The Scherzer Deal Report: September 16-20, 2024
Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.
Sign up: Get private equity and venture capital deals delivered to your inbox every week.!
Fundraising for PE & VC Funds
Avid Ventures
$87M
Second fund
Cerulean Ventures
$10M
Debut fund
Costanoa Ventures
$394M
Fifth early-stage fund ($275M) and third opportunities fund ($119M)
Era Ventures
$88M
Debut fund
Headline
$865M
Growth-stage fund
Kohlberg & Co.
$4.3B
Tenth midmarket PE fund
Moderne Ventures
$230M
Third fund
Patron
$100M
Second fund
Silver Point Capital
$4.6B
Latest opportunistic private credit fund
Private Equity Deals
Luminate Capital
AbsenceSoft
Undisclosed amount
Golden, CO-based provider of leave management software
RF Investment Partners
Altro and Amici Pharmaceuticals
Undisclosed amount
Long Island, NY-based providers of generic veterinary drug sourcing, production and insights
Agellus Capital
BlackPoint
Undisclosed amount
Kent, WA-based provider of managed IT and cybersecurity services
New Heritage Capital
Brilliant
Undisclosed amount
San Francisco, CA-based provider of corporate gifting and branded merchandise solutions
Brookfield Asset Management
Castlelake
$1.5B
Minneapolis, MN-based private credit firm
Genstar Capital
Flourish Research
Undisclosed amount
Apex, NC-based operator of multi-site clinical trials
Kingswood Capital Management
Kichler Lighting
Undisclosed amount
Solon, OH-based lighting company
Carlyle
North Bridge
Undisclosed amount
New York, NY-based provider of private credit to landlords for clean energy projects
Platinum Equity and Butterfly
Rise Baking Co
Undisclosed amount
Minneapolis, MN-based leading supplier of bakery products
Heartwood Partners
Royal Products
Undisclosed amount
Hauppauge, NY-based maker of precision machine tool performance accessories
Bain Capital Life Sciences
Serán Bioscience
$200M
Bend, OR-based CDMO for pharma and biotech
EverBank
Sterling Bank and Trust
$261M
Southfield, MI-based banking and loan institution
Carlyle
Unison
Undisclosed amount
San Francsico, CA-based residential equity company
Freeman Spogli
VIO Med Spa
Undisclosed amount
Strongsville, OH-based franchisor of full-service med spas
Venture Capital Deals
Benchmark, Quiet Capital, SV Angel, Abstract Ventures, Lux Capital, Operator Partners, Visionaries, Activant, HubSpot Ventures, Project A, 20VC, 20Growth, and 20Sales
11x
$24M
San Francisco, CA-based developer of autonomous digital worker
PJC, Techstars Ventures, Gaingels Ventures, Water Bear Ventures, and Launchpad Venture Group
AceUp
$22.5M
Boston, MA-based leadership coaching startup
Avfuel, Lowercarbon Capital, In-Q-Tel, Alaska Airlines, Connecticut Innovation’s Climate Tech Fund, Duncan Aviation, and JSSI
Air Company
$69M
Brooklyn, NY-based vodka distiller turned aviation fuel maker
Baird Capital, Blue Heron Capital, TDF Ventures, and TechOperators
BlackCloak
$17M
Lake Mary, FL-based cybersecurity platform for executives, high-net-worth individuals
HighSage Ventures, Intel Capital, CBRE, Nuveen, RXR, TA Realty, Trustbridge Partners, Glilot Capital Partners, and Carthona Capital
Cherre
$30M
New York, NY-based provider of real estate data management SaaS
NEA, Galaxy Interactive, and Sanabil Investments
DeltaStream
