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Goldman Pulled Out (of Russia)

DocuSign is trading at March 2020 prices, February's inflation print came in hot, Peloton is trying new pricing models, Goldman pulled out of Russia, the US extends its airline mask mandate, Burger King halts support of Russian franchises, Pimco faces billion dollars losses from Russian debt, and the UN thinks the Ukraine death toll is understated.

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Good Morning,

DocuSign is trading at March 2020 prices, February's inflation print came in hot, Peloton is trying new pricing models, Goldman pulled out of Russia, the US extends its airline mask mandate, Burger King halts support of Russian franchises, PIMCO faces billions of dollars in losses from Russian debt, and the UN thinks the Ukraine death toll is understated.

Let's dive in.

Before The Bell

As of 3/10/2022 market close.

If you want to learn more about crypto trading strategies and the world of DeFi, check out our Foot Guns newsletter.

Markets

  • Stocks closed in the red yesterday as equities continue to be pressured by the Russia-Ukraine conflict 

    • Negotiations between foreign ministers of the two countries ended with little progress towards a potential cease-fire

  • February’s CPI increased by 7.9% YoY, the highest level in 40 years, with gas, groceries, and shelter being the biggest contributors

Earnings

  • DocuSign stock tanked 16%+ after hours due to a Q4 report which met estimates for quarterly earnings and revenue but provided a very disappointing 2023 fiscal guidance (IBD)

  • Full calendar here

Headline Roundup

  • Toshiba split proposal dealt blow as proxy firm rejects plan (BBG)

  • Philippines to proceed with purchase of 17 Russian helicopters (BBG)

  • Russian billionaire Roman Abramovich, owner of Chelsea Soccer Club, is sanctioned by UK (WSJ)

  • Inflation reached 7.9% in February, consumer prices are highest in 40 years (WSJ

  • Peloton to test new bundled price plans (WSJ)

  • Goldman Sachs shutters Russia business, marking the first major Wall Street bank to leave due to the Ukraine war (​​CNBC)

  • PIMCO faces potential losses over exposure to more than $1B in Russian debt (CNBC)

  • US extends airplane mask mandate through April 18 (CNBC)

  • Russian invasion has killed at least 549 civilians in Ukraine, 41 of them children, but the UN believes real toll is ‘considerably’ higher (CNBC)

  • Burger King halts corporate support for its 800+ franchised locations in Russia (CNBC)

  • US budget gap shrinks by more than half so far in fiscal year (BBG)

  • Advocacy groups urge US to block Frontier, Spirit tie-up (RT)

A Message From Plaid

The Pandemic Transformed the Banking Game.

How so you say? According to Plaid’s Digital Transformation Report, financial institutions struggled to keep up with the rising digital tide (only 20% survived) and ultimately the industry has been changed for the better. 

Here are some of those statistics to paint the picture: 

  • 88% of U.S. respondents to Plaid’s survey are using tech to manage their finances

  • 40% of banks are either planning or launching a digital transformation strategy this year

The Pandemic has had a massively negative impact on the world. Nevertheless, there have been some positives. For one, it’s made banks catch up with the digital Joneses. 

Deal Flow

M&A / Investments

  • Deutsche Telekom has started the sale of its towers business that could be valued at up to $19.9B (RT)

  • Exxon Mobil is considering a sale of assets in North Dakota’s Bakken Shale, which could fetch ~$5B, after being approached by interested parties (BBG)

  • Dutch investor HAL offered to buy dredging and marine services firm Boskalis in a potential $4.7B deal (RT)

  • Cinven agreed to buy Bayer’s pest-control unit for $2.6B (BBG)

  • Turkey’s Wealth Fund agreed to buy a 55% stake in Turk Telecom for $1.65B (RT)

  • Brookfield Asset Management is in talks to buy La Trobe Financial, one of Australia’s largest non-bank lenders, from Blackstone (BBG)

VC

  • Makers Fund closes third fund at $500M to back interactive entertainment companies (TC)

  • Bessemer creates BessemerDAO to facilitate crypto discussions; earmarks $250M of $2.5B fund for crypto deals (TI)

  • Roofstock, a real estate investing platform, raised a $240M Series E at a $1.94B valuation led by SoftBank Vision Fund 2 (PRN)

  • AI-powered consumer finance platform Lendable raised a $274.8M round at a $4.58B+ valuation led by Ontario Teachers’ Pension Plan Board (BW)

  • Emplifi, a unified customer experience platform, raised a growth equity round at a $1B+ valuation led by Sixth Street Growth (BW)

