始他的体育博彩平台,并且也知道竞争。罗宾斯说,他“目前对我们的市场状况相当满意”,这项裁决对投资者来说也会有很大的意外收获。Touk创投公司的布拉德利·塔斯克投资了范德尔,他对学期表表示,他预计将有另外25到30个州将体育博彩合法化。“作为一名投资者,我不太高兴。”很容易看出原因。塔斯克告诉ESPN,该决定可能使公司股权的价值增加一倍。“一旦国家开始将体育博彩合法化,这成为普遍的做法,它可能更像是5次。”他补充道。还有一件事:Uber宣布将终止针对个人性侵犯和骚扰索赔强制仲裁的政策。它也将允许人们解决这些索赔与Uber没有保密要求,涵盖了他们的经验的事实。就在三周前,14名声称Uber司机遭到性侵犯或骚扰的女性向Uber董事会致函,要求他们的集体诉讼允许公开法庭开庭审理。“秘密仲裁剥夺了一个妇女的审判权,由陪审团的同龄人,并提供了一个黑暗的胡桃,尤伯隐藏司法系统,媒体和公众监督,”根据信。Uber还承诺发布一份安全透明度报告,其中包括关于UBER平台上发生的性侵犯和其他事件的数据。广告财富的最新…谷歌被控SE追踪用户(由David Meyer)和牛;萨克斯和主和泰勒WAPPAP60300 7QTES首席执行官处理了大量的数据入侵一个月到她的工作(由Valentina Zarya)和公牛;前摩根大通连锁店二人推出新的启动(Robert Hacke)To.Bo.CONBASE推出WPAP6088QTEPREMeWPAP60300 7QTE为大投资者服务(Jeff John Roberts)风险交易 Brand PrimeCurts是一家总部位于剑桥的基于基因编辑的精密基因药物开发公司,在A系列基金中筹集到了8700万美元。F PrimestCapital Partners和CARE风险合作伙伴引领了这一轮。SaldOne公司是一家总部位于Calif.的Alameda,通过无人地面舰队收集的高分辨率海洋数据的提供者,在B系列资金中筹集了6000万美元。Vielon创投引领了这一轮,并加入了包括CapRiRoNWPAP60300 7QTES技术影响基金、力士资本、社会资本和施密特家族基金会在内的投资者。好鸡蛋,一个提供新鲜食品的三藩在线市场,筹集了5000万美元的资金。基准指数引领了这一轮,并加入了包括指数风险投资、明显风险投资、S2G风险投资、DNS资本、起义和合作基金在内的投资者。BealMeaWaveCorporation,一个总部位于Calif.州帕洛阿尔托的波束导向汽车雷达开发商,筹集了1000万美元的资金。投资者包括电装、丰田AI风险投资公司、现代汽车公司、Asahi Glass、摩特斯风险投资公司、科斯拉风险投资公司、AutoTeaTevices、大胆资本、上汽资本、西方技术投资(WTI)和AlRAI Capital。BEGEX公司,菲奇堡,Wisc。基于危险废物的在线平台筹集了800万美元的B系列资金。普利茅斯增长伙伴引领了这一轮,并加入了包括资本中西部基金和WISC合作伙伴在内的投资者。德国的远程桌面产品AyDoice筹集了770万美元的A系列资金。EQT创投引领了这一轮,并加入了包括Chris Hitchen和Andreas Burike在内的投资者。一个随需应变的社交购物平台,筹集了540万美元的种子资金。

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Term Sheet -- Tuesday, May 15 - 学期表-星期二,5月15日

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