18 February 2019 – Mitsubishi Takes 20% Ovo Energy Stake for $256m

Big 3

Mitsubishi Corporation has paid $256m for a 20% stake in energy retailer and smart systems provider Ovo Energy, which plans to use the funding as the basis for an expansion from Germany and its home country of the UK into markets such as France, Australia and Spain. Ovo’s investors also include Mayfair Equity Partners, which acquired a 15% stake in 2015, but its founder and CEO remains its majority shareholder.

Evonik launched its first corporate venturing fund in 2012 with €100m of capital and now, six years on, it’s added €150m ($170m) in the form of a second fund.

Allied Minds prepares cost reductions

Deals

SoftBank Vision Fund has already gone big when it comes to autonomous driving, pumping some $2.25bn into Cruise Automation last year, and it’s now invested $940m in Nuro, the creator of a driverless vehicle designed for deliveries.

Ride hailing service Didi Chuxing has invested $100m in short-term accommodation booking platform Oyo, allowing the latter to close a $1bn round that valued it at $5bn.

Go-Jek is a little further along, the Southeast Asian ride hailing service having raised $1bn from investors including Google, Tencent, JD.com and Mitsubishi two weeks ago.

Two or three years ago it looked as if the e-commerce space may have been heading for some rough times (remember Fab.com?), but the sector looks to have largely steadied since then. Zillingo is the latest e-commerce marketplace to have raised sizeable funding, pulling in $226m in a series D round featuring long-term backer Burda Principal Investments. The round valued it at $970m and increased its overall funding to more than $300m.

Cancer diagnostics technology developer Burning Rock has completed a $126m series C round backed by corporate venturing unit Lilly Asia Ventures, which is in the process of raising its fifth fund (see below).

Six Fintech Ventures, the VC arm of banking services provider Six, has led a series A round for Tradeplus24, the operator of a service that provides debt financing to small businesses insured against account receivables, that was sized at approximately $119m.

Arvelle arrives with $100m

Reddit has meanwhile confirmed a TechCrunch report from last week that stated Tencent was about to lead a $300m round for the social posting platform, which has some 330 million monthly active users but which reportedly generated less than $90m of revenue in 2018.

University

Nuvaira shares $79m series E news

Recida rolls out from Frazier Healthcare

Exits

Euclid goes to WeWork in acquisition

DMP maps out Ushr acquisition

Stanford-backed Eero connects to Amazon

Harpoon snags public markets listing

Nan Fung fund Pivotal Beta was among the investors that provided $100m in convertible note financing for Stealth BioTherapeutics, developer of treatments for conditions related to mitochondrial dysfunction.

Huya went public in the US nine months ago, and now another Chinese livestreaming platform, Douyu, plans to make a similar move, confidentially filing to raise up to $500min a US IPO.

Peloton Interactive has now sold some 400,000 of its $2,000 advanced exercise bikes, which work in tandem with a subscription-based interactive workout service.

Funds

Evonik launched its first corporate venturing fund in 2012 with €100m of capital and now, six years on, it’s added €150m ($170m) in the form of a second fund.

Lilly Asia Ventures lifts $40m for fifth fund

MML seeks corporate commitments for second fund

Morgan Creek mines $40m fund


“Funky Chunk” Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0

11 February 2019 – Tencent and the Gaming Industry

Big Three

General Electric’s corporate venturing unit is launching a content portal called Flux to help companies overcome barriers to diversity and inclusiveness.

In game-industry deal-making, there’s Tencent, then there’s everyone else. As a sign of both financial muscle and the need to expand beyond core markets given the effective closing of the Chinese market to new games in 2018, Tencent was either a major shareholder in or investor in four of the top five deals last year that saw record $5.7bn invested in startups, according to Digi-Capital’s Q1 report by Tim Merrell.

SoftBank chief executive Masayoshi Son has said he wants the corporate to eventually raise several iterations of its Vision Fund, and it may have to, considering the vehicle, which is yet to reach its initial $100bn target, has reportedly passed the halfway point in terms of capital allocated.

Deals

Chinese automotive e-commerce platform Guazi could well be the next investment target for SoftBank Vision Fund, which is reportedly in talks to invest up to $1.5bn at an $8.5bn pre-money valuation.

Autonomous driving technology developer Aurora Interactive was formed by alumni of Google, Uber and Tesla’s driverless software units, and has made a big move by raising $530m from investors including Amazon.

OakNorth, a digital bank that caters to both consumers and business customers, has meanwhile become SoftBank Vision Fund’s latest portfolio company.

Electric scooter and e-bike rental service Lime has completed a $310m series D round co-led by GV, whose parent company Alphabet also participated.

Microsoft has invested in Databricks as part of a $250m series E round that valued the big data analytics technology producer at $2.75bn, more than two years after forming a partnership to create a version of its software specifically for Microsoft’s Azure platform.

Zomato has meanwhile received $39.7m from Glade Brook Capital and added it to the $210m invested by Ant Financial in October for a funding round that now stands at about $250m, and which reports last month suggested could potentially reach $1bn.

Raisin puts $114m in its account

Emerging Markets Property Group, the online real estate listings operator whose key brand is Bayut, has raised $100m in series D funding from investors including Exor Seeds, the $100m fund formed by reinsurance company PartnerRe and its parent, Exor.

Healthcare data software provider Health Catalyst on the other hand is valued at about $1bn following a $100m series F round backed by corporate venturing vehicles UPMC Enterprises and Kaiser Permanente Ventures.

Foot Locker kicks $100m into Goat Group

Corporates help scale Himalaya with $100m

University

Spin Memory banks Abies for series B

Blue Water seeks $15m injection

Funds

Sojitz sorts out $33m joint venture fund

Partech packs $143m into African fund

Berkeley encrypts Blockchain Xcelerator

Exits

Palo Alto Networks picks Demisto for acquisition

Alector is developing immuno-neurology drugs that will target the immune system in order to fight neurodegenerative disorders, and it raised $176m when it floated today after pricing its IPO in the middle of its range.

Marinomed hits Vienna Stock Exchange

Long touted as one of the world’s most valuable VC-backed startups, Palantir reached a $20bn valuation in 2015 and reports from 2018 suggested it would seek a valuation roughly double that in a flotation expected to take place this year.

After months of speculation Slack has finally filed, albeit confidentially, to go public. The enterprise messaging platform plans to opt for a direct listing, as Spotify did last year, meaning existing investors including GV, Comcast Ventures and SoftBank Vision Fund will get the chance to divest shares despite Slack not looking to raise additional capital through a flotation. Slack was valued at just over $7.1bn as of its last funding round, in August.

TCR² Therapeutics has set the terms for an initial public offering that will net it $80m if it floats at the top of its range.


“Funky Chunk” Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0

28 January 2019 – Stanford StartX Fund Comes to an End

The big 3

For all the talk about the big numbers of 2018 – Global Corporate Venturing tracked 2,775 deals worth an estimated total of $180bn, the details of which you can find in the January issue out and the World of Corporate Venturing annual review published at the GCVI Summit at the end of the month – the headline increase in CVC units masks continued evolution in units and structures.

GE Ventures has become one of the most prominent figures in the corporate venture capital space since being formed in 2013, but its parent company is reportedly looking to divest the unit as part of a large-scale restructuring effort that has already claimed its transportation subsidiary and could shortly include GE Healthcare.

Big deal: Stanford-StartX Fund reaches the end

Insurance group Axa formed its corporate venturing unit, then known as Axa Strategic Partners, in 2015 and it has now boosted its early-stage investing by putting $150m into a second early-stage fund that will provide up to $6m per deal.

And startups founded by women or minorities are still having a tough time getting capital. Enterprise software producer SAP is the latest corporate to try and change that, unveiling its No Boundaries initiative that will invest 40% of the existing SAP.io Fund in startups led by underrepresented entrepreneurs.

Other big news sees a sweep of large deals continuing. Go-Jek is one on the up. The ride hailing platform, Grab’s main rival in Southeast Asia, has raised $920m from existing investors that include Google, JD.com and Tencent for the first close of a round with a $2bn target.

Still, getting financial and hopefully strategic benefits remains the game. Reports earlier this week suggested Viacom was set to acquire online television streaming platform Pluto TV for up to $500m. The final price has proven to be a more realistic $340m, but it will still give a healthy exit to a round of investors including Sky, ProSiebenSat.1, UTA, Universal Music Group, Samsung Scripps and Windsor Media.

