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Five things you need to know, and a classic film in an iconic venue
Good morning, Boston. It’s sports galore this week: Wimbledon, Tour de France, and of course Euro and Copa America soccer is still going on. What’s a sports fan to do? How about focus on just five things you need to know in Boston business news?<\p> Hannah Green reports that a Waltham biotech is axing most of its workforce just weeks after shutting down its late-stage trial in pulmonary arterial hypertension in June.<\p>
Tech layoffs: Mass. companies cut over 1,000 jobs in Q2
A total of seven organizations, including a publicly traded firm, eliminated hundreds of local jobs in the second quarter of the year. <\p> The latest job cuts, with total just over 1,000 for the second quarter, represent a drop in local layoffs after 12 Bay State companies, including four publicly traded companies, eliminated over 2,700 roles in the first quarter.<\p>
VC funding: Boston startups raised $397.2M in June
June may have heated up in terms of temperature, but we saw some cooling of VC funding this month. The combined total VC dollars in June were $397.2 million, a noticeable dip from May’s $698 million. The funding was spread across various industries with a surprise appearance by a Unicorn. <\p> Read about all the June deals here, and be sure to sign up for The Beat, BostInno’s free daily innovation newsletter, so you never miss a funding.<\p>
June M&A deals: Akamai, Knownwell, Boston Scientific and more
June left us with a stark reminder of how quickly the weather can change in Boston. The M&A scene is a little less prone to such dramatic changes and stifling heat (so I’ve been told). Check out last month's mergers and acquisitions, courtesy of reporting by BostInno and the Boston Business Journal in June. <\p> And don't forget to sign up for The Beat, BostInno's free daily innovation newsletter, so you never miss an M&A deal.<\p>
Startup that uses AI to speed up risk analysis raises $7.5M
An early-stage AI startup that says it can simplify the challenges of risk decision making and portfolio management for complex credit products has raised $7.5 million in seed financing. <\p> Unusual Ventures led the seed round, which included investment from Boston Seed, Argon Ventures and Impellent Ventures.<\p>
Eastern Bank names new board members ahead of Cambridge Trust merger
Just ahead of its expected completion of merging with Cambridge Trust, Eastern Bank has announced four Cambridge Trust board members who will join Eastern's Boards of Directors upon closure of the deal.<\p> When the merger is completed, Denis Sheahan, current chairman, president and CEO of Cambridge, will join Eastern's Board of Directors, along with Leon Palandjian, Cathleen Schmidt and Andy Zelleke. Sheahan joining the new board was announced, along with the merger, last September. <\p>
Investor behind GameStop stock frenzy acquires stake in Chewy
Massachusetts native Keith Gill, the investor known online as "Roaring Kitty" whose analysis helped GameStop's stock soar in value in 2021, has acquired a 6.6% stake in Boston- and Florida-based Chewy Inc. <\p> Gill, who lived in Brockton and Wilmington, purchased more than nine million shares of the online pet supply company, according to a U.S. Securities and Exchange Commission document filed July 1. <\p>
Cambridge AI venture studio raises $77M, documents show
Less than a year since launching, C10 Labs has brought in its first funding. <\p> The AI venture studio based in Kendall Square raised approximately $77.9 million from 18 investors. That's what it told the U.S. Securities and Exchange Commission last week, according to an amended regulatory filing dated June 27. <\p>
Celtics' owners put team up for sale
Just a few weeks after winning its 18th NBA championship, the Boston Celtics ownership is looking to sell the company, the team said in a statement on Monday.<\p> The Boston Celtics majority ownership group, Boston Basketball Partners, has put one of the most valuable professional sports franchises up for sale.<\p>
Boston mayor appoints deputy chief of staff, press secretary
This article is available in Spanish in partnership with El Planeta Media. Este informe está disponible en español, traducido por El Planeta Media.<\p> The Boston mayor's office has announced the appointments of Ricardo Patrón as deputy chief of staff and Emma Pettit as the new press secretary.<\p>
Small-business grants you can apply for this month
Small-business owners might be more confident about their future, but they are still worried about inflation.<\p> That’s the big takeaway from the U.S. Chamber of Commerce's Small Business Index, conducted in partnership with MetLife, which hit the highest level of optimism since early 2020, with about 73% of business owners expecting their revenue to grow in the next year. <\p>
Boston Speaks Up with Mike Farber of GreenStory
Mike Farber has played many roles throughout his career, serving as a brand builder, mentor, advisor, partner and now, co-founder. In his latest career move, Farber has the world’s best interests in mind by co-founding GreenStory, an agency focused entirely on elevating the stories of organizations addressing the climate crisis. Farber is also an advisor at Greentown Labs, the country’s biggest climate tech accelerator, based in Somerville. <\p> Before launching GreenStory, Farber began his career at Schwartz Communications, where he worked with scores of newly launched companies, guided four clients through successful IPOs and helped many others become acquired. His experience spanned multiple types of technologies, ranging from consumer to enterprise software to clean energy (which he has always magnetized towards). Farber helped lead the growth of Schwartz’s San Francisco office in the late 1990s, before moving back to Boston in 1999. At Schwartz, he worked alongside peers who became the founders of LaunchSquad, which was the next stop on Farber’s journey. In 2010, he joined LaunchSquad as a partner, where he founded LaunchSquad’s Boston office and helped high-growth companies tell their stories to the world. <\p>
Music, arts festival held at Franklin Park
One of the biggest celebrations of Black artistry and entrepreneurship in New England came to a politically charged green space in Boston this weekend.<\p> Boston Art & Music Soul (BAMS) Festival hosted its sixth-annual cultural display at Franklin Park on June 29 and June 30. <\p>
Boston medtech opens Back Bay HQ, ramps up commercial efforts
Elucid, a company that makes imaging analysis software for physicians, has moved into a new, larger headquarters. <\p> The Boston medtech has taken a new office at 399 Boylston St. in Boston’s Back Bay. The new space is more than 16,000 square feet, larger than its previous 6,655-square-foot office at 2 Park Plaza in Boston.<\p>
How John Hancock plans 'to make Boston the longevity hub'
After announcing a three-year partnership in January, the World Economic Forum and the parent company of John Hancock, Manulife Financial Corp., have launched a new initiative focused on longevity innovation. <\p> Through the World Economic Forum’s UpLink platform, the Canadian company and the non-governmental organization based in Switzerland will invite startups with healthcare and financial well-being solutions to participate in the challenge. <\p>
Five things you need to know, and extending that business trip
Good morning, Boston. Welcome to July! Here are the five things you need to know in Boston business news to start your Monday.<\p> More job cuts are coming at Takeda Pharmaceuticals Inc. just a few weeks after the pharmaceutical giant announced it planned to lay off 641 Massachusetts employees, Hannah Green reports. Meanwhile, EMD Serono Inc., Merck KGaA’s North American drug development business, also notified the state this week that layoffs could be coming, as part of its headquarters move to Boston’s Seaport District.<\p>
Cambridge inventory management software firm acquired
A warehouse management system maker has acquired Herlitz, an inventory management software company based in Cambridge.<\p> The acquisition, finalized in mid-May but just announced Monday, is BFC Software’s first. It coincides with a partnership between Illinois-based BFC and M33 Growth, a growth equity firm based in Boston that works with small software companies and helps them scale their businesses through acquisitions. Both BFC and M33 declined to share the details of the deal.<\p>
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