CareBooker Lands $500,000 Seed Funding

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=2186f900-4d94-41d1-80a2-eaeca44e4102 Date 9/24/2014 Company Name CareBooker Mailing Address Undisclosed Norwalk, CT 06854 USA Company Description CareBooker is the best place to find and book care for the whole family all under one roof, from child care, pet care, tutoring & lessons, to house cleaning, sports & fitness, and senior care. Website http://www.carebooker.com … Continue reading “CareBooker Lands $500,000 Seed Funding”

Acorda Therapeutics Acquires Civitas Therapeutics for $525,000,000

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=2c29f799-022d-47f4-a179-9c25c3e5ccb9 Date 9/24/2014 Company Name Civitas Therapeutics Mailing Address 190 Everett Ave. Chelsea, MA 02150 USA Company Description Civitas is a pharmaceutical company focused on developing products with a clinically proven dry powder pulmonary delivery platform. The proprietary dry powder and device combination is unique in its ability to deliver a large, … Continue reading “Acorda Therapeutics Acquires Civitas Therapeutics for $525,000,000”

TVC Leads $9.5M Round for Centage to Expand Financial Software

The San Diego private equity firm TVC Capital specializes in software deals, but TVC is not a venture investor. TVC says it invests in high-growth companies with untapped potential. You could say that Jeb Spencer, TVC’s co-founder and managing partner, views prospective early stage deals in the white-hot consumer Web sector as all sizzle and … Continue reading “TVC Leads $9.5M Round for Centage to Expand Financial Software”

Aimee Mullins, L’Oréal Talk Progress for Women in Innovation

If you ask Aimee Mullins how to drive innovation, she responds with an athlete’s point of view. Exploring new ideas should be part of a routine, like training for a sport, not just done in a crisis, the athlete and model told me in an interview at L’Oréal USA’s NEXT Generation Awards in New York. … Continue reading “Aimee Mullins, L’Oréal Talk Progress for Women in Innovation”

How the Google X Moonshot Idea Factory Works

It’s not often that a company actively seeks out new problems. But that’s exactly the purpose of Google X, the secretive lab that’s hatched Google Glass, package-delivering drones, and high-altitude balloons that beam Internet service to people not yet online. Astro Teller, the captain of moonshots at Google X, says the company created the research … Continue reading “How the Google X Moonshot Idea Factory Works”

Nexage Joins Parade of Boston Mobile-Ad Acquisitions, for $107.5M

[Updated 4pm, see below.] The Boston area has an impressive history of mobile-advertising startups being acquired for large sums (usually $100 million-plus): Third Screen Media, Enpocket, Quattro Wireless, Where, Jumptap. Now add Nexage to that list. The mobile-ad exchange is being acquired by Millennial Media, the Baltimore-based advertising giant that also bought Jumptap last year. … Continue reading “Nexage Joins Parade of Boston Mobile-Ad Acquisitions, for $107.5M”

With FDA Nod, T2 Bio’s Sepsis Test Heads to Commercial Proving Ground

T2 Biosystems believes that its quick method for testing patients for dangerous viral and bacterial infections could save the healthcare system a lot of money, and save some lives as well. With a key regulatory decision now in the bag, the Lexington, MA-based company will get its chance to prove it. The FDA late Monday … Continue reading “With FDA Nod, T2 Bio’s Sepsis Test Heads to Commercial Proving Ground”

Kinvey Lands $10.8M Series B, Hot on Heels of VMware Partnership

If you want to make hay as an independent mobile backend service company, it helps to have a big partner and some extra cash. Boston-based startup Kinvey can now cross both of those items off its to-do list. Today, the company is announcing a $10.8 million Series B investment, led by new backers NTT Docomo … Continue reading “Kinvey Lands $10.8M Series B, Hot on Heels of VMware Partnership”

