๐คทโโ๏ธ The Dollar We Deserve
Turns out thereโs only one menu item and itโs stale.
Good morning!
For 15 years, declaring the death of the dollar has been a dependable cottage industry. Every BRICS summit produces a communiquรฉ about a common currency that mysteriously fails to materialise by the next one. Beijing has been "internationalising" the renminbi since 2009, right up to the moment capital tries to leave, when the gates slam shut and the central bank rediscovers its attachment to "managed convertibility." The yuan now handles about 3% of global payments. Moscow spent a year piling up Indian rupees it could not spend. After all this strenuous emancipation, the greenback still carries half of all SWIFT payments and 57% of central-bank reserves, with the serene immobility of a cat that has claimed the laptop.
The grievances are real. Washington spent two decades discovering that dollar clearing doubles as a foreign-policy weapon, and used it on allies and rivals with the discrimination of a man swatting flies with a flamethrower. The current administration demanded a more pliable Fed, installed the chair of its choosing, then sulked in public when he raised rates anyway. Federal debt has passed $40T, the deficit hovers near 6% of GDP at full employment, and the 10-year yield has crossed 5% for the first time since 2007. None of this is reassuring. It is, however, vastly more reassuring than the alternatives.
The euro is exquisite engineering built on a fault line: 21 national budgets, one monetary policy, and a common bond market that exists only in pandemic-sized instalments. The renminbi is the world's most lavishly subsidised non-currency, open to anyone prepared to negotiate three layers of capital controls and the moods of one man. The yen rests on a central bank that owns roughly half its own government's debt. Sterling has never quite recovered its nerve since a 49-day prime minister nearly sank the country's pension funds with a single budget. Gold topped $5K earlier this year before sliding back towards $4.3K, a fire exit crowded in both directions. The IMF's Special Drawing Rights remain an accounting fiction that borrows its value from the very currencies it was meant to replace.
Strip away the dollar's dominance and the result would not be a Concert of Europe for currencies, politely sharing the load. It would be a stampede, in every crisis, from one half-trustworthy unit to another, with no central bank willing or able to flood the world with liquidity as the Fed did in 2008 and 2020. Hegemony by the least objectionable bully is a miserable arrangement. It happens to be the only one on offer, and those loudest in demanding its end have produced no plan and no replacement, only grievance. The world's financial system rests, for want of anything better, on a currency its own government keeps trying to break.
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๐๏ธ Top Story
- ๐ซ๐ท Ghost Ship Hunt. French prosecutors have launched their first criminal probe into Russiaโs โghost fleetโ after reports linked oligarch Dzhamaldin Pashaev to shadowy shipping and luxury real estate on the Riviera. (Ouest-France)
- ๐ซ๐ท Lobby for Hire. French investigators reveal a WhatsApp deal where โฌ10K buys parliamentary questions and tweets, with a BFM media boost available for โฌ15K more. (Le Monde)
- ๐ต๐ฑ Signal Flare. Poland accuses saboteurs of setting fire to a Starlink hub serving Ukraine, while Denmark raises alarms about Russiaโs escalating shadow warfare in Europe. (BBC)
- ๐ฉ๐ฐ Risk Management. Denmarkโs intelligence agency warns that Russia could launch a limited attack on a NATO country within months, aiming to split the alliance and distract from Ukraine. (El Pais)
- ๐ช๐บ Flight Risk. The CIA is said to have tipped off France, Italy, and Spain about a potential Russian operation involving Gerbera drones launched from ships in the Mediterranean. (Le Parisien)
- ๐ช๐บ Spy Hard. As Russia ramps up sabotage and information warfare across Europe, officials sound the alarm while struggling to mount an effective defense. (New York Times)
- ๐บ๐ธ The Art of the Feel. Trump and Xi exchange pleasantries in Washington, yet beneath the photo ops, a historic realignment quietly takes shape between the two powers. (Die Zeit)
- ๐บ๐ธ State of the Art. The government aired a pro-Trump, anti-communism ad on Fox News in Miami, with Trump vowing to defeat Marxism and the government footing the bill. (Wall Street Journal)
- ๐ง๐ท Rally Lite. Lulaโs Workersโ Party urges supporters to march for his reelection, yet the response is muted, a far cry from its movementโs heyday. (Le Monde)
- ๐ฆ๐บ Stage Fright. Australia revealed at the UN that rogue AI agents using OpenAI ๐บ๐ธ tech hacked its Medicare system, turning a data breach into a global tech regulation spotlight. (BBC)
- ๐ฎ๐ฑ Standing Ovation. Netanyahu addresses the UN as Israelโs leader, treating the mere act of showing up as a political victory in a year of near-constant crisis. (New York Times)
- ๐ฎ๐ท Seven Days Later. Iran wants Washington to accept a seven-day ceasefire blueprint that would end the conflict and restart nuclear discussions if the US agrees. (New York Times)
- ๐ฒ๐ฆ Voter Lite. Morocco's parliamentary election crowns the same coalition, but with participation at a 20-year low, the mandate looks lighter than ever. (Le Monde)
- ๐บ๐ณ Speech Therapy. The General Assembly gives leaders like Iranโs Pezeshkian a microphone, and they repay the favor with marathon tirades and international provocations. (Spiegel)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง The Lion Kingpin. Anant Ambani, who runs a controversial mega-zoo and stands to inherit an oil empire, is Newcastleโs new professor of sustainability, prompting disbelief from conservation groups. (The Guardian)
๐บ๐ธ United States
- ๐บ๐ธ Bit by Bit. Defense Secretary Pete Hegsethโs latest disclosure reveals at least $3.1M in cash, investments, and bitcoin, proving his portfolio is as diversified as his talking points. (CNBC)
๐๏ธ Economy
- ๐ฌ๐ง God Mode Off. Nick Clegg dismisses warnings that artificial intelligence could wipe out humanity, accusing tech leaders of hyping existential threats while ignoring real risks like cybersecurity. (The Guardian)
- ๐ฉ๐ช Growth Spurt. Germany's top economic institutes have doubled their 2026 growth forecast to 1.3 percent, offering Chancellor Friedrich Merz a rare dose of good news after a string of political setbacks. (Les Echos)
- ๐ช๐บ Pressure Drop. gas storage lags behind previous years, hitting only 70% full, as countries rush to avoid a repeat of past energy shocks. (Les Echos)
- ๐ช๐บ Exit Strategy. Eastern European billionaires are offloading major assets across the region, cashing out while new investment opportunities beckon elsewhere. (Bloomberg)
- ๐ช๐บ Current Affairs. Maritime traffic in the Black Sea collapses as the Ukraine war blocks wheat exports, sparking a surge in cereal prices and regional anxiety. (Le Monde)
- ๐ช๐บ Exit Strategy. Isabel Schnabel will leave the European Central Bank a year early to lead the IMF's capital markets division, forcing an urgent ECB leadership reshuffle. (Boursier)
- ๐จ๐ญ Flatliners. Switzerlandโs central bank leaves its key rate at zero, signaling confidence for now while markets quietly prepare for a turn. (CNBC)
- ๐ณ๐ด Peak Performance. Norges Bank lifts rates to 4.5% and tells markets to expect elevated borrowing costs for longer than previously promised, just in case inflation misbehaves. (Boursier)
- ๐บ๐ธ Field of Schemes. Grain prices fell in Chicago after the Trump-Xi summit failed to deliver concrete details on US-China agricultural trade, leaving markets hungry for specifics. (Bloomberg)
- ๐บ๐ธ Tier and Loathing. Card issuers are minting a new โalmost-premiumโ category for those who crave elite credit perks but fall just short of the VIP lounge. (Wall Street Journal)
- ๐บ๐ธ Squeeze Play. Anna Paulson of the Philadelphia Fed hints at the possibility of more rate tightening to keep inflation on track for the central bank's 2% goal, just when markets hoped for a breather. (Bloomberg)
- ๐ฎ๐ณ Short Circuit. Indiaโs portfolio managers can finally short equity options and invest abroad, as SEBI gives them the green light to chase global returns. (Bloomberg)
- ๐ Debt Spiral. Global debt has surged to $365T, prompting economists to warn that governments are stuck in a cycle of deficits and rising interest costs with no political escape plan in sight. (CNBC)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Current Affairs. The governmentโs flagship AI datacentre in Loughton faces a blackout of progress as power shortages push its debut far beyond next year. (The Guardian)
