12 March 2018 – Magic Leap Increases Series D to $963m

Deals

In last week’s Big Deal on GCV, news editor Robert Lavine looked at DoorDash, which just got its first corporate investment in a $535m series D round led by SoftBank, almost doubling its valuation in roughly two years.

Augmented reality technology developer Magic Leap has to be one of the most well-funded companies to have never released a product. It has increased its series D round to $963m with $461m from investors including Saudi Arabia’s Public Investment Fund, which put up $400m, and Axel Springer Digital Ventures.

Elsewhere in online entertainment, game livestreaming has been one of the biggest growth areas in the past year or two, as more companies look to follow Twitch’s lead. China-based Douyu, which has some 30 million daily active users, has secured $630m from Tencent, which has backed it since a $100m series B round two years ago.

Internet company Tencent has agreed to provide approximately $462m in series B funding for Huya, a China-based live game streaming spinout from social media platform Huya.

BBVA has led a $207m round for Atom Bank, the UK-based creator of a mobile-only bank with no physical branches.

Zomato has confirmed reports last month stating that Alibaba’s financial services affiliate Ant Financial had invested $200m.

Credit assessment technology provider Wecash has closed a $160m series D round that was co-led by e-commerce firm Sea and a subsidiary of financial services firm Orix.

UiPath, a developer of software bots that automate mundane enterprise tasks, has raised $135m from investors including CapitalG in a series B round that valued it at $1.1bn.

yKujiale, a China-based virtual reality platform for interior design, has raised $100m in a series D round that included Hearst Ventures, the corporate venturing arm of media group Hearst.

On GUV, TauRx Pharmaceuticals, a Singapore-based Alzheimer’s disease treatment developer spun out from University of Aberdeen, has revealed it secured $71m through a rights issue in October 2017.

Funds

Cisco Investments, the corporate venturing arm of networking equipment manufacturer Cisco, has committed an undisclosed amount to venture capital firm IDG Ventures India’s third fund.

Japan-headquartered automotive component maker Aisin Group launched a $50m US-based investment fund on Tuesday in partnership with venture capital firm Fenox Venture Capital. Fenox will manage the fund, with CEO Anis Uzzaman taking a general partner position.

On GUV, University of Montana has become the sole institutional limited partner (LP) in VC firm Next Frontier Capital’s second fund, a $38m vehicle that aims to support high-value Montana industries.

Exits

Kensho, an AI data platform based on research at Harvard University and MIT, has meanwhile agreed to an acquisition by one of its investors, S&P Global, for approximately $550m in cash and stock.

Blibli began life as a comics, anime and gaming-themed online community in China, but has grown rapidly off the back of an anime streaming platform that has licensed more titles than any other in the country.

Hua Medicine, a diabetes treatment developer backed by pharmaceutical company WuXi PharmaTech, also intends to raise upwards of $400m in an initial public offering.

Genetic disease therapy developer Homology Medicines has filed to raise up to $100m in an initial public offering that will support the progress of two drug candidates through preclinical trials.

Immuno-oncology drug developer Unum Therapeutics last raised funding in a $65m series B round in 2015, but it’s filed to raise up to $86.3m in an initial public offering.

Go-Jek is still in the process of raising funds for a round it expects to close at $1.5bn, at a $5bn valuation, but company president Andre Soelistyo has met with the Indonesia Stock Exchange to discuss a possible IPO.


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

12 February 2018 – Ant Financial in Potential $5bn Funding Round

Deals

Ant Financial, e-commerce group Alibaba’s financial services affiliate, is reportedly preparing to raise $5bn in funding in a round that will value it at betwen $80bn and $100bn, making it the most valuable VC-backed private company of all time.

Go-Jek has been raising a $1.2bn round over the past six months that already includes JD.com, Tencent, Google and Meituan-Dianping, and now the on-demand ride service is reportedly set to receive up to $290m from e-commerce firm Blibli and industrial conglomerate Astra International in order to increase the round to $1.5bn.

Byton, the smart electric car developer formerly known as Future Mobility, is reportedly in talks with a Chinese state-owned institution to raise between $300m and $400m of funding at a valuation of at least $1.2bn.

