16 September 2019 – Byton Seeks $500m Close

Big Ones

Byton is one of several smart electric vehicle developers emerging from China, and it is in the process of adding investors to a round already featuring automotive manufacturer FAW as it seeks a $500m close. The company is focusing on electric SUVs, the first of which is slated to go on commercial sale next year.

Shanghai Henlius Biotech has set terms for an initial public offering in Hong Kong that will net $477m if the company floats at the top of its range. Autoimmune disease and cancer drug developer Henlius has raised at least $345m from investors including Fosun Pharma and has lined up four cornerstone investors for the offering including Qatar Investment Authority, which will buy $90m of shares.

SoftBank has been busy in Latin America since closing a $5bn fund in March that’s reserved for the region. But what do you do when your pockets are so deep that few VCs can co-invest with you? Why, you support them of course. SoftBank is reportedly planning to commit some $500m to between five and 10 Latin American venture capital firms having already backed funds being raised by Kaszek Ventures and Valor Capital.

In interesting crossover news this week, China-based medical supplies distributor GKHT Medical Technology raised more than RMB1.1bn ($154m) in a series C round backed by Cash Capital, which invests on behalf of Chinese Academy of Science. Insurance firm Taikang Life led the round, which also featured 6 Dimensions Capital, the investment firm co-founded by pharmaceutical firm WuXi AppTec, and Legend Capital, the venture capital firm launched by conglomerate Legend Holdings.

Deals

Rivian hasn’t got a product on the market yet, but that hasn’t stopped the electric truck and SUV developer raising money. It has now secured $1.8bn in capital this year having received $350m from Cox Automotive at a reported $3.5bn valuation.

Second-hand goods-focused e-commerce platform Zhuan Zhuan spun off from parent company 58.com in 2017 with $200m from Tencent. Now, two years on, the corporates have agreed to provide a further $300m for the company.

There seem to be a variety of new models for real estate-related services, with workspace providers on one hand and short-term accommodation companies on the other side. ChengHome Apartment is the latest prominent name in the latter area, the company having just closed a $300m series A round.

Brazil-based Quintoandar is ploughing a slightly different furrow, overseeing an online property marketplace that concentrates on the rental sector. It is also the latest Latin American company to get a big cash infusion from SoftBank, in a $250m series D round led by the corporate that valued Quintoandar above $1bn.

Elsewhere in China, Huimin caters more to the supplier side of the e-commerce sector. It provides a range of services spanning areas like business management, stock ordering and convenience retail, and has raised $225m in a round featuring corporate venture capital unit Fosun Capital.

Data wrangling software provider Trifacta has raised $100m from investors including Google, Infosys, Telstra Ventures, NTT Docomo Ventures, BMW i Ventures and ABN Amro. The round reportedly valued it at under $1bn but that’s still pretty good going.

One of those fascinatingly futuristic sounding companies, Volocopter is developing what will be an airborne urban taxi service maintained by unmanned vertical-take off aerial vehicles. The vision is also attracting investors.

Funds

Tnuva and Tempo Beverages are among the co-founders of Fresh Start FoodTech Incubator, an Israel-based food technology incubator that is aiming to raise more than $280m in capital.

University endowments, academic health systems and foundations are among the limited partners for a $225m venture fund closed by Vensana Capital targeting the medtech space.

Exits

6 River Systems, the developer of a warehouse fulfilment system that combines robots and cloud software while still being based around human workers, has agreed to a $450m acquisition by Shopify that will enable iRobot to exit.

10x Genomics has had one of the year’s better IPOs, floating above its range to raise $390m and then seeing its shares shoot up in their first day of trading to give it a market cap more than three times its valuation in its last funding round seven months ago.

Singapore-based online real estate portal PropertyGuru is reportedly preparing for an IPO in Australia in which it will look to raise up to $274m. The company’s investors include local media group Emtek, and the prospective offering would be the largest on the Australian Securities Exchange so far this year.

Biontech, a Germany-based cancer immunotherapy developer spun out of Johannes Gutenberg University Mainz, has filed for a $100m initial public offering on the Nasdaq Global Select Market that will also provide exits to Sanofi, Pfizer and Salvia.

Aprea Therapeutics, a (now) US-based oncological drug developer spun out of Karolinska Institute in Sweden, has filed for an initial public offering on Nasdaq that it hopes will bring in nearly $68.3m in proceeds. A price range or timeline have not yet been set.


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

09 September 2019 – Nikola Corporation Raises $250m

Deals

Sumitomo Dainippon Pharma is acquiring a stake in medical company builder Roivant that will be at least 10%, as part of a $3bn deal that will involve it also taking Roivant’s stake in five subsidiaries.

Despite being responsible for unicorns DraftKings and FanDuel, daily fantasy sports has run into a string of regulatory issues in the US. India-based Dream11 seems to be faring better, suprassing $1bn of transactions in its last year of operations, and it is reportedly in talks with investors including SoftBank Vision Fund and Naspers Ventures to raise up to $500m in new funding.

E-cigarette brand Juul disclosed $325m of convertible debt financing last month, and a subsequent securities filing has indicated the size of the round is now $785m. It’s currently unclear who the 14 investors are that supplied the capital but they may well include Altria, the tobacco provider that invested a whopping $12.8bn late last year in order to buy more than a third of the company.

Hydrogen electric truck developer Nikola Corporation has raised $250m in cash and services from industrial equipment producer and strategic investor CNH Industrial for a series D round it aims to close at $1bn or more. The round values Nikola at $3bn pre-money, and while there’s no word of additional investors yet, its existing backers include fellow corporates Nel Hydrogen and Wabco.

With all the fuss surrounding Uber and its peers, it can be easy to forget that before ride hailing was ‘a thing’, car sharing was viewed as the future of transport. Getaround is still ploughing that furrow and is pulling in funding, aiming to add $200m in capital to the $300m it raised last year.

Tencent has provided $120m in series E funding for customer relationship management (CRM) software provider Xiaoshouyi. The company, which is also known as IngageApp, had already secured more than $40m in a Tencent-led series D round in 2017 before reportedly adding nearly $16m from the same investor the following year. It has also worked in tandem with Tencent on a specialist CRM product.

Nkarta Therapeutics has emerged from stealth with $114m raised in a series B round featuring Amgen Ventures and existing investors Novo and SR One. The company, which has received $129m in total, is developing treatments for cancer that rely on sparking the body’s natural killer cells to kill cancerous cells.

Passage Bio packs in another $110m

Yongcheng Life has secured $100m in a series B round led by Legend Capital that included Bertelsmann Asia Investments (BAI).

University

Ginger jumps to $35m series C

Achilles Therapeutics accesses $120m

Exits

Vertex Pharmaceuticals has agreed to buy diabetes treatment developer Semma Therapeutics in a $950m all-cash deal that will enable Medtronic, Novartis and SinoPharm to exit.

Data management software provider Commvaultis set to pay $225m to acquire Hedvig, a software-defined storage technology producer backed by Hewlett Packard Enterprise.

Kabbage pinpoints Radius for acquisition

Viela Bio has filed for a $150m initial public offering less than two years after being spun off by AstraZeneca. The corporate is still the largest shareholder in autoimmune disease drug developer Viela, having invested $142m last year, and it holds a stake sized above 38%.

Vir veers toward public markets

Investors in cloud security software provider Druva may be heading toward a different kind of exit, as news emerges that the company plans to begin prepping an initial public offering over the course of this year.

Uhuru to pursue $50m in London IPO

Funds

Taiwan Life ties $50m to BVP Century Fund

DG Daiwa Ventures, the joint investment venture set up by internet company Digital Garage and brokerage Daiwa Securities, has formed a new fund called DG Lab Fund II that is seeking a close of about $188m.


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

02 September 2019 – ThoughtSpot Closes $248m Round

The Big Ones

Enterprise analytics platform developer ThoughtSpot has closed a $248m round that valued it at $1.95bn, though existing corporate investors HPE and Capital One do not seem to have participated.

Megvii is one of the two key players in China’s ever increasing – and ominous – facial recognition technology sector (the other being SenseTime), and it’s filed for a Hong Kong IPO that sources tell Reuters is set to raise at least $500m and possibly up to $1bn.

VIPkid has been one of the main players in China’s burgeoning online tutoring sector, but the company, which employs North American English language teachers who work with students through video, may have been indirectly impacted by recent regulations tightening up on credentialling.

US-based, blockchain-focused financial services provider Algo Capital has closed its venture capital fund at $200m – twice as much as its initial target! – having raised capital from limited partners including data marketplace Wibson and consulting firm Rokk3r.

The biggest deal on GUV was the up-to $400m acquisition of Modis Therapeutics, a US-based rare genetic disease therapy developer partly based on Columbia University research, by its peer Zogenix.

Deals

Kuaikan Manhua runs a mobile platform where users can upload original art – much of which is comic based – so it can be bought and read. It has some 40 million monthly active users, half of which are teenagers or younger, and that has attracted Tencent, which has invested $125m.

Tencent has also contributed to a $100m series C round for Whale Network, the owner of e-commerce offerings including Haoyiku. The round was led by venture capital firm Sky9 and it will fund the company’s growth in smaller Chinese cities in addition to the strengthening of its social commerce and livestreaming activities. T

On-demand car leasing service Fair has received $100m in equity and debt financing from Ally Financial, eight months after SoftBank led its $385m series B round.

Agribusiness Cargill has invested $75m in Puris, a producer of pea protein-based food ingredients, money that will be used to expand production at its main facility.

HiFiBio Therapeutics has completed a $67m series C round featuring Kite Pharma and Legend Star, and will put the proceeds toward expanding a pipeline of antibody-based drug candidates targeting cancer and autoimmune diseases.

Online life insurance portal Ethos has secured $60m in a GV-led round, at a valuation of somewhere between $400m and $500m according to Forbes. GV had previously contributed to the company’s $35m series B round just under a year ago, and the latest funding has been earmarked for product development and the strengthening of the Ethos engineering team.

Even with the recent uptick in Latin American investment, we don’t talk about too many Mexico-based companies on this podcast, but Credijusto has bucked the trend, securing $42m in a series B round co-led by Goldman Sachs Principal Strategic Investments.

Exits

Temenos has agreed to acquire digital banking software provider Kony in a deal that will involve it paying $559m upfront and up to $21m in earn-outs.

Peloton Interactive has filed to raise up to $500m in an initial public offering on the Nasdaq Global Select Market, roughly a year after raising $550m in a Comcast NBCUniversal-backed series F round valuing it at $4.15bn.

Funds

Indonesia-based venture capital firm East Ventures has closed its sixth fund at $75m with contributions from conglomerate Sinar Mas, media group Emtek and investment holding company Triputra Group.

Cybersecurity software producer CrowdStrike launched a $20m US-based investment fund on Monday in partnership with venture capital firm Accel in a bid to build an ecosystem around its products.


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

26 August 2019 – Uhuru Plans to File for an IPO

Exits

Uhuru to connect to UK’s public markets

Pfizer spinoff Springworks is developing drug treatments for rare forms of cancer, and has filed to raise up to $115m in an initial public offering that would also allow GlaxoSmithKline to exit.

Medical research tool developer 10x Genomics has already reached unicorn status, having closed a SoftBank-backed series D round that valued it at almost $1.3bn earlier this year. Business is going well for 10x, which more than doubled its revenue in 2018, and which has now filed for a $100m initial public offering.

IGM Biosciences has filed for its own $100m IPO – it’s been quite a few days for IPO filings – and the company, which is developing engineered antibodies that will treat cancer, is launching the offering just weeks after it secured $102m in series C funding.

Satsuma sets course for public markets

TSE gives Giftee IPO permission

University

VMware ingrains StartX-backed Intrinsic

Woodford loses touch with Ultrahaptics

Funds

SoftBank is reportedly offering to lend its employees up to $20bn to invest in the second iteration of its Vision Fund, reportedly replicating a process in which staff borrowed $8bn to invest in its predecessor.

Access Ventures accepts corporate backing

Deals

Microfinance provider Tala is reportedly now valued at $750m following a $110m series D round that included existing backer PayPal. The cash will fund international recruitment and an expansion of the company’s product range, and it comes after Tala had received some $100m in debt financing over the past year.

Lixiang, the Chinese electric SUV developer formerly known as Chehejia and CHJ Automotive, has closed its series C round at $530m at a $2.9bn valuation, with, $30m coming from new corporate backer Bytedance.

WeWork (now We Company) is gearing up for one of the year’s biggest IPOs but it isn’t the only company in the working space sector that’s growing quickly. Knotel has secured $400m from investors including Mori Trust, Itochu, Bloomberg Beta and Rocket Internet to increase its total funding to $560m.

Electronic cigarette maker Juul raised a gargantuan $12.8bn from cigarette manufacturer Altria last December at a $38bn valuation, but it isn’t done yet. The company has added$325m in convertible note financing from four investors according to a securities filing, and the cash will likely support an increasingly widespread advertising campaign as it looks to geographically expand.

