Follow the Money: PawTree Reports $3M Raise, Fort Worth SPAC’s IPO Pulls in $230M, Cuban Invests in Supply Chain Startup, and More

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. Sign up for our e-newsletter, and share your deal news here

Pet Superfood Treat Maker Reports $3M Raise

PawTree, a Southlake-based maker of pet products, reported raising $3 million in equity and other options from nine investors, according to an SEC filing. Based on previous filings, PawTree has raised more than $27.5 million since launching in 2012.

PawTree offers superfood seasonings for both dogs and cats along with food, treats, supplements, accessories, and more. Founder Roger Morgan, a former president and CEO of Retail Products Group, leads the company.  Morgan partnered with a team of veterinarians and a PhD in animal science and pet nutrition to help launch PawTree.


Tyler Technologies Scoops Up US eDirect in RecTech Deal

[Image: gorodenkoff/istockphoto]

⟫ In other acquisition news, Plano-based public sector software services provider Tyler Technologies scooped up New York campground and outdoor recreation management company US eDirect for an undisclosed amount. The company plans to incorporate US eDirect’s transaction management system and team into its government payments solution division NIC, which it acquired in 2021. US eDirect employees will continue to operate out of New York. Read more in our story here.

Fort Worth SPAC Pulls in $230M

⟫ Fort Worth SPAC Kimbell Tiger Acquisition Corporation raised more than expected with its debut on the New York Stock Exchange, pulling in $230 million with the IPO. The company’s Class A common stocks and warrants now trade under the tickers TGR and TGR.WS, respectively. Initially, Kimbell was aiming to raise $200 million. Led by Zachary Lunn, Kimbell said it plans to target North American companies in the energy and natural resources industry.

Cuban Invest in Supply Chain Startup

⟫ Dallas billionaire and serial entrepreneur Mark Cuban joined a $5 million growth capital investment in New York supply chain visibility startup Leverage, bringing the company’s total to around $7 million. Las Olmas Venture Capital led the round, which was also joined by Gaingels, Social Impact Capital, and Hyphen Capital. Leverage said it has seen 4,000% growth over the past year, which it attributes to COVID-related disruptions.

VertexOne Closes on $75M Senior Secured Term Loan, Plans Expansion

⟫ Richardson’s VertexOne, a customer solutions SaaS firm, closed on a $75 million senior secured term loan from California-based venture debt provider Runway Growth Capital. The company said it’s planning to use the money to expand its business and fund potential future acquisitions. VertexOne was itself acquired by DFW Capital Partners in 2019. According to Crunchbase, the company has raised more than $125 million in debt and venture funding since launching in 1996.

McKinney Auto Retail SaaS Firm Acquired

⟫ Auto retail industry SaaS firm Dealer Safeguard Solutions, based in McKinney, has been acquired by California credit reporting and compliance solutions company Credit Bureau Connection. Terms were not disclosed. Credit Bureau Connection, which is backed by Houston’s Capstreet Group, plans to retain all of Dealer Safeguard’s staff.


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