Funding Insights May 15-21, 2023
A roundup of the previous week’s large and small funding rounds from Owler.
💸 COMPANIES YOU SHOULD KNOW
+ HelloTeam Raises $10M in Series A Round
Grand Oaks Capital – the investment firm of Paychex founder and billionaire, Tom Golisano – led the Series A round of funding that raised $10M for HelloTeam. Founded in 2016 by CEO, Tanya Bakalov, HelloTeam is a platform that offers employee engagement and performance management solutions. According to a release from the Massachusetts-based SaaS company, HelloTeam intends to use their newly raised funds to address disparity in companies’ employee retention.
+ Goodleaf Received $78M in Debt Financing
Goodleaf, the largest vertical farming company in Canada, received $78M in debt funding. The company says the money will support expansion of new farms, with two new farms in Calgary and Montreal expected to produce around two million pounds of leafy greens annually. Goodleaf CEO, Barry Murchie, expressed excitement to partner with investors including: CIBC, Farm Credit Canada and Export Development.
+ Cadence Neuroscience Raised $26M in Funding
Cadence is a private company headquartered in Sammamish, Washington that researches and develops novel neuromodulation therapies to treat neurological diseases. In a Series B round led by Angelini Lumira Biosciences Fund, Cadence raised $26M. FinSMEs says Cadence plans to use the funds towards completing pivotal clinical studies and pursuing FDA clearance.
+ Monogram Funding Round Ends in $17.2M Raised
Monogram is a medical device company developing orthopedic implants and surgical robotic systems. The New York-based company sold its shares of Class A Common Stock, resulting in $17.2M raised. The company states that it has a robot prototype that can autonomously execute optimized paths for high-precision insertion of implants in synthetic bone specimens.
+ Solo Brands Receives $59M Via Secondary Offering
Solo Brands is the manufacturer of fire pits, camping stoves, and related outdoor lifestyle gear. The Texas-based company, founded in 2021, offers multiple brands including Chubbies, a premium casual apparel and activewear brand, Oru Kayak, an innovator of origami folding kayaks, and ISLE, a maker of inflatable and hard paddle boards and accessories. Solo Brands was represented by Latham & Watkins in the secondary offering.
💰BIG BACKINGS
🤝 CATCH UP ON THESE May ACQUISITIONS
+ IBM Acquires Polar Security for $60M
IBM acquired the California-based cybersecurity platform Polar Security, known as a pioneer of data security posture management (DSPM). Help Net Security reports that this purchase is the fifth acquisition IBM has made this year.
+ Fujifilm Acquires CMC Materials KMG Corporation for $700M
In a deal totaling $700M, Fujifilm purchased CMC Materials KMG Corporation from US-based Entegris, Inc. Fujifilm invested in this technology to broaden offerings of electronic chemicals, including KMG’s line of HPPCs (high-purity process chemicals) – used to etch and clean silicon wafers in the production of semiconductors. Fujifilm announced that the acquisition means the addition of 560 employees at twelve additional sites, including seven manufacturing locations across the United States, Europe and Singapore.
+ Nexstar Media Group Pays $35M in KUSI San Diego Acquisition
Headquartered in Irving, Texas, Nexstar is a distributor of news, sports, and entertainment content. Nexstar paid $35 million to McKinnon Broadcasting to purchase independent station KUSI San Diego. Nexstar has 15 subsidiaries, with previously acquired companies including The CW Network and The Hill among others.
+ Macquarie Capital Acquired Majority Stake in India Private Limited (CloudExtel)
Australia-based financial institution Macquarie Capital acquired a majority stake in Excel Telesonic India Private Limited (CloudExtel) for $100M. With more than one billion mobile subscribers, India is a rapidly growing market that benefits from the services Telesonic India Private Limited (CloudExtel) provides. Better network coverage and capacity are two areas of focus the Senior Managing Director and Head of Infrastructure and Energy Capital at Macquarie described as “essential.”
+ Halma Acquires FirePro for $161.4M
England-based holding company Halma acquired FirePro, a manufacturer and distributor of aerosol-based fire suppression systems for $161.4M. Halma Has over 30 subsidiaries, with Sewertronics announced as a recent acquisition in early May. According to NewsnReleases, FirePro will operate as a standalone company within Halma’s Safety sector and continue to be led by its current management team.
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