Good morning, Term Sheet readers.
Let’s check in with Europe. PitchBook released its Q1 European Venture Report, which uncovered a steadily maturing European venture ecosystem on pace to match capital deployed in 2017. Deal sizes continue to grow as the European venture community matures and firms raise larger and larger funds.
Here are some key takeaways:
• In the first quarter of 2018, European investors deployed €4.4 billion across 571 deals, which is on pace to match last year’s decade-high in capital invested (€18.3 billion).
• Deal count slid for the fifth consecutive quarter. The decline is likely a result of increasing competition and higher investors expectations.
• Europe’s VC exit market was sluggish in Q1, with €1.5 billion in disclosed exit value across 64 reported deals.
• European venture investors closed 18 vehicles totaling €2.1 billion in commitments in the first quarter. Median fund size reached a decade-high (€86 million) as VCs begin writing larger checks.
There are some similarities between the American and European VC ecosystems. For instance, investors are pumping larger amounts of capital into fewer companies. In the U.S., deal counts have dropped to an all-time low since 2012. Massive fund sizes (which are only getting bigger) have given rise to numerous mega-deals. (We’re seeing more and more mega-deals move overseas.) As we’ve noted before, this is a somewhat troubling trend as investment firms are sitting on unprecedented levels of dry powder, participating in larger deals, and helping create a sluggish exit market.
GAWKER DRAMA OVER: Peter Thiel has agreed not to buy Gawker. The reason? Avoid a potential countersuit for secretly funding the litigation that drove the news & gossip blog’s publisher out of business, according to The Wall Street Journal. This marks the end of a year-long legal battle and clears the road for a potential Gawker sale.
ONE FUN THING: Kanye said he “needs to meet with Larry from Google” and Elon Musk said he’s building “a cyborg dragon.” ¯/_(ツ)_/¯ Accepting any and all theories as to what you think this means.
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• Revolut, a London-based fintech company that offers a digital banking account and other financial services, raised $250 million in Series C funding at a $1.7 billion post-money valuation, according to TechCrunch. Investors include DST Global, Index Ventures, and Ribbit Capital. Read more.
• Innovium, a San Jose, Calif.-based provider of networking solutions for data centers, raised $77 million in Series D funding. Investors include Greylock Partners, Walden Everbright, Walden Riverwood Ventures, Paxion Capital, Capricorn Investment Group, Redline Capital, S-Cubed Capital and Qualcomm Ventures.
• BigCommerce, an Austin, Texas-based operator of an e-commerce platform to manage an online store, process orders, and sell products online, raised $64 million in funding. Goldman Sachs led the round, and was joined by investors including General Catalyst, GGV Capital and Tenaya Capital.
• RStor, a platform that aggregates and automates compute resources from private data centers and public cloud providers, raised $45 million in Series A funding. Cisco Investments led the round.
• IFTTT, a San Francisco-based provider of a utility for users to connect their apps, services and smart devices, raised $24 million in funding. Salesforce Ventures led the round, and was joined by investors including IBM, Chamberlain Group and Fenox Venture Capital.
• Ready Robotics, a Columbus, Ohio-based provider of robotics as a service or RaaS, raised $15 million in funding. Drive Capital led the round, and was joined by investors including Eniac Ventures and RRE Ventures.
• Rocketrip, a New York-based travel management platform for employees, raised $15 million in Series C funding. GV led the round, and was joined by investors including Bessemer Venture Partners and Canaan Partners.
• NuMat Technologies, a Skokle, Ill.-based a company building molecularly-programmed systems, raised $12.4 million in funding. OS Fund led the round, and was joined by investors including Osage University Partners and Tin Shed Ventures.
• Allegro.AI, a deep learning computer vision platform, raised $11 million in funding. Investors include MizMaa Ventures, Robert Bosch Venture Capital GmbH (RBVC), Samsung Catalyst Fund and Dynamic Loop Capital.
• PlaySight Interactive, an Israel-based provider of a sports activity analysis platform, raised $10 million in Series C funding. Investors include SoftBank Ventures Korea and CE Ventures.
• Africa’s Talking, a Kenya-based based enterprise software company, raised $8.6 million in funding. IFC Venture Capital led the round, and was joined by investors including Orange Digital Ventures and Social Capital.
• Rookout, a rapid production debugging platform, raised $4.2 million in seed funding. Investors include TLV Partners and Emerge.
HEALTH AND LIFE SCIENCES DEALS
• Cardiac Dimensions, a Kirkland, Wash.-based developer of minimally invasive treatments for patients with heart failure, raised $39 million Series B funding. Investors include Hostplus, Oxford Finance LLC, M. H. Carnegie & Co., Arboretum Ventures, Lumira Capital, LSP Health Economics Fund and Aperture Venture Partners.
