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September 1, 2017

HOT TAKES

Thank you for your thoughtful responses to yesterday's question: What industry do you think blockchain will affect or disrupt that no one is talking about?

Below is a selection of answers I found most interesting. (Special shout out to the Term Sheet reader who said blockchain will be used "as a way to improve internal operations in criminal gangs." I see you, but I'll probably get fired if I include your full response.) ....Another person responded with "your mom." Thank God it's Friday.

SOCCER:

Bennett writes: I think Blockchain can have a huge impact on the sports agent-controlled transfer system across world soccer players. As the fees for the world's biggest players like Neymar, Dembele, and Pogba / his agent! continue to rise at astronomical rates, teams have to work through power broker sports agents to agree on fees. (Note: these fees are not paid as salaries to players, they are paid as prices of players between 2 clubs.) Pogba moves to United for 89 million pounds, but he doesn't see a scent of that - it all goes to Juventus.

With Blockchain aiming to make transactions across retail, finance, the real estate market and more more cost-efficient, timely and direct, these teams could eventually use this technology to remove the agent middleman and work together directly through club representatives.

ELECTRONIC MEDICAL RECORDS:

John writes: Traditionally, physicians have sent medical records via health information exchanges that can only send patient information to providers in a health information service provider directory, much like an instant messaging system. With blockchain comes the promise of an open and accessible common database for providers. Of course, there are concerns over data security and access that will have to be worked out. However, I don't think we are far from an open-source, HIPAA and HITECH compliant electronic health record (EHR) built on a distributed ledger. Where that would leave the current for-profit EHR market is left to be determined.

IDENTITY:

Matthew writes: Blockchain technology could transform the identity management systems used to enable online transactions, putting a layer between people's online business and their identities. This is no small problem. Hackers are targeting companies that store personal and financial information together - as evidenced by the 1,091 reported data breaches in 2016, a 40% increase from the year before. By combining blockchain technology with identity verification, a "digital ID" can be created for users to transact online without risking their personal or financial information.

CAR MAINTENANCE:

Dan writes: Since I'm currently getting my car serviced, an easy suggestion for blockchain usage is car maintenance/history. Basically every major part has a serial number and service records and such need to be validated. So instead of having a Carfax report, all you need is the blockchain to get the full history of the car and one can then easily validate all the serial numbers against what's in the chain to show that nothing has been tampered with.

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Thank you guys, and let me know if you have additional thoughts.

PS: As a reminder, Term Sheet is off on Monday for the Labor Day holiday. Have a great weekend, and see you next week! If you really miss us over the weekend, tweet at me.

THE LATEST FROM FORTUNE...

• Starbucks is getting sued over plans to close Teavana stores (by Kate Samuelson)

• Uber brings in former Facebook product director Blake Ross (by David Meyer)

• White House requests $5.9 billion to fund Harvey recovery (by Natasha Bach)

• A North Korea conflict would 'severely affect' the global oil trade (by Kevin Lui)

• Tesla hit with an unfair labor practices complaint (by Kirsten Korosec)

…AND ELSEWHERE

The first ICO unicorns are here. The U.S. jobs report disappoints. Harvey relief bill could help Congress raise debt ceiling. Executives prepare push to defend 'Dreamers' program.

VENTURE DEALS

• Treebo Hotels, an India-based hotel operator, raised $34 million in Series C funding, according to TechCrunch. Ward Ferry Management and Karst Peak Capital led the round, and were joined by investors including SAIF Partners, Matrix Partners India and Bertelsmann India Investments. Read more.

• SuperAwesome, a London-based marketing platform for kids, raised $21 million in Series B funding. The investor was Mayfair Equity Partners.

• VideoAmp, a Santa Monica, Calif.-based integrated TV operating system for advertising, raised $21.4 million in Series B funding. Mediaocean led the round, and was joined by investors including RTL Group, GoAhead Ventures, StartUp Capital Ventures, Anthem Venture Partners, Wavemaker Partners and Simon Equity Partners.

• Strikingly, a San Francisco-based website development platform, raised $6 million in Series A funding, according to TechCrunch. Investors include CAS Holding, Infinity Venture Partners, Innovation Works, former Y Combinator partner Kevin Hale and TEEC. Read more.

HEALTH AND LIFE SCIENCES DEALS

• Armo BioSciences Inc, a Redwood City, Calif.-based late-stage immuno-oncology company, raised $67 million in funding. Qiming Venture Partners led the round, and was joined by investors including Decheng Capital, Sequoia Capital, Quan Capital, RTW Investments, Kleiner Perkins Caufield and Byers, OrbiMed, DAG Ventures, NanoDimension, HBM Healthcare Investments, GV, Celgene Corporation and funds advised by Clough Capital Partners L.P.

PRIVATE EQUITY DEALS

• Sompo Holdings Inc (TSE:8630) agreed to sell British unit Sompo Canopius to private equity consortium led by Centerbridge Partners for $952 million. Read more.

• Hellman & Friedman is the frontrunner in the race to acquire Nets, a Denmark-based payments processor, according to Reuters. Read more.

• Novel Ingredients, a portfolio company of GenNx360 Capital Partners, acquired Innophos Holdings Inc (Nasdaq:IPHS). Financial terms weren't disclosed.

• The Carlyle Group and affiliates of GTCR acquired Albany Molecular Research, Inc. (Nasdaq:AMRI). Financial terms weren't disclosed.