PlusAI is one of a few autonomous vehicle developers currently in the pre-production stage, but is focusing its efforts on a truck with level 2 autonomous driving functionality that it hopes to be able to mass produce. It is also reportedly near to raising $200m at a valuation exceeding $1bn.

Mortgage financier Better.com is now valued at $600m, following its completion of a $120m series C round. Ping An Global Voyager Fund and American Express Ventures both contributed, as did Citi, Ally Financial, AGNC and Goldman Sachs, and the transaction took Better’s overall funding past the $250m mark.

Once upon a time, when it was a credible threat to Flipkart, Snapdeal’s largest investor was SoftBank. Then, when sales went south the corporate withdrew its support from a funding round in order to try and trigger a merger between the two – both among its portfolio companies. That deal didn’t come off, Walmart acquired SoftBank’s stake in Flipkart, and Snapdeal radically restructured and improbably survived. Now, SoftBank is in talks to lead a $100m round for the company, potentially with an investment of up to $60m. A case of forgive and forget?

Naspers to gamble on $100m Dream11 investment

University

XpectVision meets series B expectations


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

19 August 2019 – Zhihu Raises $434m at $3.5bn Valuation

Big Ones

Zhihu is often referred to as China’s answer to Quora, but its services extend beyond an online community Q+A service to areas like online publishing and livestreamed sessions with experts. It’s just raised $434m at a reported $3.5bn valuation. Livestreaming service Kuaishou led the series F round, which included fellow strategic partner Baidu and another corporate investor, Tencent.

Insurance group MS&AD has tripled the size of its MS&AD Ventures unit to about $128m, just 10 months after its launch. The company said it made more than 20 investments in that time, and seeing as its subsidiaries include Mitsui Sumitomo and Aioi Nissay Dowa – both of which maintain their own corporate venturing units – it’s going to be interesting to see if it has plans to formally unify the vehicles under the MS&AD Ventures banner.

We Company, the workspace provider formerly known as WeWork, has filed for one of the year’s most eagerly awaited initial public offerings. It has set a $1bn target as a placeholder figure but reports suggest it will go for $3bn to $4bn through the flotation. The filing also confirms SoftBank, its Vision Fund and related affiliates have provided a whopping $12.4bn in financing.

On GUV, Landos Biopharma, a US-based autoimmune disease therapeutics developer exploiting Virginia Tech research, has closed a $60m series B round backed by spinout-focused investment firm Osage University Partners. Biopharmaceuticals-focused investment firm RTW Investments and hedge fund manager Perceptive Advisors co-led the round, with the latter investing from its Xontogeny Venture and Life Sciences funds.

Deals

JD.com and iFlytek have contributed to a $283m series C1 round for another Chinese company, Terminus Technologies. Connected AI technology developer Terminus received $173m in a SenseTime-backed round less than a year ago, and has raised about $530m altogether.

Meesho has raised $125m in a Naspers-led series D round that included a $25m investment that had been made by Facebook in June. The round was reportedly set to value the social commerce marketplace at $600m to $650m and the cash will support it extending its reach further into India’s rural areas.

The renewables technology sector is a long way from its peak but the brunt of the funding that is coming in for startups in that space is going to energy storage. Energy Vault, a Swiss company developing a hydro power-inspired grid-scale storage system, has received $110m in series B funding in what is SoftBank Vision Fund’s first renewable energy investment.

ShareChat, the Indian operator of a multilingual social network with some 60 million users, has secured $100m in a Twitter-led series D round that valued it at $650m. The deal took its total funding past the $220m mark, but there was no sign of its other corporate backer, Xiaomi.

ScaleFactor has closed a $60m series C round featuring existing investor Citi Ventures that increased its overall funding to approximately $103m.

Carpooling platform Scoop Technologies has raised $60m from investors including corporate VC units Total Ventures and Workday Ventures to take its overall funding to more than $106m.

Uniphore, the developer of a range of speech recognition tools, has raised $51m in series C funding from investors including Sistema Asia Fund, and will channel the proceeds into R&D and a geographic expansion that will focus on the North American market.

Funds

Female founder-focused fund BBG Ventures was formed by AOL and then, when the company was acquired by Verizon, absorbed into the Oath digital media group. It formally spun off late last year and is seeking external investors for a third fund that, according to a recent regulatory filing, has a $50m target for its close.