Grocery delivery service Instacart is also gearing up to raise funding – up to $250m according to a Delaware securities filing.

Enerkem, a producer of fuels and biochemicals from municipal waste, has raised approximately $224m in its latest round, which included Sinobioway and long-time backer Waste Management of Canada.

Joby Aviation is developing a five-seater electric aircraft that will be able to take off and land vertically, but which is intended to be far quicker than established alternatives like helicopters.

Swiggy is looking to ward off competitors in India’s app-based food delivery sector, such as Zomato and Foodpanda, and has secured $100m in a round led by Naspers Ventures.

Toyota has invested almost $69m in JapanTaxi, a ride hailing app that has signed up about a quarter of Japan’s taxi drivers, as part of a strategic partnership agreement.

AvroBio has raised $60m in a series B round featuring Brace Pharma Capital, the investment firm backed by pharmaceutical company EMS, and will use the proceeds to advance a pipeline of gene therapies for rare diseases.

Broadlink, the China-based developer of a range of connected home products, has secured $54.5m in series D funding from investors including Baidu and Libai. Its past backers include
Qualcomm Ventures, and the company disclosed the funding alongside news that it is preparing an initial public offering in its home country.

Automotive leasing service provider Fair seems like a company on the move. It acquired Uber’s leasing business, Xchange Leasing, last week and has now raised additional funding in a round led by Next47 that included BMW and CreditEase FinTech Investment Fund.

These weren’t the biggest deal on GUV, but they were the most intriguing because it looks as if MIT has spun out two companies that are developing the same technology: Lightmatter, which raised $11m in a series A, and Lightelligence, which secured $10m in a seed round, are developing computer chips that rely on light (or photonic) signals rather than electric signals – boasting orders of magnitude of processing power and having profound implications for data-intensive applications such as AI.

Funds

Insurance firm Ping An has emerged as one of the more prominent China-based corporate venturers over the past couple of years and its CVC arm, Ping An Ventures, is now targeting up to $1.3bn in capital for two new funds.

Workday formed its corporate venturing unit, Workday Ventures, in 2015, but the unit has only been sporadically active since. That looks set to change however, with the corporate committing $250m to a Workday Ventures fund that will add AR, VR and blockchain-based enterprise technologies to the AI and machine learning it already targets.

UK-based innovation platform Future Planet Capital has signed a memorandum of understanding with venture capital vehicle Eight Great Technologies Fund (8GT) for an initiative that will invest in British spinouts and companies.

And 4490 Ventures, a US-based venture capital firm co-founded by Wisconsin Alumni Research Foundation (Warf), has raised $49m for its second fund, according to a regulatory filing.

Exits

Acacia Pharma, a UK-based nausea and vomiting treatment developer backed by pharmaceutical firms Lundbeck and Novo, has revealed plans for an initial global offering on the Euronext Brussels market. The company has not disclosed how much it expects to raise in the flotation, which will be conducted as a private placement open to certain institutional and other investors outside the US.

Elastagen, an Australia-based dermatology product manufacturer spun out from University of Sydney, today agreed to an acquisition by pharmaceutical firm Allergan for $95m in an upfront payment.


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

19 June 2017 – Ride Hailing Services Grab Deals and Much More

Funds

Ping An outlines fintech investment plans

Medicxi nabs corporates to close $300m fund

Novartis and Alphabet subsidiary Verily were among the limited partners for a the late-stage fund, which will complement the GSK and Johnson & Johnson-backed fund  Medicxi closed in 2016.

Japan-based ICT equipment provider Nihon Unisys has formed a $45m corporate venturing unit that will seek out investments in sectors such as robotics, financial technology and the internet of things.

Palo Alto Networks puts together $20m fund

GUV

Galaxy stars in IP Group’s $264m fundraising

GGV

London looks to Better Futures

Exits

Wanderful finds path to acquisition

GGV

Hello bids farewell

Deals

News leaked out in March that ride hailing service Grab was set to raise $1.5bn in a round led by existing investor SoftBank, and sources have told Bloomberg firstly that the round already includes Didi Chuxing, and secondly that Alibaba or Ant Financial is also considering an investment, in order to promote their Alipay platform to Grab’s Southeast Asian customers.

