Term Sheet — Monday, May 14 – 学期表-星期一,5月14日

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Polina Marinova

May 14, 2018

MONDAY MADNESS

Good morning, Term Sheet readers.

So much news today. Let’s get right to it.

NOW, WHAT? Xerox Corp called off its planned $6.1 billion merger with Fujifilm Holdings Corp in a settlement with activist investors Carl Icahn and Darwin Deason that also hands control of the U.S. photocopier giant to new management. This means that the company will replace its CEO Jeff Jacobson (again) and it will make a series of changes to its board of directors. Read more.

TENCENT TROUBLE: In a heated attempt to outmaneuver Alibaba, Asia’s largest listed company Tencent has gone on a serious spending spree. As a result, Tencent is down $78 billion in value as profitability is predicted to drop to its lowest level since 2003, Bloomberg reports. In other words, the tech giant’s margins are said to be abysmal.

Tencent has emphasized that sacrificing margins in the short-term is to be expected as it grows at a lightning speed, but analysts worry that the company is not yet generating enough money from its mobile games to offset a decline in its desktop unit.

BLOCK PARTY: It’s “Blockchain Week” in New York City, and more than 8,000 people are expected to make their way into a Midtown Manhattan hotel for the Consensus conference, which kicks off today. Featured speakers include Twitter CEO Jack Dorsey, Federal Reserve Bank of St. Louis President James Bullard, and FedEx CEO Frederick Smith. So there’s bound to be some good stuff to come out of it.

I’ll be interviewing Jeremy Gardner, co-founder of Ausum Ventures who lives in a Crypto Castle, at the Block event on Wednesday at 3 p.m. Reply to this email with some questions you think I should ask him. More info if you’re interested here.

….In other crypto-related news: ConsenSys Ventures, the venture arm of the ConsenSys Ethereum, has invested in a new round of six companies and has formally launched its accelerator, “Tachyon.”

FEEDBACK: I received the following responses to Friday’s Term Sheet about VC Tim Draper’s never-ending, all-consuming support of embattled Theranos CEO Elizabeth Holmes:

Peter: The two messages he seems to be conveying is “as long as you’re making money for me and my investors, who cares if it’s fraud,” and “all regulation and disclosure requirements are bad.” And this is the guy who, per a Bloomberg article yesterday, is a “crypto legend.” Tells you a little about that world. This bull run can’t end soon enough. Hopefully the crypto mania will result in a shakeout separating good investors set on improving society from the greedy hucksters masquerading behind that narrative. Silicon Valley seems to have attracted both sets.

Marc: His bluster was pathetic. Kelly Evans should have just shut him down but I guess she was smart enough to recognize that he was hanging himself. Well done Kelly. The SEC should have charged him too.

Frank: Perhaps when he invested in a very early round, the supposed “technology “was at a very early stage, and the early prototypes always have bugs in them and produced a lot of false positives. However, he had an obligation to keep his due diligence up to date, as these additional big money rounds came in, and as she was cutting the deal with Walgreens. A simple “walk through” of the entire facility and the following of, at least a couple of batches all the way through the described processes, would have revealed the fraud.

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VENTURE DEALS

Carousell, a Singapore-based mobile listing service that operates across Southeast Asia, raised $85 million in Series C funding. Rakuten Ventures and EDBI co-led the round, and were joined by investors including 500 Startups, Golden Gate Ventures, Sequoia India, and DBS.

Rubicon Global, an Atlanta-based technology platform for waste and recycling, raised $65 million in funding. The investor was NZ Super Fund.

Carro, a Singapore-based online full stack automotive marketplace, raised $60 million in Series B funding. Investors include Softbank Ventures Korea, Insignia Ventures Partners, B Capital Group, and the family office of Manik Arora. Existing investors Venturra, Singtel Innov8, Golden Gate Ventures and Alpha JWC also participated.

Qventus, a Los Altos, Calif.-based operations management solution for health systems, raised $30 million in Series B funding. Investors include Bessemer Venture Partners, New York Presbyterian Ventures, Mayfield Fund and Norwest Venture Partners.

TruValue Labs, a San Francisco-based provider of real-time sustainability data analytics, raised $13.6 million in Series A funding. Katalyst Ventures led the round, and was joined by investors including the Hearst Financial Venture Fund, The Entrepreneurs’ Fund, and Sun Hung Kai Strategic Capital Limited.

Upbound, a Seattle-based cloud-native computing company, raised $9 million in Series A financing. GV led the round.

VidMob, a New York-based provider of a video creation platform, raised an additional $6.4 million extension to its previously announced $7.5 million Series A round. Investors include Manifest Growth, Interlock Partners, Acadia Woods and Macanta Investments, and You & Mr Jones.

