Together with

Good Morning,

Yellen said the economy is strong but so is inflation, the ECB raised interest rates by 75 bps, Tesla tripled its China deliveries, EY is spinning off its audit and consulting units, BetMGM is opening its first betting parlor at the Cardinal's stadium, and Neumann's startup Flow will use crypto (obviously).

Pouring one out for our readers in the United Kingdom in the wake of Queen Elizabeth's passing yesterday 🇬🇧

Let's dive in.

Before The Bell

Markets

• Stocks rose to end the day yesterday, despite intraday losses after Powell signaled that a pause in rate hikes is not coming soon

• On Tuesday 9/13, we’ll receive the highly anticipated August CPI data

• ECB raised interest rates by 0.75% in the bank's largest hike ever, and promised further hikes over the coming months

  • ECB president Christine Lagarde warned that inflation is spreading beyond energy to a range of other products

• The pan-European Stoxx 600 rose 0.5%, with financial services stocks leading gaining 2.3% and 1.2% respectively

Earnings

• Smith & Wesson missed fiscal Q1 earnings and revenue estimates on a ~70% drop in revenue and their worst sales in 13 years; their stock fell ~6.4% in AH trading (MW)

• What we're watching this week:

  • Today: Kroger

• Full calendar here

Headline Roundup

• Queen Elizabeth II died at 96 (AX)

• Janet Yellen said US economy is stronger than before pandemic, but inflation is a threat (RT)

• White House unveiled six principles for big tech reform (RT)

• Mortgage rates hit their highest level since 2008 this week (WSJ)

• Citigroup won their appeal over their $500M blunder (FT)

• Netflix is looking to control their cloud computing costs with AWS (RT)

• Tesla tripled deliveries of China-made cars in August MoM after Shanghai plant upgrade (RT)

• Mercedes-Benz and Rivian are planning a JV to produce electric vans in Europe (RT)

• Adam Neumann's startup Flow plans to use crypto with its digital wallet (BBG)

• Germany is reviewing measures to curb business with China (RT)

• EY plans to spin off audit and consulting units to ease regulatory concerns (RT)

• UK-based Melrose Industries plans to spin off GKN's automotive division and retain its aerospace arm (RT)

• Trump-linked SPAC again adjourns meeting to continue vote on merger delay (CNBC)

• BetMGM will open their first betting parlor at Arizona Cardinals' NFL stadium (WSJ)

• FDA approved anti-wrinkle drug and Botox competitor Daxxify (NYT)

• More people are dining out now than before the pandemic (AX)

A Message From Mizzen+Main

Look Good. Play Good.

“I legit love my Mizzen+Main shirts” - Lit, CEO of Litquidity

You heard the man. With fall golf in full swing (yes, that’s a pun), now's a great time to stock up on something comfortable for the course.

Not only is Mizzen+Main comfortable, but they're worn by tour pros, which means they’re more than good enough for any guy who claims to be scratch (and the rest of us trying to break triple digits this weekend).

If you’re wondering where to start, check out the Versa Polo. This lightweight, moisture-wicking fabric is the perfect fit for the golf course and the most comfortable feeling since a tap-in par putt. Get yours and go low. Get yours and go anywhere.

Take $35 off any order of $125+ with code EXECSUM

Deal Flow

M&A / Investments

• Germany agreed with national railway Deutsche Bahn to sell the railway's Schenker logistics business, which could be valued at up to $20B (RT)

• Credit Suisse agreed to buy the 49% of Credit Suisse Securities (China) that it doesn’t already own for $160M from its now-former partner in China, Founder Securities (BBG)

• US-based Principal Financial is considering selling its pension fund business in Hong Kong, which could fetch a 'few hundred million dollars' (BBG)

• JPMorgan Chase is considering buying a stake in UK-based fintech startup Yapily (BBG)

VC

• Web3 infrastructure company and developer Mysten Labs raised a $300M Series B at a $2B valuation led by FTX Ventures (BW)

• South Korean digital insurance carrier Carrot raised $145M in funding at an $800M+ valuation led by Affirma Capital (PRN)

• Animoca Brands, an investor in NFT and metaverse-centric startups, raised $110M in funding led by Temasek, Boyu Capital, and GGV Capital (DC)

• Photys Therapeutics, a startup developing phosphorylation-inducing chimeric small molecules, raised a $75M Series A led by MPM Capital (BW)

• Information security risk and compliance company Reciprocity received $60M in growth financing from Francisco Partners (BW)

• Dealpath, a real estate investment management platform, raised a $43M Series C led by Morgan Stanley Expansion Capital (BW)

• Regenerative medicine company Innervace raised a $40M Series A led by Deerfield Management (BW)

• MLOps platform Arize AI raised a $38M Series B led by TCV (TC)

• TigerEye, a sales software startup, raised $35M: a $30M Series A led by Initialized Capital and Next47, and $5M seed round from SV Angel, Sterling Road, and Y Combinator (PRN)

• Autobahn Therapeutics, a biotech company focused on CNS disorders, raised $32.7M in financing led by ARCH Venture Partners, Cowen Healthcare Investments, BVF Partners, and more (BW)