- ๐ฌ๐ง High Price Views. Two luxury housing firms were fined ยฃ1.3M after a falling window killed a man, exposing the deadly cost of cutting corners on safety. (The Guardian)
๐บ๐ธ United States
- ๐บ๐ธ Still Standing. unemployment claims fell again to 197,000, outpacing predictions and showing the labor market refuses to budge. (Wall Street Journal)
- ๐บ๐ธ Score Unsettled. The Trump administration faces a class-action lawsuit as student loan borrowers say their canceled debts continue to damage their credit profiles. (CNBC)
๐ข Real Estate
- ๐ฉ๐ช House Arrest. German property prices rose for the seventh quarter in a row, but big cities like Berlin and Munich actually saw declines, leaving buyers with little relief. (Die Zeit)
- ๐บ๐ธ Home Run. new home sales in August hit 684K, far above expectations and last month's total, leaving forecasters in the dust once again. (Boursier)
- ๐บ๐ธ Rate Race. Mortgage rates in the hit 7 percent for the first time since January as fallout from the Iran war fuels energy costs and crushes hopes for a housing rebound. (New York Times)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Taxing Matters. London receives a ยฃ3B yearly subsidy because council tax rules favor the city, says the Resolution Foundation, leaving northern households to pick up the slack. (The Guardian)
๐บ๐ธ United States
- ๐บ๐ธ Watt Now? Oracle is contractually obligated to pay Blue Owl Capital investors even if its $18B New Mexico data center remains powerless, proving the bills come due whether the lights do or not. (Financial Times)
๐ On-chain
๐บ๐ธ United States
- ๐บ๐ธ Odds and Evens. Polymarket US ๐บ๐ธ faces a lawsuit from New York for allegedly operating illegal gambling, with the state seeking to freeze operations and claw back user profits. (Bloomberg)
๐ฑ Listed Markets
- ๐ช๐บ Rumor Control. Euronext CEO Stรฉphane Boujnah publicly denies any current plans to acquire London Stock Exchange or Deutsche Bรถrse, shutting down merger speculation for now. (Boursier)
- ๐บ๐ธ CPU Later. Akamai ๐บ๐ธ shares jumped 21% after announcing an $11.6B, seven-year deal to supply Anthropic ๐บ๐ธ with data center CPUs for AI workloads, plus a lucrative stock warrant on the side. (Boursier)
- ๐บ๐ธ Gravity Wins. SpaceX, once obsessed with Mars, is pulling back from commercial launches and crewed missions, signaling that even Musk's ambitions have an earthly limit. (Financial Times)
- ๐บ๐ธ Too Hot to Hack. Cybersecurity stocks like Crowdstrike, Palo Alto Networks, and Fortinet ๐บ๐ธ have doubled since April, prompting investors to question if the rally has outpaced reality. (Bloomberg)
- ๐บ๐ธ Cloud Cover. Oracle ๐บ๐ธ claims "force majeure" for its New Mexico data center, hoping to shield itself from rising costs while investors run for cover. (CNBC)
- ๐ฐ๐ท Double Trouble. South Korea suspends new single-stock leveraged ETFs after wild swings in Samsung and SK Hynix shares send the Seoul market on a rollercoaster. (Le Monde)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Age Against the Machine. TikTok ๐จ๐ณ abandons its fight against a ยฃ12.7M penalty for letting underage users slip past its age checks in the UK. (The Guardian)
๐บ๐ธ United States
- ๐บ๐ธ All Bets Off. MGM Resorts ๐บ๐ธ shares sank 9% after Barry Dillerโs People Inc. withdrew its acquisition bid, citing a deal too complicated even for Vegas odds. (CNBC)
- ๐บ๐ธ Lone Star Power. Scotiabank ๐จ๐ฆ is expanding its footprint by turning Dallas into a major hub and eyeing new business in Houston, proving Texas is the new battleground for Canadian banks. (Bloomberg)
๐๏ธ Big Deals (M&A)
- Pollen Street ๐ฌ๐ง is exploring going private at a $715M valuation.
- CVC Capital Partners ๐ฌ๐ง and Nippon Sangyo Suishin Kiko ๐ฏ๐ต are considering a potential $3.2B buyout of Kobayashi Pharmaceutical ๐ฏ๐ต, with the founding family possibly joining.
- AO World ๐ฌ๐ง has completed the acquisition of camera retailer Jessops ๐ฌ๐ง from Peter Jones ๐ฌ๐ง.
- Schneider Electric ๐ซ๐ท has agreed to launch a voluntary cash tender offer to acquire Shelly Group ๐ง๐ฌ for โฌ1.2B, subject to a 95% acceptance threshold.