Funds

Menlo Ventures hires Qualcomm’s Haghighi

Deals

Genetic disease drug developer BridgeBio has received $299m in funding from investors including AIG that will be used to move a 15-strong pipeline of assets forward.

Desktop Metal has confirmed recent reports that it was raising new funding by confirming it has closed a $160m round led by Koch Disruptive Technologies, the then undisclosed large industrial company featured in those reports.

FirstCry was reported last week to be in the process of securing $400m from SoftBank, but now the company has revealed the round will be raised over two tranches – with a first $150m investment closed – and that the cash is actually coming from the Vision Fund rather than the corporate directly.

LinkedIn-backed data streaming platform developer Confluent has secured $125m in a series D round that valued it at $2.5bn. The round increased Confluent’s total funding to $206m and was led by Seqouia Capital, the venture firm that also led its series C two years ago.

AutoAI was unveiled by mapping technology provider Navinfo late last year to further develop smart in-car technology created by the firm’s subsidiaries.

Andela recruits GV for $100m series D

SoftBank Vision Fund has made a $100m investment in Globality, the operator of a platform where businesses can source service providers, that valued the company at nearly $1bn, a source told the WSJ.

Sunmi shines with Ant Financial investment

University

Minervax finds verve with $5m

Nexiot checks in series B funding

CIC makes cut in Imagen series B

Exits

Beleaguered Blippar finds a buyer

Avedro heads to public markets


“Funky Chunk” Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0

21 January 2019 – SenseTime Prepares for $2bn Round

The big ones

Image recognition software provider SenseTime raised a total of $1.7bn in the year running up to May 2018, and news has emerged that it’s preparing a new round with a target of $2bn.

Slack has been mooted as one of 2019’s likeliest IPO candidates for months now, but it’s reportedly looking to emulate Spotify and choose a direct listing rather than issuing new shares.

On GUV, news of note was that Purdue University has now launched a total of 223 university-linked businesses since 2013, more than half which were based on intellectual property (IP) licensed through Purdue Research Foundation’s office of technology commercialisation (OTC).

Deals

End-to-end construction and renovation services platform Katerra last raised money in an $865m series D round led by SoftBank Vision Fund a year ago.

SoftBank is reportedly in talks to pay $400m for a 42% stake in baby and child product retailer FirstCry, representing a signficant jump in valuation from the $350m figure reported for the company’s last round.

Around a week after news that its biggest rival, Bird, was lining up $300m in funding, reports suggest scooter and bicycle rental platform Lime is set to raise about $400m in a round that will value it at $2bn pre-money.

English language tutoring platform Dada has concluded its latest round, securing $255m in series D funding from investors including TAL Education.

Logistics service provider Yimi Dida has meanwhile raised $266m in series D funding from investors including Prologis.

Niantic has confirmed it has raised $245m in a series C round featuring Samsung Ventures and Axiomatic at a post-money valuation near to $4bn.

Funds advised by Apax Partners have agreed to invest $200m in big data software and services provider Fractal Analytics through a transaction expected to close next month.

Beta Bionics has attracted $13m from investors including medical device producers Zealand Pharma and Dexom to close its series B round at $63m.

Outdoorsy, the operator of a rental platform for recreational vehicles, has closed a $50m series C round that involved the return of Aviva Ventures, the corporate venturing unit that also backed its series B early last year.

Exits

Online film ticketing platform Maoyan has set the terms for its initial public offering in Hong Kong and will raise approximately $344m if it floats at the top of its range.

Educational services provider Byju’s has acquired connected toy producer Osmo in a $120m all-share transaction that will add a range of coprorates to the former’s investor base.

Cirius Therapeutics, a developer of therapies for liver and metabolic diseases, has filed for an $86.3m IPO that will provide an exit for Novo, which owns almost 20% of its shares.

On GUV, consumer electronics producer Samsung is in advanced discussions over a $150m to $160m acquisition of Corephotonics, an Israel-based smartphone camera technology provider based on Tel Aviv University research.

Funds

Venture firm Magenta Venture Partners has launched in Israel with substantial backing from Mitsui, which is also providing two of its four founding general partners, one of the others being Motorola Solutions Venture Capital alumnus Ori Israely.