“100K” Marathon: A Decades-Long Health Study Makes Its Business Case

For the past several months, 108 people, most of them in the Seattle area, have been under constant biomedical surveillance. And they like it. They’ve agreed to submit to a battery of medical tests that began this year but could stretch for 25 years or more in a landmark study organized by Seattle’s Institute for … Continue reading ““100K” Marathon: A Decades-Long Health Study Makes Its Business Case”

Kinvey Obtains $10,800,000 Series B Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=ce23a834-b968-44ed-826d-5218cf42fad1 Date 9/23/2014 Company Name Kinvey Mailing Address 99 Summer Street Boston, MA 02110 USA Company Description Kinvey (pronounced Kin-vey, like convey) makes it ridiculously easy for developers to setup, use and maintain a cloud backend for their mobile apps. Website http://www.kinvey.com Transaction Type Venture Equity Transaction Amount $10,800,000 Transaction Round Series … Continue reading “Kinvey Obtains $10,800,000 Series B Round”

SeqLL Obtains $1,000,000 Series A Funding Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=a21765c4-2915-431a-82a1-d677c0dc104b Date 9/23/2014 Company Name SeqLL Mailing Address 317 New Boston St. Woburn, MA 01801 USA Company Description Sequence with Accuracy SeqLL, founded in March 2013, is an industry leading DNA and RNA sequencing service provider, particularly for single molecule sequencing data. Utilizing the largest collection of HeliScope Single Molecule Sequencers. Website … Continue reading “SeqLL Obtains $1,000,000 Series A Funding Round”

Millennial Media Acquires Nexage for $107,500,000

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=9206a718-2166-41bf-aac6-db00f1b74759 Date 9/23/2014 Company Name Nexage Mailing Address 101 Arch Street Boston, MA 02110 USA Company Description Nexage is a leading developer of Mobile Advertising solutions that enable companies to maximize Ad revenue from their mobile properties. Website http://www.nexage.com Transaction Type M&A Transaction Amount $107,500,000 Transaction Round Proceeds Purposes M&A Terms Millennial … Continue reading “Millennial Media Acquires Nexage for $107,500,000”

Boston Tech Roundup: Wayfair, Flashnotes, Ubersense, & More

A little more detail about a big IPO and news of some smaller private deals, from seed funding up to an acquisition, to get you caught up this week: —Wayfair, the Boston-based e-commerce company that focuses on home goods, has set a price range for its upcoming IPO. In an SEC filing, the company says it may price its shares at $25-$28 … Continue reading “Boston Tech Roundup: Wayfair, Flashnotes, Ubersense, & More”

Syndax Pharmaceuticals Garners $4,947,480 New Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=256cec88-6fcc-4003-9b87-4ee6b3fe2e8e Date 9/22/2014 Company Name Syndax Pharmaceuticals Mailing Address 400 Totten Pond Road Waltham, MA 02451 USA Company Description Syndax Pharmaceuticals, Inc. is a Waltham, MA-based, oncology-focused biotechnology company that is building a portfolio of new oncology products to extend and improve the lives of patients by developing and commercializing novel cancer … Continue reading “Syndax Pharmaceuticals Garners $4,947,480 New Round”

Forum Highlights Innovators Working in Global Public Interest

Turning a valuable technology invention into a successful product is a lot like solving what public transit experts call the “last mile problem.” No matter how good your network of buses and trains, people won’t ride them if the bus stop or station isn’t a reasonable distance from their homes. The same goes for information … Continue reading “Forum Highlights Innovators Working in Global Public Interest”

Cleantech Incubator Greentown Labs Makes Friends With Big Companies

If there’s one thing that many cleantech startups have come to realize, it’s the importance of having access to companies with deep pockets. In energy and water, big corporations, or “strategic partners,” can provide the funding and expertise that’s often needed to push a startup’s prototype closer to production—and sales. The cleantech incubator Greentown Labs … Continue reading “Cleantech Incubator Greentown Labs Makes Friends With Big Companies”

