Binance has decided to cancel the FTX bailout deal only a day after the two companies signed a letter of intent. The news was confirmed by a tweet from Binance CEO Changpeng Zhao. More: - According to Binance, the company reviewed FTX's finances and decided not to go through with the deal because it believed its assistance wouldn't be enough to help the company. FTX reportedly has lost $8B by sharing its funds with another company and claiming that the funds had been stored in its reserve.
- The company added that retail investors suffer whenever a major cryptocurrency company struggles but that over time, regulation and free market developments will help improve the industry.
- The news was also confirmed by a tweet from Zhao, saying that it was a "sad day" and that he "tried."
- FTX has not commented on the development yet.
Zoom Out: - FTX was the third-largest cryptocurrency exchange platform by volume in the world. The company became known for its numerous endorsement deals that helped the U.S.-based company become a mainstream name. FTX has endorsement and sponsorship deals with:
- The Miami Heat's home arena
- Shohei Ohtani
- Steph Curry
- Tom Brady
- Mercedes F1
- Monumental Sports
- Golden State Warriors
- MLB + MLBPA
- TSM
- Aaron Jones
- Trevor Lawrence, etc.
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U.S.-based Chart Industries is set to acquire air and gas handling products manufacturer Howden for $4.4B. The two companies will have a combined revenue of $12B and will save $350M annually within three years. More: - Howden, founded in 1854 in Scotland, aims to help its customers increase their operational efficiencies and decarbonize their operations.
- The company manufactures fans, heaters, compressors, blowers, steam turbines, etc.
- After the acquisition, the combined business is expected to generate over 90% free cash flow conversion in the first 12 months of ownership, inclusive of cash flow from synergies. According to the companies, the acquisition will help them save $150M in costs during the first year and reach a 42% gross margin in the aftermarket, service, and repair sectors.
- Howden is active in over 100 countries and operational in several different verticals, such as:
- Energy and Renewables,
- Industrial Metals,
- Chemicals,
- Food & Beverage,
- Infrastructure,
- Mine Safety, etc.
- Chart Industries is a publically traded company that provides solutions in the liquefied natural gas, hydrogen, biogas, and CO2-capturing sectors.
- The energy company is based in the U.S. but has 25 global in countries such as Malaysia, India, China, Sweden, Italy, Germany, France, and the Czech Republic.
- The deal is structured in cash and preferred stock and is expected to close in 2023, contingent on approval from regulatory authorities.
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TRM Labs has raised a $70M Series B from Goldman Sachs and PayPal to boost its technology that protects crypto users from scams. TRM Labs claims its revenue has grown 490% YoY since its inception in 2018. More: - TRM Labs has built anti-fraud software that can scan 23 different blockchains and report any irregularities found to its clients.
- The company counts Shopify, Opensea, Uniswap, and MoonPay as clients.
- TRM aims to use the funds to expand its technology and staff, which currently comprises 150 employees. These employees are located in the company's offices in the United Kingdom, Singapore, Australia, Brazil, and the United Arab Emirates. The company stated that its employees have experience in organizations such as:
- United Kingdom's National Crime Agency,
- INTERPOL,
- the U.S. Secret Service,
- the U.S. Department of the Treasury, etc.
- Thoma Bravo led the funding round. In addition to PayPal Ventures and Goldman Sachs, Amex Ventures and Citi Ventures also participated in the round.
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Glow has raised a $22.5M funding round to provide insurance for small companies at a lower cost. The company aims to disrupt the $100B small-business insurance market by digitizing risk analysis and making it more cost-effective. More: - The platform ensures that a company’s coverage is always up to date at the lowest possible cost for the long-term future. Its technology aims to match companies with carriers that best meet their needs, then offers policies that are a better fit at the time they need it.
- The company stated it has thousands of customers in the SME sector that benefit from different insurance packages that derive from its partnerships with insurance providers.
- Glow offers small businesses a dedicated account manager who is a licensed insurance advisor. Users can access the service like a regular customer support service by contacting the company through phone or voice.
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Today's funding 💵 Fintech - Agrolend (Brazil), a financial institution that focuses on funding farmers: $27M B by Valor Capital, Continental Grain Company, SP Ventures, Provence Capital, Barn Invest, Yara Growth Ventures, and Mago Capital.
- Ping (Florida), enables freelancers to receive payments from anywhere: $15M Seed led by Y-Combinator, Race Capital, BlockTower, Danhua Capital, Signum Capital, and Goat Capital.
SaaS - Airgram (Singapore), a company that builds enterprise and consumer productivity apps: $10M Growth led by GL Ventures, with participation from Linear Capital, CDH Capital, and PKSHA SPARX Algorithm Fund.
- SocialClimb (Utah), a SaaS marketing platform that helps hospitals attract better talent and improve patient care: $8.5M Growth led by Spring Capital Partners and Resolve Growth Partners.
- Boardable (Indiana), provides an online board management and meetings platform: $2.6M A-1 led by Base10 Partners, with participation from VisionTech, Collina Ventures, and IU Ventures.
- BuildWithin (Virginia), a software platform that enables users to create and manage apprenticeship and workplace training programs: $2.4M Pre-Seed led by Dundee Venture Capital with participation from Black Capital, Atento Capital, and Global Impact Fund II.
Climate tech - Faradai (U.K.), a carbon emission net-zero data intelligence company: $2.4M Pre-A led by Edenbase and Sangha Capital with participation from ACTAI Ventures, Goldacre, EthAum Ventures, etc.
Health tech - Hemanext(Massachusetts), provides blood processing, storage, and transfusion technology: $18M B led by Sonenshine Fulford Group.
Transportation - Hwy Haul (California), a digital freight platform that aims to make freight companies more efficient and cost-productive: $10M Growth led by Eileses Capital with participation from True Blue Partners, BluePointe Ventures, and FDC Partners.
Crypto/Web3 - Kalder (New York), provides a platform that enables companies to increase their engagement: $3M Pre-Seed by Indigo Fund, 8VC, 500 VC, Human Capital, etc.
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Quick Hits: - $250 for International Acct. Day? Demo Divvy by Nov. 10 so you can stop wasting time on expense reports and start wasting it at the beach.*
- Leva Clinic (U.K.), an online telehealth platform for people with chronic pain and a medical cannabis services company, raised a $3.5M Growth round led by Óskare Capital and Justin Hartfield.
- Sequencing.com (California), a DNA interpretation company with one of the largest marketplaces for DNA analysis in the world, raised a $5M Growth round led by Lerer Hippeau with participation from Red Sea Ventures, Global Founders Capital, XRC Labs, Correlation Ventures, Red Antler, Mucker Capital, and Gaingels.
- Alumni Ventures led a $7.5M Seed+ round for Anything World, a company that creates interactive 3D experiences.
- Lab 1, a London-based cyber intelligence platform that helps users protect their systems from the dark web, raised a $900,000 Growth round led by Alan Morgan, MMC Ventures, Cris Conde, and EIC fund SyndicateRoom.
*This is sponsored content.
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 |  | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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