Exits

WeWork owner The We Company was responsible for the most eagerly awaited IPO filing of the week but hosting services provider CloudFlare has also filed, some five months after raising cash at a $3.2bn valuation.

Enterprise communication platform developer Chatwork has secured approval for its own IPO, which will take place in its home country of Japan. The company has raised at least $15m in venture funding from investors including GMO Venture Partners, and the GMO unit that owns a 6% stake.

Novartis and Eli Lilly have secured exits, after Jazz Pharmaceuticals acquired Cavion, a developer of therapies for neurological diseases, and merged the company with one of its subsidiaries.

Things have been less rosy for microsatellite launcher Vector, which has shut down operations indefinitely due to a change in financing just days after sealing a contract with the US Air Force.


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

12 August 2019 – Didi Chuxing Spins Off Autonomous Driving Division

Big Ones

SoftBank Vision Fund recently announced that it has secured memoranda of understanding for $108bn in capital for its second investment vehicle, and SoftBank CEO Masayoshi Son has now said it will begin investing as soon as next month.

Didi Chuxing is spinning off its autonomous driving division and will likely seek funding at a multi-billion-dollar valuation. The ride hailing service has raised more than $18bn in debt and equity financing but is keen to gain external investors for a part of the company that may prove invaluable in future, but which is a cash drain right now.

Pharmaceutical and chemical producer Bayer acquired US-based stem cell treatment developer and portfolio company BlueRock Therapeutics in a deal that could value it at up to $1bn. The terms of the transaction involve Bayer paying a total of up to $600m to acquire the shares in BlueRock it did not already own, investing $240m upfront that will be followed by preclinical and clinical milestone payments that could reach $360m.

In this week’s GCV and GUV crossover news, the biggest deal was a $70m series B round for HawkEye 360, a US-based radio-frequency data satellite developer based on Virginia Tech research. The round included commercialisation firm Allied Minds (Hawkeye’s parent company) as well as aerospace manufacturer Airbus and mapping software developer Esri.

Deals

FlixMobility, a Germany-based travel services provider backed by carmaker Daimler, has added a “substantial” amount of funding to its series F round, which attracted $561m last month. The additional funding, seemingly worth hundreds of millions of dollars, was supplied by Baillie Gifford, Luxor Capital, Odyssey 44 and certain funds managed by BlackRock.

Tencent invested $350m in Kuaishou in early 2017 at a reported $2.5bn valuation, and as the short-form video sector has grown as a whole, the company has expanded its presence to the point it now has some 200 million daily active users.

E-commerce payment services provider Klarna has raised $460m from investors including new strategic partner Commonwealth Bank of Australia at a $5.5bn post-money valuation.

Existing backer SoftBank has invested a further $200m in endpoint cybersecurity software provider Cybereason together with several undisclosed affiliates, at a reported $900m valuation.

Online business finance marketplace C2FO has pulled in $200m in a round led by SoftBank Vision Fund that, according to Bloomberg, also featured existing backer Allianz X. The round roughly doubled the company’s overall funding to about $400m and it will put the money toward boosting international growth.

Wickedride Adventure Services, the owner of India-based electric vehicle rental service Bounce backed by mobile chipmaker Qualcomm, is raising $200m in fresh funding. Bounce has already received an initial $120m, people familiar with the matter told TechCircle.

Automotive e-commerce marketplace CarDekho has added $19m from investors including Emtek subsidiary Kreatif Media Karya to a series C round that has reached $129m. CapitalG, Dentsu, Bennett, Coleman & Co and Axis Bank contributed to the round’s earlier tranches, and the funding was reportedly secured at a $500m valuation.

Keyless lock technology provider Latch has also beefed up its latest round, closing a series B at $126m. RxR Realty, Tishman Speyer and the Berman Enterprises-backed Camber Creek all participated in the round, which was pumped up with a $56m second tranche.

Rakuten has increased its stake in cancer therapy developer Rakuten Medical to more than 22% with a $100m investment made in the shape of a series C-1 round. The e-commerce firm had joined SBI Group for the $284m series C the company closed in December, back when it was still known as Rakuten Aspyrian (and a while after it was founded as Aspyrian Therapeutics).

Rakuten Ventures has contributed to a $93.9m round for Japanese digital marketing software provider From Scratch that also featured Link and Motivation and Japan Post Investment. The unit has been an investor in From Scratch since its 2017 series C round, and the company’s other backers include Dentsu Digital Holdings and Itochu Technology Ventures.

