Scherzer Blog

The Scherzer Deal Report: April 15-19, 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.

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Fundraising for PE & VC Funds

Andreessen Horowitz
Growth fund ($3.75B), AI Infrastructure ($1.25B), AI apps ($1B), American Dynamism ($600M), and Gaming II ($600M)

Third clean tech venture fund

Evolution Equity Partners
Third fund

Maven Ventures
Fourth fund

Fifth fund

SpringTide Ventures
Second fund

Underscore VC
Third fund

Vista Equity Partners
Eighth flagship fund

Wellington Management
Cimate tech venture fund

Private Equity Deals

Forward Consumer Partners
Firehook Bakery
Undisclosed amount
Chantilly, VA-based artisan baking business

Wynnchurch Capital
Undisclosed amount
El Paso, TX-based manufacturer and supplier of disposable food safety products for the food service industry

Godspeed Capital Management
Special Aerospace Services
Undisclosed amount
Boulder, CO-based spaceflight engineering and facilities company

Venture Capital Deals

Sunstone Capital
McAllen, TX-based remote patient-monitoring company

Evolution Equity Partners, Foundation Capital, Cervin, Myriad, Point72, Outpost, and G Squared
Palo Alto, CA-based enterprise data management startup

Questa Capital, Laerdal Million Lives Fund, Catalyst Health Ventures, RC Capital, and Eckuity Capital
Avive Solutions
San Francisco, CA-based remote cardiac arrest device maker

A* Capital, Andreessen Horowitz, XYZ Ventures, ex/ante, Costanoa Ventures, Point72 Ventures, Forward Deployed VC, and Karman Ventures
Arlington, VA-based mobile carrier

Spring Lane, Ahlström Invest, AXA Investment Managers, Climate Innovation Capital, and Tokyu Construction/Global Brain
Buffalo, NY-based cardboard-to-insulation material producer.

IGP Capital, Vertex Ventures, and TPY Capital
Dot Compliance
Phoenix, AZ-based life sciences quality management software company

Respida Capital, Carver Road Capital, and Gala Capital Partners
Irvine, CA-based facility management software platform.

Maverix Private Equity, TELUS Ventures, and I Squared Capital
Kode Labs
Detroit, MI-based maker of building energy management software.

Goldman Sachs
New York, NY-based hospital indoor tracking startup.

Khosla Ventures, Berkeley SkyDeck Fund, Emergent Ventures, Fusion Fund, and Surface Ventures
Loft Labs
San Francisco, CA-based Kubernetes startup

San Francisco, CA-based software and infrastructure reliability management startup.

Energy Impact Partners, Galvanize Climate Solutions, Garage Capital, Gradient Ventures, Incite Ventures, MCJ Collective, Lowercarbon Capital, and Drew Scott
Redwood City, CA-based heat pump startup

Khosla Ventures, Founders Fund, Sequoia Capital, Greylock, 8VC, Thrive Capital, General Catalyst, Sands Capital, D1 Capital, Lux Capital, Iconiq Capital, Definition Capital, and Contrary Capital
New York, NY-based corporate finance management startup

San Francisco, CA-based employee onboarding tech startup

Matrix Capital Management, Intel Capital, MediaTek, Cambium Capital, CIDC, Capital TEN,Hotung Venture Group, Walden Catalyst, Dell Technologies Capital, Koch Disruptive Technologies, and VentureTech Alliance
Santa Clara, CA-based RISC-V server tech company

Amplo and Fifth Down Capital
Two Chairs
San Francisco, CA-based in person therapy startup

Korea Development Bank, Shinhan Venture Investment, Hana Ventures, Mirae Asset Venture Investment, IBK Securities, SBVA, Primer Sazze, Company K Partners, and Premier Partners
San Jose, CA-based document processing AI startup.

April 24th, 2024|Scherzer Deal Report|

County of Los Angeles Enacts Fair Chance Ordinance New Hiring Requirements for Employers

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.

The Scherzer Deal Report: April 8-12, 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

Adams Street Partners
First middle-market CLO

New fund

Cendana Capital, Kline Hill Capital
Venture stake secondaries fund

Compass Group Equity Partners
Third fund

Hellman & Friedman
11th flagship PE fund

Lone View Capital
Debut fund.

