01 July 2019 – Grab Boosts Series H Round to $4.8bn

Big Ones

Southeast Asian ride hailing service Grab has boosted an already swelling series H round to $4.8bn, taking in $300m from investment management firm Invesco.

Deutsche Telekom Capital Partners was launched by its parent company nearly five years ago, and has now formed a $350m second venture and growth capital fund.

Who says the IPO market is on the dip? Adaptive Biotechnologies – backed by Microsoft, Celgene, Illumina, LabCorp and BD Biosciences – saw its share price double on its first day of trading – from $20 to $40.30 – while BridgeBio Pharma, which is developing drugs to treat diseases driven by genetic defects, floated above its range despite increasing the number of shares in its offering by a third.

On GUV, Commonwealth Fusion Systems (CFS), a US-based fusion power technology spinout of Massachusetts Institute of Technology (MIT), has closed a $115m series A round backed by MIT’s The Engine.

Deals

SpaceX is reportedly looking to raise more than $314m in its forthcoming round, with most or potentially all of it set to come from Ontario Teachers’ Pension Plan, which has confirmed it has invested in the GV-backed space services provider.

Ouyeel, an online trading platform spun off by China Baowu Steel, has raised $294m in a round featuring corporates Sinotrans, Benxi Group and Beijing Jianlong Heavy Industry as well as Baowu itself together with its Baoshan Iron and Steel subsidiary.

Digital manufacturing technology producer Carbon has received more than $260m in a round that pushed its overall funding past $680m.

Digital bank operator Monzo is going from strength to strength, helping to indicate that the UK’s Brexit woes have not affected its status as a centre of fintech.

StockX, the operator of an online marketplace for authenticated rare fashion items, has shown once again that the upmarket fashion space is an attractive one for investors. It has notched up $110m in a series C round featuring GV, which participated as an existing backer, at a valuation of more than $1bn.

Cardiac imaging technology provider Acutus Medical has secured $100m in series D funding from investors including GE Ventures as part of a larger round that included a $70m credit facility. Acutus has now raised roughly $230m in equity financing altogether, with GE Ventures having been an investor since at least 2013, and the funding will go to strengthening its atrial access product range.

Funds

That model of corporate venturing looks like it’s gaining some traction. Logistics services provider JD Logistics was spun off by e-commerce company JD.com two years ago but it is now getting into the corporate venturing game itself and has accumulated $218m for a strategic fund.

Exits

Fast fashion retail brand Miniso raised its first outside funding just eight months ago, having launched in 2013, but it is reportedly now gearing up for an initial public offering that could raise $1bn.

Upmarket fashion marketplace TheRealReal, proving it isn’t just the biotech sector that’s doing well, also completed a $300m initial public offering and went public on Friday.

Slack’s direct offering has pulled in the headlines but Stoke Therapeutics held its own successful listing last week, which it has now closed at just over $163m.

Atreca is working on immunotherapeutics to treat cancer, and raised $125m when it floated today, having priced the IPO at the midpoint of its range.

Velodyne Lidar is meanwhile pushing to become the first lidar technology developer to go public, having hired banks to underwrite an IPO expected to value it at about $1.8bn.


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

10 June 2019 – Google Agrees $2.6bn Acquisition of Looker

The Big Ones

JD.com has agreed to lead a round for electronics recycler Aihuishou that will be more than $500m in size. The deal will also involve JD.com, an investor in the company since at least 2015, merging its second-hand e-commerce subsidiary, Paipai, with Aihuishou.

Google has agreed to purchase data analytics software provider Looker in a $2.6bn acquisition that will surely be one of the year’s largest.

SoftBank Vision Fund is still seeking out new forms of financing, and is reportedly in talks with banks such as Goldman Sachs over a $4bn debt financing package that will effectively use its stakes in Uber, Guardant Health and the soon-to-list Slack as its basis.

Healthcare-focused investment firm Deerfield Management added a partnership with Columbia University to its roster of academic biomedical alliances yesterday with the launch of an up to $130m investment vehicle, Hudson Heights Innovations.

Deals

Swiggy is battling Zomato for dominance in India’s online food delivery sector, and may be about to recruit a powerful ally in SoftBank.

Bordrin Motor is the latest Chinese smart electric vehicle developer to pull in big funding, securing $362m in a round led by a Sinochem vehicle called Silver Saddle Equity Investment Management.

Speaking of SoftBank, the telecommunications and internet group has also invested $200m in online consumer loan provider Creditas.

Hupu is still preparing to float in its home country of China, but before that, digital media company Bytedance has invested $182m in the sport-focused online media provider in return for a 30% stake.

Foursquare seems to have been around forever and has had some hiccups, but it’s raising more money than ever. Merchant bank Raine Group has invested $150m in the location-based app developer, whose existing backers include Naver and corporate venturing units OATV and Simon Ventures, and is using some of it to acquire location data-tracking software provider Placed from Snap, which bought the company for $135m two years ago.

SoftBank Vision Fund invested $100m in Brazilian logistics platform Loggi towards the end of last year and has now returned to lead another $100m round.

Endpoint security software provider SentinelOne has secured $120m in a series D round that included Samsung Venture Investment to boost its total funding to $230m.

Yellowbrick Data has raised $81m in series C funding from investors including BMW i Ventures, Siemens’ Next47 unit and Alphabet subsidiary GV to boost its overall funding to $173m.

Exits

Global Fashion Group, a consortium made up of investors including Rocket Internet, Access Industries and Tengelmann Ventures that oversees four fashion e-commerce marketplaces is looking to go public as early as next month.

Japanese digital business card platform Sansan has priced its initial public offering at the top of its range and is set to raise about $360m, including the over-allotment option, when it floats in Tokyo.

Adaptive Biotechnologies has filed to raise up to $230m in an initial public offering, following the inking of a collaboration deal with Genetech in December that could potentially be worth $2bn.

Another unicorn, fitness subscription service Peloton, has confidentially filed for an initial public offering. Its investors include Comcast NBCUniversal and Grace Beauty, and it was valued at more than $4.1bn when it last raised money, in August.


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