Ibotta, the creator of a rewards app that gives consumers money back on selected purchases, has secured an undisclosed amount in a series D round that hiked its valuation to $1bn. Koch Disruptive Technologies led the round, which followed about $95m of earlier funding, and which will support an expansion of Ibotta’s Denver headquarters as it prepares to increase recruitment.

Funds

American Family Ventures, the corporate venture capital arm of US-based insurance firm American Family, has raised more than $162m for a venture capital fund, according to a securities filing. The fund, dubbed AmFam VC Fund III LP, has taken in $162.5m from four investors and has set a $200m target for its close.

Exits

Delivery services provider Glovo has raised at least $340m in funding from investors including AmRest, Drake, Delivery Hero and Rakuten, and was reportedly valued at $950m in its last round. It has also begun discussions to raise money from – guess who – SoftBank, and is in talks with Uber and Deliveroo who have approached the company over a possible acquisition.

And here’s an exit… from an exit. Rapt Therapeutics, a US-based small molecule drug developer backed by internet and technology conglomerate Alphabet and pharmaceutical firm Celgene, has postponed its initial public offering without offering a new timeline. The company set its price range at $14 to $16 two weeks ago and hoped to issue 5 million shares on the Nasdaq Global Market to raise between $70m and $80m. Rapt is working on small molecule drugs that it hopes will boost a patient’s immune response to cancer and inflammatory conditions.


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

05 August 2019 – MyBank Seeks $870m at $3.5bn Valuation

Big ones

MyBank was formed by Ant Financial and Fosun in 2015, and now the big data and AI-enhanced online lending platform is reportedly seeking about $870m in a round that could include both corporates at a $3.5bn valuation. Its other existing investors include Wanxiang, a contributor to the $644m the company received at the time of its launch.

After much speculation, Indonesian bank Bank Negara Indonesia has officially launched its venture capital unit, BRI Ventures. It has provided an initial $100m for the unit that it intends to eventually increase to up to $250m, and it will be headed by Nicko Widjaja, the ex-CEO of one of the country’s other notable corporate venturing entities, Telkom Indonesia’s MDI Ventures. That’s an interesting development considering MDI was said to be helping BNI put together the fund.

Chinese online lending platform 9f has filed to go public in the US and hopes to raise $150m in proceeds but, in an unusual move, is yet to settle on an exchange (it’s a fight between NYSE and Nasdaq). The company’s investors include Susquehanna International Group and SBI, though neither have stakes sized at 5% or more. Founded in 2006, 9f operates a peer-to-peer lending marketplace for consumers, with the loans supplied by both private investors and institutional partners. The platform also offers securities trading and big data analytics functionalities. The company had 76.7 million registered users as of March this year, 7.8 million of which have an approved credit limit. Its outstanding loan balance totalled $8.2bn at the time.

Alizé Pharma 3, a France-based biopharmaceutical startup based on research at University of North Carolina (UNC) at Chapel Hill, University of Maine and Harvard University, secured $74.6m on Tuesday in a series A round led by investment firm LSP. Novo Ventures, Partners Innovation and Sham Innovation Santé, respective investment vehicles for pharmaceutical firm Novo, healthcare provider Partners Healthcare and insurer Sham, among others, also took part in the round. Alizé Pharma 3 is developing drugs that are intended to treat metabolic diseases and diseases of the endocrine system.

Deals

Swiggy is in what’s increasingly become a head-to-head battle with Zomato for dominance in India’s on-demand food delivery sector, and it’s reportedly close to raising between $700m and $750m in a round led by existing investor Naspers.

Healthcare software provider Babylon Health has announced a $550m series C round that will value it at $2bn post-money once it formally closes.

Traveloka raised $420m in a GIC-backed round in April, and is reportedly talking to investors in a bid to secure an additional $500m at a valuation of about $4.5bn.

Mobile bank operator Nubank has already sealed funding, notching up $400m in a series F round that included Tencent. The corporate had already invested $90m in Nubank last October, together with a $90m secondary transaction.

Online real estate brokerage Compass is now valued at $6.4bn having secured $370m in a series G round that included SoftBank Vision Fund, fresh from the launch of its recent $108bn second vehicle.

Mobile commerce platform Wish is now valued at $11.2bn following a series H round reportedly sized at $300m. General Atlantic led the round, without any other participanys being disclosed.