- The Arnault family ๐ซ๐ท will merge holding company Agache ๐ซ๐ท with Christian Dior ๐ซ๐ท, which will directly hold 49.8% of LVMH ๐ซ๐ท's shares and 66% of its voting rights.
- Delivery Hero ๐ฉ๐ช cancels its CEO transition plans due to Uber Technologies ๐บ๐ธโs $14.8B takeover bid.
- EYSA ๐ช๐ธ acquires Joinup ๐ช๐ธ, a corporate mobility platform.
- Hydnum Steel ๐ช๐ธ is in talks to sell a 50% stake at a $350M valuation.
- Main Capital ๐ณ๐ฑ acquires a majority stake in SaaS company Confirma ๐ธ๐ช, which generates over SEK 1B in revenue.
- PRIME ASI ๐ต๐ฑ joins PIPnROK ๐ต๐ฑ as a member, supporting its defence and dual-use investment platform.
- Allegro ๐ต๐ฑ and InPost ๐ต๐ฑ are negotiating a long-term agreement through 2031, including lower delivery prices, a new indexation formula and suspension of their nearly PLN100M arbitration dispute.
- Finnfund ๐ซ๐ฎ and Proparco ๐ซ๐ท have committed $33M to Colombian solar platform ERCO ๐จ๐ด, backed by an EU guarantee.
- Goldman Sachs ๐บ๐ธ emerged as the lead bidder to acquire credit firm Palmer Square ๐บ๐ธ, which has $37B in AUM.
- Royal Caribbean ๐บ๐ธ has agreed to acquire a 50% stake in Sandals Resorts International ๐ฏ๐ฒ at a $6B valuation.
- Jana Partners ๐บ๐ธ is urging Six Flags ๐บ๐ธ, valued at $1.3B, to explore a sale.
- Ember Infrastructure Management ๐บ๐ธ offered to acquire Ashtead Technology ๐ฌ๐ง for $660M in cash at a 13% premium.
- Gen Digital ๐บ๐ธ is in early talks to acquire GoDaddy ๐บ๐ธ. Terms have not been disclosed.
- Databricks ๐บ๐ธ has completed the acquisition of spreadsheet startup Row Zero ๐บ๐ธ and plans more acquisitions.
- WSP Global ๐จ๐ฆ ended talks to acquire Dutch engineering consulting firm Arcadis ๐ณ๐ฑ after two takeover bids valued it at $6.3B including debt.
- Cineplex ๐จ๐ฆ may explore a sale.
- Taiwan Cement Corporation ๐น๐ผ has agreed to acquire IFCEM ๐บ๐ฆ for up to โฌ750M, subject to regulatory approvals.
- Waaree Energies ๐ฎ๐ณ will merge group company Indosolar ๐ฎ๐ณ in a $100M deal.
- Australia ๐ฆ๐บ blocked Insurance Australia Group ๐ฆ๐บโs planned $960M takeover of RAC Insurance ๐ฆ๐บ over competition concerns.
๐บ๐ธ United States
- LLR Partners ๐บ๐ธ announces a strategic investment in EnergyCAP ๐บ๐ธ, with existing investor Resurgens Technology Partners ๐บ๐ธ remaining invested.
- Lone View Capital ๐บ๐ธ has invested in HappyCo ๐บ๐ธ, a property operations platform.
- MGM Resorts ๐บ๐ธ is discussing a bid for People Incorporated ๐บ๐ธ, which owns a roughly 27% stake in MGM.
- Windsor Capital ๐ญ๐ฐ completes a $50M investment in Space Labs ๐ธ๐ฎ for a 4.9% minority stake, implying a $1.02B post-money valuation.
