24 June 2019 – Slack Goes Public with $19.5bn Valuation

The Big Ones

Wealth management platform Paytm Money’s only funding so far has been a $10m investment by parent company One97 Communications, but it is said to be preparing a round that could be up to $1.2bn in size that will include SoftBank and Ant Financial.

Slack finally went public on Thursday in a direct listing that so far qualifies as one of the year’s notable successes. Its shares had been allocated a $26 guidance price by the New York Stock Exchange but they finished at $38.62 on its first day of trading giving the messaging platform a valuation of about $19.5bn.

Cathay Capital’s Cathay Innovation fund has raised $358m for the first close of its second fund, whose LPs include Valeo, SEB, Michelin, ADP, Accor, BioMérieux, Dassault, JCDecaux, Kering and Pernod Ricard.

On GUV, Imcyse, a Belgium-based immunotherapy developer spun out of KU Leuven, raised €28m ($31.4m) in funding from investors including the university. Life Sciences Partners led the round, which also included Belgian state-owned investment firm SFPI-FPIM, Wallonia government investment firm SRIW, growth capital firm Epimède, family office Biogenosis and private equity firm Noshaq.

Deals

Autonomous driving technology developer Aurora Innovation has boosted its series B round to more than $600m, pulling in funding from investors including Hyundai and subsidiary Kia Motors.

SoftBank Vision Fund has led a $205m round for Collective Health, the developer of a software platform that helps businesses manage their employee health plans more efficiently.

Vision Fund is reportedly also in talks with Indian fitness and wellness services provider CureFit over an investment of $200m to $350m that would value it at more than $1bn.

Zhenkunhang, the operator of an online marketplace for industrial equipment and procurement services, has captured $160m in a series D round led by Tencent.

Canada Pension Plan Investment Board is set to pay $150m for an 8% stake in logistics services provider Delhivery through a secondary transaction. The company has raised nearly $670m in funding from investors including SoftBank Vision Fund, Fosun and Times Internet.

NTT-backed data management software producer Druva has already reached that $1bn valuation, in a $130m round led by Viking Global Investors.

Rapt Therapeutics has taken its series C round from $60m to $97m, raising the additional capital from the participants in the first tranche, which include GV.

Digital payment technology provider RazorPay is now valued at $450m, after securing $75.4m in its series C round. The India-based company has reportedly now received a total of $107m in funding and its earlier backers include Mastercard and GMO Venture Partner.

Viela Bio, an autoimmune and inflammatory disease drug developer founded by AstraZeneca, has closed a $75m series B round led by investment firm HBM Healthcare Investments that boosted its overall funding to more than $300m.

Funds

Northern Accelerator, a UK-based commercialisation grouping of four universities in northeast England, is seeking to raise £100m ($125m) for a venture fund to back spinouts and startups. Northern Accelerator will select a management partner for the new fund, dubbed North East University Investment Fund, in November 2019 following a formal tender process and Q&A presentations in London and Newcastle.

PreSeed Ventures, a venture firm owned by Technical University of Denmark (DTU), is targeting DKr350m ($52.5m) for a new fund focused on early-stage tech businesses.

Exits

Stoke Therapeutics is developing treatments for genetic diseases, and has gone public having priced its initial public offering above its range while also increasing the number of shares it is issuing.

Gene therapy developer Prevail Therapeutics has secured $125m in an IPO priced in the middle of its range. The AbbVie Ventures-backed startup had raised $129m since it was founded in 2017, and it will use the proceeds to advance treatments for neurodegenerative diseases such as Parkinson’s disease, neuronopathic Gaucher disease and frontotemporal dementia.

Naspers subsidiary PayU has agreed to buy Iyzico, a Turkish digital payment platform that counts Beenos as an investor, for $165m.


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

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