I reached out to founder Sana Javeri Kadri earlier this week, because I needed some answers.
It’s summertime here in Arkansas, I just bought a new grill, and I have been putting Diaspora Co. spices on every piece of meat and vegetable that I can get my hands on. Diaspora’s Byadgi chilli, Jodhana cumin, and peni miris cinnamon have quickly become staples in my spice drawer. My boyfriend has requested I bring my black pepper (yes, black pepper!) to his house when we cook together, because nothing you can buy at the grocery store tastes anything like it.
How is it that these spices are so much more vibrant than anything I’ve tasted before—and how did Kadri build a multi-million business getting them from farmers in South Asia into the hands of people like me? This is what I had to know, and yesterday, Kadri thankfully gave me some answers.
The majority of spices grown around the world are indigenous to South Asia. Seeds can be extracted and transported elsewhere—and have been since Europeans took over the spice trade—but the different soil, temperatures, and weather dramatically change the flavor. If you want the warm, earthy, slightly bitter taste of turmeric in its original form, you need to get it from India. Nutmeg grown in India is fruity, floral, and almost light. In Indonesia, it is more intense, and has almost a tobacco flavor, Kadri tells me.
Where you grow spices—and the way you grow them—are critical to the flavors that end up in your spice drawer. It all starts with the farms and, of course, the farmers. Kadri has built her business around that—how much money farmers need to grow things the absolute best way, and how much money she will accept from investors to make sure it stays that way.
We read so much about $300 million compensation packages these days that I hope this serves as a good reminder that entrepreneurialism and startup funding can come in all shapes and forms, and, you might say, flavors. Read more about the Kadri, Diaspora Company, and turmeric and garlic farms in my full piece here.
The next Term Sheet will be in your inbox on Monday. Happy Fourth of July!
Jessica Mathews
X: @jessicakmathews
Email: jessica.mathews@fortune.com
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VENTURE DEALS
– Savvy Wealth, a New York City-based financial advisory platform, raised $72 million in Series B funding. Industry Ventures led the round and was joined by Vestigo Ventures, Euclidean Capital, existing investors Canvas Ventures, Thrive Capital, The House Fund, Brewer Lane Ventures, and others.
– HIVED, a London-based AI-powered parcel delivery solution, raised $42 million in Series B funding. NordicNinja led the round and was joined by Wex Venture Capital, Marunouchi Innovation Partners, Elemental Impact, existing investor Planet A, and others.
– Wonderful, a Tel Aviv-based agentic AI enterprise platform, raised $34 million in seed funding. Index Ventures led the round and was joined by Bessemer Venture Partners and Vine Ventures.
– AssetCool, a Leeds, England-based power lines robotics and coatings developer, raised £10 million ($13.6 million) in Series A funding. Energy Impact Partners led the round and was joined by Extantia Capital, Taronga Group, and existing investor Northern Powerhouse Investment Fund.
– Yaspa, a London-based payment and identity services provider, raised $12 million in Series A funding. Discerning Capital led the round and was joined by existing investor TechStar Ventures.
– AI Hay, a Ho Chi Minh City, Vietnam-based AI-powered knowledge discovery platform, raised $10 million in Series A funding. Argor Capital led the round and was joined by existing investors Square Peg, Northstar Ventures, AppWorks, and Phoenix Holding.
– MediShout, a London-based hospitals and medical suppliers connection solution, raised $9 million in Series A funding. Heal Capital led the round and was joined by existing investors Nickleby Capital and Meridian Health Ventures.
– TuringDream, a Madrid-based multi-agent-based applications creation and management platform, raised €6 million ($7.1 million) in seed funding. Adara Ventures and HWK led the round and were joined by Next Tier Ventures.
– Argon AI, a New York City-based AI-native workspace for life sciences, raised $5.5 million in seed funding. Crosslink Capital and Wireframe Ventures led the round and were joined by Y Combinator and Pioneer Fund.
PRIVATE EQUITY
– Oakley Capital acquired a majority stake in Smythson, a London-based leather goods company; a majority stake in Fornasetti, a Milan-based home design company; and a minority stake in Fabbrica Pelletterie Milano, a Milan-based luggage maker. Financial terms were not disclosed.
– PACT Capital Partners acquired a minority stake in Graham Partners, a Newtown Square, Pa.-based manufacturing and technology-enabled services investment firm. Financial terms were not disclosed.
– PrimeSource Brands, backed by Clearlake Capital Group, acquired Fortress Railing Products, a Garland, Texas-based railing system designer and distributor. Financial terms were not disclosed.
– symplr, backed by Clearlake Capital Group and Charlesbank Capital Partners, acquired the Smart Square scheduling software of AMN Healthcare, a Dallas-based healthcare talent solutions provider. Financial terms were not disclosed.
EXITS
– SGS agreed to acquire Applied Technical Services, a Marietta, Ga.-based testing, inspection, calibration, and forensic consulting solutions provider, from Odyssey Investment Partners for $1.3 billion
– LumApps, backed by Bridgepoint, agreed to acquire Beekeeper, a Zurich-based communications platform for frontline employees, to create a combined company valued at $1 billion. Beekeeper previously raised approximately $170.7 million in venture funding from investors including Energize, Thayer, SwissCanto, and others.
– Bain Capital agreed to acquire Sizzling Platter, a Salt Lake City-based restaurant franchise growth platform, from CapitalSpring. Financial terms were not disclosed.
OTHER
– Xerox acquired Lexmark, a Lextington, Ky.-based printer company, from Ninestar Corporation, PAG Asia Capital and Shanghai Shouda Investment Centre, for $1.5 billion.
– ActiveOps acquired Enlighten, a Sydney-based workforce optimization software and professional services provider. Financial terms were not disclosed.
– Haiki acquired the battery and polypropylene recycling business of Ecobat, a Dallas-based battery recycler. Financial terms were not disclosed.
FUNDS + FUNDS OF FUNDS
– AN Venture Partners, a Tokyo and San Francisco-based venture capital firm, raised $200 million for its first fund focused on Japanese biotech.
PEOPLE
– AIX Ventures, a San Francisco-based venture capital firm, added Christopher Manning as a general partner. Previously, he was at the Stanford Artificial Intelligence Laboratory.
– Group 11, a Beverly Hills-based venture capital firm, promoted Hadas Sparfeld to partner.