Mobike has raised $600m in a Tencent-led round that will fuel expansion not only in its home country but also in Singapore and the UK.

Careem is taking the Uber model to the Middle East and surrounding countries, and is growing rapidly in the process, doubling the number of cities in which it operates to 80 in the past six months.

A regulatory filing in April indicated Indian ride hailing company Ola was seeking another $100m in funding, and it has reportedly secured some of that already. Hedge fund Tekne Capital Management has provided a sub-$50m amount.

Jaguar Land Rover and its corporate venturing and incubator subsidiary InMotion have invested a combined $25m in ride hailing company Lyft as part of a partnership agreement that will involve Lyft helping test its autonomous driving and mobility services.

Elsewhere in the transport sector, Chinese second hand vehicle marketplace Guazi.com has received $400m in series B funding from investors including steel producer Shougang Group’s Jingxin Venture Capital fund.

UCar, the China-based chauffeured car service that went public last year at a $5.5bn valuation, has formed a corporate venturing fund sized at almost $1.5bn, and its first investment has been to lead a $324m series B round for electric vehicle developer Xiaopeng Motors.

Electric bus producer Proterra raised $140m a recently as January, in a ‘series 5’ round featuring Edison Energy, GM Ventures and Exelon’s Constellation Technology Ventures unit, but it wasn’t finished.

Oppo takes a ride on Ponycar

Drone Racing League takes off with $20m

Following on from news that Amazon is interested in acquiring Slack for upwards of $9bn, but recently bought US-listed Whole Foods for $13.7bn, it turns out Slack is in the process of raising $500m of new funding at a $5bn post-money valuation.

AvidXchange, a provider of automated payment processing technology, has raised $300m in financing from investors including Mastercard, with which it has struck a strategic partnership agreement to supply AvidXchange’s technology to its customers.

Temasek and Caisse de dépôt et placement du Québec have contributed to a $300m funding round for AvidXchange that also attracted Mastercard and Peter Thiel.

Online brokerage Futu Securities has received more than $145m in a series C round led by Tencent, the corporate investor that also took part in its series A and B rounds.

Element AI elevates itself to $102m series A

Actility admits Cisco to $75m series D

Clutter is one of several on-demand platforms seeking to disrupt the personal storage space, and it has raised $64m in a GV-backed series C round to support growth, both in its home country of the US and abroad.

Twist finds the material to raise $60m

Omada goes on the attack with $50m

GGV

Protix breeds $50.5m investment


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

29 May 2017 – Home Fitness Service Peloton Raises $325m and Much More

Deals

Alibaba and Ant Financial are reportedly set to lead a $1bn round for food ordering platform Ele.me that will value it at up to $6bn.

Peloton, the home fitness service that combines a high-tech exercise bike with a subscription-based service that makes it feel like you’re in a live class (within reason obviously, though who would bet against VR being integrated into Peloton’s offering in the near future?), has raised $325m in a series E round featuring Comcast NBCUniversal.

Livestreaming has become one of the fastest growing parts of the media sector, not least in China where Panda TV has raised $140m in a series B round led by brokerage firm Industrial Securities.

R3, a consortium formed by a few dozen financial services operators to develop and commercialise blockchain technology for the industry, has secured $107m in the first two tranches of a series A round that includes Intel Capital, Ping An and Temasek, the sovereign wealth fund of Singapore, as well as around 40 banks.

In other news, Chinese mobile communication app developer Chubao has raised $100m in a series D round that included Susquehanna International Group, which has been an investor in the company since 2011.

Huya, the livestreaming subsidiary of online video streaming platform YY, has spun out with $75m of series A funding led by Ping An Insurance.

UrWork was founded only two years ago but it could yet turn out to be the Didi Chuxing of the co-working sector.

We’ve also had a few nice triple helix deals in the past week, such as Symic Bio, a biopharmaceutical spinout of Purdue University, that has completed a $30m series B round backed by all its existing investors, including Purdue Foundry Investment Fund, a vehicle backed by Purdue University focused on the institution’s spinouts.