“Funky Chunk” Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0

14 January 2019 – CloudEndure Acquired by Amazon

The big ones

Reports in late 2018 suggested SoftBank Vision Fund was planning to invest between $15bn and $20bn in order to take a majority stake in portfolio company WeWork, but sources have told the FT that after the fund’s LPs balked at the idea (though a separate report said Masayoshi Son decided to pull out during the economic turmoil on the stock markets ahead of the Christmas period), SoftBank itself is set to provide $2bn of funding for the company.

Amazon has paid a reported $200m to acquire CloudEndure, a cloud migration and disaster recovery software producer that had disclosed a little over $18m in venture funding.

Healthcare system Providence St Joseph Health launched Providence Ventures in 2014 with $150m and a brief to make strategic investments of up to $5m in health technology developers.

On GUV, Ribon Therapeutics, a US-based biotechnology company developing enzyme families activated under cellular stress conditions, has come out of stealth with $65m in series B capital provided by a consortium led by Novartis Venture Fund, the corporate venturing division of pharmaceutical firm Novartis.

Deals

One of several China-based smart electric car developers to raise substantial funding last year, Byton is reportedly now lining up an additional $500m or so in a round set to value it at $4bn.

Mobile banking service N26 has secured $300m at a $2.7bn valuation, in a series D round led by Insight Venture Partners.

Just three weeks ago in our 2018 round up we were talking about the rapid growth of e-scooter rental platforms, and now news has emerged that Bird – one of the two key players in the sector – is lining up $300m in funding at a $2bn valuation.

Financial leasing service Tokyo Century has been an investor in strategic partner Grab since 2016, and has expanded its overall commitment to the ride hailing platform to $175m, consisting of both equity funding and financing for its Grab Rentals subsidiary.

ClearMotion, a developer of object-sensing systems for use in autonomous vehicles that was spun out of MIT, emerged from stealth almost two years ago having just raised $100m in series C funding from investors including Qualcomm.

Boom Supersonic is working on an aircraft that will be able to reach supersonic speeds while producing the same carbon footprint as business class travel. Its earlier investors include Japan Airlines and Ctrip, and it’s raised $100m in a series B round led by Emerson Collective.

Energy utility CLP has co-led a $100m series C round for digital health management platform Kang Sheng Health Management with China International Capital Corporation.

Instalment buying platform and credit provider Akulaku is in advanced talks to raise $100m in a series D round set to be led by Ant Financial, e-commerce firm Alibaba’s financial services affiliate.

Indian ride hailing service Ola has received $74m in funding from Steadview Capital at a reported valuation of $5.7bn, adding to an ongoing round it aims to close at $1bn.

Funds

Appliance producer Midea has raised $104m for an investment fund with a targeted close of up to $293m that will target developers of intelligent home products, smart manufacturing, retail and new energy technology.

Exits

Neurological disorder drug developer Alector has filed to raise up to $150m in an initial public offering that will enable investors including corporate venturing units MRL Ventures (which owns a 6% stake), GV, AbbVie Ventures, Lilly Asia Ventures and Amgen Ventures to exit. All five contributed to Alector’s last funding round, a $133m series E closed six months ago.


“Funky Chunk” Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0

07 January 2019 – Bristol-Myers Squibb Agrees Celgene Acquisition

Three biggest stories

In this week’s biggest deal, pharmaceutical firm Bristol-Myers Squibb has agreed to acquire peer Celgene in a buyout made up of cash and shares that will create a $74bn business.

Singapore-based on-demand ride service Grab has increased the potential size of a series H round already backed by several corporate investors to $5bn.

Medical device manufacturer Boston Scientific has acquired the rest of the shares in one of its portfolio companies, US-based mitral regurgitation system developer Millipede Medical, for $325m.

The rest

Deals

Verily was spun off from Alphabet’s Google X division in 2015 to apply data science technology to healthcare data in order to create innovative life sciences and care management products.

Ant Financial, e-commerce group Alibaba’s financial services affiliate, has co-led a funding round sized at almost $582m for Hello TransTech, the China-based operator of bicycle rental service Hellobike.

Woowa Brothers, a South Korea-based food delivery app owner backed by internet company CyberAgent and financial services firm Goldman Sachs, has raised $320m at a $2.6bn valuation.

Internet group Tencent has led a $300m round for China-based online education platform developer Yuanfudao.

