U.S. Markets close in 5 hrs 9 mins

Term Sheet -- Thursday, May 23

Polina Marinova
Term Sheet -- Wednesday May 29, Endeavor IPO, Women, and Robinhood
  • CRACKING DOWN

    Margrethe Vestager is the woman Silicon Valley fears most.

    In a new feature, Fortune’s Geoff Smith explains how Vestager, the European Commissioner for Competition, could be on course for the top job in the European Union’s powerful bureaucracy. Vestager stands to be one of the biggest winners from this week’s elections to the EU parliament, which start on Thursday and run through Sunday.

    U.S. President Donald Trump has characterized Vestager as “really hat[ing] the U.S.” Vestager has denied being anti-American, but the reputation is based on a lengthy charge sheet. She forced Apple to repay $17 billion in taxes and fined Google over $9 billion for antitrust violations. She fined Qualcomm $1.2 billion for squeezing rival chipmakers out of Apple’s supply chain. She fined Facebook about $131 million after concluding that it had misled the European authorities about its acquisition of the messaging service WhatsApp. Last month, she forced Visa and Mastercard to cut some of their fees by 40% (and couldn’t help pointing out that U.S. consumers using their cards in Europe would be among the biggest beneficiaries).

    And she’s still weighing the possibility of an exhaustive probe into whether Amazon.com uses the data it gathers from the merchants it hosts to give its own merchandise an unfair advantage.

    If she becomes Commission president, Vestager’s position could have sweeping implications for how future generations of Silicon Valley tech giants use (and abuse) their power when it comes to data privacy. Read the full story here.

    NEW FUND ALERT: Cerberus Capital Management is seeking to raise approximately $3 billion for its first dedicated private equity fund, according to Bloomberg. This is a notable move for the firm because until now Cerberus has invested in private equity through multi-strategy firm.

    PS: Make sure to check out the new Fortune 500 Daily audio briefing. It’s a two-minute download of Fortune 500 company factoids. You can listen on Spotify, Apple Podcasts, Amazon Alexa, Google Play, and more here.

  • VENTURE DEALS

    Modsy, a San Francisco-based interior design platform, raised $37 million in Series C funding. TCV led the round.

    Solugen Inc, a Houston-based emerging specialty chemicals manufacturer, raised $32 million in Series B funding. Founders Fund led the round, and was joined by investors including Y Combinator, Refactor Capital, Fifty Years and KdT Ventures.

    Sofar Sounds, a London-based music events startup, raised $25 million in funding. Battery Ventures and Union Square Ventures co-led the round.

    Percepto, a provider of industrial autonomous drone solutions, raised $15 million in Series A funding. USVP led the round, and was joined by investors including NHN, Spider Capital and Emerge.

    Future, a one-on-one fitness and nutrition coaching app, raised $8.5 million in Series A funding. Kleiner Perkins led the round, and was joined by investors including Mike Krieger, Khosla Ventures, Founders Fund, and Caffeinated Capital.

    Hunters.AI, an Israel-based cybersecurity firm, raised $5.4 million in seed funding. YL Ventures and Blumberg Capital co-led the round.

    OnSite Waste Technologies, a Newport Beach, Calif.-based medical waste processing tech startup, raised $3.5 million in seed funding. Mark IV Capital and UCI Applied Innovation’s Cove Fund II led the round.

    Jour, a journaling app, raised $1.8 million in seed funding. True Ventures led the round.

  • HEALTH AND LIFE SCIENCES DEALS

    Cardinal Analytx Solutions, an artificial intelligence-enabled health insights company, raised $22 million in Series B funding. John Doerr led the round, and was joined by investors including GuideWell Mutual Holding Corporation, Blue Shield California and Premera Blue Cross.

  • PRIVATE EQUITY DEALS

    Triton Pacific Capital Partners made an investment in MAP Health Management, an Austin-based provider of peer recovery support services and data insights for people with substance use disorders. Financial terms weren’t disclosed.

    Cove Hill Partners made an investment in LiveAuctioneers, a New York-based online live-auction marketplace for fine and decorative art, antiques, jewelry and vintage collectibles. Financial terms weren’t disclosed.

    L2 Capital acquired Jurassic Quest, a producer of interactive dinosaur events. Financial terms weren’t disclosed.

    InDemand Interpreting, a portfolio company of Health Enterprise Partners, acquired Stratus Video, a Clearwater, Fla.-based video remote interpretation solutions provider, from Kinderhook.

  • IPOs

    Rattler Midstream Partners, a Midland, Texas-based provider of natural gas and water-midstream services in the Permian Basin, raised $665 million in an offering 38 million shares priced at $17.50, an upsized IPO in the middle of its $16 to $19 range. The firm posted revenue of $185.5 million in 2018 and income of $55.8 million. Diamondback backs the firm. Credit Suisse, BofA Merrill Lynch, and J.P. Morgan are underwriters. It plans to list on the Nasdaq as “RTLR.” Read more.

    Meten International Education Group, a Guangdong, China-based operator of English learning centers, filed for an $100 million IPO. It posted revenue of $212 million and income of $7 million in 2018. Citi, CICC, and Macquarie Capital are underwriters. It plans to list on the NYSE as “MEDU.” Read more.

    Bicycle Therapeutics, a Cambridge, U.K.-based developer of oncology therapies based on bicyclic peptides, raised $61 million in an offering of 4.3 million ADSs priced at $14, the low end of its range. The firm posted revenue of $7.1 million in 2018. Atlas Venture (9%), Novartis (12.7%), and GlaxoSmithKline (12.2%) back the firm. Goldman Sachs, Jefferies and Piper Jaffray are underwriters.  It plans to list on the Nasdaq as “BCYC.” Read more.

  • EXITS

    TowerBrook Capital Partners agreed to sell Metallo, a Belgian-Spanish metals recycling company, to Aurubis. Financial terms weren’t disclosed.

  • FIRMS + FUNDS

    Nexus Venture Partners, an India-based venture capital firm, raised $353.5 million toward a fifth venture-capital fund, according to a filing with the SEC. The fund’s target is $450 million.

    Granite Creek Capital Partners, a Chicago-based private equity firm, raised $200 million for its FlexCap II fund.

    Salesforce Ventures, a San Francisco-based venture capital arm of Salesforce, raised $125 million for its Europe Trailblazer Fund.

    Champlain Capital Partners, a San Francisco-based private equity firm, raised over $68 million for its third fund, according to an SEC filing. The fund’s target is $87.5 million.

  • PEOPLE

    BelHealth Investment Partners promoted Jonathan Spero to vice president.

    Configure Partners named Doug Clarida as managing director.

    New Enterprise Associates, Inc appointed Scott Gottlieb as a special partner.

  • SHARE TODAY’S TERM SHEET

    View this email in your browser.

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