$15M
Menlo Park, CA-based serverless stream processing platform
Redpoint Ventures, Y Combinator, Okta Ventures, Base10 Partners, and Formus Capital
Every
$22.5M
San Francisco, CA-based HR and spend management startup
Foundry, Catalyst by Wellstar, Headwaters Ventures, and UnitedHealthcare Accelerator
Ferrum Health
$16M
Sunnyvale, CA-based provider of AI deployment solutions for healthcare
Cormorant, Mubadala, and a16z
GC Therapeutics
$65M
Cambridge, MA-based cell therapy startup
Craft Ventures, 53 Stations, Trust Ventures, and LiveOak Ventures
GreenLite
$28.5M
New York, NY-based construction permitting startup
Permira
Hotel Engine
$140M
Denver, CO-based hospitality booking company
Norwest Venture Partners, Intel Capital, OpenView, Magma, and Alon Cohen
Intezer
$33M
New York, NY-based autonomous security ops startup
Duquesne, The Stephens Group, Brand Foundry Ventures, and American Family Ventures
Ledgebrook
$17M
Boston, MA-based specialty insurtec
Tiger Global
LiquidStack
$20M
Carrollton, TX-based provider of liquid cooling for data centers
Altos Ventures, SaaStr Fund, and OpenView Venture Partners
Mangomint
$35M
Los Angeles, CA-based provider of salon and spa software
Column Group, Sanofi Ventures, Samsara Bio Capital, and Euclidean Capital
Nura Bio
$68M
South San Francisco, CA-based biotech focused on debilitating neurological diseases
Mayfield, Uncorrelated Ventures, Menlo Ventures, Greylock Partners, South Park Commons, Basecase, and Scribble Ventures
Orb
$25M
San Francisco, CA-based software billing platform
Deerfield Management, Corteva, Aliment Capital, and Leaps by Bayer
Pairwise
$40M
Durham, NC-based plant-focused gene editing startup
Insight Partners
PictorLabs
$30M
Los Angeles, CA-based provider of histopathology software
Riverwood Capital and Earlybird Digital East Fund
Picus Security
$45M
San Francisco, CA-based cybersecurity startup
Nyca Partners, Citi Ventures, Brian Kelly, Samsung Next, RiverPark Ventures, Four Cities Capital, and MoreThan Capital
Point.me
$15M
New York, NY-based travel points search engine
Harbert Growth Partners, MissionOG, Liberty Mutual Strategic Ventures, and Vestigo Ventures
Roots Automation
$22.2M
New York, NY-based developer of a generative AI model for insurance claims
Mayfield, General Catalyst, and Abstract Ventures
TeamBridge
$28M
San Francisco, CA-based provider of HR software for hourly workers
TPG Rise Climate, Capricorn Investment Group, Pulse, Fifth Wall, Northstar VC, TGVP, Alaska Airlines, DCVC, Munich Re Ventures, and Emerson Collective
Twelve
$200M
Berkeley, CA-based sustainable aviation fuel startup
Susquehanna Growth Equity
Virtuous
$100M
Phoenix, AZ-based provider of fundraising CRM for nonprofits
GV, Citi Ventures, Outpost Ventures, 53 Stations, and Firebolt Ventures
Wealth.com
$20M
Gilbert, AZ-based estate planning startup
Andreessen Horowitz, Nvidia, NEA, Radical Ventures, Marc Benioff, Adobe Ventures, Databricks Ventures, Reid Hoffman, and Ashton Kutcher
World Labs
$230M
Stanford, CA-based startup led by “modmother of AI” Fei-Fei Li
The Scherzer Deal Report: September 9-13, 2024
Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.
Sign up: Get private equity and venture capital deals delivered to your inbox every week.!