  • Conversational interaction platform Typeform raised a $135M Series C led by Sofina (BW)

  • Stilt, a fintech startup helping neobanks launch credit offerings through its API, raised $114M: a $14M Series A led by Link Ventures and a $100M debt facility (TC)

  • Hypersonic aircraft startup Hermeus raised a $100M round led by Sam Altman to help complete development of its first prototype aircraft (CNBC)

  • Capchase, a startup providing non-dilutive capital to recurring revenue businesses, raised an $80M Series B led by 01 Advisors (PRN)

  • RefleXion, a cancer treatment startup, raised an $80M round led by Ascension Ventures, Catalio Capital Management, Sixty Degree Capital, and more (BW)

  • Nordic neobank Lunar raised a $77M round at a $2B valuation led by Heartland (TC)

  • Local business-focused customer experience platform Birdeye raised a $60M Series C led by Accel-KKR (PRN)

  • Diamond Age, a full-stack robotics startup automating new home construction, raised a $50M Series A led by Prime Movers Lab (PRN)

  • DataRails, a startup building financial analytics tools for Excel, raised a $50M Series B led by Qumra Capital (TC)

  • Game streaming platform Loco raised a $42M Series A at a $145M pre-money valuation led by Hashed, Makers Fund, Catamaran Ventures, and more (TC)

  • Cybersixgill, a vendor of real-time actionable threat intelligence, raised a $35M Series B led by More Provident, Pension Funds, and REV Venture Partners (PRN)

  • Curated, a fund dedicated to buying and holding NFTs, raised a $30M fund backed by a sizeable portion of a16z’s investment team, Alexis Ohanian, and more (TC)

  • Quantum computing startup Alice&Bob raised a $30M Series A led by Elaia, Bpifrance, and Supernova Invest (TC)

  • Slingshot Aerospace, a startup helping satellite operators navigate and protect against space traffic, raised a $25M Series A led by Draper Associates and ATX Venture Partners (Payload)

  • Pharmacy benefits startup SmithRx raised a $20M Series B led by Venrock (BW)

  • Autobrains, an Israeli self-driving startup, raised $19M led by Knorr-Bremse AG and VinFast, bringing its Series C to $120M (TC)

  • Vendor security auditing startup SafeBase raised an $18M Series A led by New Enterprise Associates (TC)

  • Payments startup Yuno raised a $10M seed round led by a16z, Monashees and Kaszek (TC)

  • Auction-based advertising startup Topsort raised an $8M seed round at a $110M valuation led by Pear Ventures, Quiet Capital, FJLabs, and more (TC)

  • Chipper, a student loan repayment app, raised a $5.6M seed round led by Freestyle Capital, Slauson & Co., and Propel Ventures (BW)

  • Zeta Surgical, a startup aiming to image-guide surgery, raised a $5.2M seed round led by Innospark Ventures (TC)

  • Customer and market research automation startup Tactic raised a $4.5M round led by Index Ventures (TC)

  • Blockchain-as-a-Service provider mintBlue raised a $2.2M seed round led by Two Hop Ventures (PRN)

  • Epic League, a blockchain game studio, raised a $1M seed round from YGGSEA, GBIC, and more (BW)

IPO / Direct Listings / Issuances / Block Trades

  • Peninsula Real Estate is looking to list a REIT in London at a potential $1B valuation (BBG)

  • Fidelity Services Group, the largest private security firm in South Africa, is considering an IPO at a potential $662M valuation (BBG)

Crypto Corner

  • Warner Bros. is creating 6M DC Comics trading cards with redeemable NFTs (DC)

  • eBay teases digital wallet in investor presentation as crypto rumors swirl (CD)

Exec's Picks

  • On the Acquired LP Show, Bain Capital Venture's Christina Melas-Kyriazi broke down TradFi vs. Crypto, BNPL, and other up-and-coming Fintech trends. Catch the episode here.

  • Earlier this week, Joe Rogan hosted YouTube personality and philanthropist Mr. Beast on his podcast. Mr. Beast gave a fascinating breakdown of how he became one of the biggest names on the internet. Check out their conversation here.

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've got 40+ jobs spanning IB, S&T, VC, tech, private equity, DeFi, crypto, CorpDev and more. We sift through all the noise on LinkedIn, Indeed, Monster, etc. so you don't have to.

  • William Hood & Co is hiring for an experienced investment banking analyst / first year associate role located in New York City. The ideal candidate will have 1-2 years of investment banking, business development, or operational finance experience. Experience in Consumer is a plus. Also worth noting the months of August and December are also fully remote. Click here to apply

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