Sold For Parts, Accelerator Grad Allozyne Reaches End of the Line

With barely a whisper, Seattle biotech Allozyne has been broken up for parts, with most of its assets sold off earlier this summer to a previous licensing partner, Xconomy has learned. The buyer was MedImmune, the biotech division of the multinational drug company AstraZeneca (NYSE: [[ticker:AZN]]), and the deal effectively ends the nine-year run of … Continue reading “Sold For Parts, Accelerator Grad Allozyne Reaches End of the Line”

A Prescription for the Achilles Heel of Healthcare IT

What keeps doctors from sleeping at night? Electronic Health Records (EHRs). More specifically, the “homework” these essential-but-sometimes-inefficient systems generate is enough to cause nightmares. In a recent study that observed physician behavior, primary care providers spent 40 percent of their patient visit time focused on their computer screens, clicking and scrolling through the patient’s EHR. … Continue reading “A Prescription for the Achilles Heel of Healthcare IT”

End Your Year Right: Xconomy’s Tech Agenda 2015, Dec. 2

If the cooler days and earlier sunsets weren’t enough of a clue, the flurry of tech-company product announcements should really seal the deal: time is running out on 2014. And if you’re not careful, it’s easy to wind up with a headful of spin, hype, and just plain nonsense. We’re here to help. On Dec. 2, Xconomy is … Continue reading “End Your Year Right: Xconomy’s Tech Agenda 2015, Dec. 2”

BevSpot Garners $700,000 Seed Financing

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=f51fa723-59fd-4bd3-8b19-afd5dd281bc3 Date 9/18/2014 Company Name BevSpot Mailing Address 60 Brattle St. Cambridge, MA 02138 USA Company Description With no up-front cost or implementation time, create low cost lead generation and high-margin sales opportunities through instant access to all retailers on the platform with no incremental sales force expense. Website http://www.bevspot.com Transaction Type … Continue reading “BevSpot Garners $700,000 Seed Financing”

Seventh Generation Lands $30,000,000 New Funding Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=2b049231-1078-43f1-89f1-d2be96808401 Date 9/18/2014 Company Name Seventh Generation Mailing Address 60 Lake Street Burlington, VT 05401 USA Company Description Seventh Generation is the nation’s leading brand of household and personal care products that help protect human health and the environment. Established in 1988, the Burlington, Vermont based company remains an independent, privately-held company … Continue reading “Seventh Generation Lands $30,000,000 New Funding Round”

DipJar Secures $420,000 Seed Financing Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=8e7ae7be-bcb5-41ab-81bd-f4eab4180877 Date 9/18/2014 Company Name DipJar Mailing Address Undisclosed Boston, MA 02115 USA Company Description For years, cash tip jars have been a staple of store counters. Customers drop in their dollar bills and loose change to show appreciation for the employees brewing their coffees or preparing their sandwiches. Website http://www.dipjar.com Transaction … Continue reading “DipJar Secures $420,000 Seed Financing Round”

Sentrix Garners $6,000,000 New Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=579434e7-e065-47fe-b22d-fef11200e671 Date 9/18/2014 Company Name Sentrix Mailing Address 1050 Winter Street Waltham, MA 02451 USA Company Description Sentrix provides cloud-based Website security solutions protecting against threats of all types. Sentrix addresses the most demanding, high-end security needs of the enterprise, yet it simplifies maintenance, reduces efforts by up to 80% and TCO … Continue reading “Sentrix Garners $6,000,000 New Round”

Red Hat Acquires FeedHenry for Undisclosed Sum

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=164d14bf-538e-40ec-9323-98cb82954630 Date 9/18/2014 Company Name FeedHenry Mailing Address 15 New England Executive Park Burlington, MA 01803 USA Company Description FeedHenry provides a Mobile Application Platform to enterprises to simplify their mobile initiatives and empower them to engage more effectively with employees, customers and partners through the mobile channel. The platform is cloud-based … Continue reading “Red Hat Acquires FeedHenry for Undisclosed Sum”

CyPhy Works Lands Military Deal For “Pocket Drone”