Machine learning software provider DataRobot has reportedly secured $200m in a series E round led by Sapphire Ventures at a valuation of more than $1bn.

Chinese engineering equipment rental service Zhongeng United has raised a total of about $167m in new funding, almost $22m of which came in the shape of series B-plus capital supplied by Five Star.

Funds

Utimco, a joint investment company of University of Texas and Texas A&M University, has backed a $234m life sciences fund raised by Germany-based venture firm Wellington Partners.

Exits

There’s been a lot of talk of decline in the new media sector as of late, and we could be about to see some more consolidation in the space. Vice is one of the biggest players and is reportedly in discussions to acquire Refinery29 in a move intended to diversify its comparatively masculine reputation.


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

29 July 2019 – SoftBank Secures $108bn for Second Vision Fund

Big ones

SoftBank confirmed on Friday morning that it has secured a total of $108bn for its second Vision Fund, providing $38bn of the cash itself. That’s slightly less than the $50bn rumoured earlier in the week, but still a significant increase on the $28bn the telco giant put into the first fund.

Short-term accommodation platform developer Oyo has raised a total of about $1.6bn from investors including SoftBank, Airbnb, Didi Chuxing, Grab, Hero Enterprise and China Lodging Group, and two of its other investors – Sequoia Capital and Lightspeed Venture Partners – are reportedly divesting about $1.5bn of shares through a buyback scheme led by Oyo CEO Ritesh Agarwa.

Ke.com, a spinoff of online real estate portal Lianjia that utilises technologies such as virtual reality and 3D modelling, has secured nearly $1.2bn in a series D round led by an $800m investment by Tencent.

And in an interesting cross-over deal, X-Vax Technology, a US-based herpes vaccine developer based on research at Albert Einstein College of Medicine, received $56m in a series A round featuring Johnson & Johnson Innovation – JJDC, the corporate venturing vehicle for medical products group Johnson & Johnson.

Deals

Microsoft is making its own big capital outlay, investing $1bn in artificial intelligence research organisation OpenAI. Formed as an entity that would seek to steer AI research away from malevolent or even dystopian uses toward more universally beneficial areas, OpenAI is run by a non-profit organisation and had not revealed details of any prior financing.

Toyota has invested $600m in Didi Chuxing at a reported $62bn valuation, as part of a joint venture agreement that will involve the companies partnering to provide additional services to the latter’s drivers. Didi Chuxing isn’t the only ride hailing service to get funding from Toyota either.

Hellobike has entered discussions to raise $400m in a round led by existing corporate investor Ant Financial. The bicycle sharing service will reportedly be valued at about $5bn and the news comes three months after backers including WM Motor, Fosun and Bertelsmann Asia Investments exited the company.

Digital brokerage RobinHood has received $323m in a series E round that valued it at $7.6bn. The round was led by DST Global and it took the total raised by the company, which counts Alphabet and Roc Nation as investors, to more than $860m.

Vietnamese payment technology and services provider VNPay is reportedly in talks to raise $300m at a $1bn+ valuation, with SoftBank Vision Fund in line to provide up to $200m.

Bicycle and electric scooter rental service Lime raised $310m in February, and now its key rival, Bird, is reportedly seeking up to $300m of series D funding at a $2.5bn valuation.

Gusto is proving there are still some big enterprise software exits to come, the human resources platform developer having raised $200m in a Fidelity-led round at a $3.8bn valuation.

Funds

Financial services firm Industrial Bank and insurance group Ping An’s Real Estate Investment unit have backed the inaugural healthcare-focused fund raised by China-based venture capital firm Shenzhen Capital.

VR hardware and software developer Moiin is putting together a $100m fund that will back startups working on small-scale tech that would boost VR gaming.

On GUV, life sciences incubator Pennsylvania Biotechnology Center of Bucks County is to establish a $50m fund that will take equity in resident businesses including those exploiting academic research.

Exits

Livongo Health has had one of the year’s more successful IPOs, securing more than $355m and floating well above its range while adding 2 million shares to the offering.

Healthcare data analytics platform Health Catalyst operates in a broadly similar area to Livongo and guess what – it’s also had a bumper IPO. It too increased the number of shares in the offering and priced them above its range to raise $182m.