• Community Labs, an Arweave-native software development company and venture studio, raised $26M in funding led by Lightspeed Venture Partners (BW)

• Regtech startup SteelEye raised a $21M Series B led by Ten Coves Capital (TC)

• Open Raven, a data security posture and management company, raised a $20M Series B led by Pelion Ventures, Kleiner Perkins, and Upfront Ventures (BW)

• InsideTracker, a healthspan optimization platform, raised a $15M Series B led by PeakBridge (PRN)

• Japanese BBQ sauce brand Bachan raised a $13M Series A led by Sonoma Brands Capital (PRN)

• Web3 UX startup Slide raised a $12.3M seed round led by Polychain Capital and Framework Ventures (BW)

• B+J Studios, a startup devleoping NFT super-apps, raised a $10M Series A led by Brevan Howard Digital, Big Brain Holdings, Foundation Capital, and more (PRN)

• Harmonic Discovery, a startup building an integrated computational and experimental platform for kinase drug discovery, raised an $8M seed round led by Innovation Endeavors (PRN)

• Online university Nexford raised an $8M Series A led by New Markets Venture Partners and Learn Capital (TC)

• Smart energy startup Flair raised a $7.6M Series A led by Active Impact Investments and Lowercarbon Capital (PRN)

• Odyssey Energy Solutions, a startup helping build distributed renewable energy in emerging markets, raised a $5.3M round led by Equal Ventures (PRN)

• SessionGuardian, an identity access control and authentication platform for hybrid teams, raised a $3M seed round led by Phase2Investments (PRN)

• Stack, a startup building a crypto education and trading app for teens and their parents, raised $2.7M from Madrona, The Venture Collective, Santa Clara Ventures, and more (BW)

IPO / Direct Listings / Issuances / Block Trades

• Deutsche Bank will lead Porsche's ~$80B IPO retail offering (RT)

• Chinese EV battery supplier CALB received approval for their Hong Kong IPO which is expected to raise ~$2B (BBG)

• Educational book publishing giant and edtech Britannica is weighing a 2023 IPO at a $1B+ valuation (BBG)

• Edotco Group, the wireless tower business of Malaysian telecom group Axiata, is considering a share sale that could raise ~$600M (BBG)

• Chinese snack maker Weilong Delicious may launch its ~$500M Hong Kong IPO raise next month (BBG)

• Regional Indian bank Tamilnad Mercantile Bank is planning to raise ~$100M in an IPO (BBG)

Bankruptcy / Restructuring

• Boy Scouts is set to exit chapter 11 bankruptcy after a judge approved their $2.46B US sex abuse settlement (RT)

Fundraising

• Bessemer Venture Partners closed on $4.6B of new capital across two funds - $3.8B for its twelfth flagship fund and $780M for its inaugural BVP Forge fund (BW)

• BayPine, a PE firm founded by Silver Lake and Blackstone veterans, raised $2.2B for its first fund to acquire stakes in established MM firms and help overhaul their digital strategies (BBG)

• French PE firm Ardian closed a $2.1B Fund V focused on American infrastructure (BW)

• PowerPlant Partners closed a $330M fund focused on plant-based consumer brands (BW)

• Dorm Room Fund, a unit of First Round Ventures which hires students to invest in student-founded startups, raised $12.5M for their Fund IV (PB)

Crypto Corner

• US seized $30M in crypto from North Korea-linked hackers (CD)

• US Treasury to recommend issuing digital dollar if in national interest (CD)

• White House said crypto mining could hinder US ability to battle climate change (CNBC)

• Crypto dreams dashed in Thailand as regulators tightened rules (BBG)

• Gamestop's FTX partnership draws wave of retail trader buying (BBG)

Exec's Picks

• Are you looking to invest in an early stage fintech startup? Staax is a seed-stage fintech company enabling peer-to-peer payments via fractional shares of stock and are raising a community round on Wefunder. Existing investors include Techstars, Western Union, Harlem Capital, Plug & Play, Lightspeed Venture Partners, and Litquidity (aka ya boiii). You can invest as little as $100 and do not have to be an accredited investor. Check out the investment opportunity here!

• The NFL, US Open, baseball, and college football are all in full force this weekend. If you want to get some skin in the game, check out BetMGM's online sportsbook here! Place a $10 bet to score some free merch from Friday Beers, too.

• Derek Thompson's newest piece, America Is a Rich Death Trap, gives a super interesting breakdown on how and why the US life expectancy lags other developed nations.

The Hiring Block 💼

If you're looking to break into finance, lateral, or move out, check out our job board on Pallet, where we curate highly relevant roles for you. We aim to curate jobs across IB, S&T, VC, tech, private equity, DeFi, crypto, CorpDev and more. We'll sift through all the noise on LinkedIn, Indeed, Monster, etc. so you don't have to.

If you're a company looking to hire candidates and want to list a job opening on our board and feature on Exec Sum, click the button below:

Meme Cleanser

Advertise with us // Visit our merch store // Invest alongside Lit Ventures

Thinking of starting your own newsletter? Beehiiv is the best platform for creators, period. Click here to get started building your own audience.