Term Sheet — Friday, May 11 – 学期表-星期五,5月11日

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Term Sheet -- Friday, May 11 - 学期表-星期五,5月11日

By

Polina Marinova

May 11, 2018

WAIT, WHAT

Good morning, Term Sheet readers.

In a bizarre 8-minute CNBC interview, venture capitalist Tim Draper discussed government scrutiny of Facebook and the regulatory risks of going public. It got especially interesting when he was asked about Theranos CEO Elizabeth Holmes, the founder who recently got charged with an “elaborate, years-long fraud” by the SEC.

Here are some of Draper’s quotes about the embattled founder:

“We have taken down another great icon.”

“She got bullied into submission.”

“And look at what she did! She created an incredible opportunity.”

“Wait. Why is it worthless? It’s worthless because this writer was like a badger going after her, like a hyena going after her, and then it became a bigger and bigger thing.”

“It was a great vision, it was a great technology.”

“I think it was a great mission, and she did a great job.”

This is not the first time Draper has defended her. But I’m slightly confused as to why he continues to defend her even after the formal fraud charges, along with $700 million gone to the wind.

Draper was one of the earliest investors in Theranos, through venture firm DFJ, when he led the seed round with $500,000. And he has been a boisterous defender of the company ever since. It appears that Holmes was childhood friends with Draper’s daughter, and they grew up in the same neighborhood. Regardless, calling Holmes “a great icon” is a little excessive.

I’m not sure what to make of this other than Draper did not lose as much money as Secretary of Education Betsy Devos did ($100 million), so it’s a little easier to chalk it up to the notion that most startups fail. “Look, when I’m in an investor in a startup, I assume that 60% of them are going to go out of business,” he said. “I make my money on a few extraordinary companies. Theranos was one of those extraordinary companies that could’ve been one of those big, huge winners.”

Looking forward to your thoughts.

FRIDAY FUN: Remember Boston Dynamics, the robotics design company that keeps releasing videos of its robots doing things that robots aren’t supposed to be able to do? It has previously featured a robo-dog opening a door for its robo-dog friend, a humanoid robot going for a stroll, and a robot doing backflips.

Now, there are terrifying videos of its robots walking around, tackling stairs, and autonomously navigating their way through an office without bumping into things. Like someone said on Twitter, “Boston Dynamics is going to be the end of us all, and the last remaining humans will be wondering how we didn’t see it coming.” Watch the videos here.

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VENTURE DEALS

NomNomNow, a San Francisco-based provider of custom-portioned meals for dogs, raised $13 million in funding. Investors include Bullish, CircleUp, e.ventures, Tandem Capital and Greycroft.

Moloco, a Palo Alto, Calif.-basaed mobile performance advertising startup, raised $11 million in Series B funding. Samsung Ventures and Draper Athena led the round, and were joined by investors including Mirae Asset Management, Smilegate Investment and KTB Ventures.

OpenSea, a San Francisco-based marketplace for cryptogoods, raised $2 million in funding. Investors include Founders Fund, 1confirmation, Foundation Capital, Blockchain Capital, Coinbase Ventures, Chernin Group, Stable Fund and Blockstack.

Protego, a Baltimore-based serverless security startup, raised $2 million in seed funding. Investors include Gula Tech Adventures, Glilot Capital Partners, and the MetroSITE Group.

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HEALTH AND LIFE SCIENCES DEALS

Forever Labs, a biomedical research company that cryogenically freeze the stem cells, raised $2 million in funding. Investors include Northwestern Mutual, Silicon Badia Ventures, Babel Ventures, Aaron Hirschhorn, founder and CEO of DogVacay.

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PRIVATE EQUITY DEALS

Uniguest, which is backed by Atlantic Street Capital, acquired ONELAN, a U.K.-based digital signage and visual communications company. Financial terms weren’t disclosed.

Huron Capital made an investment in Direct Connect Logistix, an Indianapolis-based transportation and logistics services company. Financial terms weren’t disclosed.

LaSalle Capital made an investment in Fresh Origins, a San Marcos, Calif.-based grower of microgreens and edible flowers in North America. Financial terms weren’t disclosed.