Toyota Ventures
Frontier Fund II and the Climate Fund II

Private Equity Deals

AIR Communities
Undisclosed amount
Denver, CO-based apartment landlord

General Atlantic Credit, Blackstone, and Morgan Stanley
Buyers Edge Platform
Waltham, MA-based provider of digital procurement solutions for foodservice

New York Life
Fairview Capital
Undisclosed amount
West Hartford, CT-based private investment firm

Peak Rock Capital
Hu FriedyGroup
Undisclosed amount
Chicago, IL-based dental business

Factor89 Group
Master Magnetics
Undisclosed amount
Castle Rock, CO-based magnet maker

OceanSound Partners and Energy Impact Partners
Message Broadcast
Undisclosed amount
Newport Beach, CA-based provider of electric utility customer engagement software

Vista Equity Partners
Model N
Redwood Shores, CA-based provider of revenue optimization and compliance solutions focused on pharma and med tech.

HarbourView Equity Partners
Mucho Mas Media
Undisclosed amount
Los Angeles, CA-based content studio focused on the Latino audience.

Investment Management, Generate Capital, and Mitsubishi
Boston, MA-based community solar company

Washington Harbour Partners
Reston, VA-based software engineering firm

Crest Rock Partners
Undisclosed amount
Los Angeles, CA-based provider of employee relocation software

Societal CDMO
Gainesville, GA-based contract development and manufacturing organization focused on small molecule therapeutics.

EMH Partners
Undisclosed amount
Alpharetta, GA-based provider of service orchestration and automation solutions

Osceola Capital
Trauma Services
Undisclosed amount
Mansfield, MA-based provider of full-service biohazard cleanup and remediation services

Serent Capital
Undisclosed amount
Portage, MI-based provider of cloud software for private EMS agencies and health care orgs.

Behrman Capital
Vista Apex
Undisclosed amount
Racine, WI-based maker of consumable dental products

Venture Capital Deals

GV, Hakluyt Capital, and Ballistic Ventures
Washington, DC-based disinformation detection and mitigation startup

Khosla Ventures, Sequoia, and Index Ventures
San Francisco, CA-based sales tax compliance software company

StepStone Group, Top Tier Capital Partners, MVP Ventures, and Maverick Capital
Santa Clara, CA-based bitcoin miner maker

ABS Capital
Richardson, TX-based caregiving support platform for employers.

General Catalyst, Bison Ventures, Industry Ventures, Lux Capital, Sequoia Capital, Khosla Ventures, Mayo Clinic, Neo, 1984 Ventures, MVP Ventures, and Calibrate Ventures
Santa Clara, CA-based maker of practical collaborative robots

Highmount Capital
Dude Perfect
Frisco, TX-based group of sports and comedy show hosts.

Paradigm and Electric Capital
Ellipsis Labs
New York, NY-based crypto exchange developer

Vensana Capital and RC Capital
Elucent Medical
Eden Prairie, MN-based provider of oncologic surgical treatment tools

Iconiq Growth, BDT & MSD Partners, WiL, Meritech Capital, and Sapphire Ventures
Los Angeles, CA-based provider of workflow automation software for accountants

Sequoia Capital, Goldman Sachs, Plus Capital, Transformation Capital, SignalFire, and TCV
Grow Therapy
New York, NY-based mental health startup

KKR, Inovia Capital, Apax Partners, BDT & MSD Partners, and Sixth Street
New York, NY-based provider of property management software for the short-term rental and hospitality markets

Pantera Capital, Multicoin Capital, Hack VC, ParaFi Capital, Nascent, Draper Associates, Primitive Ventures, and Asymmetric Ventures
Chicago, IL-based Bitcoin scaling network

Paradigm, Electric Capital, and Greenoaks
Monad Labs
New York, NY-based layer 1 blockchain developer

C.R. England, Cummins, Daimler Truck, PACCAR, RyderVentures, Schneider, Activant Capital, BDT & MSD Partners, Manhattan Venture Partners, 8VC, NewRoad Capital Partners, and Prologis Ventures
Platform Science
San Diego, CA-based enterprise fleet management platform

Accel, Elevation Capital, and Blume Ventures
San Francisco, CA-based security compliance automation startup

Khosla Ventures, Day One Ventures, General Catalyst, Abstract Ventures, and Buckley Ventures
San Francisco, CA-based foundation model startup

Caffeinated Capital, Lux Capital, General Catalyst, Founders Fund, and Khosla Ventures
Varda Space
El Segundo, CA-based in-space manufacturing startup

Prelude Ventures, Amazon’s Climate Pledge Fund, Global Brain, Incite Ventures, Positive Ventures, B37 Ventures, Breakthrough Energy Ventures, Mayfield, and Untitled
Windfall Bio
Menlo Park, CA-based methane capture and transformation startup

GM Ventures, Bridgestone Americas, Universal Motors Agencies, and Shikra
Yoshi Mobility
Nashville, TN-based vehicle gas delivery and service app

April 17th, 2024|Scherzer Deal Report|

The Scherzer Deal Report: April 1-5, 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.

