Follow the Money: ROBO Global Launches Healthcare ETF, Arteriors Gets ‘Significant Investment’

You’ll also find news from Align Capital Partners, TPG, Mark Cuban, Hidrent, Del Frisco’s Restaurant Group, Apple, and Drive.ai in this roundup of funding, merger, and acquisition activity involving companies in North Texas.

funding

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ROBO Global launches healthcare ETF on NYSE

Dallas-based ROBO Global announced that it has a new healthcare ETF on the New York Stock Exchange in partnership with Exchange Traded Concepts.

ROBO Global is the index provider behind the first ETF to track robotics and automation. An ETF, or exchange-traded fund, is an investment fund traded on stock exchanges similar to how stocks are traded. This type of fund can hold stocks, commodities, or bonds.

ROBO Global’s new fund is composed of 85 constituent companies in nine medical subsections, according to a report by Proactiveinvestors.com. The fund will use a modified factor weighting scheme, which means some parts affect the index’s value more than others, and will re-balance quarterly.

In 2013, ROBO Global launched the ROBO Global Robotics & Automation Index ETF, which topped $1 billion in assets under management in August 2017.

Arteriors receives ‘significant investment’ from Norwest

Carrollton-based Arteriors has received a “significant investment” from Minnesota-based Norwest Equity Partners.

No details of the investment have been released.

Founded in 1987 by Mark Moussa, Arteriors is a founder-owned, internationally recognized designer and supplier of premium decorative fixtures, furniture, and accessories. This is the first time that Arteriors has partnered with an institutional investor, according to a news release.

Cuban backs social enterprise Hala with $1M angel round

Billionaire investor, entrepreneur, and Dallas Mavericks owner Mark Cuban was the sole investor in a $1 million angel round for Hala Systems.

Founded in 2015, Chicago-based Hala is a social enterprise that focuses on developing effective technology-driven solutions to the toughest humanitarian challenges.

Currently, the enterprise is focused on civilian protections, accountability, and the prevention of violent extremism before, during, and after conflict.

Hidrent launches private placement offering to support app

Prosper-based Hidrent announced the launch of a private placement offering with a minimum investment of $100.

As of late Thursday morning, the offering had raised nearly $4,000 from 17 investors.

Firefighters often work ten 24-hour shifts in a month, which gives them 20 days off. Hidrent aims to help firefighters supplement their incomes during those off-duty days by hooking them up with people looking for reliable, safe, and trustworthy handymen.

So far, nearly 28,000 people have downloaded the consumer app and roughly 3,300 firefighters have downloaded the Hidrent Pro app, which allows them to accept job offers.

Currently, Hidrent is available in Dallas-Fort Worth, Austin, Denver, Houston, Phoenix, San Antonio, and Tampa-St. Petersburg-Clearwater.

Align Capital Partners takes majority stake in E Source

Align Capital Partners, a Dallas-headquartered growth-oriented private equity firm, announced that it has acquired a majority stake in E Source, a Boulder, Colorado-based provider of market intelligence services for utility employees and senior leaders nationwide.

No terms of the deal were released.

This is the first institutional investment for E Source. It will help the company grow its existing portfolio of customer energy and customer experience solutions via add-on acquisitions and organically.

TPG makes investment in Harlem Capital Partners

TPG, the Fort Worth- and San Francisco-headquartered global alternative asset firm, will make a non-controlling strategic investment in the early-stage venture capital firm Harlem Capital Partners.

The amount of the investment was not disclosed. Harlem Capital Partners is committed to backing minority and women founders across various U.S. industries.

TPG will also commit capital to HCP Fund 1 in connection with the investment, according to a news release. The investment will give Harlem Capital Partners access to resources to help scale its business, enhance its operating capabilities, and support its portfolio.

MERGERS & ACQUISITIONS

Private equity firm buys Del Frisco’s Restaurant Group for $650M

Irving-based Del Frisco’s Restaurant Group Inc. is being acquired in a deal valued at $650 million by affiliates of L Catterton, a consumer-focused private equity firm.

The deal will be an all-cash transaction that is expected to be completed by the fourth quarter of this year.

Del Frisco’s Restaurant Group operates 73 restaurants in 16 states under the brands Del Frisco’s Double Eagle and Del Frisco’s Grille. It also has restaurants Bartaco and Barcelona Wine Bar, which L Catterton said it plans to operate separately from the steakhouse brands.

Connecticut-based L Catterton has invested in other brands such as Cheddar’s Scratch Kitchen, Uncle Julio’s, and P.F. Chang’s.

Apple acquires autonomous vehicle startup Drive.ai

Apple has confirmed that it has acquired Drive.ai, which had been operating a ride-hailing service in Arlington’s entertainment district as part of a pilot program.

No details of the deal have been released, but The Verge reported that the acquisition comes just days before Drive.ai—once valued at roughly $200 million—said it intended to close permanently and lay off 90 employees, an action for which it already had filed paperwork with the state of California.

Since fall 2018, Silicon Valley-based Drive.ai, which has an office in Plano, operated autonomous vehicles in Arlington in the area around AT&T Stadium and Globe Life Park. The pilot program in Arlington ended on May 31, city of Arlington Communications Coordinator Susan Schrock told Dallas Innovates.

The Verge said that it’s not clear how much, if any, of Drive.ai will survive under Apple ownership. Earlier reports called it an “acqui-hire” because Apple was more interested in Drive.ai’s engineers, but not its other employees.


READ NEXT

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