Fundraising for PE & VC Funds
Alpha Partners
$153M
Third fund
Bain Capital Life Sciences
$3B
Fourth fund
eGateway Capital
$94M
Second fund
Fika Ventures
$160M
Fourth fund
Five Point Energy
$1.4B
Fourth energy infrastructure fund
Next Frontier Capital
$102M
Fourth fund
Rethink Impact
$250M
Third fund
Private Equity Deals
THL Partners
AMI
Undisclosed amount
Duluth, GA-based firmware company
Sound Growth Partners
ATEK Access Technologies
Undisclosed amount
Eden Prairie, MN-based maker of memory keys for access control and data storage
Nexus Capital
Big Lots
Undisclosed amount
Columbus, OH-based discount home goods retailer
SEVA
Chicory
Undisclosed amount
New York, NY-based contextual commerce media platform
New Mountain Capital
Datassential
Undisclosed amount
Chicago, IL-based food and beverage intelligence platform
Madison Dearborn Partners
Harmonia Holdings
Undisclosed amount
Blacksburg, VA-based provider of tech services to the U.S. federal government
Blue Star Innovation Partners
Ledger Run
Undisclosed amount
Tiburon, CA-based provider of workflow optimization solutions
Rotunda Capital Partners
Mama Lycha Foods
Undisclosed amount
Houston, TX-based maker and distributor of Latin American foods
K1 Investment Management
MariaDB
Undisclosed amount
Redwood City, CA-based cloud database software firm
Coalesce Capital
Miller Environmental Group
Undisclosed amount
Calverton, NY-based provider of waste, industrial, and environmental services
Tower Arch Capital
Miller Industries
Undisclosed amount
Fenton, MI-based maker of custom modular systems
Falfurrias
Moxfive
Undisclosed amount
Tysons, VA-based cybersecurity company
Perpetual Capital Partners
Novatech
Undisclosed amount
Nashville, TN-based provider of nationwide managed office solutions
Shamrock Capital
Nth Degree
Undisclosed amount
Duluth, GA-based event management and experiential marketing company
Eir Partners
PharmaForceIQ
Undisclosed amount
Orlando, FL-based omnichannel orchestration and measurement solution to pharma and life science companies
Renovus Capital Partners
QualX
Undisclosed amount
Springfield, VA-based provider of information management solutions to the federal government
Post Oak Energy Capital
Quantent Energy Partners
Undisclosed amount
Oklahoma City, OK-based platform that made its initial acquisitions of natural gas assets in the Haynesville Shale
Warburg Pincus and Vista Equity
Redwood Software
Undisclosed amount
Frisco, TX-based provider of automation fabric solutions
Aleph Capital Partners and Crestview Partners
Saber Interactive
Undisclosed amount
Ft. Lauderdale, FL-based video game developer
Altas Partners
Sedgwick
Undisclosed amount
Memphis, TN-based claims management firm
Venture Capital Deals
Anzu Partners, Energy Impact Partners, LaunchCapital, Material Impact, and Volta Energy Technologies
6K
$82M
North Andover, MA-based battery materials maker
Acrew Capital, Ballistic Ventures, Ten Eleven Ventures, Okta Ventures, and CrowdStrike Falcon Fund
Aembit
$25M
Silver Springs, MD-based provider of non-human identity and access management solutions
Heron Rock, Volvo Group VC, Obvious Ventures, Ibex Investors, Compound, Winthrop Square, and Cooley
AIfleet
$16.6M
Austin, TX-based trucking tech startup
Sutter Hill Ventures, Canaan Partners, and Wing VC
AttoTude
$29M
Menlo Park, CA-based provider of AI and hyperscale data center applications
GV, Floodgate, Bloomberg Beta, Haystack, Octave Ventures, and MS&AD
Bounti
$16M
San Jose, CA-based developer of autonomous AI products for sales and marketing
Venrock, Fairmount, TCGX, venBio Partners, Foresite Capital, Third Rock Ventures, Fidelity, Samsara BioCapital, Qiming Venture Partners USA, OrbiMed, Boxer Capital, Redmile Group, Vida Ventures, Two River, Franklin Templeton, LifeSci Venture Partners, Mirae Asset Capital Life Science, Polaris Innovation Fund, and Soleus Capital