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HEALTH AND LIFE SCIENCES DEALS

Acousia Therapeutics, a Germany-based biotech company, raised 10 million euros ($11.9 million) in Series B funding. LBBW Venture Capital led the round, and was joined by investors including Creathor Ventures and Bregua Corp.

SeqOnce Biosciences Inc, a Pasadena, Calif.-based life science company, raised $1 million in seed funding. Mount Wilson Ventures led the round.

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PRIVATE EQUITY DEALS

WestView Capital made an investment of an undisclosed amount in Cognito Forms, a Columbia, S.C.-based online form builder and data/payment collection platform.

Drake Automotive Group, which is backed by Huron Capital, acquired Proforged, a Boulder, Colo.-based provider of chassis parts. Financial terms weren’t disclosed.

JMI Equity made an investment of an undisclosed amount in CipherHealth, a New York-based patient communication, engagement and care coordination software company. Financial terms weren’t disclosed.

Cinven agreed to buy JLA Group, a U.K.-based provider of commercial and industrial laundry. Financial terms weren’t disclosed.

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IPOs

• Foxconn Industrial Internet, a segment of Taiwanese iPhone parts maker Foxconn, will begin fundraising for its $4.3 billion IPO. The firm plans to list 1.8 billion shares. The company is set to IPO on the Shanghai Stock Exchange. Read more.

• Mercari, a Japanese flea marketplace app, filed to raise up to $1.1 billion in Tokyo. The company plans to offer shares priced between 2,200 to 2,700 yen ($20 to $25) apiece for a total valuation around . Read more.

• Greensky, an Atlanta, Ga.-based sales platform, said it plans to raise $750 million in an IPO of 34.1 million shares priced between $21 to $23. Pacific Investment Management Company and TPG back the firm. Goldman Sachs, J.P. Morgan, and Morgan Stanley are underwriters in the deal. The firm plans to list as “GSKY.” It has not yet chosen an exchange. Read more.

• Kiniksa Pharmaceuticals, a Lexington, Mass.-based firm creating products for autoimmune conditions, said it plans to raise $126 million in an IPO of 7 million shares priced between $17 to $19. Goldman Sachs and J.P. Morgan are underwriters in the deal. Baker Bros. Advisors backs the firm. The firm plans to list on the Nasdaq as “KNSA.” Read more.

• M17, a Taipei-based, filed to raise $116 million in an IPO. Vertex Asia Fund (12.1%), Infinity Ventures (9.1%), and KTB Asia Fund (5.7%) back the firm. Citigroup and Deutsche Bank Securities are underwriters in the deal. The firm plans to list on the NYSE as “YQ.” Read more.

• Kleopatra Holdings, a Wilton, Conn.-based rigid plastics maker, withdrew its $100 million IPO. Citigroup, Credit Suisse, Goldman Sachs, BofA, Baird, and Jefferies were underwriters in the deal. The firm planned to list on the NYSE as “KP.” Read more.

• Scholar Rock Holding, a Cambridge, Mass.-based biotech developing diseases in which protein growth plays a main factor, said it plans to raise $75 million in an IPO of 5.36 million shares priced between $13 to $15. Fidelity (15%), Polaris Venture (14%), ARCH Venture (14%), and Artal International (10%) back the firm. Jefferies, Cowen, and BMO Capital Markets are underwriters in the deal. Read more.

• China Tower, the world’s biggest mobile phone tower operator, filed for a $10 billion IPO in Hong Kong. The IPO could give China Tower an IPO of up to $40 billion. Read more.

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EXITS

Kohlberg & Co acquired Senneca Holdings Inc, a Cincinnati-based maker of built-to-order specialty doors. Financial terms weren’t disclosed. Audax Private Equity was the seller.

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FIRMS + FUNDS

CRV, a Cambridge, Mass.-based venture capital firm, raised $600 million for its 17th fund.

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PEOPLE

Wes Blackwell joined Scout Ventures as a partner.

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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.