• Serent Capital invested in ArbiterSports, a Sandy, Utah-based provider of software and payment solutions. Financial terms weren't disclosed.

• Valentus Specialty Chemicals, a portfolio company of Huron Capital, acquired PoloPlaz Inc, a Jacksonville, Ark.-based maker of high performance wood floor coatings for gymnasium and residential applications. NFinancial terms weren't disclosed.

• ZeroChaos, a Carlyle Group portfolio company, acquired Loki Management Systems, a Canada-based workforce management solutions provider. Financial terms weren't disclosed.

OTHER DEALS

• Dow Chemical Co (NYSE:DOW) and DuPont (NYSE:DD) successfully completed their planned $130 billion merger to form Dow DuPont. Read more at Fortune.

• Rathbone Brothers (LSE:RAT) has abandoned an attempt to merge with rival wealth manager Smith & Williamson after failing to agree to a deal that would have been "in the best interests" of its shareholders, according to Reuters. Read more.

• Oil firms Petronas (KLSE:PETGAS) and Aramco are among potential suitors for a controlling stake in Daewoo Engineering & Construction Co (KOSE:A047040), a deal that could fetch around 2 trillion won ($1.78 billion).

• Ellie Mae (NYSE:ELLI) agreed to acquire Velocify, an El Segundo, Calif.-based sales acceleration platform, for $128 million in cash.

IPOs

• Nightstar Therapeutics, a London-based gene therapy company focused on retinal diseases, filed for an IPO of ADSs raising up to $86 million. In 2016, the company posted loss of $13.6 million, and has yet to posts a revenue. The company is backed by Syncona Partners and New Enterprise Associates. Jefferies, Leerink Partners and BMO Capital Markets are leader underwriters in the deal. Terms of the deal have not yet been disclosed.

EXITS

• EXFO agreed to acquire a 33.1% state in Astellia (DB:4AS). The sellers were Isatis Capital and Astellia's founders. The total amount of the deal will be 8.6 million euros ($10.3 million).

• GTCR agreed to buy a majority stake in Simpli.fi, a Fort Worth, Texas-based provider of a programmatic platform for local advertising. The sellers include Contour Venture Partners and Frontier Capital. Financial terms weren't disclosed.

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September 1, 2017

Good morning, Broadsheet readers! We meet the superstar editor of Teen Vogue, Kendall Jenner strikes a new deal, and Harriet Tubman may not make it onto the $20 after all. Enjoy your long weekend! The Broadsheet will be back in your inbox on Tuesday.

EVERYONE'S TALKING

• The $20 question. In a CNBC interview, U.S. Treasury Secretary Steven Mnuchin declined to say whether he supports his predecessor's decision to put Harriet Tubman on the $20 bill. "Ultimately we will be looking at this issue," said Mnuchin. "It's not something that I'm focused on at the moment."

The statement was perhaps unsurprising, given that President Trump has previously expressed his fondness for Andrew Jackson—the U.S. president who would likely be kicked off the $20 to make room for Tubman. While many have argued that Jackson—a slaveholder who proposed removing Native Americans from the U.S.—deserves to be removed, Trump has called the plan to replace him with Tubman "pure political correctness." (The president suggested putting Tubman on the $2.)

Mnuchin's refusal to commit to putting America's most famous abolitionist on the bill carries extra weight in the wake of the president's controversial comments blaming the violence at the white nationalist protest in Charlottesville "both sides."

As he skirted the question, Mnuchin told CNBC, "Right now we have a lot more important issues to focus on." That may be true, but to dismiss the opportunity to put the first ever black woman on a U.S. bank note as unimportant would be a grave mistake. Fortune

ALSO IN THE HEADLINES

• A fashion force. Elaine Welteroth, editor in chief of Teen Vogue, is the youngest-ever EIC at Conde Nast (she was hired at 29) and only the second black woman to run one of the company's magazines. Under her watch, the publication has transformed from a standard teen fashion mag to something of a political and cultural force. New York Times

• Catcalls and the Constitution. Novelist and former Bear Stearns exec Maureen Sherry weighs in on the debate on street harassment laws, arguing that the U.S. shouldn't make catcalling and other harassment illegal. "As protected under the Constitution, we have the right, however moronic, to say what we'd like," she writes. "And as much as hearing something repulsive hurts, it's more important to maintain this right than to make exceptions to it." Fortune

• Looking at transparency. Following yesterday's news that the Trump administration has decided to scrap an equal pay rule enacted by President Obama, the New York Times' Claire Cain Miller digs into the data on pay transparency. Her conclusion: There is evidence that transparency leads to smaller gender pay gaps, though it can also have unintended consequences, like lowering morale or spurring people to look for other jobs. New York Times

• Undercover underwear deal. In recent years, reality show star-turned model Kendall Jenner has been one of the most high profile women to appear in Victoria Secret's annual fashion show. But she may have to skip this year: TMZ is reporting that Jenner signed a "multi-million dollar deal"—complete with non-compete clause—with upscale brand La Perla. Fortune

MOVERS AND SHAKERS: Marcy Klevorn has been promoted to EVP and president of mobility for Ford, replacing James Hackett has been named CEO.

content from Deloitte

Aging, diverse, educated

That's the workforce of the future in America. Is your business prepared to manage shifting demographics and diverse talent pipelines? Deloitte suggests some important potential implications and actions to consider.

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Friday, September 1, 2017

Term Sheet: Sep. 01, 2017

Will Harriet Tubman be on the $20?