27 May 2019 – Age of Turbulence

Thanks to everyone who came to the Global Corporate Venturing Symposium this past week.

We are entering an “age of turbulence” – the theme for this month’s GCV Symposium at London’s County Hall. Whether caused by eventual economic downturn, protectionism or regulatory concerns over the impact of technology-led disruption, the headwinds for those providing innovation capital to entrepreneurs are only likely to increase.

Deals

Parvus Therapeutics lands $800m in Genentech deal

DoorDash has had one of the fastest growth spurts in memory and has just raised $600mfrom investors including SoftBank Vision Fund, in a round that boosted its valuation from $7.1bn to $12.6bn in just three months.

Baidu and Citic Bank have jointly invested some $576m in AIBank, but the online financial services provider is now seeking up to $1bn in external funding that it expects to raise in the coming months.

Back in the outside world, payment card processing service Marqeta has secured $260m in series E funding at a valuation of almost $2bn, a huge jump from the reported $545m valuation it achieved when last raising funds nearly a year ago.

Mafengwo’s core product is an online travel reviews and information platform, but it has added a range of travel services to its offering including hotel room and tour booking.

Gilead Sciences was among the participants in a $120m series B round for cell therapy developer AlloVir that was led by Fidelity Management and Research.

Drug development software producer Schrödinger has raised another $25m to take its latest round to $110m.

Digital identity verification and management platform developer Auth0 has meanwhile secured $103m at a valuation of more than $1bn.

Unit DX marks $25.5m in portfolio funding

Funds

Salesforce Ventures launched its fifth Trailblazer fund earlier and the fourth with an international focus. Europe Trailblazer Fund is equipped with $125m of capital and it comes after the unit committed a total of $250m to Trailblazer vehicles in Canada, Australia and Japan over the past year.

UnityPoint Health, the owner of 32 hospitals and home care services, has formed a strategic investment arm called UnityPoint Health Ventures Innovation Fund, and has provided it with $100m in capital.

Corporates coax third MD Start to close

PSL Innovation Fund reaches $72.3m

Exits

Bicycle Therapeutics rides into public markets

Just Bio to jump to Evotec

Vidyo enters Enghouse in $40m acquisition

Cross-border financial transfer platform TransferWise has also overseen a jump in valuation, to $3.5bn, through a $292m secondary transaction.


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

Leave a Reply

Your email address will not be published. Required fields are marked *