Follow the Money: Neighborhood Goods Nets $11M, Ford Financial Fund Raises $1B; Integrity Marketing Makes Acquisition

In this weekly roundup of funding, merger, and acquisition activity by companies in North Texas, you'll also find news from VitalTech, pawTree, Corriente Advisors, Texas Security Bankshares, and Exxon Mobil.

nieghborhood goods

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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Neighborhood Goods brings in $11M in Series A funding

Neighborhood Goods, the Dallas-based next-gen retailer, announced it raised $11 million in Series A funding, led by Global Founders Capital.

Other long-term investors include Forerunner Ventures, tennis star Serena Williams’ Serena Ventures, NextGen Venture Partners, Allen Exploration, Capital Factory, and others, according to a statement.

The new funding brings Neighborhood Goods’ total funding up to $25.5 million across its seed and Series A rounds. More funding is expected in coming weeks, according to a statement. In February, Neighborhood Goods had raised $8.8 million in expanded seed funding.

Neighborhood Goods also announced a third location in Austin set to open early next year. Its flagship store opened last year in Plano, and its second location will open later this year in New York City. 

“It’s an exciting time at Neighborhood Goods,” Matt Alexander, the company’s co-founder and CEO, said in a statement. “In Plano, we will soon more than double the number of active brands since launch, whilst continuing to drive an incredibly thoughtful, progressive, and exciting mix of events and activations in the store.”

Ford Financial Fund raises over $1B for third fund

Dallas-based Ford Financial Fund, a private equity fund focused on investments in community banks, announced this week that it has closed Ford Financial Fund III with more than $1 billion in commitments. 

Carl B. Webb

Gerald J. Ford

This marks Ford Financial’s biggest fund to date and includes many of its current partners along with a group of quality first-time investors, according to a statement. No financial details of the acquisition were released. The Fund III closing comes as California-based Mechanics Bank, which is majority owned by Ford Financial, announced it had acquired the Netherlands-based Rabobank N.A. 

Ford Financial Fund is co-managed by Gerald J. Ford and Carl B. Webb, a pair of experienced financial services executives in Dallas. 

“The successful raise of Fund III in support of a large acquisition during a challenging market environment represents tremendous trust in our ability to effectively invest in unique financial services opportunities,” Webb said in a statement.

Unlike most PE funds, Ford Financial Fund is structured as a bank holding company. Fund II, which closed in May 2013, and Fund III are both completely invested in Mechanics Bank. Mechanics Bank has more than $17 billion in total assets with 144 branches.

VitalTech gets Series A funding from Concord Health and Stanley Ventures

VitalTech, a Plano-based provider of cloud-based health and remote patient monitoring technology, announced the closing of its Series A financing round from two strategic investors—New Jersey-based Concord Health Partners, a healthcare-focused investment firm; and Atlanta-based Stanley Ventures, the investment arm of Stanley Black & Decker. 

Massachusetts-based Stanley Healthcare is also entering into an agreement with VitalTech to resell its VitalCare and VitalBand product lines, according to a statement. No financial terms of either deal were released.

VitalTech’s digital health platform, VitalCare, integrates vital signs, nutrition, medication reminders, and communication tools to allow for better patient care.

pawTree raises $350K of $3M equity offering

Southlake-based pawTree, LLC reported raising $350,000 of a $3 million equity offering, according to a filing with the U.S. Securities and Exchange Commission.

Founded in 2012, pawTree is a retail and social platform focusing on all things pets. CEO Roger Morgan founded the business, after spending eight years at Retail Products Group.

“pawTree has been growing very rapidly and we will use the funding to continue to fuel our exciting growth plans,” Morgan told Dallas Innovates via email.

Last year, pawTree was presented with the Rising Star Award by Direct Selling News. The company markets premium pet quality food, treats, and supplements said to be made from only the best ingredients.

Corriente Advisors brings in almost $82M in equity raise

Fort Worth-based Corriente Advisors LLC reported nearly $82M in new equity funding for its Fund II, according to an SEC filing. 

Founded in 2004, the employee-owned firm focuses on investing in the public equity and alternative investments markets. 

The company’s Cayman Islands subsidiary, Corriente Offshore Partners II also reported new funding to the SEC of more than $59 million. Earlier this year, Corriente Master Fund II LP announced that it had increased its ownership stake in the capital of Canada-based Indus Holdings, Inc.

Texas Security Bankshares raises $14.5M of $15M offering

Texas Security Bankshares, Inc., a Dallas-based bank holding company, reported to the SEC in a new filing that it has raised $14.5 million of a $15 million debt offering.

Founded in 2008, Texas Security Bankshares has $61.5 million in total assets, according to its Schedule SC balance sheet. The company has branches in the Dallas Design District, Garland, and a branch that serves Farmers Branch, Carrollton, and Addison.

Report: Exxon Mobil plans to sell Norwegian assets for up to $4B

Irving-based Exxon Mobil Corp. has agreed to sell its Norwegian oil and gas assets for up to $4 billion, according to a report by Reuters, which cited three sources familiar with the matter.

The deal would end Exxon’s production in Norway where it began operations more than 100 years ago.

In June, Exxon wanted to sell its Norwegian upstream portfolio, which holds minority stakes in more than 20 fields, according to Reuters. In a subsequent report, Norwegian daily Dagens Naeringsliv reported the buyer was Var Energi, citing anonymous sources. The deal is reportedly due to be announced by the end of the month.

MERGERS & ACQUISITIONS

Integrity Marketing Group acquires North Carolina company

Integrity Marketing Group, LLC, the Dallas-based distributor of life and health insurance products, has acquired The Pinnacle Benefits Group, an insurance marketing company headquartered in North Carolina.

No financial information on the private transaction was released.

As part of the deal, Pinnacle co-founders Raymond C. Richard and R. Lindsay Leonard are to become owners in Integrity, according to a statement.

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