Follow the Money: Actuate Raises $3.9M, TPG Closes $14B in Funds; Sabre Acquires Radixx

In this weekly roundup of funding, merger, and acquisition activity involving companies and investors with ties to North Texas, you’ll also find news from Solovis, Traveller Capital, SSE Holdco, Sanara MedTech, Bios Partners, Mark Cuban, Nebula Healthcare, HMS Holdings, The Living Company, Sun Holdings, BBG, and Eyevance Pharmaceuticals.

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What companies are finding funding or having a big exit? From startup investments to grants and acquisitions, Dallas Innovates tracks what’s happening in North Texas money every Thursday. Sign up for our e-newsletter to stay in the loop.

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Actuate Therapeutics raises $3.9M of $6.5M equity round

Fort Worth-based biopharma Actuate Therapeutics, Inc. has announced it has raised $3.9 million of a $6.5 million equity and option funding round, according to a filing with the U.S. Securities and Exchange Commission.

In May, Actuate said it had raised $21.7 million in a Series B financing round.

Actuate is a private biopharmaceutical company that focuses on developing compounds to be used in the treatment of cancer and inflammatory diseases. The round in May was led by Kairos Ventures. DEFTA Partners, Tech Coast Angels, and existing investors. Fort Worth-based Bios Partners also participated. In September 2018, Actuate reported that it had raised $4.025 million in a debt-only funding round. 

Founded in 2015, the company’s mission is to discover, develop, and commercialize new agents that target GSK-3β, an enzyme in humans that is encoded by the GSK3B gene.

TPG Capital raises $14.2B in eighth fund, plus a sidecar

TPG Capital has raised $14.2 billion in the final close of an eighth fund and a sidecar, according to a statement.

A sidecar fund is a blind-pool co-investment vehicle that is under common sponsorship with a PE fund.

TPG, which has headquarters in Fort Worth and San Francisco, recently closed TPG Partners VIII at $11.5 billion, over its target of $11 billion. Also, TPG Healthcare Partners, a first-time dedicated healthcare pool, reportedly collected $2.7 billion. 

PE Hub reports that TPG has become increasing active in healthcare in recent years, investing more than $3.9 billion.

Solovis raises $4.54M of $8.9M equity offering

Solovis, an Irving-based portfolio management, analytics, and reporting platform has raised $4.54 million of an $8.92 million equity offering, according to a government filing.

Designed for limited partners and asset allocators, the Solovis institutional investment management technology platform transforms multi-asset class portfolio management via efficiency, insights, and investment decisions, according to the company’s website.

Earlier this month, Solovis announced it partnered with UC Investments, the investment office overseeing the University of California’s $125 billion multi-asset class investment portfolio, including its endowment, pension, retirement savings plan, and working capital. The partnership is reportedly the result of a one-year effort by UC Investments to overhaul its legacy technology and transition to a holistic and agile platform.

Traveller Capital raises $15.375M for new fund

Dallas-based Traveller Capital Advisors has raised $15.375 million for its Traveller Capital Partners III fund, according to a filing with the U.S. Securities and Exchange Commission.

Traveller Capital is a private investment firm focused on the secondary market for limited partnership interests. 

As a buyer, the firm provides liquidity to investors seeking to sell private equity fund holdings before full maturity, whether its for the purposes of rebalancing a portfolio, reallocating capital, or reducing the administrative burden of long-held investments.

Restaurant enterprise SSE Holdco raises $8.7M

Dallas-based restaurant business SSE Holdco LLC has raised $8.7 million in equity funding, according to a new filing with the federal government.

The Form D was filed by Snappy Salads founder Christopher Dahlander. The filing’s minimum investment accepted from an outside investor was $9,887. Earlier this month, Snappy Salads and Golden, Colorado-based Mad Greens announced a merger while continuing to operate as stand-alone brands.

No terms of that deal were released, but the companies will operate under the Salad Collective banner.

Christopher Dahlander will step down from day-to-day operations, but will be on the Salad Collective board of directors. Dahlander is a former marketing director at Brinker International, the Dallas-based owner of the Chili’s Grill & Bar and Maggiano’s Italian Little Italy concepts.

Sanara closes $10M private offering of common stock 

Sanara MedTech Inc. has closed a private placement offering of 1,204,820 shares of common stock generating $10 million in cash proceeds that is expected to be used to fund milestone payments under current and future product license agreements, repayment of indebtedness under Sanara’s bank line of credit, and operating expenditures.

Fort Worth-based Sanara markets and distributes wound and skincare products to physicians, hospitals, clinics, and all post-acute care settings.

The purchasers consist of related party entities to three members of Sanara’s board of directors, according to a statement.

Bios Partners participates in Azitra’s $17M Series A round

Bios Partners, a Fort Worth-based venture capital firm, has co-led a $14 million Series A funding round for Azitra Inc., a clinical-stage medical dermatology company that addresses serious skin conditions.