๐งณ Private Markets & VC
- ๐ฌ๐ง Broker, Interrupted. Revolut ๐ฌ๐ง customers are caught in a fresh security incident when the fintech's US stock trading broker falls victim to a cyber breach. (Sifted)
- ๐ฉ๐ช Private Practice. DeepL CEO Jarek Kutyลowski says the translation giant is in no rush to go public, insisting private status brings strategic advantages for now. (Mamstartup)
- ๐ช๐บ Fine Print. Washington is backing X ๐บ๐ธ and Elon Musk in court as they try to overturn the EUโs $137M penalty for violating digital content rules. (CNBC)
- ๐ช๐บ Capital Gains. Brussels and the EIB unveil the European Institutional Investor Pact, promising billions for late-stage startups so Europe stops exporting its best ideas. (Mamstartup)
- ๐บ๐ธ Prime Suspect. Goldman Sachs ๐บ๐ธ raked in $200M-plus from Situational Awareness, a hedge fund that soared on AI bets before crashing, leaving Goldman with the real windfall. (Financial Times)
- ๐บ๐ธ Rocket Man. Jeff Bezos has invested $30B in Blue Origin ๐บ๐ธ, including a recent $2B boost, betting big to challenge Elon Muskโs SpaceX. (Wall Street Journal)
- ๐บ๐ธ AI Owes You Nothing. Mirendil is negotiating a $5B valuation only three months after its $1B seed, proving that in AI, a concept can be worth billions before a line of code ships. (Techfundingnews)
- ๐บ๐ธ Code Unknown. Anthropic says its Claude AI discovered a mysterious enzyme system in viral DNA, with echoes of CRISPR but no clear role yet. (Boursier)
- ๐บ๐ธ Growth Spurt. Citi's latest survey shows family offices are trimming inflation-sensitive assets and loading up on stocks and private equity, because what could possibly go wrong. (CNBC)
- ๐ Trophy Hunters. The third quarter saw a frenzy of sports acquisitions, with deep-pocketed investors chasing prestige clubs and headline-making deals. (Bloomberg)
Fundraising
- Harvey ๐บ๐ธ (Legal AI): $600M (Diffusion, Lightspeed Ventures, Teachersโ Venture Growth)
- TEKEVER ๐ต๐น (Defence): $580M (UC Investments, Baillie Gifford, Merlyn Advisors, Crescent Cove, Ventura Capital, Iberis Capital)
- Bird ๐ณ๐ฑ (AI): $450M (JP Morgan, Capital One, Citi)
- Cyera ๐บ๐ธ (Cybersecurity): $400M (Goldman Sachs Alternatives)
- Island ๐บ๐ธ (Cybersecurity): $400M (Evolution Equity Partners, Prysm Capital, Sequoia Capital, Coatue Management, Cyberstarts, Insight Partners, J.P. Morgan Growth Equity Partners, Alta Park Capital, Georgian, G Squared, Squarepoint, Dmitri Alperovitch)
- Heidi ๐ฆ๐บ (Healthcare): $340M (Blackbird)
- Fever ๐ช๐ธ (Entertainment): $250M (EQT)
- OpenEvidence ๐บ๐ธ (Healthcare): $250M (Hospital systems, Andreessen Horowitz)
- Precision Neuroscience ๐บ๐ธ (Healthcare): $250M (Pershing Square, Ackman Oxman Institute, unnamed life sciences fund)
- Hubble Network ๐บ๐ธ (Satellite): $200M (Smith Point Capital)
- Verda: $189M
- Rightway ๐บ๐ธ (Healthcare): $155M (Francisco Partners, Thrive Capital, Khosla Ventures)
- Brahma AI ๐ฎ๐ณ (AI): $150M (Multiples Alternate Asset Management)
- Basecamp Research ๐ฌ๐ง (Biotech): $140M (S32, Singular, True Ventures, Nvidia, Anthropicโs Anthology Fund, Catalio Capital Management, European Tech Collective, Firebrand River Capital, Inception Fund, King Philanthropies, NATO Innovation Fund, PostScriptum, Redalpine, Rockefeller Foundation, Sovereign AI)
