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PE HUB First Read

First Read starts the day with news that ACLU says Facebook allows employers to post discriminatory ads, Alibaba’s Jack Ma denies that China’s government forced him out, and Tesla is facing a U.S. criminal probe over Elon Musk’s statements.

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Salt Creek buys Drake Equipment

Salt Creek Capital has acquired Phoenix, Arizona-based Drake Equipment, a provider of commercial service bodies for work-ready trucks and other utility vehicles. No financial terms were disclosed.

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Stonegate provides $5 mln financing to Gearbox

Stonegate has provided a $5 million credit facility for Gearbox. The capital will be used to support Gearbox’s liquidity needs and growth. Based in Mukwonago, Wisconsin, Gearbox repairs, rebuilds and remanufactures wind turbine gearboxes and gearbox parts.

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Center Rock funds LINC

Center Rock Capital Partners LP has made an investment in Westfield, Indiana-based LINC, a provider of fastener, packaging and MRO tools and supplies. No financial terms were disclosed.

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Ro pulls in $88 mln Series A

Ro, a direct-to consumer telehealth company, has raised $88 million in Series A funding, according to a blog post. FirstMark Capital led the round with participation from other investors that included SignalFire, Initialized Capital, General Catalyst, Slow Ventures, Sinai Ventures, Torch Capital, BoxGroup and Tusk Ventures.

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Long Ridge takes majority stake in ProcessUnity

Long Ridge Equity Partners has acquired a majority stake in ProcessUnity, a software-as-a-service provider for integrated risk management. No financial terms were disclosed. In addition to the transaction, Jim Brown, Kevin Bhatt and Jason Melton will join the ProcessUnity board of directors.

Twaice Technologies gathers seed funding

Munich-based Twaice Technologies, a developer of digital twins for companies along the battery value chain, has secured 1.2 million euros in seed funding. The lead investors were Unternehmertum Venture Capital Partners and Speedinvest.

Saykara inks $5 mln

Seattle-based Saykara, a voice and AI-powered virtual assistant for physicians, has secured $5 million in funding. SpringRock Ventures led the round with participation from other investors that included NewYork-Presbyterian Hospital, Elevate Innovation Partners and Madrona Venture Group. In addition to the funding, Kirsten Morbeck, managing director of SpringRock, will join Saykara’s board of directors.

Whill drives off with $45 mln

Whill Inc, a maker of personal electric vehicles, has closed $45 million in funding. The investors included SBI Investment Co., Ltd., Daiwa Securities Group Inc, WHIZ Partners, Inc and Endeavor Catalyst.

Goodhart to launch Volunteer Park Capital

Goodhart Partners LLP is set to launch Volunteer Park Capital, a new platform that targets mid-sized private equity firms in North America and Europe. London-based Goodhart is an investment manager founded in 2009.

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Apollo invests in INET

Apollo Global Management has made an investment in INET, a tech and telecommunications company that enables the industrial internet of things. No financial terms were disclosed. DCS Advisory provided financial advice to INET on the transaction.

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BoA to sell AI feeder funds business to iCapital Network

iCapital Network has agreed to acquire Bank of America‘s alternative investment feeder funds business. No financial terms were disclosed. As part of the transaction, iCapital will offer positions to 22 Bank of America employees who currently support the alternative investment feeder fund operations. The deal is expected to close during the first half of 2019.

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Public Goods rakes in $3 mln seed

Public Goods, a direct-to-consumer brand selling basic necessities, has raised $3 million in seed funding. Yes VC led the round with participation from other investors that included Listen Ventures and Day One Ventures.