CyPhy Works has been awarded a contract with the Air Force to build a small drone for search-and-rescue operations, its second military contract. The Danvers, MA-based company said today that it will design and test the Extreme Access Pocket Flyer, a drone that’s about 7 inches by 7 inches wide and few inches thick. That … Continue reading “CyPhy Works Lands Military Deal For “Pocket Drone””

Former Barnes & Noble CEO Goes Long on Smart Home

The smart home is a product category marked by hype and unfulfilled promises. Now, entrepreneurs and investors think improved technology will get consumers to finally bite on home automation. Earlier this month, Savant Systems said it raised $90 million from private equity firm Kohler Kravis Roberts (KKR) to expand its product line and ramp up marketing. … Continue reading “Former Barnes & Noble CEO Goes Long on Smart Home”

Spurned by Salesforce, HubSpot Aims for Revenge with Sales Software

A little more than a year ago, Salesforce announced it was paying $2.5 billion to acquire marketing software company ExactTarget. It was the largest in a string of buyouts meant to make Salesforce more competitive in digital marketing, giving it more ammunition against huge names like SAP, Oracle, IBM, and Microsoft. Analysts praised the deal, … Continue reading “Spurned by Salesforce, HubSpot Aims for Revenge with Sales Software”

Tokai Bags $97M For Prostate Cancer Drug in Upsized IPO

Tokai Pharmaceuticals may be trying to break into an increasingly crowded field of prostate cancer drugs, but Wall Street investors clearly like its chances to make an impact. Cambridge, MA-based Tokai priced its IPO at $15 per share, the top of its projected range. It also sold 6.48 million in the offering, over a million … Continue reading “Tokai Bags $97M For Prostate Cancer Drug in Upsized IPO”

MyoKardia, Sanofi Ink $200M+ Deal for Targeted Heart Drugs

Third Rock Ventures started up MyoKardia in 2012 around the idea of making genetically targeted drugs for certain forms of heart disease. Two years and $38 million in venture funding into the effort, French pharmaceutical giant Sanofi is buying into the concept. South San Francisco, CA-based MyoKardia announced this morning that it’s inked a collaboration … Continue reading “MyoKardia, Sanofi Ink $200M+ Deal for Targeted Heart Drugs”

Intrinsic Therapeutics Garners $17,256,239 New Funding

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=551a0af5-5819-4810-8f9b-41940539203b Date 9/17/2014 Company Name Intrinsic Therapeutics Mailing Address 30 Commerce Way Woburn, MA 01801 USA Company Description The company is developing surgical equipment for use in spinal tissue repair. Website http://www.in-or.com Transaction Type Venture Equity Transaction Amount $17,256,239 Transaction Round Undisclosed Proceeds Purposes Proceeds purposes were not disclosed. SEC regulatory filing. … Continue reading “Intrinsic Therapeutics Garners $17,256,239 New Funding”

Startup Institute Receives $3,000,000 Series A Financing

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=081a4f35-85ec-4f07-aa38-781cc45f69eb Date 9/17/2014 Company Name Startup Institute Mailing Address 179 Lincoln St. Boston, MA 02111 USA Company Description Startup Institute is the #1 immersive career accelerator, offering transformative educational experiences for career changers and recent grads that combine hard skills with cultural acumen to drastically increase the velocity and impact of startup … Continue reading “Startup Institute Receives $3,000,000 Series A Financing”

Quobyte Secures Series A Funding Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=9ee6612b-aa76-43e1-b0df-8599936080d0 Date 9/17/2014 Company Name Quobyte Mailing Address One Boston Place 26th Floor Boston, MA 02108 USA Company Description Quobyte was founded in 2013 by former Google employees Felix Hupfeld and Björn Kolbeck. Both have gathered over seven years experience in distributed and storage systems research at the Zuse Institute Berlin while … Continue reading “Quobyte Secures Series A Funding Round”

