25 March 2019 – Lyft Set to Raise $1.9 – $2.1bn in IPO

The Big Ones

The week kicked off with a long-awaited big one: on-demand ride provider Lyft set the terms for its IPO on Monday and is set to raise between $1.9bn and $2.1bn in an offering that will potentially value it at almost $23bn.

A consortium including Suning, Tencent, Alibaba Chongqing Changan Automobile, Dongfeng Motor and FAW have that will focus on mobility technology and in particular ride hailing.

OneWeb recently launched the first six satellites that will make up part of a constellation which will provide high-speed internet to remote areas. It has also raised a further $1.25bn in a round that included existing investors SoftBank, Qualcomm and Grupo Salinas.

On GUV, we’ve had a new spinout – Sherlock Biosciences – that isn’t so much noteworthy for the size of its series A – which currently stands at $17.5m, plus another $17.5m in grant funding – but for who its nine scientific founders are, a group of nine academic researchers the caliber of which we’ve seldom seen in a single spinout. They include, to name but two, none other than MIT’s Feng Zhang, the professor who patented the Crispr technology in 2014 (though there’s a legal battle with UC Berkeley which had filed a few months earlier but didn’t pay for fast tracking), and David Walt, who also co-founded the biotech giant Illumina, whose market cap stands at nearly $47bn.

Deals

Flexible electronics display developer Royole Group is said to be prepping its IPO, but will reportedly first look to raise about $1bn in funding at a valuation of near $8bn.

UiPath, the creator of a robotics processing automation platform, has so far raised $550m in funding from investors including CapitalG, the Alphabet subsidiary that used to be known as Google Capital, but it’s reportedly now chasing a further $400m.

Carmakers Hyundai and Kia combined to invest $250m in Grab late last year, and have now combined again to provide $300m of funding for another Asian ride hailing platform, India-based Ola.

Property trading services platform OneDoor has closed a $300m round backed by Lennar, SoftBank Vision Fund, GV and Access Technology Ventures at a $3.8bn valuation.

Legend Capital-backed mobile commerce platform Wish may be a long way from profitability, but it looks like it can still raise money. Wish, reportedly valued at $8.5bn in late 2017, is in negotiations with prospective investors including General Atlantic to raise $300m at a reported $11bn pre-money valuation.

Marqeta is also seeking funding at a unicorn valuation, having filed to raise $250m at a valuation of nearly $1.9bn. Visa, CreditEase and Commerzbank are all among the existing investors in Marqeta, the developer of a service that allows businesses to issue their own payment cards and process payments.

Elsewhere in Asia, India-based online video streaming platform HotStar has secured $153m from 21st Century Fox subsidiaries Star India and Star US.

Airbnb is in talks to invest $100m to $200m in another short-term accommodation platform, Oyo, which was valued at $5bn as of a $1bn round it closed last month.

Cosmetics brand Glossier is the e-commerce sectors’ newest unicorn, raising $100m in a Sequoia Capital-led series D round that valued it at $1.2bn.

Funds

Hanwha Asset Management, an investment subsidiary of diversified South Korea-based conglomerate Hanwha, has joined venture capital firm Golden Gate Ventures to raise $200m for an investment partnership.

NewMargin Ventures, a China-based investment firm backed by food producer Kerry Group and telecommunications equipment provider Motorola Solutions, has reached the first close of a RMB10bn ($1.48bn) fund.

Coffeehouse chain Starbucks provided $100m for US-based investment firm Valor Equity Partners’ Valor Siren Ventures I fund yesterday as the vehicle’s cornerstone investor. The fund has a target size of $400m and will seek the remaining $300m from additional strategic partners and institutional investors over the coming months.

Exits

SenseTime has long been rumoured to be joining the IPO queue, and now its chief rival in China’s facial recognition space, Megvii, is reportedly looking to raise $800m in an offering that could take place in the US or Hong Kong.

Alcon, the eyecare subsidiary of pharmaceutical company Novartis, has agreed to acquire portfolio company PowerVision in a $285m deal that will also enable Johnson & Johnson and Medtronic to exit.

Fastly, the content delivery platform developer that counts OATV, Deutsche Telekom Capital Partners and Swisscom Ventures as investors, has begun hiring underwriters for an IPO that could reportedly value it in excess of $1bn.

On GUV, NervGen Pharma, a Canada-based developer of nerve damage therapies based on Case Western Reserve University research, has completed an initial public offering (IPO) which raised gross proceeds of C$10m ($7.5m).


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

13 March 2017 – Airbnb Closes Series F, IPO for Snap and Much More

Deals

Airbnb has closed its series F round at just over $1bn, bringing its overall equity funding to $3.4bn.

Instacart, the company touted as ‘the Uber of grocery shopping’, has raised $400m at a $3.4bn valuation, with VC firm Sequoia leading the round with a reported $100m investment. Interestingly, none of Instacart’s corporate investors – Comcast Ventures, American Express Ventures and Whole Foods – were named as participants in the series D round.

Alibaba has spent around $250m in a secondary transaction to boost its stake in One97 Communications by an extra 4.3%, giving exits to Reliance Capital, Sapphire Ventures and Saama Capital in the process.

BBVA has led a $102m funding round for mobile banking app Atom Bank, investing just over $36m at a $320m valuation to maintain its 29.5% stake.

Baidu is said to be lining up a $100m investment in NextEV, the smart electric vehicle developer that unveiled what it claims is the world’s fastest electric supercar in November.

Liberty Global and Zain have joined existing backers including Sky and the CAA-backed Evolution Media Capital to invest $90m in iFlix, which has brought the Netflix template to Southeast Asia.