PRIVATE EQUITY DEALS
• Susquehanna Private Capital will recapitalize Skin & Cancer Associates, a Miami, Fla.-based dermatology group practice. Financial terms weren’t disclosed.
• Vector Solutions, a portfolio company of Providence Equity Partners, acquired Convergence Training, a Vancouver, Wash.-based developer of professional learning courses and provider of training software. Financial terms weren’t disclosed.
• Ascensus, a portfolio company of Genstar Capital and Aquiline Capital Partners, agreed to buy Benefit Planning Consultants Inc, a Champaign, Ill.-based provider of employee benefits and retirement administration services. Financial terms weren’t disclosed.
• AXA Equitable Holdings, the U.S. insurance arm of France’s AXA, said it plans to raise $3.5 billion in an IPO of 137.25 million shares priced between $24 to $27. The firm posted revenue of $12.5 billion in 2017. Morgan Stanley, J.P. Morgan, Barclays, and Citigroup are underwriters in the deal. Read more.
• Avast, the London-based cybersecurity firm, is targeting an IPO that would value the firm between 2.5 billion to 3.2 billion pounds ($3.5-4.5 billion). CVC Capital Partners and Summit Partners back the firm. Read more.
• Innovent Biologics and Ascentage Pharma, two Chinese biotech firms, dropped plans to list in New York in favor of $800 million IPOs in Hong Kong, Reuters reports citing sources. Fidelity backs the firms. Read more.
• Ceridian HCM Holding, a Minneapolis-based maker of human resources software, raised $452 million in an IPO of 21 million shares priced at $22, above its $19 to $21 range. The firm posted loss of $9.3 million on revenue of $750.7 million in 2017. Thomas H. Lee Partners and Cannae Holdings back the company. Goldman Sachs and J.P. Morgan are joint bookrunners in the deal. The company plans to list on the NYSE and Toronto Stock Exchange under undisclosed symbols. Read more.
• Elio Motors, a Phoenix, Ariz.-based maker of fuel-efficient vehicles, withdrew plans for an IPO, saying it plans to launch an ICO under the name ElioCoin. The firm previously planned to raise $100 million. The firm has yet to post any revenue. Drexel Hamilton was underwriter in the deal. The firm planned to list on the Nasdaq under the symbol “ELIO.” Read more.
• Evo Payments, an Atlanta-based payments firm, filed to raise $100 million in an IPO. 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.
• nLight, a Vancouver, Wash.-based semiconductor and fiber laser maker, raised $96 million in an IPO of 6 million shares priced at $16, an upsized IPO above its $13 to $15 range. The firm posted revenue of $138.6 million in 2017, and income of $1.8 million. Greenover Group (5.8% pre-offering), Wellington Management (12.1%), Menlo Ventures (21.5%), Mohr, Davidow Ventures (18.9%), and Oak Investment Partners (20%) back the firm. Stifel and Raymond James are lead underwriters in the deal. Nlight plans to list on the Nasdaq as “LASR.”
• Tooling Technology Group, a portfolio company of GenNx360 Capital Partners, acquired CTG Holdings, an operator of Century Tool & Die and Bel-Kur. Financial terms weren’t disclosed. First Capital Partners LLC is the seller.
• Pamplona Capital Management is selling Partner in Pet Food, a producer of private label wet and dry pet food, to Cinven. Financial terms weren’t disclosed. [This item has been updated.]
FIRMS + FUNDS
• Thoma Bravo, a Chicago, Ill.-based private equity firm, raised $2.4 billion for its recent Discover fund.
• Apollo Aviation Group, a Miami, Fla.-based alternative investment manager specializing in commercial aviation, raised $950 million for its fourth flagship aviation fund.
• Black Diamond Ventures promoted Ana Quintana to managing partner.
• John Kerry joined TPG’s Rise Fund as a senior adviser.
