North America

VC-backed NextCure rolls out IPO

NextCure Inc, a biopharmaceutical company focused on treating cancer, has raised $75 million for its IPO after pricing its 5 million shares at $15 per share. The stock began trading May 9, 2019 on the NASDAQ under the ticker symbol "NXTC." Morgan Stanley, BofA Merrill Lynch and Piper Jaffray & Co are the lead underwriters. NextCure's pre-IPO backers included OrbiMed, Sofinnova Investments, Hillhouse Capital and Lilly Asia Ventures.

Axcella Health debuts IPO

Cambridge, Massachusetts-based Axcella Health Inc, a biotech company, has raised $71.4 million for its IPO after pricing its over 3.5 million shares at $20 per share. The stock began trading May 9, 2019 on the NASDAQ under the ticker symbol "AXLA." Goldman Sachs, J.P. Morgan and SVB Leerink are the lead underwriters. Axcella's pre-IPO backers included Gurnet Point Capital, Flagship Pioneering and Enso Ventures.

 LetsGetChecked raises $30 mln from LTP, Optum Ventures and Qiming Venture Partners USA

LetsGetChecked said it raised $30 million of Series B capital in a round led by LTP, and joined by existing investors Optum Ventures and Qiming Venture Partners USA.

Canopy Rivers-backed TerrAscend closes $70 mln private offering

Toronto-based cannabis company TerrAscend Corp has closed an up-sized private placement, raising about $70 million (US$52 million). The deal included a lead-order investment of about $23 million (US$17 million) from JW Asset Management, a U.S. hedge fund manager. Founded in 2014, TerrAscend cultivates cannabis in an indoor hydroponic facility and operates other businesses active in the medical and adult-use markets in Canada and the United States. It will use the deal's proceeds for its U.S. acquisition strategy and other priorities. TerrAscend is a portfolio company of Canopy Rivers, the venture capital arm of Canadian cannabis producer Canopy Growth Corp.

Future Positive Capital raises $57.1 mln for maiden venture-capital fund

Future Positive Capital has raised $57.1 million toward a $112 million initial venture-capital fund, according to a filing with the SEC.

VC’s gender gap: let’s stop talking about it and start taking action

Venture capital and startup investing has been a boy’s club for many decades. So the findings of an annual report on gender diversity in venture capital released this week by Female Funders and Highline Beta should surprise no one. The data has confirmed what we already know: there are not enough women in early-stage investing. In a PE Hub Canada feature article, Highline Beta General Partner Lauren Robinson discusses the report's findings, including some areas of progress. She also offers some ideas that entrepreneurs, venture capital firms, angels and limited partners should consider to bring more female fund managers to the table.

LunaPBC attracts $4.6 mln

La Jolla, California-based LunaPBC, a provider of a genomic and health data platform, has raised $4.6 million in funding. The investors included ARCH Venture Partners, Bain Capital Ventures, F-Prime Capital, Illumina Ventures and Osage University Partners.

ArchiveSocial amasses $53 mln

Durham, North Carolina-based ArchiveSocial, a provider of social media archiving software for government agencies, law enforcement officials and K-12 school districts, has raised $53 million in funding. The investor was Level Equity.

Cannabis company NUG nets $15 mln Series A

California-based NUG Inc, a cannabis company, has raised $15 million in Series A funding. The investors were not named.

Health IQ scores $55 mln Series D

Silicon Valley-based Health IQ, a life insurance company, has secured $55 million in Series D funding. The investors included Greenspring Associates, Aquiline Technology Growth, Hanwha Asset Management and Andreesen Horowitz.