US-based oncology drug developer Rakuten Aspyrian has completed a $284m series C round featuring e-commerce firm Rakuten and financial services provider SBI Group.

AR game developer Niantic, has secured $190m in funding in a round that could have included Samsung and Axiomatic.

The year’s first big crypto round has been raised by Bakkt, a cryptocurrency trading platform that secured approximately $183m in its first funding round.

Cancer therapy developer Antengene has completed a $120m series B round featuring insurer Taikang and pharmaceutical companies Celgene and WuXi AppTec.

On GUV, Annexon Biosciences, a US-based immunotherapy developer spun out of Stanford University, closed a $75m series C round backed by Novartis Venture Fund, the corporate venturing vehicle for pharmaceutical firm Novartis.

Exits

One of the IPOs set to take place in early 2019 will likely involve Futu, the China-based digital brokerage operator that has filed to raise up to $300m in a US offering.

Funds

E-commerce group Alibaba’s Electronic World Trade Platform and online listings platform 58.com have co-anchored a $200m first close for a fund launched by China-based venture capital firm ATM Capital.

Oil and gas supplier Saudi Aramco and IT services provider Saudi Information Technology Company have teamed up to form a corporate venturing vehicle that will back emerging information and communication technologies.

Egypt-based financial services firm Commercial Investment Bank (CIB) has launched a corporate venturing unit called CVentures to help drive emerging technologies in the fintech sector.

Ben-Gurion University of the Negev is to put $1m into a university venture fund called Cactus Capital to back emerging projects led by university students, recent graduates and other academic entrepreneurs.


“Funky Chunk” Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0

17 December 2018 – Grab Reaches $2.85bn in Latest Round

Deals

Grab has boosted its latest round to $2.85bn, taking in $150m from Yamaha Motor through a strategic partnership agreement.

Indonesian online marketplace Tokopedia has confirmed it has secured $1.1bn in a round led by Alibaba and SoftBank Vision Fund, with contributions from SoftBank Ventures Korea and unnamed existing backers.

Facial recognition technology provider Megvii is set to raise $500m in a round that could be led by $200m from Bank of China Group Investment with a possible investment by existing backer Alibaba.

Zymergen raised $130m in a SoftBank-led round two years ago, and now SoftBank’s Vision Fund has returned to lead a $400m series C round for the molecular manufacturing technology provider that included Goldman Sachs, Hanwha Asset Management and several existing investors.

Naspers Ventures is leading a funding round for online education provider Byju’s that has reached $322m on its way to a $400m close.

Financial software provider Plaid has secured $250m in a series C round led by Kleiner Perkins and backed by Goldman Sachs, Andreessen Horowitz, NEA, Spark Capital and Index Ventures that valued it at $2.65bn.

Niantic, the augmented reality game developer best known for Pokémon Go, is close to raising $200m in funding from investors including Samsung and Axiomatic, the eSports company that’s becoming increasingly involved in corporate venturing.

Parking services and technology platform ParkJockey was reported the week before last to be closing in on a SoftBank-led round that could be sized between $800m and $1bn.

Automotive e-commerce platform Vroom has raised $146m in a series G round that was led by a $50m investment from brick-and-mortar car retail chain AutoNation.

Meiri Yitao was incubated as a social commerce-focused fresh produce offshoot of online grocer MissFresh, but has sped out of the blocks, following a $30m series A round in July with $100m in series B funding from investors including SIG Asia Investments.

Things have started to quieten down a bit on Global University Venturing ahead of the Christmas holidays but Genomics, a UK-based drug discovery engine developer spun out of University of Oxford, still managed to extend its series B round to $42m with the close of an oversubscribed second $10.2m tranche.

Funds

Bytedance closed its last round at a valuation of $75bn – enough to make it the world’s most valuable VC-backed private company – and it’s now looking to get into the corporate venturing game itself.

Alcoholic beverage provider Constellation Brands formed its corporate venturing unit three years ago and has now launched a $100m initiative called Focus on Female Founders that will invest in female-led portfolio companies.

On Global University Venturing, we had news that the UCL Technology Fund – co-managed by tech transfer office UCL Business and Albion Capital, is in the process of raising between $95m and $126m for a second vehicle (in the original currency of British pounds, the upper number is actually double that of the first fund – £100m compared with £50m).

