糖心视频

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

Subscribe to the Crunchbase Daily

Blackstone raises $4.5B for first growth equity fund

Private equity giant today the close of Blackstone Growth, its inaugural growth equity fund. With $4.5 billion in commitments, the firm says it is the largest first-time growth equity fund in history.

Blackstone says the fund will focus on providing capital to “entrepreneurs seeking to minimize the execution risks associated with high-growth environments.”

Previously, Blackstone has made a number of growth equity investments out of its other funds. This includes stakes in online dating company , oat milk pioneer聽, and enterprise software business .

— Joanna Glasner

ThredUp sets IPO range

Online used clothing retailer plans to offer 12 million shares, as part of its initial public offering, to raise as much as $168 million, .

Oakland-based ThredUp set the price range of the shares between $12 and $14 per share. The lead book-running managers are , and .

ThredUp was founded in 2009 by , , and to reimagine buying and selling secondhand women’s and kids’ apparel, shoes and accessories toward a more sustainable fashion industry.

It went on to raise more than $305 million in known venture funding, per Crunchbase data. The company鈥檚 most recent valuation, following a funding in September 2019, was $650 million, per PrivCo data made available to Crunchbase. That round was led by and.

ThredUp earlier this month with the . It revealed that it processed more than 100 million unique secondhand items since 2009 and saved users $3.3 billion when compared to purchasing new.

Competitors, including entered the public markets in June 2019, while , a social platform for buying and selling clothes and accessories, went public, also through IPO, in January.

ThredUp intends to list on the Nasdaq Global Select Market under the ticker symbol TDUP and is expected to begin trading on March 26, .

— Christine Hall

Funding rounds

China’s Momenta raises $500M for autonomous vehicles:聽China-based , a developer of autonomous driving technology, in a funding round with backing from strategic investors , and .

—听Joanna Glasner

Public offerings

Instil Bio raises $320M in IPO: Dallas-based , a venture-backed biotech developing immune cell therapies for cancer, that it raised $320 million in an upsized public offering. Shares will trade on Nasdaq under the ticker symbol TIL.

—听Joanna Glasner

New fund

Juxtapose raises second fund: New York venture fund said it raised $300 million for its second fund, bringing its total assets under management to $450 million. Founded by and in 2015, the fund invests in consumer technology companies. Its current portfolio includes, ,, and.

— Christine Hall

Illustration: