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This founder has spent a decade building a multi-million-dollar spice company that is almost profitable. She still doesn’t want your venture capital dollars—at least not for now

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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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Nina Ajemian curated the deals section of today’s newsletter. Subscribe here.

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.

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. 

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.

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. 



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Hero bystander who tackled Bondi gunman praised by Trump, Ackman

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A bystander who rushed and disarmed one of the Bondi Beach attackers has won praise from leaders around the world, including US President Donald Trump and hedge fund billionaire Bill Ackman, who announced a reward program for community heroes.

Extraordinary footage of the civilian’s actions began circulating on social media on Sunday, shortly after two men, later identified as a father and son, started shooting into a crowd gathered to celebrate the first day of Hanukkah. The massacre has left at least 16 people dead in the worst terrorist attack in Australia’s history. 

Read More: Sixteen People Killed in Bondi Beach Hanukkah Terror Attack 

In the mobile-phone video, which has not been verified by Bloomberg News, one of the attackers is standing near a tree and firing. A few meters away, a crouched man emerges from behind a parked car. He grabs the shooter from behind and wrestles the weapon from his hands. Local media named the bystander as Ahmed el Ahmed, a 43-year-old father-of-two from south Sydney. He was shot twice and is being treated in the hospital, according to reports.

He was also soon lauded for his feat. Trump said at the White House that Ahmed had saved many lives and expressed “great respect” for him. In Sydney, New South Wales Premier Chris Minns went further, describing Ahmed’s wrestle with the shooter as “the most unbelievable scene I’ve ever seen.”

“That man is a genuine hero and I’ve got no doubt there are many, many people alive tonight as a result of his bravery,” Minns said at a press conference late Sunday.

Australian Prime Minister Anthony Albanese also praised Ahmed, and other bystanders who helped treat victims in the immediate aftermath of the shooting. 

“People rushing towards danger to show the best of the Australian character,” Albanese told reporters Monday. “That’s who we are, people who stand up for our values.” 

Pershing Square Capital Management’s founder Ackman called Ahmed  “a brave hero” and said his hedge fund firm would establish a reward program for people who had carried out similar acts.

The top donor to a gofundme page set up for the “hero” who tackled the shooter is listed as William Ackman, who gave $99,999. More than $170,000 has been raised so far. 

Salesforce Inc. Founder and Chief Executive Officer Marc Benioff also expressed his gratitude for Ahmed in a post on X.



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A ‘new era’ in the housing market is about to begin as affordability finally improves

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Next year should mark a shift in the housing market after years of largely being frozen in place, according to Mike Simonsen, chief economist at top residential real estate brokerage Compass.

Home sales flatlined amid unaffordable conditions after rising demand collided with tepid supply growth, pushing up home prices. Would-be buyers became so discouraged that demand cooled and remains slow.

Prices are now becoming more favorable for house hunters, a trend that should continue in 2026 and change the narrative in the housing market.

“In the next era, that story flips. So sales are starting to move higher, but prices are capped or maybe down. Incomes are rising faster than prices, and so affordability improves for the first time in a bunch of years,” Simonsen told CNBC on Friday. “It’s not a dramatic improvement, but it’s the start of the new era.” 

His view echoes a recent report from Redfin, which also cited stronger income and weaker homes prices as it predicted a “Great Housing Reset” in 2026.

In addition to potential buyers giving up on finding an affordable home, sellers have been giving up on finding someone willing to buy at the price they want.

As a result, the number of homes that were withdrawn from the market jumped this year. In June, these so-called delistings shot up 47% from a year earlier.

Simonsen said listing withdrawals tend to be owner-occupied homes, meaning they could be latent demand as well as supply. That’s because two transactions would be needed: owners want to buy a new home but must sell their current one.

“In an environment where conditions improve a little bit, we actually estimate that that’s a representation of shadow demand—people that want to move, people that have delayed moves for maybe four years now,” he said, adding that there are about 150,000 such homeowners.

His housing market outlook for a new era of improving affordability doesn’t depend on a steep drop in mortgage rates. In fact, a plunge might spur so much demand that prices would overheat.

Simonsen expects rates to stay in the low-6% range, allowing sales to grow while also keeping home prices in check as more inventory comes on the market.

The price environment is already showing auspicious signs for prospective buyers. More than half of U.S. homes have dropped in value over the last year, but homeowners can still sell with a net gain as values are up a median 67% since their home’s last sale, accordion to data from Zillow.

And a separate report fromZillow found that homebuyers are getting record-high discounts. While the typical individual discount remains $10,000, desperate sellers are increasingly offering multiple reductions as muted demand leaves homes on the market for longer. As a result, the cumulative price cut in October hit $25,000.