Exits

Moderna has raised $604m in what’s reportedly the largest biotech IPO ever, increasing the number of shares in the offering by more than 4.5 million, and it has earmarked the proceeds for the further development of a pipeline that now has more than 20 mRNA therapy and vaccine candidates.

2018’s been quite a year for IPOs but it increasingly looks like next year could dwarf it as unicorn after unicorn moves their chips in place. The latest two to have made a step forward are Uber, which has confidentially filed for an offering some onlookers have suggested could value it at a staggering $120bn, and Slack, which has hired Goldman Sachs as lead underwriter for an IPO that could value it at $10bn.

Basis had big plans to create a stablecoin tied to the US dollar that would potentially be usable as a steady alternative in volatile countries, and raised $133m from investors including GV in April. But those plans have screeched to a halt and Basis announced yesterday it will instead wind down due to regulatory difficulties.


“Funky Chunk” Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0

03 December 2018 – ChargePoint Charges Up with $240m Series H Round

Covering the week’s venturing news including funding, investments, exits and people moves. This week’s episode includes: Fund news from SK China and Michelin, deal news from Altria and Getty Images, and exit news featuring Tuanche and Moderna Therapeutics, plus much more.


“Funky Chunk” Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0

26 November 2018 – Coupang Gains Second SoftBank Investment

Deals

SoftBank invested $1bn in online marketplace Coupang three years ago, and has returned to provide another $2bn in funding through its Vision Fund at a $9bn valuation. South Korea-based Coupang expects to generate about $5bn in revenue this year and will use the funding to upgrade its end-to-end fulfilment system and add new features to its platform.

It looks like a busy week for SoftBank, as the Coupang agreement was disclosed shortly before news that SoftBank has reportedly also led a $1bn round for another Asian e-commerce platform, Indonesia’s Tokopedia, this time at a $7bn valuation.

Walmart completed its $16bn acquisition of a 77% stake in Indian e-commerce platform Flipkart in August, and it has now reportedly increased that stake to 81.3%.

Leap Motor has become the latest Chinese smart electric car startup to raise big money, taking in $288m through a series A round co-led by corporates Shanghai Electric and CRRC Corporation.

Visa has invested $200m in Billdesk and bought between $80m and $100m in secondary shares, in a deal that reportedly valued the Indian bill payment platform at $1.8bn.

Golden Education, a China-based provider of professional trading for members of the financial services industry, has raised $115m in a series C round that was co-led by investment bank Morgan Stanley and Hillhouse Capital.

Xiaoqule launched its community-based e-commerce platform in August and is so far present in 30 Chinese cities. It has also secured $108m in series A funding from investors including Ping An Ventures and SIG Asia.

On Global University Venturing, OMass Therapeutics, a UK-based biopharmaceutical spinout of University of Oxford, closed $17.9m series A round featuring university venture fund Oxford Sciences Innovation and Syncona, which led the round.

On Global Government Venturing, Geek+, a China-based developer of artificial intelligence and robotics services, has raised $150m in a series B round backed by Vertex Ventures, the venture capital arm of Singaporean state-owned investment firm Temasek.

Funds

Applied Ventures, the corporate venture capital arm of semiconductor producer Applied Materials, has teamed up with New York State’s Empire State Development vehicle in a drive to invest in companies based in upstate New York.

Japanese telecommunications company NTT has closed its newly formed Silicon Valley VC fund, NTT Venture Capital, at $500m.

On Global University Venturing, Chinese Academy of Sciences and financial services holding company Guangzhou Finance Holdings have launched a $43.2m fund partly focused on commercialising the academy’s research.

Exits

Rocket Internet has had several of its e-commerce entities go public in recent years, and the latest looks likely to be Global Fashion Group, the entity that operates five online fashion retailers in different territories.

Autodesk has agreed to acquire construction management software provider PlanGrid for $875m in an all-cash deal that will provide healthy exits for Alphabet’s CapitalG unit as well as Box. PlanGrid had raised less than $70m and both the corporates invested at seed stage.

Babytree is meanwhile set to raise $217m in its own IPO, in Hong Kong. The China-based media and e-commerce platform will be valued at $1.5bn, a drop of around 30% from June when Alibaba subsidiary Taobao invested a reported $214m.