Ping An Overseas Holdings has led a series C round for livestreaming platform and communication services operator Bigo that valued it at $400m.

Spero Therapeutics, a biopharma working on treatments for superbugs, has completed an oversubscribed series C round, raising $51.7m.

Viva Republica, the Korean developer of mobile payment platform Toss, has picked up $48m in a series C round featuring PayPal which Forbes estimates values the company at roughly $250m.

Biohaven Pharmaceutical, a biopharmaceutical spinout of Yale University, yesterday closed an $80m series A round from investors that included spinout-focused investment firm Osage University Partners.

Funds

Joyme Capital, the CVC arm of online gaming community operator Joyme Group, has teamed with gaming services provider Kee Ever Bright Technology to launch a strategic investment fund that will back game developers, eSports companies and gaming ancillary service startups among others.

US-based microfinance non-profit organisation Accion has launched a $141m financial technology and services investment fund with contributions from limited partners including the World Bank’s private sector investment arm International Finance Corporation.

The Cradle Fund, an investment vehicle owned by the government of Malaysia, has announced DEQ800, an initiative that will offer early-stage equity to startups, Tech in Asia wrote on Monday.

Uniseed, the venture fund backed by four Australian universities and research institute CSIRO, has announced a A$20m ($15m) fund that will make follow-on investments in existing portfolio companies.

Exits

Snapchat owner Snap has formally closed an IPO that featured a $500m investment by NBCUniversal at $3.91bn, after its underwriters took up the option to buy an additional $410m in shares following a heady first two days of trading last week, with the company’s stock at one point up more than $12 from its flotation price.

Now that the dust is starting to clear from Snap’s flotation last week, onlookers are getting ready for the next big tech IPO, with MuleSoft setting terms for an offering that will net it $182m in proceeds and a $2bn+ valuation if it floats at the top of its range.

CA Technologies has agreed to buy cloud security platform Veracode in a $614m cash deal that will provide exits for backers including Telus, Tivo and Symantec, which spun the company out in 2006.

Otsuka Pharmaceutical has agreed to acquire ADHD treatment developer Neurovance in a deal that will give an exit to Novartis Venture Fund.


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

26 September 2016 – Deals for LeEco and Airbnb, Finance Wales Launches Wales Business Fund plus much more

Deals

LeEco, has announced a $1.08bn funding round backed by Lenovo and Macrolink, and will use the funding to further develop LeSee, an autonomous electric car it is working on with Aston Martin and Faraday Future among others.

Airbnb has reportedly closed an $850m round.

Grab has picked up $750m in a SoftBank-led series F round.

U51.com, China-based credit card management platform backed by e-commerce company JD.com, has closed a $310m series C round that values it at $1bn.

Pay-per-mile auto insurance provider Metromile has been relatively quiet on the funding front, but all that changed yesterday when it disclosed $191m in equity financing it has received in the past two years.

Solar film producer Heliatek has secured some $89m in financing, including about $47m in series D equity funding that will be used to scale up its manufacturing capacity.

Funds

A total of 51 companies and institutional investors have collectively provided R1.5bn ($112m) of funding for a South Africa-based fund that will invest in small and medium-sized (SME) businesses.

Thailand-based financial services firm Kasikorn Bank will establish a strategic investment fund of undisclosed size during the fourth quarter of 2016 to invest in fintech services and products.

South Korean entertainment company Huayi Brothers, a subsidiary of China-based Huayi Brothers Media, is set to launch a $45m CVC arm to invest from as early as the end of the month.

Trumpf, a German industrial product manufacturer, launched a corporate venturing unit called Trumpf Venture which aims to build up a $45m portfolio over the next five years.

Baidu, China’s answer to Google, is reportedly putting together a $150m fund to invest in businesses developing content that could be distributed on its media offerings.

GE Healthcare has put together an accelerator called Five.Eight in order to back startups developing technology that can benefit patients in developing regions.

Australia’s industry minster Greg Hunt has hinted at a $380m fund, which would be the third VC fund launched through the country’s National Innovation and Science Agenda, following the $150m Csiro Innovation Fund and $380m Biomedical Translation Fund.

Finance Wales meanwhile officially launched its Wales Business Fund, a $177m investment vehicle that will provide equity and debt to businesses already located in Wales or willing to move there.

Vietnam also popped up on our radar last week with news that it is set to establish a government venturing fund to co-invest in local startups and help create more of an ecosystem.

International Finance Corporation is looking to invest $25m in Maison Capital’s inaugural US dollar-denominated fund, which is targeting a $200m close.

Exits

Corporates Itochu, Yahoo Japan, FISL and Kodansha are set to exit Uzabase, developer of an online business database and curated news app, in a flotation on the Tokyo Stock Exchange Mothers Market next month.

Dermatology product developer Novan has become the latest healthcare company to go public, raising $45m in a Nasdaq IPO.

People

Hearst Ventures, the corporate venturing unit of the eponymous US-based media group, which has restructured after the departure of its president, putting Kenneth Bronfin and Scott English in charge and building out its international network.

Andreas von Richter has left Ecomobility Ventures, the VC firm set up by Total, Orange, Peugeot and SNCF, to join another firm backed by a range of corporates, Aster Capital.

Jim Lussier, managing director and head of corporate venturing unit Dell Ventures, has left to run his own advisory and venture capital firm ahead of computer maker Dell’s merger with EMC.

Simon Johnson, previously senior investment executive at NEL Fund Managers, has joined Rivers Capital Partners as head of strategic debt funds.


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