On GUV, Jukedeck, a UK-based digital music production software developer spun out of University of Cambridge, has been acquired by  TikTok, a video-based social media platform owned by internet technology producer Bytedance, for an undisclosed sum. Jukedeck had developed an online software platform that exploited artificial intelligence to automatically compose original, royalty-free music based on certain parameters, such as genre and tempo, set by the user.


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

08 July 2019 – India-based ReNew Power Exploring IPO

The Big Ones

Chinese social commerce platform Xiaohongshu was valued at more than $3bn when it last raised money a year ago, and has reportedly now entered talks with prospective investors including SoftBank’s Vision Fund for a series E round with a $500m target.

E.ventures has been one of Germany’s most successful venture capital investors of late, celebrating a series of high-profile exits in the past year. It has also received backing from a slate of corporates for two new funds: a $225m US fund and a $175m entity that will focus on Europe.

The We Company’s funding may have reached stratospheric heights but that doesn’t mean it’s having things all its way internationally. Ucommune is probably its biggest competitor in the shared workplace sector in China, and it is reportedly preparing for an initial public offering in the US in which it would look to raise $200m.

Deals

Indian renewable power producer ReNew Power was said last year to be exploring an initial public offering, and though it is yet to float it has no trouble raising money.

Indian ride hailing platform Ola established a spinoff called Ola Electric Mobility around Easter this year, with $56m of series A funding from external investors. Ola Electric, which was launched to promote electric vehicle infrastructure, isn’t sitting on its laurels either.

Century Therapeutics has also raised $250m, in a series A round announced as it emerged from stealth yesterday. Bayer’s open innovation arm, Leaps by Bayer, invested $215m to lead the round, which also featured FujiFilm subsidiary and Century strategic partner Fujifilm Cellular Dynamics, and founding investor Versant Ventures.

Vision Fund also led a $200m series C round for data centre technology provider Fungible that included Norwest Venture Partners. The round took Fungible’s overall funding to $300m, its earlier investors including Juniper Networks and Samsung Catalyst Fund, and the proceeds will go to product development, sales and marketing.

Times Internet paid $140m for a majority stake in mobile video player MX Player before converting it into an online media streaming platform. It now looks like other corporate investors are primed to come on board, with news that Tencent and Paytm are in talks to provide between $100m and $125m for the company, which has more than 30 million registered users.

Japan-based Tier IV, a developer of open-source autonomous driving software, has raised one of the year’s biggest series A rounds, taking $105m in a round led by Sompo Japan Nipponkoa.

The solar energy technology sector may be a fair distance off its heights near the turn of the decade, but that doesn’t mean it’s dead. Oxford PV, which is developing perovskite-equipped solar cells based on research at University of Oxford, has closed its series D round at $81.8m, adding a second tranche that included the investment made by Meyer Burger in March that gave it an 18% stake.

Tencent has led a $36.3m series C round for Synyi, a Chinese company that utilises technologies like natural language processing, machine learning and data mining to extract raw data from medical texts.

Electric scooter rental platform Dott has sealed a $33.9m series A round that was co-led by Naspers Ventures, and which included Axel Springer Digital Ventures.

Funds

Ahren Innovation Capital, a UK-based investment firm co-founded by eight scientists from the Cambridge, UK ecosystem, has closed its inaugural vehicle at more than £200m ($250m) with LPs including Unilever, Sky, Aviva as well as the eight co-founders.

UK-based charity Cancer Research UK has announced a $250m commercialisation fund in partnership with venture capital firm SV Health Investors to accelerate the translation of cancer research.

Sony has joined a subsidiary of brokerage Daiwa Securities to launch an investment fund with a $185m target for its final close. Innovation Growth Ventures, which will function as an extension of Sony’s existing Innovation Fund, has already reached the first close of the fund, and its LPs include Mitsubishi UFJ Lease & Finance Company, Sumitomo Mitsui Banking Corporation and Osaka Shoko Shinkin Bank.

Exits

Health Catalyst has filed to raise up to $100m in an initial public offering that would provide exits for UPMC Enterprises, Kaiser Permanente Ventures, MultiCare Health System, OSF Healthcare, Partners HealthCare and CHV Capital.

US-based integrin drug developer Morphic Holding, which emerged out of research at Harvard University’s Medical School, has closed its initial public offering at approximately $104m.

Codiak Biosciences, a US-based exosome therapeutics developer backed by life science real estate investment trust Alexandria Real Estate Equities, meanwhile withdrew its plans for an $86.3m initial public offering.


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