- Mazama Energy ๐บ๐ธ (Energy): $135M (Centaurus Capital, Doerr Capital, ConocoPhillips, Shell Ventures, Khosla Ventures, Gates Frontier, SiteGround Capital, H. Barton Asset Management, Jeffrey and Marieke Rothschild Foundation)
- Noxtua ๐ฉ๐ช (Legaltech): More than โฌ100M (C.H.BECK, MANZ)
- Numeral ๐บ๐ธ (AI): $100M (Insight Partners, Salesforce Ventures, Geodesic, Benchmark, Mayfield, FCVC, Y Combinator, Uncork)
- micro1 ๐บ๐ธ (AI): $100M
- Ultraviolette Automotive ๐ฎ๐ณ (Automotive): $85M (Yali Capital, TDK Ventures)
- Ema ๐บ๐ธ (AI): $77M (Creaegis)
- BigHat Biosciences ๐บ๐ธ (Biotech): $75M (DFJ Growth, Premji Invest, Catalio Capital Management, LG Technology Ventures, Sigmas Group, 8VC, Alexandria Venture Investments, Amgen Ventures, Andreessen Horowitz, Discovery Ventures, GRIDS Capital, Intermountain Ventures, Eli Lilly and Company, Merck Global Health Innovation Fund, Quadrille Capital, Section 32)
- Moir ๐บ๐ธ (Cybersecurity): $50M (a16z, Sequoia)
- Morphotonics ๐ณ๐ฑ (Semiconductors): โฌ40M (3M Ventures, Innovation Industries, EIC Fund, European Investment Bank)
- Jack & Jill ๐ฌ๐ง (AI): โฌ34.68M (Air Street Capital, Madrona, Antler, Creandum, Ada Ventures, Entrepreneurs First, Expedite Capital, Repeat.vc)
- PicoJool ๐บ๐ธ (Semiconductors): $27.5M (Socratic Partners, Hudson River Trading)
- Pilgrim ๐บ๐ธ (Hardware): $25M (Buckley Ventures)
- Basalt Health ๐บ๐ธ (Healthcare): $20M (NEA, Frist Cressey Ventures, 25m Health)
- Trebellar ๐บ๐ธ (Proptech): $18M (Blossom Capital, Haystack, Alt Capital, 1Flourish, Bynd)
- Wealthcome ๐ซ๐ท (Fintech): โฌ15M (BREEGA, BlackFin Capital Partners)
- Dialybrid ๐ฎ๐น (Medtech): โฌ15M (XGEN Venture, CDP Venture Capitalโs Rilancio Fund)
- IPID ๐บ๐ธ (Fintech): $16M (Foundation Capital, Citi, HSBC, QED Investors, Monk's Hill Ventures, Quona Capital)
- Prime Minute ๐บ๐ธ (Defense): $15M (Eclipse, 8VC)
- Atum ๐บ๐ธ (Fintech): $13.5M (Variant, PayPal Ventures, Abstract Ventures, Road Capital, Mirana Ventures, First Commit, Credibly Neutral, Charlie Songhurst)
- StandardX ๐ฌ๐ง (Biotech): ยฃ10M (Vsquared Ventures, East X Ventures, firstminute Capital, UK Innovation and Science Seed Fund, Brevan Howard Macro Venture, Geometry)
- Axya ๐จ๐ฆ (Procurement): $17M CAD (McRock Capital, Yamaha Motor Ventures, BDC Industrial Innovation Venture Fund, Real Ventures)
- Chift ๐ง๐ช (Fintech): โฌ10.5M (BlackFin Capital Partners)
- givestar ๐ฌ๐ง (Fundraising): $12M (Mercia, Love Ventures)
- Mesa Quantum ๐บ๐ธ (Quantum): $11.8M (Playground Global)
- Magic AI ๐ฌ๐ง (Fitness): $11M (Beringea, IW Capital, PXN Group, Accelerate Ventures, Ventures Together, Active Partners)
- syte ๐ฉ๐ช (PropTech): โฌ9M (amberra, NRW.BANK)
- MicroLub ๐ฌ๐ง (Foodtech): โฌ8.7M (Northern Gritstone, NPIF II - PXN Equity Finance)
- Primo ๐ฉ๐ช (IT): $8M (Headline, Global Founders Capital)
- mika ๐ฉ๐ช (Fintech): โฌ6M (Smedvig Ventures, Wecken & Cie., Dennis Bemmann, Michael Brehm, Johannes Ditterich, Martina Pfeifer, Keen Venture Partners, Dutch Founders Fund)
- Dextr AI ๐บ๐ธ (Hospitality): $6.7M (Elevation Capital, Foundation Capital)
- 50skills ๐ฎ๐ธ (HR tech): โฌ5.3M (Frumtak Ventures, Swiss Post Ventures, Avant, DRD Investments)