Common Sensing Obtains $200,000 New Funding Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=cf2bf010-0f02-4a77-aa2f-a98d7d7c1865 Date 9/17/2014 Company Name Common Sensing Mailing Address 288 Norfolk St. Cambridge, MA 02139 USA Company Description Common Sensing Inc. manufactures a diabetes management product. The company offers an insulin pen cap that records a person’s insulin intake information and transmits it to a mobile phone or a connected glucose meter. … Continue reading “Common Sensing Obtains $200,000 New Funding Round”

Proteon, Moving on From Ill-Fated Novartis Deal, Files IPO Pitch

It wasn’t too long ago that Proteon Therapeutics looked to be a piece of Novartis’ portfolio. That deal flamed out, however, leading the Waltham, MA-based biotech to retrench, find some new investors, and—as the company as just disclosed today—chart a course for Wall Street. Proteon has unveiled plans to go public, aiming primarily to finance … Continue reading “Proteon, Moving on From Ill-Fated Novartis Deal, Files IPO Pitch”

SVB Invests $3M in Startup Institute as Financial Firms Back Techies

Banks and financial institutions are getting deeper into the startup world—now by investing in them at an early stage. Silicon Valley Bank has led a $3 million Series A funding round for Boston-based Startup Institute, which is looking to expand globally. Previous investors in the company include seed-stage firms Project 11 and Boston Seed Capital. … Continue reading “SVB Invests $3M in Startup Institute as Financial Firms Back Techies”

Design Software Startup GrabCAD Bought by Stratasys for About $100M

[Updated 9/16/14 10 am] 3D printing isn’t exactly a new idea, but the costs and availability of the tools have greatly improved in the past several years. That means a lot more people doing things with the technology. And it also means established companies are feeling some pressure to keep up. Today we’re seeing the result: Cambridge, MA-based … Continue reading “Design Software Startup GrabCAD Bought by Stratasys for About $100M”

New MC10 CEO Hopes to Drive More Products for Wearable Electronics

Pioneering wearable electronics company MC10, which makes flexible sensors that can wirelessly monitor biological data while sticking close to the skin, has recruited a new leader to help it bring more products to market. Cambridge, MA-based MC10 is announcing today that it has hired former Broadcom executive Scott Pomerantz as its new CEO. He replaces … Continue reading “New MC10 CEO Hopes to Drive More Products for Wearable Electronics”

Stratasys Acquires GrabCAD for Undisclosed Sum

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=8b3ba460-6f8b-44e2-8389-9b829d5ec444 Date 9/16/2014 Company Name GrabCAD Mailing Address One Cambridge Center 6th Floor Cambridge, MA 02142 USA Company Description GrabCAD is a services marketplace that connects manufacturing and product development companies with CAD engineers around the world. Website http://www.grabcad.com Transaction Type M&A Transaction Amount Undisclosed Transaction Round Proceeds Purposes M&A Terms Financial … Continue reading “Stratasys Acquires GrabCAD for Undisclosed Sum”

Court: Dealers Can’t Stop Tesla From Selling Direct to MA Consumers

Tesla Motors, the high-performance electric car company headed by PayPal co-founder Elon Musk, has won another legal skirmish in its quest to sell cars directly to consumers. On Monday, Massachusetts’ top court ruled that car dealers in the state had no right to sue Tesla (NASDAQ: [[ticker:TSLA]]) for its direct-sales model, which cuts out any … Continue reading “Court: Dealers Can’t Stop Tesla From Selling Direct to MA Consumers”

East Coast Biotech Roundup: Maraganore, Flex, NPS, Retrophin, & More

It’s back to work, back to school, and back to the grind in biotech. One local company inched towards a potential FDA approval, yet its stock is down more than 10 percent. Another biotech came under fire for a big price hike on an old drug. And a new startup emerged with the backing of … Continue reading “East Coast Biotech Roundup: Maraganore, Flex, NPS, Retrophin, & More”

The Rhythm of Management: What Jazz Can Teach Startup Executives

“Jazz stands for freedom. It’s supposed to be the voice of freedom: Get out there and improvise, and take chances, and don’t be a perfectionist – leave that to the classical musicians.” — Jazz great Dave Brubeck Playing in a jazz ensemble and leading a business are very, very similar. And my experiences both as … Continue reading “The Rhythm of Management: What Jazz Can Teach Startup Executives”