“Most homeowners have seen their home values soar over the past several years, which gives them the flexibility for a price cut or two while still walking away with a profit,” Zillow Senior Economist Kara Ng said in a statement last month. “These discounts are bringing more listings in line with buyers’ budgets, and helping fuel the most active fall housing market in three years. Patient buyers are reaping the rewards as the market continues to rebalance.”



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Attacker who killed US troops in Syria was a recent recruit to security forces

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A man who carried out an attack in Syria that killed three U.S. citizens had joined Syria’s internal security forces as a base security guard two months earlier and was recently reassigned amid suspicions that he might be affiliated with the Islamic State group, a Syrian official told The Associated Press Sunday.

The attack Saturday in the Syrian desert near the historic city of Palmyra killed two U.S. service members and one American civilian and wounded three others. It also wounded three members of the Syrian security forces who clashed with the gunman, interior ministry spokesperson Nour al-Din al-Baba said.

Al-Baba said that Syria’s new authorities had faced shortages in security personnel and had to recruit rapidly after the unexpected success of a rebel offensive last year that intended to capture the northern city of Aleppo but ended up overthrowing the government of former President Bashar Assad.

“We were shocked that in 11 days we took all of Syria and that put a huge responsibility in front of us from the security and administration sides,” he said.

The attacker was among 5,000 members who recently joined a new division in the internal security forces formed in the desert region known as the Badiya, one of the places where remnants of the Islamic State extremist group have remained active.

Attacker had raised suspicions

Al-Baba said the internal security forces’ leadership had recently become suspicious that there was an infiltrator leaking information to IS and began evaluating all members in the Badiya area.

The probe raised suspicions last week about the man who later carried out the attack, but officials decided to continue monitoring him for a few days to try to determine if he was an active member of IS and to identify the network he was communicating with if so, al-Baba said. He did not name the attacker.

At the same time, as a “precautionary measure,” he said, the man was reassigned to guard equipment at the base at a location where he would be farther from the leadership and from any patrols by U.S.-led coalition forces.

On Saturday, the man stormed a meeting between U.S. and Syrian security officials who were having lunch together and opened fire after clashing with Syrian guards, al-Baba said. The attacker was shot and killed at the scene.

Al-Baba acknowledged that the incident was “a major security breach” but said that in the year since Assad’s fall “there have been many more successes than failures” by security forces.

In the wake of the shooting, he said, the Syrian army and internal security forces “launched wide-ranging sweeps of the Badiya region” and broke up a number of alleged IS cells. The interior ministry said in a statement later that five suspects were arrested in the city of Palmyra.

A delicate partnership

The incident comes at a delicate time as the U.S. military is expanding its cooperation with Syrian security forces.

The U.S. has had forces on the ground in Syria for over a decade, with a stated mission of fighting IS, with about 900 troops present there today.

Before Assad’s ouster, Washington had no diplomatic relations with Damascus and the U.S. military did not work directly with the Syrian army. Its main partner at the time was the Kurdish-led Syrian Democratic Forces in the country’s northeast.

That has changed over the past year. Ties have warmed between the administrations of U.S. President Donald Trump and Syrian interim President Ahmad al-Sharaa, the former leader of an Islamist insurgent group Hayat Tahrir al-Sham that used to be listed by Washington as a terrorist organization.

In November, al-Sharaa became the first Syrian president to visit Washington since the country’s independence in 1946. During his visit, Syria announced its entry into the global coalition against the Islamic State, joining 89 other countries that have committed to combating the group.

U.S. officials have vowed retaliation against IS for the attack but have not publicly commented on the fact that the shooter was a member of the Syrian security forces.

Critics of the new Syrian authorities have pointed to Saturday’s attack as evidence that the security forces are deeply infiltrated by IS and are an unreliable partner.

Mouaz Moustafa, executive director of the Syrian Emergency Task Force, an advocacy group that seeks to build closer relations between Washington and Damascus, said that is unfair.

Despite both having Islamist roots, HTS and IS were enemies and often clashed over the past decade.

Among former members of HTS and allied groups, Moustafa, said, “It’s a fact that even those who carry the most fundamentalist of beliefs, the most conservative within the fighters, have a vehement hatred of ISIS.”

“The coalition between the United States and Syria is the most important partnership in the global fight against ISIS because only Syria has the expertise and experience to deal with this,” he said.

Later Sunday, Syria’s state-run news agency SANA reported that four members of the internal security forces were killed and a fifth was wounded after gunmen opened fire on them in the city of Maarat al-Numan in Idlib province.

It was not immediately clear who the gunmen were or whether the attack was linked to the Saturday’s shooting.



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