Reddit is—finally—going public

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It’s unclear whether the IPO market is as hot as it was this summer. Half of the companies that have gone public this year have dipped below their offering price. Other social networks are down—Snap is down more than 7% since January, and Twitter is down more than 20%. At the same time, Facebook (er, Meta) is up nearly 28%, and the S&P 500 is right up there, up 27% since January.  

But regardless how the broader market is doing, Reddit has been on a growth spurt. Its advertising revenue is expected to hit $350 million by the end of this year—at least double that of 2019, people familiar with the matter told The Information, and the company says it’s “on track” to exceed $1 billion in annual ad revenue by 2023. It’s leaning more into video and has been hiring execs like mad, just this year adding a new CFO, Chief Accounting Officer, vice president of business development, vice president of business marketing, vice president of community, Chief Product Officer, and Chief Information Security Officer. The company has also gone international in the last two years, opening offices in the U.K. (with a coinciding English breakfast-friendly Twitter account), Canada, then Australia. At the end of October, it said it would set up shop in Berlin, which will be its first office in a non-U.S.-speaking country.

All that sounds great, but we still haven’t seen the actual numbers. You never know quite what a S-1 can surface. I’ve found they typically contain one surprising tidbit or another.

And something I wonder is how Reddit users—and the company itself—will react to an IPO. A big appeal to Reddit is its casual, laid-back charm. The company really didn’t start to put much focus on advertising until six years ago. You can’t help but wonder whether the addition of earnings calls and rigid SEC filings will bleed into, or taint, that personality.

Crystal Ball: Don’t forget to send us your 2022 predictions for this annual special edition of the newsletter. All Term Sheet readers are welcome to submit using this link.

See you tomorrow,

Jessica Mathews
Twitter: @jessicakmathews
Email: jessica.mathews@fortune.com

VENTURE DEALS

– Cockroach Labs, a New York-based open source database for disaster-proof cloud services, raised $278 million in Series F funding led by Greenoaks and was joined by investors including Altimeter, BOND, Benchmark, Coatue, FirstMark, GV, Index Ventures, Lone Pine Capital, Redpoint, and Tiger Global. 

– Infarm, a Berlin-based indoor vertical farming system company, raised $200 million in Series D funding from Qatar Investment Authority, Partners in Equity, Hanaco, Atomico, Lightrock, and Bonnier.

– Dialpad, a San Ramon, Calif.-based AI-powered cloud communications and collaboration platform, raised $170 million in funding led by ICONIQ Capital and was joined by investors including Amasia, GV, OMERS Growth Equity, Work-Bench, Section 32, and T-Mobile Ventures. 

– Innovaccer, a San Francisco-based data activation platform for healthcare companies, raised $150 million in Series E funding led by Mubadala Capital and was joined by investors including B Capital Group, M12 fund, OMERS Growth Equity, Dragoneer, Steadview Capital, Tiger Global Management, Whale Rock Capital Management, Avidity Partners, and Schonfeld Strategic Advisors.

– CData Software, a Chapel Hill, N.C.-based cloud connectivity and integration solutions company, raised $140 million in Series B funding round led by Updata Partners.

– Noname Security, a Palo Alto, Calif.-based API security company, raised $135 million in Series C funding led by Georgian and Lightspeed and was joined by investors including Insight Partners, Cyberstarts, Next47, Forgepoint, and The Syndicate Group.

– Gtmhub, a Bulgarian goal management and data integration software company, raised $120 million in funding led by Index Ventures and was joined by investors including Visionaries Club, Insight Partners, Singular, and CRV.

– Mythic Therapeutics, a Waltham, Mass.-based biotechnology product developer, raised $103 million in Series B funding led by Viking Global Investors and was joined by investors including Venrock Healthcare Capital Partners, Foresite Capital, Perceptive Advisors, Highside Capital, Venrock, First Round Capital, OMX Ventures, Lifeforce Capital, and Refactor Capital. 

– Cadence, a New York-based health technology company for home patient care, raised $100 million in Series B funding led by Coatue Management and was joined by investors including General Catalyst and Thrive Capital. 

– Found, a San Francisco-based weight care platform, raised $100 million in Series B funding led by WestCap and was joined by investors including IVP, The Chernin Group, G9 Ventures, Able Partners, GV, Define, and Atomic.

– Nansen, a Singapore-based Ethereum data analytics platform, raised $75 million in Series B funding led by Accel and was joined by investors including GIC, a16z, Tiger Global, and SCB 10X.

