Follow the Money: Bass Family Office Backs FoodMaven’s $15.3M Series B for DFW Expansion, Theatro Nets $20M in Series C Funds

In this weekly roundup of funding, merger, and acquisition activity involving companies and investors in North Texas, you’ll also find news from InspectIR, OneDay, ParkHub, SchoolSpire, MODE Transportation, Texas Capital Bancshares, and Independent Bank Group.

funding

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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Theatro receives $20M in Series C funding from Sageview Capital

Theatro, the Richardson-based developer of the “world’s first” voice-controlled mobile platform to connect hourly workers to enterprise resources, has secured a $20 million Series C investment from Sageview Capital, a growth capital firm focused on investing in leading tech-enabled businesses, according to a statement.

“We’re thrilled to have Sageview Capital invest in our vision of creating one united team across the enterprise by enabling the hourly workforce with voice-driven mobile connectivity,” Theatro CEO Chris Todd said in a statement. “As we continue executing our growth strategy in the new year and beyond, this investment will ensure that we continue to expand and transform the modern mobile workplace.”

The new investment comes on the heels of its $15 million Series B-1 earlier this year, which included strategic investments by Cisco Investments and Honeywell Ventures. The new funding is expected to help Theatro rapidly scale its offerings across retail, hospitality, manufacturing, and other markets that have large hourly workforces, according to a statement.

Ed and Sasha Bass’ family office backs FoodMaven’s $15.3M Series B

The family office of Fort Worth’s Sasha and Ed Bass has invested in a $15.3 million Series B funding round to support the growth and expansion of the Denver-based socially-conscious surplus food startup FoodMaven into Dallas-Fort Worth.

We reported on FoodMaven’s announcement last year that it intended to expand to the DFW market. In a statement this week, FoodMaven reiterated that it will bring its business model to DFW over the next 12 months. The Colorado Springs Gazette reported the expansion will occur early next year.

Funding also came from the company’s Series A investors, including Walmart’s Walton Family and Tao Capital, as well as Fine Line Group, according to a statement. 

Tyler Godoff, who manages venture investments for the family office of Sasha and Ed Bass, said in a statement that the office’s “fund seeks to back founders and ventures with a meaningful connection to Fort Worth. FoodMaven’s decision to make DFW its second market demonstrated its belief that Fort Worth is a model ecosystem in which to scale a venture.”

Bringing the business model to additional markets is expected to demonstrate the company’s ability to scale nationwide, according to a statement.

InspectIR Systems closes seed round for narcotics detection device

InspectIR Systems LLC, a tech startup in Frisco that makes a qualitative and quantitative narcotics breathalyzers, closed a seed round for an undisclosed amount, FinSMEs reports.

Its device focuses on broad narcotic detection, not limited to cannabis. According to the report, the company will use the funding to continue the expansion of its team, laboratory, and R&D efforts. 

InspectIR was founded in 2017 and it utilizes patent-pending technology to analyze a user’s breath and deliver results in under 90 seconds. The company is strategically aligned with the University of North Texas, FinSMEs said.

The startup is expected to begin clinical testing, validation, and initial client installation by the end of the year.

OneDay closes on $5.2M in Series A funding

Dallas startup OneDay, which brings videos to the senior living market, has closed on a $5.2 million Series A round, the Dallas Business Journal reports. 

CEO Clint Lee said in an interview with the publication that the new money will be used for sales and marketing. Austin-based Silverton Partners led the investment, bring the startup’s total funding to roughly $6.5 million.

OneDay partners with roughly 2,000 senior living centers around the world providing a way for members of those communities to share their stories.

Lee noted while OneDay has focused on senior living and senior healthcare mostly, it wants to enter potential tangential markets as well.

MERGERS & ACQUSITIONS

Dallas’ ParkHub acquires Wireless Carpark

Dallas technology startup ParkHub announced on Dec. 10 it has acquired Wireless Carpark in a deal expected to consolidate parking technology services across the companies’ combined client base and open new markets for ParkHub.

While no financial terms of the deal were released, ParkHub founder and CEO George Baker Sr. told Dallas Innovates via email that it will boost the company’s client base and footprint significantly.

“The transaction was a combination of cash and stock which increased our client base by nearly 10 percent,” Baker said. “Further this allowed us to get a good Northeast foothold and unlocked the beach parking market for us.”

He noted the deal also added a notable Division 1 college and a municipal destination to its client set. ParkHub, which provides software and hardware services for the global parking industry, also appointed Wireless Carpark president John W. Beyer and treasurer Matt Allen to its advisory board. Wireless Carpark is headquartered in Connecticut.

Tyler firm buys Plano-based edtech company SchoolSpire 

Plano-based SchoolSpire, a developer of a K-12 instructional management system, has been bought by Tyler-based Mentoring Minds.

No financial terms of the deal were released.

Mentoring Minds is a provider of critical thinking resources and teaching materials for educators in K-12. SchoolSpire, which was founded in 1999, offers a digital suite of tools used by school leaders to manage curriculum resources, administer assessments, and track results for reporting purposes.

SchoolSpire’s staff will join Mentoring Minds. SchoolSpire founder and CEO Muhammad Wasay will become the chief technology officer at Mentoring Minds.

MODE Transportation completes SunteckTTS acquisition

Dallas-based MODE Transportation has completed its acquisition of Frisco’s SunteckTTS Inc., creating a combined company expected to have 1.5 million customer shipments a year and generate more than $2 billion in revenue.

The combined company will offer a wide range of capabilities across all major modes of transportation including truckload, less-than-truckload, rail intermodal, drayage, air, ocean, and parcel freight, according to a statement.

The company plans to leverage the increased scale and resources to continue investing in technology and innovation for the benefit of its shipper, carrier, and agent communities.

Banks merge to create combined company valued at $5.5B

Dallas-based Texas Capital Bancshares and McKinney-based Independent Bank Group Inc. will combine in an all-stock merger to create the second-largest lender by assets in Texas. The merger’s total market value is $5.5 billion.

The combined companies will have about $48 billion in assets and $39 billion in deposits, reports the Fort Worth Business Press. The combined holding company is expected to be called Independent Bank Group and the name of the combined bank will be Texas Capital, reports the Business Press. 

The corporate headquarters of the combined company will be located in McKinney.

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