Fundraising for PE & VC Funds

Second pro sports fund

Bitkraft Ventures
Third gaming-focused VC fund

Clarion Capital Partners
Fourth fund

Third CLO fund

Hildred Capital
Continuation fund

Debut secondaries fund.

Continuation fund

SK Capital Partners
Sixth fund

Warren Equity Partners
Second small-cap infrastructure fund

Private Equity Deals

Littlejohn & Co.
Undisclosed amount
Lorton, VA-based provider of residential HVAC and plumbing services.

Blue Sage Capital
American Alloy
Undisclosed amount
Spokane, WA-based metal component and sub-assembly manufacturing platform

American Bedding
Undisclosed amount
Athens, TN-based maker of mattresses and bed frames.

Undisclosed amount
Lehi, UT-based supply chain risk management platform

Classic Collision
Undisclosed amount
Atlanta, GA-based provider of auto body repair services

Steve Singh, Durable Capital Partners, Madrona Ventures, Top Tier Capital Partners, and Blackstone Credit & Insurance
Direct Travel
Undisclosed amount
Centennial, CO-based corporate travel management firm.

Kennedy Lewis Investment Management
Undisclosed amount
New York, NY-based credit manager.

Blue Owl Capital
Kuvare Asset Management
Rosemont, IL-based provider of asset management services to the insurance industry

Summit Partners
Denver, CO-based provider of software for finance and accounting teams

Clayton, Dubilier & Rice
Undisclosed amount
New York, NY-based IT and managed services firm

Broad Sky Partners
Punctual Pros
Undisclosed amount
Lancaster, PA-based Authority Brands franchisee that provides HVAC and electrical services.

New Mountain Capital
Undisclosed amount
La Grange, KY-based provider of coverage analytics for health plans.

Morgan Stanley Capital Partners
Resource Innovations
Undisclosed amount
Half Moon Bay, CA-based provider of energy efficiency services

Undisclosed amount
Carlisle, MA-based provider of health plan and insurance distribution software

Venture Capital Deals

Sumeru Equity Partners and Alsop Louie Partners
Mountain View, CA-based NoSQL database.

General Catalyst, Tata, Drads Capital, Thomvest, and Thrive Capital
Alsym Energy
Woburn, MA-based battery startup

Goldman Sachs, Canaan Partners, Invus, Driehaus Capital Management, Digitalis Ventures, Blue Owl Capital, Orbimed, Nextech Invest, Vida Ventures, Boxer Capital, and Colt Ventures
Alterome Therapeutics
San Diego, CA-based cancer biotech

Hildred Capital and EQT Life Science
Binx Health
Boston, MA-based diagnostic testing startup

Alpha Wave Ventures, Niterra, RiverVest Venture Partners, AXA IM Alts, Global Health Investment, Aphelion Capital, Senvest Management, Features Capital, and Taisho Pharmaceutical
San Diego, CA-based developer of multi-analyte biosensors for metabolic health

ReGen Ventures, Toyota Ventures, AmFam Ventures, Convective Capital, Blue Forest Asset Management, Skip Capital, Overture Ventures, Lowercarbon, and Pathbreaker Ventures

San Francisco, CA-based developer of wildfire prevention robots

Industry Ventures, Emergence Capital, 11.2 Capital, Bob Muglia, DNX Ventures, GreatPoint Ventures, Hyperlink Ventures, Next Legacy Partners, Snowflake Ventures, and Telstra Venture
San Francisco, CA-based provider of data management software

General Catalyst, Citi Ventures, Human Capital, Rob Bearden, and MVP Ventures
Phoenix, AZ-based provider of multimodal data pipelines for AI.