Candid Therapeutics
$370M
San Diego, CA-based biotech focused on T cell engagers
Alibaba, Unusual Ventures, Volpe Capital, RX Ventures, Falabella Ventures, and Philippos Kourkoulos Latsis
Connectly
$20M
Redwood City, CA-based conversational commerce startup
GMO Payment Gateway and Sumitomo Mitsui Bank
Drip Capital
$23M
Palo Alto, CA-based working capital startup
PeakSpan Capital
Finally
$50M
Miami, FL-based bookkeeping software provider
Moore Strategic Ventures, XYZ VC, Hedosophia VC, Standard Investments, Crescent Cove Advisors, Enlightenment Capital, and Four More Capital
Forterra
$75M
Clarksburg, MD-based self-driving tech developer
Altimeter, DST Global, Craft Ventures, Sapphire Ventures, SoftBank, Coatue, General Catalyst, Iconiq Growth, IVP, Kleiner Perkins, Lightspeed Venture Partners, and Sequoia Capital
Glean
$260M
Palo Alto, CA-based AI enterprise search startup
Town Hall Ventures, NEA, and Kaiser Permanente
Habitat Health
$50M
San Francisco, CA-based provider of home care support for older adults
Distributed Global, Hashkey Capital, Folius Ventures, the Stellar Development Foundation, and Tibas Ventures
Huma
$38M
San Francisco, CA-based payments blockchain network
Brookfield Asset Management
Infinium
$1.1B
Sacramento, CA-based company focused on converting carbon dioxide into sustainable aviation fuel
Khosla Ventures and Think.Health
Inflammatix
$57M
Sunnyvale, CA-based molecular diagnostics startup focused on acute infection and sepsis
Northzone, Inspired Capital, Eniac Ventures, and Surface Ventures
Nirvana
$24.2M
New York, NY-based health-care bill transparency startup
SYN Ventures, Zscaler, and Lightspeed
P0 Security
$15M
San Francisco, CA-based enterprise cloud security startup
Children’s Health, Concord Health Partners, OSF HealthCare, and Rittenhouse Ventures
Pieces Technologies
$25M
Irving, TX-based provider of solutions for inpatient care teams8
VC, Menlo Ventures, Meritech, Khosla Ventures, and Fifth Wall
Polly
$25M
San Francisco, CA-based provider of mortgage capital markets software
Left Lane Capital
Smartcat
$43M
Boston, MA-based translation automation platform
Johnson and Johnson Innovation, S3 Ventures, Lumira Ventures, SV Health Investors, Deerfield Management, NovaVenture, and Heartwork Capital
SpectraWave
$50M
Bedford, MA-based medical imaging startup focused on coronary artery disease
Pelion Venture Partners, AXA Venture Partners, Valor Equity Partners, DataTribe, and Cyfr Capital
Strider Technologies
$55M
South Jordan, UT-based cyber intelligence company
RA Capital Management, Catalio Capital, Eli Lilly, Cooley, Insight Partners, NVentures, and Gaingels
Superluminal Medicines
$120M
Waltham, MA-based generative biology and chemistry startup
Barclays, Bank of America, Citi, Deutsche Bank, JPMorgan, Morgan Stanley, and Wells Fargo
Versana
$26M
New York-based syndicated loan platform
Khosla Ventures, Bold Capital, WRG Ventures, and Marc Benioff
Viome
$25M
Bellevue, Wash., maker of home microbiome tests
QED Investors, Canvas Ventures, American Family Ventures, HC9 Ventures, Valor Capital Group, and Manchester Story
XP Health
$33.2M
San Carlos, Calif., vision care affordability startup
Scottish National Investment Bank, Airbus, Barclays Sustainable Impact Capital and Saudi Arabia’s NEOM Investment Fund
ZeroAvia
$150M
Hollister, Calif., developer of hydrogen-powered airplane engines
The Scherzer Deal Report: September 2-6, 2024
Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.
Sign up: Get private equity and venture capital deals delivered to your inbox every week.!
Fundraising for PE & VC Funds
Asylum Ventures
$55M
Debut fund
Bregal Sagemount
$800M
Credit solutions fund
Halo Capital
$25M
Debut crypto fund
MCJ
$80.6M
Second fund
Slauson & Co.
