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Morning Report:聽Forget mega rounds and Silicon Valley Intrigue. Here’s a deal from outside the Bay.

News recently broke that spinning company Peloton has raised a massive $325 million round. That enormous sum of money came from some of the biggest names in venture, like Kleiner Perkins, and super late-stage capital, like Fidelity.

On the other end of the dollar spectrum,聽 just raised $2 million. Rentalutions, based in Chicago, raised the new capital from , which is based in St. Louis. The聽Rentalutions round, therefore, is a midwest聽company raising from a midwest venture shop, which is fun to see.

This is not Rentalutions first fundraising trip for its “do-it-yourself” property management software.聽According , the firm raised two small seed rounds worth a combined $1 million in 2015. The gap between the company’s seed rounds and this venture event is 20 months, just a mote longer than the traditional 18-month fundraising cadence.

So Rentalutions is right on time. But it did the last cycle with just a flat million. It will be interesting to see what it can do with two more. This little funding event is a good reminder that spinning companies raising nine-figure rounds probably isn’t normal. But software companies raising a few million to keep growing is.

And as a bet Rentalutions may have decent odds. Appfolio, a firm that as “web-based property management software for residential property managers,” went public in 2015. According , Appfolio is worth just a glance under $1 billion.

Perhaps Cultivation Capital hopes that there is more than one unicorn in this particular niche.

From the :

Peloton spins its way to $325M

• There鈥檚 only one way to spin this deal. , the provider of bikes and content that fueled the spinning craze, a massive $325 million series E financing round led by Wellington Management, Fidelity Investments, Kleiner Perkins, and True Ventures. The round topped a big year for five-year-old Peloton, which nearly tripled its annual revenue, grew its subscriber base over three-fold, and was named by Crain鈥檚 as New York鈥檚 fastest growing company.

Appian prices IPO

• Eighteen years after launching, is finally going public. The Reston, Va.-based company, which develops tools for building enterprise apps with less coding, priced shares at $12 each, the middle of the expected range. Appian had just over $130 million in sales last year and posted a loss of about $12 million.

Demandbase supplied with $65M

• , a software platform for marketers, has raised $65 million in a late stage funding round led by Sageview Capital and Silver Lake Waterman. The new financing brings total funding for the ten-year-old, San Francisco-based company to more than $150 million.

Bloomberg bets on future of work

• Corporate VC Bloomberg Beta has spent the past year managing a fund that invests in the future of work. So far, , that has translated into investments in areas including cybersecurity, online education, and a bit of AI.