– Ledn, a Toronto-based digital asset savings and credit platform, raised $70 million in Series B funding led by 10T Holdings and was joined by investors including Golden Tree Asset Management, Raptor Group, and FJ Labs.

– Ramp, a London-based crypto infrastructure company, raised $52.7 million in Series A funding led by Balderton Capital, NFX, Galaxy Digital, Seedcamp, Firstminute Capital, and others.

– Ophelia, a New York-based opioid dependence treatment services company, raised $50 million in Series B funding led by Tiger Global and was joined by investors including Menlo Ventures, General Catalyst, Refactor Capital, 640 Oxford Ventures, Interplay Ventures, and others.

– Belong Health, a Radnor, Penn.-based Medicare Advantage and Special Needs Plan product delivery company, raised $40 million in Series A funding led by NEA and was joined by Maverick Ventures. 

– Lepaya, an Amsterdam-based soft skills training course company, raised $40 million in Series B funding led by Target Global and was joined by investors including Noor van Boven, Anna Brandt, entrepreneurs Jordy Kool and Chris Zadeh, Mediahuis Ventures, and Tablomonto. 

– Elementary, a Pasadena, Calif.-based AI machine vision platform for manufacturing quality and inspection, raised $30 million in Series B funding led by Tiger Global and was joined by investors including Threshold Ventures, Fika Ventures, Fathom Capital, Riot VC, and Toyota Ventures. 

– Stocktwits, a New York-based social trading platform, raised $30 million in Series B funding led by Alameda Research Ventures and was joined by Times Bridge.

– Kenbi, a Berlin-based healthcare-at-home technology company, raised €23.5 million ($26.6 million) in Series A funding led by Endeavour Vision and was joined by investors including Redalpine, Heartcore, Headline, Partech, and Amino Collective.

– Akido, a Los Angeles-based healthcare application for longevity, raised $25 million in funding led by Future Communities Capital and was joined by investors including Y Combinator, Comprehensive Blood & Cancer Center, Necessary Ventures, Great Oaks, Slow Ventures, and others.

– Andie, a Brooklyn-based inclusive swimsuit brand, raised $18.5 million in Series B funding led by Marcy Venture Partners and was joined by investors including City Rock and Gaingles.

– Esme Learning Solutions, a Newton, Mass.-based online professional development company, raised $15 million in funding from Adit Ventures and ThriveDX. 

– Meiogenix, a Paris-based agriculture biotech company that uses chromosome editing to expand genetic diversity in food and agriculture, raised $13 million in Series A funding led by Sofinnova Partners and was joined by investors including Genoa Ventures, Bpifrance, Casdin Capital and Alexandria Venture Investments.

– Pace, a Tiburon, Calif.-based mental health support network that connects users with strangers in groups, raised $13 million in Series A funding led by Pace Capital and was joined by investors including Sequoia Capital and BoxGroup.

– ianacare, a Boston-based family caregiving tech company, raised $12 million in Series A funding led by Greycroft and was joined by investors including 8BC, SemperVirens VC, Able Partners, and Brown Alumni Group.

– Herald, a Boston-based digital infrastructure company connecting software developers to commercial insurance carriers, raised $8 million in funding led by Lightspeed Venture Partners and was joined by investors including Underscore and Afore Capital.

– Atmosec, a Tel Aviv-based SaaS security company, raised $6 million in seed funding led by Glilot Capital Partners and Battery Ventures.

– Haystacks.ai, a New York-based data aggregation and intelligence platform for real estate investors, raised $5 million in seed funding led by Streamlined Ventures and Colle Capital.

– ManageXR, a Felton, Calif.-based enterprise device management platform for VR and AR devices, raised $4 million in seed funding from Rally Ventures.

– Philanthropi, a Philadelphia-based philanthropic marketplace and social platform company, raised $4 million in seed funding led by Amex Ventures and was joined by investors including Live Oak Ventures and Darco Capital. 

– Parallel Learning, a New York-based psychoeducational services company for families, educators and students dealing with learning and thinking differences, raised $2.8 million in funding led by Eric Reiner and Dan Povitsky of Vine Ventures and was joined by investors including Global Founders Capital, Great Oaks, and others.

– UrsaLeo, a San Francisco-based industrial IoT platform, raised $1.9 million in seed funding led by i2e and was joined by DataFrame Ventures.

PRIVATE EQUITY

– Summit Partners invested $120 million in Mavrck, a Boston-based influencer marketing platform.

– Dubin Clark’s holding company, Super Home Services, acquired SWAT Mosquito Systems, a Miramar, Fla.-based mosquito and insect control company. Financial terms were not disclosed.

– Dwyer Instruments, an Arcline Investment Management portfolio company, acquired Universal Flow Monitors, a Hazel Park, Mich.-based flow meters and controls developer and manufacturer. Financial terms were not disclosed.

– FFL Partners invested in Optomi Professional Services, an Atlanta, Ga.-based high-end technology consulting and staff augmentation company. Financial terms were not disclosed.

– GOJA acquired Mattsafe, a mattress protector company that sells on Amazon. Financial terms were not disclosed.

– Main Street Capital made a follow-on investment in Hawk Ridge Systems, a Mountain View, Calif.-based reseller SolidWork software solutions and Hewlett-Packard and Markforged 3D printing solutions. Financial terms were not disclosed.

– Patriot Growth Insurance Services, backed by GI Partners and Summit Partners, acquired a majority stake in The Safegard Group, a Media, Penn.-based risk management-focused insurance provider in the Mid-Atlantic region. 

– Percheron Capital agreed to acquire a majority stake in Caliber Car Wash, an Ocala, Fla.-based express conveyor car wash platform. Financial terms were not disclosed.

– Sterling Partners, Inspara Partners, the University of Applied Management, and others invested $45 million in Lecturio, a German online video course developer.

– Synchrony Ventures invested in Skipify, a Los Altos, Calif.-based e-commerce marketing platform. Financial terms were not disclosed.

– TruArc Partners acquired Lamark Media, a Boca, Raton, Fla.-based digital marketing services company. Financial terms were not disclosed.

EXITS

– Embracer agreed to acquire Asmodee, a Paris-based card and board game distributor, from PAI Partners for €2.8 billion euros ($3.11 billion).

– Bertram Capital acquired BCI Burke, a Fond du Lac, Wis.-based commercial playground equipment designer and manufacturer, from The Halifax Group. Financial terms were not disclosed.

OTHER

– Congruex acquired Ohio Valley Excavating, a Lebanon, Oh.-based commercial excavation contractor. Financial terms were not disclosed.

– Flywire acquired WPM, a U.K.-based payments software provider for universities and colleges. Financial terms were not disclosed.

– Gympass acquired Trainiac, a Seattle, Wash.-based 1-on-1 online personal training company. Financial terms were not disclosed.

– Kroll acquired Security Compass Advisory, a Canadian cybersecurity and advisory services company. Financial terms were not disclosed.

– SADA acquired ByteWave Digital, a Rancho Santa Margarita, Calif.-based application developer for web and mobile platforms. Financial terms were not disclosed.

IPOS 

– TPG Partners, a Fort Worth, Texas-based alternative asset manager and private equity firm, filed for an IPO. The company posted $2.1 billion in revenue in 2020 and reported net income of $1.4 billion.

– Justworks, a New York-based benefits, payroll, and HR software company, filed for an IPO. The company reported $982.7 million in revenue in the year ending in May, and reported net income of $10.9 million. Thrive Capital, Bain Capital, Redpoint, and Index Ventures back the firm.

SPAC

– Byju’s, an Indian online learning platform, is in talks to go public via a merger with Churchill Capital VII, a SPAC backed by Churchill Capital. A deal would value the company at around $8 billion.

– Rubicon, a Lexington, Ky.-based smart waste and recycling solution software platform, agreed to go public via a merger with Founder SPAC, a blank check company. A deal values the firm at around $2 billion. Leonardo DiCaprio backs Rubicon.

– Screaming Eagle Acquisition Corp., a SPAC backed by Eli Baker of Manifest Investment Partners, plans to raise up to $750 million in an IPO.

PEOPLE

– ARTIS Ventures, a San Francisco-based venture firm, promoted Ameena El-Bibany to partner.

– Catalyst Investors, a New York-based venture capital firm, promoted Kapil Desai to partner, Samantha Lexton and Grady Kidder to principal, and Kyle Howard-Johnson to vice president.

– Venture Investors Health Fund, a Madison, Wis.-based early-stage venture capital firm, hired Shelly Lanning as a venture partner. Lanning was previously at HealthCor Venture Partners and Morgan Stanley Venture Partners.