$100M
Second fund
SparkLabs
$50M
Fund focused on AI startups
Warburg Pincus
$4B
Structured transactions fund
Private Equity Deals
Tower Arch Capital
ACS Manufacturing
Undisclosed amount
Denison, TX-based maker of structural enclosures for backup power systems
H.I.G. Capital
Action Elevator
Undisclosed amount
Millersville, MD-based elevator services company
Apax Partners
Altus Fire & Life Safety
Undisclosed amount
New York, NY-based provider of fire and life safety services
26North Partners
ArchKey Solutions
Undisclosed amount
St. Louis, MO-based provider of electrical, technological, and specialty systems
Mercer Advisors
Benchmark Wealth Management
Undisclosed amount
Old Lyme, CT-based financial planning and wealth management firm
Kohlberg & Co.Clea
Result
Undisclosed amount
Austin, TX-based energy efficiency services provider
RF Investment Partners and Greenridge Growth Partners
Covr
Undisclosed amount
Salt Lake City, UT-based provider of workforce management software to the post-acute care industry
Partners Group
EdgeCore Digital Infrastructure
$1.9B
Broomfield, CO-based data center operator
Welsh, Carson, Anderson & Stowe
EquiLend
Undisclosed amount
New York, NY-based provider of data and analytics solutions to the securities finance industry
Bansk Group
Foundation Wellness
Undisclosed amount
Wadsworth, OH-based maker of orthotics products
Charlesbank Capital Partners
Front Row Group
Undisclosed amount
New York, NY-based e-commerce agency and accelerator for beauty, health, wellness, and CPG brands
Amulet Capital Partners
Genetics & IVF Institute
Undisclosed amount
Fairfax, VA-based provider of reproductive tissue banking services
Rotunda Capital Partners
Lehman Pipe and Supply
Undisclosed amount
Miami, FL-based distributor of industrial pipe, valves, and fittings
Revelstoke Capital Partners
MediQuant
Undisclosed amount
Independence, OH-based provider of data archiving and interoperability software for hospitals and health systems
TPG Rise Climate
Miratech
Undisclosed amount
Tulsa, OK-based provider of aftermarket emissions and noise reduction tech for stationary industrial engines
Iron Creek Partners
MoneyThumb
Undisclosed amount
Encinitas, CA-based automated document evaluation company
WindRose Health Investors
MyndYou
Undisclosed amount
New York, NY-based provider of conversational AI solutions for healthcare
Hg
Ncontracts
Undisclosed amount
Brentwood, TN-based provider of risk and vendor management solutions
Turnspire Capital Partners
Pharmachem
Undisclosed amount
Kearny, NJ-based nutraceuticals business
Venture Capital Deals
Arch Venture Partners, Milky Way Investments Group, Regeneron Ventures, Nvidia, T. Rowe Price, Rock Springs Capital, Bristol Myers Squibb, Westlake Village BioPartners, SoftBank, and the Parker Institute for Cancer Immunotherapy
Arsenal Biosciences
$325M
South San Francisco, CA-based programmable cell therapy startup
NewSpace Capital
Atlas Space Operations
$15M
Traverse City, MI-based provider of ground station services for satellite communications
Scale Venture Partners, Sequoia Capital, and YC
Cortex
$60M
San Francisco, CA-based productivity platform for engineers
Lux Capital, Eisai Innovation, NATCO Pharma, Parkwood Corp. Arch Venture Partners, Khosla Ventures, Farallon Capital Management, Alta Partners, Leaps by Bayer, DaVita, and Freseniuse
Genesis
$191M
Cambridge, MA-based developer of human-compatible organs that are derived from pigs
John Doerr’s family office, Sam Altman-founded Hydrazine Capital, and Material Impact
Galy
$33M
Boston, MA-based developer of lab-grown cotton
Zeev Ventures, Stereo Capital, and Menlo Ventures
HomeLight
$20M
Scottsdale, AZ-based provider of buy-before-you-sell real estate products
Blue Delta Capital Partners
ITC Federal
$25M
Arlington, VA-based provider of IT solutions and enterprise services to U.S. federal agencies
Accel
Laravel
$57M
Benton AR-based PHP web application framework
Shell Ventures, Eni Next, Engine Ventures, New Climate Ventures, Hartree, bp Ventures, Arosa Ventures, Vale Ventures, Newlab, and MCJ Collective