Nexus NeuroTech Ventures and Venture Investors Health Fund
EarliTec Diagnostics
Decatur, GA-based developer of medical devices for children with autism

Streamlined Ventures and AppLovin
El Segundo, CA-based shopping social network

L Catterton, Emerson Collective, Notable Capital, Bain Capital Ventures, Khosla Ventures, Cowboy Ventures, and Plus Capital
San Francisco, CA-based HR and team management app for small businesses

Chevron New Energies
Ion Clean Energy
Boulder, CO-based carbon capture developer

March Capital, National Grid Partners, and Slaughter and May
Santa Monica, CA-based AI startup for the legal market

TQ Ventures, Calibrate Ventures, SK Ventures, and TTCER Partners
Newton, MA-based clinical research platform

Left Lane Capital, Ensemble VC, Signalfire, and Learn Capital
San Francisco, CA-based employee upskilling startup

Airbus Ventures, REI, Path Ahad Ventures, Platinum Mile Ventures, Culper Ventures, Crumpton Ventures, and Iron Gate Capital Advisors
Oros Labs
Portland, OR-based provider of thermal insulation solutions for outdoor equipment and clothes

Frist Cressey Ventures, SignalFire, Epsilon Health Investors, and Providence Ventures
Praia Health
Chicago, IL-based consumer platform for health systems

RA Capital Management, Northpond Ventures, Sands Capital, and Schooner Capital
Selux Diagnostics
Charlestown, MA-based biotech focused on superbug infections and antimicrobial resistance

Bond Capital, Index Ventures, NFX, and SV Angels
San Francisco, CA-based hiring and workforce management startup focused on the agriculture industry

Maverick Capital, Point72, Jericho, Amplify Partners, Dell Technologies Capital, and Lip-Bu TanSi
San Jose, CA-based system-on-chip company

Venture Investors Health Fund, Arboretum Ventures, and KKR-backed Falcon Vision
Aliso Veijo, CA-based glaucoma treatment developer

April 10th, 2024|Scherzer Deal Report|

The Scherzer Deal Report: March 25-29, 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.

Fundraising for PE & VC Funds

Grafine Partners
Debut PE fund-of-funds

Hunter Point Capital
Debut fund

Matter Partners
Debut fund

Percheron Capital
Second fund

Second fund

Private Equity Deals

NEA, Deep Track Capital, Sofinnova Investments, Sands Capital, INCE Capital, TF Capital, Delos Capital, and Quan Capital
Avenzo Therapeutics
San Diego, CA-based cancer drug developer

Susquehanna and WestCap
New York, NY-based furnished monthly rental property company

Section 32, Kennedy Lewis, Time BioVentures, Redwood Pacific and insiders ACME, Mousse Partners, and Triventures
Brightside Health
San Francisco, CA-based telemental health provider

USIT, AMD Ventures, Koch Disruptive Technologies, Temasek, IAG Capital Partners, Samsung Catalyst, Smart Global Holdings, Porsche, Engine Ventures, M-Ventures, and Tyche Partners
Celestial AI
Santa Clara, CA-based developer of optical interconnect solutions

Point72 Ventures, W.R. Berkley Corporation, Eos Venture Partners, Guidewire Software, and Rev1 Ventures
Champ Titles
Cleveland, OH-based vehicle title and registration platform

Entrée Capital and IN Venture
New York, NY-based team-building platform

Andreessen Horowitz, Polygon Labs, StarkWare, Taiko, and Offchain Labs
Espresso Systems
Menlo Park, CA-based “shared sequencing” blockchain startup

Engine Ventures, 3M Ventures, and NextEra Energy
Santa Clara, CA-based maker of electrolyzers for hydrogen production

Bessemer Venture Partners, 8VC, and Elad Gil
San Francisco, CA-based developer of AI-enabled tools for accountants

Energy Impact Partners
Finite State
Columbus, OH-based provider of software supply chain security solutions

Benchmark, Sequoia Capital, Databricks Ventures, and Frank Slootman
Redwood City, CA-based production AI platform

Key1 Capital, Euclidean Capital, Hamilton Lane, Blumberg Capital, and Team8
New York, NY-based investment accounting platform

Bain Capital Ventures, Tribeca Venture Partners, Dundee VC, Expa and Bling Capital
Gather AI
Pittsburgh, PA-based provider of drone-powered warehouse inventory monitoring