- Mirai RiskTech ๐ช๐ธ (Fintech): โฌ5M (Inveready)
- Tucuvi Care ๐ช๐ธ (Healthcare): โฌ5M (Axis)
- Fearn ๐บ๐ธ (Legaltech): $5.5M (Kindred Ventures, a16z Speedrun, Designer Fund, Essence VC)
- F13 ๐ฉ๐ช (AI): $5M (Credo Ventures, Point Nine Capital, Carles Reina, Jack Richardson)
- Health Force ๐ช๐ธ (HealthTech): โฌ4.2M (LUMO Labs, Next Tier Ventures, Step Venture, Target Global, Calm/Storm)
- Reecall ๐ซ๐ท (AI): โฌ3.5M (Founders Future, Holnest, Mesh, Francis Nappez, Sรฉbastien Lucas)
- Kontext ๐ฉ๐ช (Cybersecurity): โฌ3.5M (42CAP, a16z CSX, HTGF)
- Lightspring ๐ซ๐ท (Photonics): โฌ3.1M (Atlantic, OVNI Capital)
- Spiich ๐ธ๐ช (AI): โฌ3M (Ugly Duckling Ventures, Alliance VC, Cherry Ventures, Ampli Ventures)
- CIOC Energy ๐ง๐ช (Energy): โฌ3M (CleverNett)
- Clastix ๐ฎ๐น (Infrastructure): โฌ2.9M (CDP Venture Capital Sgr, Mistral, Vertis SGR)
- Tempo Therapeutics ๐บ๐ธ (Healthcare): $2.25M (National Cancer Institute, NIH)
- Crux Analytics ๐บ๐ธ (Fintech): $2.2M (Castle Creek Launchpad, Chartway Ventures, One Washington Financial, Curql)
- Palma.ai ๐ฉ๐ช (AI): $1.8M (D11Z, Plug and Play Ventures, Deel, Scale Now Ventures, angel investors)
- Duqu ๐ณ๐ฑ (Fintech): โฌ1.5M (Curiosity VC, No Such Ventures)
- Klang ๐ธ๐ช (AI): SEK 15M (Johan Lenander, Emil Sjรถdin, Daniel Gadd)
- Aloja ๐ช๐ธ (AI): โฌ1.2M (Archipelago Next, Lanai Ventures, Decelera Ventures)
- O-ID ๐ฏ๐ต (Robotics): $1.2M (TAWANI Ventures, Hustle Fund, Techstars, angel investors)
- NUNOS ๐ฉ๐ช (Agritech): โฌ570,000 (NRW.BANK, German business angels)
- Reply Next ๐ช๐ธ (AI): โฌ400K (4Founders Capital, Juanjo Mostazo, David Alcobero)
- Ingosa ๐น๐ท (AdTech): Undisclosed (FutureBright Ventures)
- Aqua Medical ๐บ๐ธ (Healthcare): Amount undisclosed (Relevance Ventures)
Fund Watch
- Bessemer Venture Partners ๐บ๐ธ: $5.75B ($1.75B early-stage fund and $4B growth fund)
- 1789 Capital ๐บ๐ธ: $2B (2nd growth fund, $3B target)
- SoMa Equity Partners ๐บ๐ธ: $2B (tech-focused hedge fund, winding down)
- Korea Investment Corporation (KIC) ๐ฐ๐ท: $1B (private equity LP stakes sale, exploring)
- WT Realty Group: $600M (merger with FortuneX Acquisition Corp. at equity value)
- Twin Bridge Capital Partners ๐บ๐ธ: $600M (debut private equity secondaries fund, currently raising)
- DTCP ๐ฉ๐ช: โฌ455M (Defence Fund I, European defence technology fund)
- Thoro Capital Management ๐บ๐ธ: $300M (crypto private credit fund, anchored by Hashed)
- Lightspeed ๐บ๐ธ: $250M (Lightspeed India Partners V, early-stage AI fund, 80% committed)
- Dan Ives ๐บ๐ธ: $200M (Ives Ultra AI Opportunities, closed-end fund targeting late-stage private AI startups)
- Ibex Investors ๐บ๐ธ: $87M (Israel-focused secondaries fund)
- Connect Ventures ๐ฌ๐ง: $55M ($80M Fund V, 5th early-stage technology fund, first close)
- PYXIS Entertainment Ventures ๐ช๐ธ: โฌ25M (European Movie Boost Up Fund, film development and production fund)
- Archangel ๐ฌ๐ง: Undisclosed (defence tech venture capital fund)
- Devolutions ๐จ๐ฆ: Undisclosed (Devolutions Ventures, corporate venture division. Seven investments since 2025)
๐IPO
- Airtel Money ๐ฌ๐ง (Fintech): targeting an $8B-$9B valuation in an $800M London IPO.
- Trench Group ๐ฉ๐ช (Energy): exploring an IPO or sale at a billion-dollar-plus valuation.