Mantel Capture
$30M
Cambridge, MA-based carbon capture startup that uses molten borate
A16z, Bain Capital Ventures, and YC
Mintlify
$18.5M
New York, NY-based code documentation platform
Ascenta Capital, Woodline Partners, Samsara Biocapital, Longitude Capital, Enavate Sciences, NuevaBio, and Eli Lilly
OrsoBio
$67M
Menlo Park, CA-based developer of obesity treatments
Silver Lake Waterman
Oyster
$59M
Wilmington, DE-based payroll and HR platform for distributed workforces
Icon Ventures, Mayfield, GTM Capital, and StepStone Group
Revefi
$20M
Seattle, WA-based data ops automation startup
Change Forces Capital, Grantham Foundation, Astanor Ventures, Acre Venture Partners, Anthos Capital, Thia Ventures, Emerson Collective, and Ag Ventures Alliance
Switch Bioworks
$17M
San Carlos, CA-based developer of sustainable fertilizers
Index Ventures and General Catalyst
Thatch
$38M
San Francisco, CA-based personalized health benefits startup
D2 Asset Management, Saluda Grade, Second Century Ventures, and Reach
Unlock Technologies
$30M
Tempe, AZ-based home equity agreement provider
Georgian, Salesforce Ventures, NVIDIA, Softbank Ventures Asia, DuckDuckGo, and Day One Ventures
You.com
$50M
Palo Alto, CA-based search engine
The Scherzer Deal Report: August 26-30, 2024
Here is this week’s Deal Report for private equity and venture capital activity for US-based PE and VC firms and portfolio companies, brought to you by Scherzer International.
Sign up: Get private equity and venture capital deals delivered to your inbox every week.!
Fundraising for PE & VC Funds
Abry Partners and Coller Capital
$1.6B
GP-led credit continuation fund
CenterOak Partners
$1.1B
Third fund
G Squared
$1.1B
Sixth flagship fund
LS Power Group
$2.7B
Fifth fund
Magnetar
$235M
AI fund
Oncology Ventures
$30M
Debut fund
Private Equity Deals
Citation Capital
Aptive Environmental
Undisclosed amount
Provo, UT-based pest control company
One Equity Partners
EthosEnergy
Undisclosed amount
Houston, TX-based provider of rotating equipment for energy customers
Mill Point Capital
Garyline
Undisclosed amount
Spring Hill, FL-based provider of promotional and specialty packaging products
O2 Investment Partners
Harley Exteriors
Undisclosed amount
Bothell, WA-based provider of residential renovation services
GHK Capital Partners
Horizon Group
Undisclosed amount
Jamaica, NY-based provider of international freight forwarding services
Falfurrias Management Partners
Moxfive
Undisclosed amount
Tysons, VA-based cybersecurity company
Boyne Capital
Premier Building Associates
Undisclosed amount
North Branford, CT-based roofing contractor
Mainsail Partners
Rentvine
$74M
Estero, FL-based provider of property management software for the long-term residential rental market
KKR
Varsity Brands
$4.75B
Memphis, TN-based maker of yearbooks and class rings
Venture Capital Deals
Scale Venture Partners
Bland AI
$16M
San Francisco, CA-based conversational AI platform for enterprise phone calls
Sequoia Capital, Ribbit Capital, Index Ventures, and Haun Ventures
Bridge
$58M
San Antonio, TX-based money movement startup
Foundry, Pacific Alliance Venture, GS Futures, DNX Ventures, Ray Stata, Joi Ito, Carrier, and Qualcomm
Butlr
$38M
Burlingame, CA-based senor platform for intelligent buildings
General Catalyst, Kleiner Perkins, and Greenoaks
Codeium
$150M
San Jose, CA-based code acceleration platform
Redpoint Ventures, Animo Ventures, Costanoa Ventures, FJ Labs, RTP Global, and South Park Commons
Comun
$21.5M
New York, NY-based digital bank focused on U.S. immigrants
GV, GIC, CapitalG, IVP, and CRV
Cribl
$319M
San Francisco, CA-based data infrastructure startup
Gigafund, the Autodesk Foundation, and family offices
Last Energy
$40M
Washington, DC-based developer of micro-nuclear power plants
Eric Schmidt, CapitalG, Atlassian, Elad Gil, Jane Street, Nat Friedman, Daniel Gross, and Sequoia Capital
Magic
$320M
San Francisco, CA-based generative AI coding company
