29 May 2017 – Home Fitness Service Peloton Raises $325m and Much More

Deals

Alibaba and Ant Financial are reportedly set to lead a $1bn round for food ordering platform Ele.me that will value it at up to $6bn.

Peloton, the home fitness service that combines a high-tech exercise bike with a subscription-based service that makes it feel like you’re in a live class (within reason obviously, though who would bet against VR being integrated into Peloton’s offering in the near future?), has raised $325m in a series E round featuring Comcast NBCUniversal.

Livestreaming has become one of the fastest growing parts of the media sector, not least in China where Panda TV has raised $140m in a series B round led by brokerage firm Industrial Securities.

R3, a consortium formed by a few dozen financial services operators to develop and commercialise blockchain technology for the industry, has secured $107m in the first two tranches of a series A round that includes Intel Capital, Ping An and Temasek, the sovereign wealth fund of Singapore, as well as around 40 banks.

In other news, Chinese mobile communication app developer Chubao has raised $100m in a series D round that included Susquehanna International Group, which has been an investor in the company since 2011.

Huya, the livestreaming subsidiary of online video streaming platform YY, has spun out with $75m of series A funding led by Ping An Insurance.

UrWork was founded only two years ago but it could yet turn out to be the Didi Chuxing of the co-working sector.

We’ve also had a few nice triple helix deals in the past week, such as Symic Bio, a biopharmaceutical spinout of Purdue University, that has completed a $30m series B round backed by all its existing investors, including Purdue Foundry Investment Fund, a vehicle backed by Purdue University focused on the institution’s spinouts.

Funds

The big news is that SoftBank has finally announced the first close of its Vision Fund, having raised an immense $93bn in capital.

WuXi Healthcare Ventures, the corporate venturing arm of WuXi PharmaTech, has agreed to merge with VC firm Frontline BioVentures to form a healthcare-focused investment firm called 6 Dimensions Capital that will have some $800m of assets under management.

Saudi Telecom formed strategic VC firm STC Ventures in 2011 to invest in the IT, telecommunications and media sectors, but as times change so do the requirements for corporate venturing, and the firm has elected to commit $500m to a new fund named STV that will back more advanced digital technologies.

Gree Ventures, the corporate venturing arm of social media and gaming company Gree, has closed its second fund at $67m.

We didn’t see any big fund launches on GUV, and while there were some on GGV, the most interesting news here was that the European Investment Fund has started pulling out of the UK following the country’s decision to abandon the EU.

Exits

Flipkart’s acquisition of rival Snapdeal is getting closer with news that SoftBank has bought out the shares of various other Snapdeal board members to clear the way for the deal.

Delivery Hero raised more than $420m from Naspers earlier this month at a reported $3.1bn valuation, but sources have told Reuters it is planning to launch an IPO in the next few weeks that could value it at up to €4bn ($4.5bn).

Sea, the Singapore-registered online services platform that recently rebranded from Garena with a $550m funding round, has confidentially filed for an IPO in the US that will give exits to corporate investors Tencent, JG Summit and Uni-President Enterprises, according to Bloomberg.

Bioverativ has agreed to acquire True North Therapeutics for $400m upfront with up to $425m in milestone payments to come.

On GUV, news emerged on Tuesday that commercialisation firm IP Group had made a bid for Touchstone Innovations, its peer that was spun out of Imperial College London. Touchstone rebuffed the offer, though a majority of its shareholders (some of which also own IP Group stakes) are pushing for the takeover.


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

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