Aveanna Healthcare, which is backed by Bain Capital and J.H. Whitney, agreed to acquire Premier Healthcare Services, a Pasadena, Calif.-based provider of pediatric services. Financial terms weren’t disclosed.

Empire Equipment Company, which is backed by Kian Capital, acquired Phoenix-based TruTemp Equipment and California-based Norm’s Refrigeration, both of which provide commercial food service equipment and aftermarket parts for the food service, hospitality, healthcare and retail industries. Financial terms weren’t disclosed.

NewSpring made an investment in Vybe, a Philadelphia-based operator of urgent care centers. Financial terms weren’t disclosed.

Golub Capital invested $22 million in Browz, a Draper, Utah-based provider of supplier qualification and management solutions to top brands.

Zyrofisher, which is backed by Palatine Private Equity, acquired Royal Velo France, a distributor of cycling parts and accessories in France. No financial terms were disclosed.

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OTHER DEALS

Asmodee Group, a France-based maker of board game Catan and distributor of Pokemon cards in parts of Europe, is exploring a sale that could value it at more than 1.5 billion euros ($1.7 billion), according to Reuters. Read more.

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IPOs

Volvo Cars, the Swedish vehicle maker, is said to have chosen Goldman Sachs, Citi, and Morgan Stanley for an IPO potentially in both Sweden and Hong Kong, Bloomberg reports citing sources. The IPO could value the firm between $16 billion to $30 billion. Zhejiang Geely Holding Group backs the firm. Read more.

Evo Payments, an Atlanta-based payments firm, plans to raise $210 million in an IPO of 14 million shares priced between $14 to $16. The firm posted revenue of $504.8 million. BlueApple and Madison Dearborn Partners back the firm. J.P. Morgan, BofA, Citigroup, Deutsche Bank, and SunTrust Robinson Humphrey are among the underwriters. Read more.

Avast, the London-based cybersecurity firm, narrowed its IPO range from 250 pence to 320 pence, to 250 pence to 270 pence. The firm plans to raise up to $200 million for a market capitalization of between 2.5 billion and 2.7 billion pounds ($3.4 billion and $3.7 billion) upon listing. CVC Capital Partners and Summit Partners back the firm. Read more.

Huya Broadcasting, a Guangzhou-based eSports live streaming platform spinning out of YY, raised $180 million in an IPO of 15 million ADSs priced at $12, the high end of its $10 to $12 range. The firm posted revenue of $335.8 million and loss of $12.4 million in 2017. YY (55.5% pre-IPO) and Tencent (39.8%) back the firm. Credit Suisse, Goldman Sachs, and UBS Investment Bank are underwriters in the deal. It plans to list on the NYSE as “HUYA.” Read more.

Avalara, a Seattle Wash.-based cloud-based tax compliance software maker, filed to raise $150 million in an IPO. The company posted revenue of $213.2 million in 2017. Battery Ventures (9.9%), Warburg Pincus (24.4%), and Sageview Capital Masters (27.1% pre-offering) back the firm. Goldman Sachs, J.P. Morgan, and BofA are underwriters in the deal. The firm plans to list on the NYSE as “AVLR.” Read more.

Dynatrace, a Waltham, Mass.-based APM software maker, is reportedly weighing an IPO that could value the firm at over $4 billion. Thoma Bravo backs the firm. Read more.

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EXITS

Silver Lake will buy ZPG (LSE:ZPG), owner of Zoopla and PrimeLocation owner, for 2.2 billion pounds ($3 billion). This is a 642 million pound ($871 million) windfall for the Daily Mail publishing group. Read more.

Rotating Machinery Services, a portfolio company of Incline Equity Partners, acquired AC Compressor and CONMEC Engineered Compressors from Baker Hughes. Financial terms weren’t disclosed.