- InPost ๐ต๐ฑ (Logistics): being acquired by a consortium at a โฌ7.8B valuation, paving the way for an Amsterdam delisting.
- Avionero ๐ธ๐ช (Travel): preparing for an IPO to become an AI-powered travel search engine.
- Novo Nordisk ๐ฉ๐ฐ (Pharma): open to a US direct listing at a $130B valuation.
- Sensofusion ๐ซ๐ฎ (Defense): plans to raise $344M at a $1.5B pre-money valuation in a Finnish IPO.
- Adarx Pharmaceuticals ๐บ๐ธ (Biotech): raised $446.3M in an upsized IPO.
- CanSemi ๐จ๐ณ (Semiconductors): seeking to raise $920M in a China IPO.
- Wrtn Technologies ๐ฐ๐ท (AI): selected Mirae Asset to lead its Korea IPO after a $890M Series C valuation.
- Carro ๐ธ๐ฌ (Automotive): considering dual US and Singapore IPOs raising $400M-$500M.
- NSE India ๐ฎ๐ณ (Exchange): raised $2.4B one of Indiaโs largest IPOs and began trading on the BSE.
- Quickmart ๐ฐ๐ช (Retail): planning an IPO in Kenya.
๐งณ Debt
- Metycle ๐ฉ๐ช: secured a โฌ131.7M credit facility from Rivonia Road Capital ๐บ๐ธ.
- US ๐บ๐ธ: will purchase $6B of long-dated Treasury bonds.
- Millrose Properties ๐บ๐ธ: plans to raise $1.5B in debt to fund homesite acquisitions.
- Peloton ๐บ๐ธ: seeking $800M in its debut junk bond sale.
- New York ๐บ๐ธ: raised $320M in a debut ESG bond sale.
- SoftBank ๐ฏ๐ต: raised $11.1B in the largest junk bond offering on record.
- JSW Group ๐ฎ๐ณ: Two units plan to raise a combined $300M local debt.
- Firmus Technologies ๐ฆ๐บ: in talks for a $10B financing deal to buy Nvidia chips ahead of its $5B IPO.
โ Failures
- Thames Water ๐ฌ๐ง: senior creditors are writing off debt and injecting another $1.3B to avoid temporary government control.
- Evoca ๐ฎ๐น: Lone Star Funds is considering handing control of the struggling coffee machine maker to creditors Carlyle and Park Square.
- Xbox ๐บ๐ธ: cuts 268 jobs amid widespread studio consolidation.
- Starbucks ๐บ๐ธ: the coffee chain will close about 250 stores.
๐ฏ For a Few More Minutesโฆ
- ๐ฌ๐ง Return to Sender. Greek Prime Minister Kyriakos Mitsotakis urges the UK to show political will and finally return the Parthenon Marbles, as talks stall and London clings to legal technicalities. (Le Figaro)
- ๐ฉ๐ช Past Its Expiry. A man aged 105 is now under scrutiny by German authorities for suspected crimes as a Nazi prison guard, showing that time heals nothing when justice is unfinished. (Libรฉ)
- ๐ณ๐ฑ Fit for Dismissal. After telling her boss she was too sick to work, a Dutch woman was spotted in a demanding fitness race and promptly fired, with the judge siding against her. (Le Parisien)
- ๐ท๐ด Blood Money. Romania is offering retail investors who donate blood exclusive access to government bonds with interest rates over 7%, turning generosity into a financial opportunity. (Bloomberg)
- ๐จ๐ฆ Road Blocked. Ottawa removes Trump Avenue from the city plan after escalating trade spats and presidential provocations, leaving residents searching for a less controversial street name. (Spiegel)
- ๐จ๐ฑ Born This Way. Elias 2-24 b, less than 1M years old and still growing, gives scientists a rare front-row seat to a planet's birth in real time. (Il Sole 24 Ore)
- ๐ Jungle Booked. Researchers find African elephants in Kenya use at least 35 medicinal plants to treat themselves and their young, making the forest their pharmacy and raising questions about what humans might be missing. (BBC)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Half-Blood Play. The West End's Harry Potter and the Cursed Child will shrink from two parts to one, as rising costs make the original format vanish like magic. (BBC)
๐บ๐ธ United States
- ๐บ๐ธ Monumental Override. The federal panel overseeing historic preservation has abruptly terminated its review of Trump's arch project, removing a rare legal barrier and sidelining objections from the National Park Service. (New York Times)