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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4月26日波琳娜马里诺娃欧元$$ 早上好，学期表读者。我们去欧洲登记吧。PotBook发布了其Q1欧洲风险报告，它发现了一个稳步成熟的欧洲风险生态系统，以配合2017部署的资本。随着欧洲风险共同体的成熟和企业募集越来越大的基金，交易规模继续增长。这里有一些关键的收购：牛市；在2018第一季度，欧洲投资者在571笔交易中部署了44亿欧元，与去年的资本投资十年（183亿欧元）相匹配。交易数量连续第五个季度下滑。这一下降可能是竞争加剧和投资者期望较高的结果。欧洲的VC退出市场在Q1中表现缓慢，在64个交易中，有15亿欧元的出口价值。欧洲风险投资者在第一季度关闭了18辆汽车，总计21亿欧元。中资基金规模达到十年新高（8600万欧元），风险投资机构开始撰写更大的支票。美国和欧洲的VC生态系统有一些相似之处。例如，投资者正在向更少的公司注入更大的资本。在美国，交易额自2012以来一直跌至历史最低水平。庞大的资金规模（只会越来越大）引发了许多大型交易。（WEWPA60607QTEE看到越来越多的大型交易在海外）。正如我们之前所指出的，这是一个有点麻烦的趋势，因为投资公司正处于前所未有的干粉水平，参与更大的交易，并帮助建立一个缓慢的退出市场。盖克的戏剧结束了：彼得·泰尔同意不买盖克。原因何在？据《华尔街日报》报道，避免一个潜在的反诉来暗中资助新闻和八卦博客出版商破产的诉讼。这标志着长达一年的法律战的结束，并为潜在的GAWKE销售扫清了道路。一个有趣的事情：Kanye说他“需要与谷歌拉里会面”，Elon Musk说他正在建造“一个Cybg龙”。广告财富的最新…公牛；作为中国审查我的活动家，ethereum’s blockchain证明是一个不太可能的盟友（Lucinda Shen）&bull；销售：你靠近你当地的商场运营商（Phil Wahba）&bull；杰夫bezos’s私人飞行记录喷气机暗示亚马逊（Natasha Bach）的HQONWPA60607QTES HQ2选择，为什么未来9天对美国经济如此重要？风险交易 根据TechCrunch，一家总部位于伦敦的芬科公司提供数字银行账户和其他金融服务，以17亿美元的估值后，在C系列融资中筹集了2亿5000万美元。投资者包括DST全球、指数风险投资公司和RiBIT资本。多读。总部位于Calif.的San若泽公司为数据中心的网络解决方案提供商提供了7700万美元的D系列融资。投资者包括GeyLink合作伙伴，Walden Everbright，沃尔登River伍德风险投资公司，PaxIon资本，摩羯投资集团，红线资本，S-立方资本和高通风险投资公司。BigBuy，奥斯丁，德克萨斯的运营商，一个电子商务平台，管理一个网上商店，处理订单，并在网上销售产品，筹集了6400万美元的资金。戈德曼萨克斯领导了这一轮，并加入了包括通用催化剂，GGV资本和TyaaAsapital的投资者。RSTOR，一个聚集和自动化计算资源从私人数据中心和公共云提供商的平台，筹集了4500万美元的A系列资金。思科投资引领了这一轮。总部位于三藩的一家提供用户连接用户应用程序、服务和智能设备的实用工具提供商IFTTT筹集了2400万美元的资金。Salesforce创投引领了这一轮，并加入了包括IBM、张伯伦集团和芬诺克斯风险投资公司在内的投资者。Boo.Read机器人技术公司是一家位于俄亥俄州哥伦布的机器人服务提供商，它筹集了1500万美元的资金。驱动资本引领了这一轮，并加入了包括Enac创业和RRE风险投资在内的投资者。纽约的旅游管理平台RokToip公司筹集了1500万美元的C系列资金。GV引领了这一轮，并加入了包括贝塞麦风险投资伙伴和迦南合作伙伴在内的投资者。Buff.NuffTechnologies，一家位于Skokle的基于疾病的公司的分子编程系统，筹集了1240万美元的资金。OS基金领导了这一轮，并加入了投资者包括OsAGE大学合作伙伴和锡棚风险投资公司。一个深度学习的计算机视觉平台Adalo.AI筹集了1100万美元的资金。投资者包括MiMaaVaR，罗伯特博世风险投资有限公司（RBVC），三星催化剂基金和动态循环资本。Brand；PraveStand互动，一个基于以色列的体育活动分析平台提供商，筹集了1000万美元的C系列资金。投资者包括软银风险投资韩国和CE风险投资公司。非洲总部位于肯尼亚的一家企业软件公司，筹集了860万美元的资金。国际金融公司风险投资引领了这一轮，并加入了包括橙色数字风险投资和社会资本在内的投资者。Rookout，一个快速生产调试平台，筹集了420万美元的种子资金。投资者包括TLV合作伙伴并涌现出来。广告健康与生命科学协议Kirkland的心脏维度为心衰患者提供微创治疗的开发者，募集了3900万美元的B系列资金。投资者包括HOSTPLUS，牛津金融有限责任公司，M
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