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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11日波琳娜马里诺娃等等,什么? 早上好,学期表读者。在一次奇怪的8分钟CNBC采访中,风险资本家Tim Draper讨论了政府对脸谱网的审查以及公开上市的监管风险。当他被问及TeaNOS首席执行官Elizabeth Holmes时,他特别感兴趣,这位创始人最近被SEC指控“精心策划,长达多年的欺诈”。以下是德雷珀关于陷入困境的创始人的一些引语:WPA60604QTEWE已经采取了另一个伟大的ICON。WPAP60300 6QTE WPAP60300 4QTEHE被欺负进入。WPAP60300 6QTE WPA60300她做到了!她创造了一个令人难以置信的机会。WPA60300 6QTE WPA60300 4QTeAWE。为什么它毫无价值?它是没有价值的,因为这个作家就像一个獾追着她,像一只鬣狗跟着她,然后它变成了一个越来越大的东西。WPAP60300 6QTE WPA60304QTEIT是一个伟大的愿景,它是一个伟大的技术。这是一个伟大的使命,她做得很好。“这已经不是德雷珀第一次为她辩护了。但我有点困惑,为什么他会继续为她辩护,即使在正式的欺诈指控,连同7亿美元的风。德雷珀是风险投资公司DFJ最早的投资者之一,当时他以500000美元的优势带领种子公司。从那以后,他一直是公司的一名热心捍卫者。福尔摩斯和德雷珀的女儿是童年的朋友,他们在同一个社区长大。不管怎样,称呼福尔摩斯为“伟大的偶像”有点过分。我不知道该怎么做,除了德雷珀没有失去教育部长Betsy Devos所做的那么多钱(1亿美元),所以有点容易让人联想到大多数初创企业倒闭的想法。“看,当我在一家初创公司的投资者中,我认为他们中的60%将倒闭。”他说。“我靠一些非凡的公司赚钱。TelaNOS是那些非凡的公司之一,可能是那些巨大的赢家之一。“期待你的想法。星期五娱乐:记住波士顿动力学,机器人设计公司,不断释放机器人的视频做机器人不应该做的事情吗?此前,一只Roo狗为它的RooBo朋友打开了一扇门,一个人形机器人正在散步,一个机器人在做翻拍。现在,有可怕的视频,其机器人四处走动,处理楼梯,并自主导航通过办公室的方式,而不是撞到东西。就像有人在推特上说的,WPA60604QTEBOSTSN动态将是我们所有人的末尾,最后剩下的人会想知道我们是如何发现它的。WPAP60300 6QTE在这里观看视频。广告财富的最新… 和布尔;艾伦马斯克提供免费乘坐在他的新的无聊隧道和公牛;HBO正在采取其割线战对亚马逊和Netflix到欧洲和牛;谷歌应该想到关于PuxExpPAP60300 7QTE伦理问题,然后显示出来。为什么苹果进入绿色铝冶炼风险交易NomNomNow;一家位于三藩的为狗提供定制餐的供应商,筹集了1300万美元的资金。投资者包括看涨、圈盘、E.VaR、串列资本和格雷克罗夫特。Calif.帕洛阿尔托- BasaED移动性能广告启动公司在B系列融资中筹集了1100万美元。三星风险投资公司和Draper Athena领导了这一轮,并加入了投资者,包括MIRAE资产管理,SimigaTee投资和KTB风险投资公司。公牛,一个总部位于三藩的密码市场,筹集了200万美元的资金。投资者包括创始人基金,1-确认,基础基金,B股链资本,Cin Basic风险投资,切尔宁集团,稳定基金和BoundStand。总部位于巴尔的摩的无服务器安全启动公司PytoGo筹集了200万美元的种子资金。投资者包括Gula TeaSt冒险,GLIOOT Capital Partners和Meta网站。广告健康与生命科学协议生物医学实验室低温冷冻干细胞的EARCH公司筹集了200万美元的资金。投资者包括西北互惠,硅巴迪亚风险投资公司,巴贝尔风险投资公司,Aaron Hirschhorn,创始人和首席执行官DoVaCay.广告私募股权交易最受欢迎的是大西洋航空公司瑞特资本,收购OnELAN,一个基于英国的数字标牌和视觉通信公司。财务术语WEWNWPAP60300 7QTET公开。休伦资本投资了一家总部位于印第安纳波利斯的运输和物流服务公司DealConnect Logixx。财务术语WEWNWPAP60300 7QTET公开。拉萨尔资本投资新鲜来源

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Term Sheet -- Friday, May 11 - 学期表-星期五,5月11日

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