Excoastal Issue 51
A few large acquisitions + life sciences raises.
Welcome to Excoastal, a newsletter covering deals, startups, venture capital, and more from Chicago to Boulder, Detroit to Columbus, and beyond. I’m Evan Lonergan, a native Midwesterner.
You can connect with me on Twitter @evanjlonergan, on Medium, and send deals/jobs/intel to evanlon92@gmail.com.
What’s New
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Excoastal will be off next week for the July 4th holiday (and a corporations law exam). See you in the inbox next month!
ICYMI: the Excoastal Investors Airtable sheet:
Midwest Venture Capital Firms and Angels
Venture Capital Deals
Satelytics, a Toledo, Ohio-based geospatial analytics startup, raised $5 million from BP.
Cryosa, a Roseville, Minnesota-based developer of sleep apnea therapies, raised $8.25 million in Series A-2 funding from firms like Santé Ventures and Japan’s HOYA Corp. Axios
Todyl, a Denver-based security, networking, and compliance company for distributed workforces, raised $2.3 million in seed funding. Investors include TechOperators and Blu Venture Investors. Term Sheet
Denver-based DispatchHealth, which provides rapid in-home healthcare for a variety of diseases, has raised $135.8 million in a round led by Optum Ventures and joined by Oak HC/FT, Humana, Alta Partners, Questa Capital, and Echo Health Ventures.
Salt Lake City-based Foldax, maker of a synthetic heart valve, has raised a $20 million Series D led by MemorialCare Innovation Fund, with participation from investors including Kairos Ventures and Caltech.
Cyclica, a Toronto-based AI platform for drug discovery, raised $23 million in Series B funding. Drive Capital led, and was joined by GreenSky Capital.
Private Equity Deals
Thoma Bravo and Madison Dearborn Partners have agreed to invest in the software business of Chicago-based Kaufman, Hall & Associates, a provider of enterprise performance management software, data, and management consulting solutions.
NTI Connect, a Chicago-based portfolio company of ORIX Capital Partners, acquired the fiber network engineering business of Precision Design Services. Axios
The Carlyle Group sold Eggplant, a provider of AI software with offices in Boulder, CO, and the UK, to Keysight Technologies in a deal valued at $330 million.
M&A
Invitae will buy ArcherDX, a Boulder-based personalized genomics company focused on cancer, for upwards of $1.4 billion in cash and stock (including $325m in cash upfront). ArcherDX had registered an IPO and had raised around $150 million in VC funding from Perceptive Advisors, Redmile Group, Boulder Ventures, Soleus Capital, Driehaus Capital Management, ArrowMark Partners, Sands Capital, Longwood Fund, and PBM Capital.
Mastercard has agreed to purchase Finicity, a Murray, Utah-based financial data aggregation platform, for $825 million (accompanied by an earnout of up to $160m). Finicity had raised over $25 million in VC funding from firms like Experian Ventures.
ASG acquired Homebot, a Denver-based mortgage lending and real estate software startup that had previously raised around $4 million from Black Knight Partners, Moderne Ventures, Picus Capital, and Axel Springer.
New Funds
Brett Brohl and Mary Grove (formerly of Rise of the Rest Fund) have launched Minnesota-based Bread and Butter VC, an early-stage firm that will focus on health care, food and agriculture, and enterprise software. Stephanie Rich (formerly of Starting Up North) also joined the team as Head of Platform.
What I’m Reading
‘Crush This Lady.’ Inside eBay’s Bizarre Campaign Against a Blog Critic.
Top 10 Learnings from the Redpoint 2020 GTM Survey
The Hierarchy of Marketplaces — Introduction and Level 1
There's No Debate: Good People Aren't Good Enough
A New Platform For Emerging Managers
Startup/VC Twitter
Podcast Addiction
Culture Break
📚Read- Between Two Fires by Joshua Yaffa
🎬Watch- I’ve been on a short hiatus from TV/movies, but check back here later!
🎧Listen-
🧐Think- Wrongfully Accused by an Algorithm
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