15 April 2019 – Uber Files for IPO

Big ones

As you all surely know by now, Uber filed for its long awaited initial public offering on Thursday, confirming that its largest investor is SoftBank Vision Fund, which owns more than 16% of its shares, while Alphabet, which has increasingly been rivalling the ride hailing company in the autonomous driving technology space, holds a stake sized at just over 5%.

Grab had raised a mammoth $4.5bn for its series H round as of last month, but it said it hadn’t closed the round and now revealed that it is shooting for a $6.5bn final close. Our frequent listeners may remember that the ride hailing platform had originally set a $3bn target for the round, but Vision Fund invested a further $1.46bn and is expected to return for the extension.

Taikang Insurance is not one of China’s most fervent corporate venturers but it has managed to score three IPO exits in the past year, and is now linking up with the city of Wuhan to form a $3bn healthcare-focused fund.

And on the university side, we have Inozyme Pharma, a developer of drugs that will combat the calcification of the body’s kidneys and vascular system. The Yale University spinout has secured $67m in a series A2 round featuring two corporates – Novo and Sanofi Ventures.

Deals

Traveloka has reportedly secured $420m in funding from Singapore’s GIC and existing investors that were undisclosed but which probably included Expedia and JD.com.

The digital insurance sector continues to go from strength to strength, with Lemonade the latest to raise money, netting $300m in series D funding at a reported valuation in excess of $2bn.

Tourism activities booking platform Klook has secured $225m in a series D-plus round led by SoftBank Vision Fund that has been added to the $200m in series D financing it closed in October.

Branch International has created a mobile-first financial services platform tailored for use in emerging markets, and it has raised $170m in a series C round that was co-led by Visa.

Funds

Japanese bank Mitsubishi UFJ Financial Group already operates a venture capital firm, Mitsubishi UFJ Capital, but is now getting further into strategic investing, setting up a $180m fund called MUFG Innovation Partners.

Exits

Fashion-focused social commerce platform Poshmark has raised almost $160m in funding and was reportedly valued at about $600m when it last raised money, nearly 18 months ago.

SoYoung, a Chinese booking and reviews platform for cosmetic procedures, has already filed for an IPO in the US and is looking to raise $150m.

Private equity firm Bridgepoint has sealed the acquisition of a majority stake in cloud accounting software provider Kyriba, paying $160m. The transaction valued Kyriba at $1.2bn according to the company, but it has not revealed whether BridgePoint was an existing backer or whether the $160m constituted a separate investment to a secondary share purchase.

Private jet provider Vista Global has agreed to acquire customised charter jet service JetSmarter for an undisclosed amount in an all-share deal that will allow JetEdge to exit.


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

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