Polina Marinova 2018年5月14日 星期一疯狂早上好,学期表读者。今天有这么多新闻。让我们马上去做。现在,什么?施乐公司取消了与富士控股公司61亿美元合并的计划,与激进投资者Carl Icahn和Darwin Deason达成和解,他们还将美国影印机巨头的控制权交给了新的管理层。这意味着该公司将更换其首席执行官Jeff Jacobson(再次),并将作出一系列改变其董事会。多读。腾讯的麻烦:在亚洲阿里巴巴最大的上市公司中,腾讯试图进行一次严重的消费狂潮。结果,腾讯盈利下降了780亿美元,预计盈利将降至2003以来的最低点。换言之,科技巨头的利润率可谓惨不忍睹。腾讯强调,短期内利润的增长将以闪电般的速度增长,但分析师担心,该公司尚未从其手机游戏中赚取足够的资金,以抵消其台式机的下滑。街区聚会:纽约的“链链周”,预计今天有超过8000人前往曼哈顿市中心酒店举行共识会议。演讲嘉宾包括Twitter首席执行官杰克·多西、美国联邦储备银行(Stand路易斯)总裁James Bullard和联邦首席执行官Frederick Smith。所以肯定会有一些好东西出来。星期三下午3点,我将采访Actum Cavor的创始人之一,他住在密码学城堡。在这封邮件中,我回复了一些你认为我应该问他的问题。更多信息如果你感兴趣的话。在其他与密码相关的新闻中,GoySysEythUM的风险投资公司CurysCyvon已经投资了新一轮的六家公司,并正式推出了加速器“Tayyon”。关于VC Tim Draper的永无止境的,全力以赴的支持四面楚歌的首席执行官Elizabeth Holmes:彼得:这两个信息,他似乎传达的是WPAP60300 4QTEAS只要YouWPA60607QTEE为我和我的投资者赚钱,谁在乎ITWPA60307QTES欺诈WPAP60300 6QTE和WPA60604QQTALL管制和公开要求是坏的。WPAP60300 6QTE,这是谁,每个彭博昨天的文章,是一个WPAP60300 4qtCelpto传奇。WPAP60300 6QTE告诉你一点关于那个世界。这个牛市运行的CAWPAP60300 7QTET很快就结束了。希望密码狂热会导致一个摇摇欲坠的分离,好的投资者从改善背后的贪婪的骗子设置社会。硅谷似乎已经吸引了两组人。贾景晖:他的咆哮是可悲的。Kelly Evans应该把他关起来,但我猜她很聪明,可以认出他在吊自己。干得好,凯莉。证券交易委员会也应该对他收费。弗兰克:也许当他投资很早的一轮时,假设的“技术”处于非常早期的阶段,早期的原型总是有错误,并产生大量的假阳性。然而,他有义务保持他的尽职调查的最新,因为这些额外的大钱轮进来,因为她正在削减与沃尔格林的交易。一个简单的“遍历”整个设施和以下,至少几个批次一路通过所描述的过程,将揭示欺诈行为。广告财富的最新…IBM认为BooClinux将OLVE FoeBooWPAP60300 7QTES数据问题(由Jen Wieczner)和公牛;经营无人机业务是一个巨大的摇钱树。然后无人驾驶飞机到达和布尔;埃隆麝香正在使用Haskon解决特斯拉模型3瓶颈(由Kirsten Korosec)和Brand;TrMP说HEWPA60607QTES与习近平合作使中兴WPAP60300 8QTEBACK进入业务,FASTWAPP60300 7QTE 风险交易Bo.Cououle,一家总部位于南洋的新加坡移动上市服务公司C系列资金8500万美元。RakutEnvin和EDBI共同领导了这一轮,并加入了包括500家创业公司、金门创业、红杉印度和DBS在内的投资者。总部位于亚特兰大的废物和回收技术平台RuiGunGlobal筹集了6500万美元的资金。投资者是新西兰超级基金。BARCARO是一家总部位于新加坡的在线全栈汽车市场,在B系列融资中筹集了6000万美元。投资者包括软银风险投资韩国、英吉利风险投资伙伴、B资本集团和Manik Arora的家族办公室。现有投资者VururRA、新加坡创业板、金门创业和阿尔法JWC也参与其中。Br.QViTUS,LOS Altos,基于Calif.的医疗系统运营管理解决方案,在B系列融资中筹集了3000万美元。投资者包括贝塞麦风险合作伙伴,纽约长老会风险投资公司,Mayfield Fund和诺斯特风险合作伙伴。三藩实时可持续性数据分析提供商TtruVald实验室提出了1360万美元的A系列融资。KATALYST创投引领了这一轮,并加入了包括赫斯特金融风险基金、企业家基金和新鸿基战略资本有限公司在内的投资者。一家总部位于西雅图的云计算公司UpDead在A系列融资中筹集了900万美元。GV领导了这个回合。总部位于纽约的视频制作平台提供商VIDMOB,为其此前宣布的750万美元系列广告增加了640万美元。投资者包括显性增长、联锁伙伴、Acadia Woods和MaMaTa投资,以及您和琼斯先生。广告健康与生命科学协议一种德国的听觉疗法以Y为基础的生物技术公司,在B系列融资中筹集了1000万欧元(1190万美元)。LBBW风险资本引领了这一轮,并加入了包括CCRATOR创投和Bregua C在内的投资者。

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Term Sheet -- Monday, May 14 - 学期表-星期一,5月14日

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