Which companies find funding or have a large exit? From seed investments to grants and acquisitions, Dallas Innovates tracks what’s happening in North Texas money. Subscribe to our e-newsletter and share the news of your transactions here.
P10 acquires early-stage California investment firm
P10a Dallas-based private markets solutions provider to acquire a California-based life sciences and technology investment firm Western technology investments through its subsidiary P10 Intermediate Holdings. Due to close in the fourth quarter of this year, the agreement includes $97 million in cash, as well as more than 3.9 million units of the holding company. The agreement also includes $70 million in cash and stock if WTI achieves certain EBITDA milestones. After closing the deal, P10 said it expects WTI to add more than $12.5 million in adjusted EBITDA in the first year, and WTI to raise its eleventh flagship fund in 2024. WTI, which has deployed $7.8 billion in loan commitments to more than 1,400 companies since its launch in 1980, will continue day-to-day operations under its current leadership. COO P10 Fritz Souder said the move will allow the company to offer “the complete capital solution, both equity and debt, to leading venture capital GPs, portfolio companies and LPs.”
SmartMoving lands $41.5 million after starting its business management platform
⟫ After working relatively quietly for the past four years, a local startup has landed significant funding to continue its growth.
Smart movementa Dallas-based software solutions company specializing in moving services, announced it has secured a $41.5 million investment from an Austin and San Francisco-based growth capital firm Mainsail Partners.
Working with residential, commercial and government customers, SmartMoving says its business management platform helps automate the entire process of operating from moving services. It includes tools that help provide estimates, dispatch crews, and provide storage, while streamlining business operations such as sales and marketing, payroll, communications, and payment collection.
With Mainsail’s new funding, which is focused on growing seeded B2B software companies, SmartMoving plans to strengthen its team, focusing on areas such as support and product development to help it roll out new product features and software capabilities, in addition to providing more training and support to customers.
Dallas fintech Highline Technologies raises $13 million for bill payment platform
⟫ After accepting $4.5 million in seed funding earlier this year, the Dallas-based fintech Highline Technologies has landed a $13 million Series A round led by Skip the capital, Costanoa Ventures, Foundation capital, and others. The company that lets users automate bill payments directly from their paychecks said the new money will help it grow its team, which it says has doubled in the first half of this year. , in addition to helping with marketing, sales and partnerships.
Biotech Renibus Therapeutics raises $8.48 million to fight cardio-renal disease
⟫ Southlake Clinical Stage Biotechnology Company Renibus therapy amended an SEC filing to reflect raise an additional $8.48 million in SAFE financing from a single investor on a $25 million offering for which he had previously raised nearly $15.
Founded in 2015, Renibus focuses on cardio-renal diseases and currently has three drugs in its pipeline in different phases of trials.
Earlier this year, when the company reported raising $15 million, it said the funding was part of a $35 million Series A extension funding cycle. At the time, Renibus announced that co-founder and CEO Al Guillem would be transitioning into a role of executive chairman of the board.
Frank Stonebanksa former venture capital partner of a healthcare-focused venture capital firm Wavemaker Three-Sixty Healthtook over as executive.
Deposits raises $5 million for a plug-and-play financial services platform
⟫ Joseph Akintolayo says there is a desire from organizations to provide more digital financial tools to their communities. But due to a lack of technological know-how or tight budgets, they often lack the means.
Now, with $5 million in new funding, Deposits— Dallas-based startup Akintolayo — seeks to offer out-of-the-box banking functionality for community banks, credit unions, and other financial brands to reach more people.
Deposits aim to level the playing field by making it easier for organizations to offer financial functionality. Through the company’s platform, Deposits offers what Akintolayo calls “kits”: themed financial experiences built around common financial services that customers seek: money management, mobile payments, business banking and pay.
The deposit seed funding round was led by an Austin-based startup venture capital firm ATX Venture Partners and joined by Cabal Fund and Lightspeed Venture Partners. With the new funding, Akintolayo said his company will expand its platform and add new services like lending to its platform, while strengthening its 27-person team.
Frisco VC company What If Ventures invests in telehealth startup
⟫ Frisco-based mental health-focused venture capital firm What if companies was one of the few investors to join a $10 million Series A Funding Round for California Telemedicine Company Focused on Men’s Health Max Health. The money will help Maximus’ product development and marketing efforts, according to the Los Angeles Business Journal. Keith Raboisgeneral partner at Founders Fundled the lap, which was joined by LegalZoom.com co-founder Brian Leeas well as companies like Capital 10X, Gaingelsand Barrier-free businesses.
Lion Real Estate Group targets Sun Belt multifamily properties with $200 million fund
⟫ Dallas-based real estate investment firm Lion Real Estate Group announced the closure of a funds over $200 million titled LREG Multifamily Fund II.
The co-founder and managing partner of the firm Jeff Weller said Lion has already allocated 60% of the new fund, which targets value-added multifamily properties in the Sun Belt region.
With its most recent fund, called Marble Partners Fund I, LP, the company said it was able to purchase more than $500 million in real estate assets.
RKD Group sold to Pittsburgh PE for ‘new solutions’
⟫ Private equity firm BV Investment Partners has sold Based in Richardson RKD Groupa non-profit fundraising and marketing agency, to a mid-market growth company based in Pittsburgh Incline Equity Partners. BV first acquired a majority stake in RKD, which was established in 1970, in 2019. CEO of RKD Tim Kersten said the move will help the company “develop new, innovative solutions” and expand its reach.
OneSource Regulatory Adds to ProPharma Group Regulatory Offerings
⟫ Based on McKinney OneSource regulationsa medical regulatory consulting and technology services company, was acquired by chicago ProPharma Groupwhich focuses on life sciences regulatory consulting.
CEO of ProPharma Michael Stomber said the move will extend the company’s regulatory offerings further into the commercialization lifecycle, in addition to accelerating its “success and operational excellence.”
Fort Worth tablet, capsule machine company LFA Machines acquires ingredient supplier
⟫ In an effort to expand its efforts in nutraceutical production while diversifying its ingredient product line, Fort Worth-based supplier of tablet pressing and capsule filling products LFA-Machines acquired a California-based ingredient supplier vivion through its holding company Operio Group.
With Vivion having five offices and distribution centers, most of which are on the West Coast, LFA said the move would expand its reach into the United States and Canada.
According to the COO of LFA Alastair Sanderson“By bringing all ingredient, tooling and machinery suppliers together in-house,” the company will be able to better support its customers.
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