Online travel services provider Tongcheng-eLong has floated in Hong Kong, in a $180m initial public offering that represents a downturn from the reported $1bn target the company initially set as well as the $233m target it put up earlier this month.

Vegan meat substitute developer Beyond Meat has filed for a $100m initial public offering that would enable Tyson New Ventures and the General Mills-owned 301 Ventures to exit.

On Global University Venturing, Synthorx, a US-based immuno-oncology drug spinout of Scripps Research Institute, has filed for a $100m initial public offering on the Nasdaq Global Market.


“Funky Chunk” Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0

19 November 2018 – In-Q-Tel Opens First International Offices

Deals

Last month Alibaba formally merged Ele.me, the food listings and delivery platform it acquired in April, with Koubei, its local services spinout which raised $1.1bn in early 2017. There were reports at the time suggesting it would source $3bn of funding for the entity, but it turns out it has actually raised $4bn from investors including SoftBank Vision Fund as well as Alibaba and Ant Financial at a valuation of about $30bn.

Reports last month suggested SoftBank Vision Fund was mulling an investment of up to $20bn to take a majority stake in one of its largest portfolio companies, workspace provider WeWork.
SoftBank Vision Fund has had quite a week, following up $3bn of financing for WeWork by investing $300m in Automation Anywhere at a reported valuation of $2.6bn.

Brazil-based online food ordering platform iFood has raised $500m from investorsincluding its majority owner, mobile commerce platform Movile, and Naspers, the media and e-commerce group that’s probably Movile’s most prominent investor.

Baidu lifts XinChao’s latest round to $302m

Instacart has reportedly raised $271m in new funding from investors including Tiger Global, Coatue Management and Valiant Capital, taking its series F round to $871m, and is now valued at almost $7.9bn post-money.

UiPath has added $40m to a series C round co-led by existing backer CapitalG and Sequoia that now totals $265m.

A lot of electric vehicle producers have raised big money this year but that push isn’t restricted to cars. Nikola Corporation is developing a hydrogen-powered semi-truck it plans to unveil in 2019, and has doubled the size of a now oversubscribed series C round to $210m.

Ucommune absorbs $200m of series D cash

Roivant revs up with $200m

BlaBlaCar, valued at $1.6bn in 2015, has received $114m in funding from investors including its latest strategic partner, rail operator SNCF.

NAB and US Bancorp reach Poynt for $100m

NextCure looks forward with $93m

University

Amal Therapeutics amplifies series B round

University Ventures enrols in $28m Unicaf round

Funds

Speaking of Vision Fund, SoftBank has reportedly hired Goldman Sachs and Mizuho Bankto oversee a $4bn credit facility, one that looks to be separate to the $9bn in debt financing it’s said to be seeking from the banks underwriting the IPO of its wireless division.

Speaking of repeating patterns, energy and industrial management technology producer Schneider Electric has resurrected its old corporate VC unit, Schneider Electric Ventures, and will commit up to $565m to the vehicle.

ComfortDelGro composes terms for $100m fund

Toyoda Gosei assembles corporate venturing fund

Talkdesk sets aside $10m for Innovation Fund

University

Universities hit Material Impact for $110m fund

Exits

Mogu, the Chinese owner of social commerce platform Mogujie, has filed to raise up to $200m in an initial public offering in the US. Tencent and fellow corporate investors Bertelsmann Asia Investments and Ping An Ventures own almost a third of the company between them, and Mogu plans to channel the IPO proceeds into expanding its offering and further developing the platform, which averaged nearly 63 million monthly active users in the year ending in September 2018.

Vapotherm inhales $56m in IPO

Messenger RnA vaccine and drug developer Moderna Therapeutics was valued at $7.5bn in a funding round earlier this year, and now it’s filed for an initial public offering initially slated to raise $500m.

Investors in endpoint security technology provider Cylance meanwhile look set for a different kind of exit. Blackberry has confirmed that it has agreed to pay $1.4bn to acquire endpoint cybersecurity software provider Cylance, allowing Dell Ventures, Citi Ventures and Capital One Ventures to exit.

Sapho, the developer of a micro app for employees, has meanwhile been acquired by Citrix Systems for $200m, having raised just over $26m in funding.

Forescout successfully tracks SecurityMatters in $113m deal

Symantec gains Appthority in acquisition deal


“Funky Chunk” Kevin MacLeod (incompetech.com)
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