EQT Ventures, Union Square Ventures, Nat Friedman & Daniel Gross, Metaplanet, Northwell Holdings, Comcast Ventures, and LG Technology Ventures
Hume AI
New York, NY-based developer of AI that understands human emotion

General Catalyst, .406 Ventures, Valtruis, Mass General Brigham Ventures, and Hopelab Foundation
InStride Health
Boston, MA-based provider of pediatric treatments for anxiety and OCD

Greenbacker Capital
Arlington, VA-based developer of utility-scale energy storage solutions

Allegis Capital, Nationwide Ventures, Northwestern Mutual Future Ventures, Plug and Play Ventures, and Motley Fool Ventures
Mill Valley, CA-based financial planning startup

Index Ventures, Maverick Ventures, TCV, YC, Thrive Capital, and BoxGroup
New York, NY-based telenutrition startup

Sutter Hill Ventures, Snowflake, Capital One Ventures, and Madrona
San Mateo, CA-based SaaS observability startup focused on machine-generated data.

Atomico, Kinnevik, Octopus Ventures, YC, Eight Roads, and GreyMatter Capital
New York, NY-based virtual substance abuse treatment startup

Canvas Ventures and Plural
San Francisco, CA-based home services provider

Spark Capital, Insight Partners, Air Street Capital, AIX Ventures, Convergent Ventures, and Google chief scientist Jeff Dean
Berkeley, CA-based protein design startup

Khosla Ventures
Palo Alto, CA-based data privacy vault

Paradigm, Robot Ventures, and Standard Crypto
San Francisco, CA-based developer of zero-knowledge proof tools

Bessemer Venture Partners, The General Partnership, XYZ Ventures, and Pallas Ventures
San Francisco, CA-based provider of government machine learning solutions

USV and Battery Ventures
New York, NY-based robotics startup

Index Ventures
San Francisco, CA-based industrial design startup

Sequoia Capital, Cyberstarts, Cerca Partners, and Penny Jar
New York, NY-based security risk and mitigation startup

Viola Fintech, Intuit Ventures, Framework Venture Partners, and Export Development Canada
Phoenix, AZ-based earned wage access provider for SMBs

Venture Capital Deals

Riverwood Capital, Silver Lake Waterman, and Advent International
New York, NY-based data security company

B Capital and USVP
Carlsbad, CA-based developer of personalized spine surgery tech

F-Prime Capital, Forbion, Norwest Venture Partners, RiverVest Venture Partners, Red Tree Venture Capital, Abrdn, Ysios Capital, Longwood Fund, Eight Roads Ventures, and Pivotal Life Sciences
Engrail Therapeutics
San Diego, CA-based precision neuroscience startup

Jump Crypto, Pantera Capital, and Lightspeed Faction
Figure Markets
San Francisco, CA-based decentralized crypto exchange

Pritzker Group VC, Tribeca Venture Partners, Bessemer Venture Partners, Interplay Venture Capital, FJ Labs, HPA, Bridge Ventures, Correlation Ventures, Forefront Venture Partners, and Gaingels
Fuel Me
Chicago, IL-based fuel procurement platform

Premji Invest, General Catalyst, SV Angel, Memorial Hermann Health System, a16z, Cincinnati Children’s, WellSpan Health, and Universal Health Services
Hippocratic AI
Palo Alto, CA-based developer of an LLM for health care

Bain Capital Ventures, Khosla Ventures, First Round Capital, Box Group, Collaborative Fund, Quiet Capital, and Todd & Rahul’s Angel Fund
San Francisco, CA-based developer of longevity drugs for dogs

Arch Venture Partners, OrbiMed, Fairmount, Fidelity, Point72, Farallon Capital Management, Boxer Capital, TCGX, Invus, Logos Capital, Moore Strategic Ventures, Blue Owl, Sanofi Ventures, Woodline Partners, Venrock, RTW Investments, and Alexandria Venture Investments
Mirador Therapeutics
San Diego, CA-based developer of precision medicines for inflammatory and fibrotic diseases

Revolution Growth, Proof, Sentinel Global, Playground Global, Prologis Ventures, Bow Capital, Telstra Ventures, AME Cloud Ventures, and Schematic Ventures
San Francisco, CA-based residential parcel delivery startup.

NEA, GV, Accel, Bain Capital Ventures, Forerunner, Alpine and Harmony, and Watar Partners
New York, NY-based food delivery platform

April 3rd, 2024|Scherzer Deal Report|
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