Scholar Rock’s Local Approach to Immune Disease Nabs $20M

With a pharma partnership already in hand and big biotech names on board, the Cambridge, MA-based startup Scholar Rock today announced a $20 million Series A round of funding. With the cash, the company will continue its pursuit of antibody therapies that exploit a relatively new biological understanding of the way crucial proteins called growth … Continue reading “Scholar Rock’s Local Approach to Immune Disease Nabs $20M”

OLED Startup Kateeva Hauls in Samsung as Investor

OLED displays have a lot to offer: screens can be flexible and thin, produce great images, and consume little power. But the high cost of producing them for large-format TVs has kept the technology out of the mainstream. Menlo Park, CA-based Kateeva thinks its technology can bring the price down—and it’s got a new round … Continue reading “OLED Startup Kateeva Hauls in Samsung as Investor”

Scholar Rock Garners $20,000,000 Series A Financing

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=c349d81f-6fd6-4fcc-954b-6b92bafaebfb Date 9/15/2014 Company Name Scholar Rock Mailing Address 300 Third Street 4th Floor Cambridge, MA 02142 USA Company Description Scholar Rock, LLC, is an early stage biotechnology company focused on the discovery and development of novel biologic therapeutics. Website http://www.scholarrock.com Transaction Type Venture Equity Transaction Amount $20,000,000 Transaction Round Series A … Continue reading “Scholar Rock Garners $20,000,000 Series A Financing”

IPhones, Payments, Watches, & More on WGBH’s Boston Public Radio

Greg Huang and I stopped by the WGBH studios this week to talk technology business news on Boston Public Radio. And this week, of course, it’s all Apple—the new iPhones, the company’s hoped-for mobile payments system, smartwatch, and data security. It was a lot of fun talking with hosts Margery Eagan and Jim Braude, who I think have pretty level heads about … Continue reading “IPhones, Payments, Watches, & More on WGBH’s Boston Public Radio”

Boston Tech Roundup: FlightCar, ReWalk, Skyword, Visible Measures

A few interesting fundraising deals to catch up with this week—one of them involving a West Coast relocation—along with reports of layoffs at a well-funded tech startup in town: —FlightCar, a startup that lets everyday drivers rent their cars to other people while they’re away traveling, has raised a Series A investment round of $13.5 … Continue reading “Boston Tech Roundup: FlightCar, ReWalk, Skyword, Visible Measures”

Innovation Hub: Why Tech’s Women Problem Is Bigger Than You Think

You’ve seen the numbers. And they’re not good. At Apple, Twitter, Google, and Facebook, women are vastly outnumbered by men. When it comes to technical positions like coders, men occupy 80 to 90 percent of the positions. Which isn’t a great sign if these represent the jobs—and skill sets—of the future. The startup scene is … Continue reading “Innovation Hub: Why Tech’s Women Problem Is Bigger Than You Think”

How to Attract Smart People, Smart Ideas, and Smart Money

North Carolina entrepreneurs are attracting attention all over the nation—and all over the world—across the tech, life science, and advanced materials sectors. The proof is in the numbers. Last year, more than 220 entrepreneurial companies in North Carolina raised nearly half a billion dollars through equity investments, grants, and awards from 108 unique funders, according … Continue reading “How to Attract Smart People, Smart Ideas, and Smart Money”

DxNow Lands $172,500 New Financing

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=8ea1013a-a545-4f34-8cd3-7f23a5a17af5 Date 9/12/2014 Company Name DxNow Mailing Address 5 Jennison Circle Natick, MA 01760 USA Company Description DxNow products and technologies will be applied to applications in renal dialysis, male fertility, global health, and rapid detection of microbial species in the environment, contributing to public safety and health in the applied life … Continue reading “DxNow Lands $172,500 New Financing”