IAG Capital Partners
Miris
$26M
Culver City, CA-based provider of spatial content streaming solutions
Forbion and RA Capital Management
Navigator Medicines
$100M
Scotch Plains, NJ-based developer of bispecific antibodies
Headlight Partners
nOps
$30M
San Francisco, CA-based provider of an AI platform for businesses to manage and optimize their cloud usage, spending, and commitments on Amazon Web Services
Millennium New Horizons, Samsung Next, GTMfund, DCM Ventures, and Jason Lemkin
OpusClip
$30M
Redwood City, CA-based AI-powered video repurposing startup
Castle Island Ventures, Hack VC, Franklin Templeton Digital Assets, OKX Ventures, and Mirana Ventures
SatLayer
$8M
Seattle, WA-based BTC re-staking platform developer
Sapphire Ventures, Bonfire Ventures, and Foothill Ventures
Supio
$25M
Seattle, WA-based provider of a purpose-built AI platform for personal injury and mass tort plaintiff law firms
Framework Ventures, Lightspeed Faction, Arrington Capital, Hivemind Capital. M12, DCG, F-Prime Capital, OKX Ventures, Circle Ventures, and Alumni Ventures
SxT Labs
$20M
Los Angeles, CA-based developer of a verifiable compute layer
LA County Fair Chance Ordinance becomes operational September 3, 2024
What is this about?
On February 27, 2024, the County of Los Angeles Board of Supervisors voted to adopt the County’s Fair Chance Ordinance for Employers (FCO). The FCO aligns with the California Fair Chance Act (FCA), also known as “Ban the Box.” However, it adds several compliance requirements when considering the applicant’s criminal record history to make an employment decision.
Effective Date:The FCO is operative on September 3, 2024.
Who must comply:
The FCO applies to any “employer” located or doing business in the unincorporated areas of Los Angeles County who employs five or more employees regardless of location. The FCO protects both applicants seeking employment and employees seeking promotions, as well as others seeking non-traditional employment, such as contract or freelance work.
New requirements:
Notice of Intent to Conduct Background Check.
This notice must be given along with any conditional offer of employment to the applicant or employee that states (1) the conditional offer is contingent upon a review of a criminal record history and (2) the employer has good cause to conduct the criminal history review “for the specific job position with supporting justification in writing.” It is not enough for the employer to merely state it reviews such information because of a generalized “safety concern.” Specific information is required.
Before employers can take any adverse action against an individual, such as rescinding a conditional job offer, the FCO requires the employer to (1) prepare a written individualized assessment of an applicant’s criminal history in the manner required by the FCO; (2) provide a form of preliminary notice of adverse action with mandatory content; (3) provide a second written individualized assessment if the individual provides information in response to the preliminary notice of adverse action; and (4) provide a final notice of adverse action if the employer makes a final decision to withdraw the conditional offer of employment or take any other adverse action (the final notice must also include mandatory content).
Why compliance matters:
The FCO authorizes public and private remedies, including civil claims. The County of Los Angeles Department of Consumer and Business Affairs (DCBA) is authorized to take appropriate steps to enforce the FCO and conduct investigations of possible violations by an employer. The DCBA may issue monetary penalties of up to $5,000 for the first violation, up to $10,000 for the second violation, and up to $20,000 for the third and subsequent violations.
How SI can help:
SI can help ensure compliance in several ways, including the timing of background checks, the distribution of mandatory and sample notices, and the monitoring of the required time periods for taking adverse action.