Azitra is based in Farmington, Connecticut. The funding round was led by KdT Ventures and Bios Partners. Connecticut Innovations and Godfrey Capital also participated. This funding round brings Azitra’s total to date to $17 million.

Cuban invests in Toggle’s $3M seed funding round

Dallas billionaire and Mavericks owner Mark Cuban was one of three investors in a $3 million seed funding round for Toggle, a Brooklyn, New York-based robotics startup.

Point72 Ventures’ AI Group led the round and VC Twenty Seven Ventures also participated. Previously, Toggle had a 2018 pre-seed round of $570,000. 

Toggle creates robotics that fabricate and assemble rebar in a method that can speed up the fabrication process by up to five times.

HMS Holdings invests in Australian medtech company

Irving-based HMS Holdings has invested an unreleased amount in a post-IPO equity round for MedAdvisor International, an Australian company that develops software for personal medication management.

The company has an interactive app that features personalized tips, reminders, and prompts.

Nebula Healthcare raises $200K in pre-seed funding

Plano-based Nebula Healthcare announced it raised $200,000 pre-seed funding in May.

Founded this year, Nebula Healthcare is a telehealth platform founded by Rayaan Akbar and Dr. Ali Pitafi, M.D. It provides access to U.S. board-certified physicians and mental health practitioners worldwide.

It uses real-time interactive video teleconferencing that puts the provider and the patient together virtually. The provider actually sees the patients, which allows for simple two-way communication. Also, documents, computer-displayed information, and whiteboards can be shared. 

MERGERS & ACQUISITIONS

Sabre acquires software maker Radixx

Southlake-based travel tech company Sabre Corp. has acquired Radixx, an airline retailing software provider that has an established presence in the low-cost carrier (LCC) sector.

While no financial terms of the deal were released, Sabre expects the acquisition will help it offer retailing, distribution, and fulfillment capabilities to serve the rapidly expanding LCC market.

Orlando, Florida-based Radixx’s key products include a best-in-class LCC passenger service system and internet booking engine.

Lee Equity takes ownership stake in The Living Company

A majority ownership stake in Dallas-based The Living Company has been taken by New York City-based Lee Equity Partnership.

No financial information on the deal was released.

The Living Company is a provider of furniture, fixtures, and equipment to the off-campus student housing sector, which operates under the University Furnishings brand. It also is an emerging provider in hospitality and workforce housing.

The senior management team lead by CEO Paul Dougan will continue to lead The Living Company.

Sun Holdings acquires 51 McAlister’s locations, plans to develop 47 more

Sun Holdings, the Dallas-based holding company that owns Taco Bueno and operates many franchises of brands such as Burger King and Arby’s has acquired 51 locations of McAlister’s Deli in four states.

Sun Holdings also agreed to develop another 47 McAlister’s locations. No financial terms were released.

Called an aggressive developer and acquirer of restaurants, Sun Holdings recently opened its 1,000th restaurant, according to Restaurant Business. Sun also operates Krispy Kreme, Popeyes Louisiana Kitchen, Golden Corral, and Cicis, among others.

Guillermo Perales, Sun Holdings’ founder, said he has been looking for a fast-casual brand and he liked McAlister’s for its simple operations and unit economics.

“The unit economics are probably top in the segment,” Perales told Restaurant Business. “It’s not as complicated. And ownership does a good job with the brand.”

BBG acquires New Jersey-based real estate appraiser

BBG, a Dallas-based national commercial due diligence firm, has acquired Izenberg Appraisal Associates Inc., a real estate appraisal and consulting firm based in New Jersey that specializes in litigation support and related services. 

No terms of the deal were released. The acquisition significantly expands BBG’s valuation litigation services and other capabilities in the region and nationwide, according to a statement.

Eyevance acquires ocular treatments from Novartis

Fort Worth-based Eyevance Pharmaceuticals announced it has acquired TOBRADEX ST and NATACYN from the Swiss pharmaceuticals giant Novartis.

The acquisition is part of Eyevance’s growth strategy and shows its commitment to developing and commercializing innovative ophthalmic products, according to a statement.

“The acquisition of TOBRADEX ST and NATACYN further demonstrates Eyevance’s commitment and mission to serve the doctors that treat patients’ anterior segment and ocular surface conditions,” Jerry St. Peter, Eyevance’s co-founder, CEO, and director, said in a statement. “Today’s market conditions and broad payer coverage position both products for strong, sustained growth.”

TOBRADEX ST is a fixed-dose topical antibiotic and corticosteroid combination. Eyevance acquired the global rights to NATACYN, which is the first and only FDA-approved ocular antifungal and is listed on The World Health Organization’s (WHO) list of essential medicines, according to a statement.

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