Funds

The big news is that SoftBank has finally announced the first close of its Vision Fund, having raised an immense $93bn in capital.

WuXi Healthcare Ventures, the corporate venturing arm of WuXi PharmaTech, has agreed to merge with VC firm Frontline BioVentures to form a healthcare-focused investment firm called 6 Dimensions Capital that will have some $800m of assets under management.

Saudi Telecom formed strategic VC firm STC Ventures in 2011 to invest in the IT, telecommunications and media sectors, but as times change so do the requirements for corporate venturing, and the firm has elected to commit $500m to a new fund named STV that will back more advanced digital technologies.

Gree Ventures, the corporate venturing arm of social media and gaming company Gree, has closed its second fund at $67m.

We didn’t see any big fund launches on GUV, and while there were some on GGV, the most interesting news here was that the European Investment Fund has started pulling out of the UK following the country’s decision to abandon the EU.

Exits

Flipkart’s acquisition of rival Snapdeal is getting closer with news that SoftBank has bought out the shares of various other Snapdeal board members to clear the way for the deal.

Delivery Hero raised more than $420m from Naspers earlier this month at a reported $3.1bn valuation, but sources have told Reuters it is planning to launch an IPO in the next few weeks that could value it at up to €4bn ($4.5bn).

Sea, the Singapore-registered online services platform that recently rebranded from Garena with a $550m funding round, has confidentially filed for an IPO in the US that will give exits to corporate investors Tencent, JG Summit and Uni-President Enterprises, according to Bloomberg.

Bioverativ has agreed to acquire True North Therapeutics for $400m upfront with up to $425m in milestone payments to come.

On GUV, news emerged on Tuesday that commercialisation firm IP Group had made a bid for Touchstone Innovations, its peer that was spun out of Imperial College London. Touchstone rebuffed the offer, though a majority of its shareholders (some of which also own IP Group stakes) are pushing for the takeover.


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

27 February 2017 – Westpac Supplies A$100m to Reinventure for Disruptive FinTech and Much More

Deals

SoFi is reportedly close to completing a $500m funding round backed by existing investor SoftBank.

Speaking of SoftBank, editor-in-chief James Mawson has taken a deep look at its $3.3bn acquisition of Fortress Investment Group a week ago.

Internet group Baidu has invested $300m in iQiyi, an online video streaming platform in which it is majority shareholder, as part of a convertible note round sized at $1.53bn, that will support the company’s subscription service.

Indian e-commerce company Flipkart could be in line for a $1.5bn round of its own, having reportedly entered talks with a host of investors including Microsoft, Tencent, eBay, PayPal and Alphabet.

Mobike has been operating its bike rental network less than a year but has already raised well over $400m, $300m of which has come this year.

Having made investments in India-based Paytm and Thailand-based Ascend Money in the past few months, Chinese financial services provider Ant Financial is moving into Korea.

China-based mobile game publisher Shinezone Network has secured $58m in series B funding that will be used to build out its international distribution and homegrown incubator activities.

Chinese peer-to-peer car sharing platform Atzuche has secured $58m in a series C round that included existing backers Hearst Media and China Pacific Insurance.

Cloud services provider Rackspace has spun out Mailgun, the email automation tools provider it acquired in 2012.

Media group Bennett, Coleman & Co has invested $38.8m in India-based e-commerce firm Flipkart, providing both capital and advertising services.

GV-backed microfinance provider Tala has raised $30m in an IVP-led series B round that took its overall funding to $44m.

Anxin Doctor, the developer of an app that connects users to medical specialists such as paediatricians, gynaecologists and obstetrics doctors, has raised $28m in funding.

On GlobalGovernmentVenturing.com, IDS Medical Systems Group, an Indonesia-based medical device supplier, is set to receive up to $60m from International Finance Corporation (IFC), the private sector-focused arm of multilateral financial institution World Bank, DealStreetAsia wrote yesterday.

We’ve also had a nice cross-over piece of news from Finland, where TactoTek, a three-dimensional moulded plastic electronics manufacturer, has increased its total funding to more than $20m following a round that featured Faurecia Ventures, the investment arm of automotive parts maker Faurecia.

And another cross-over: on GlobalUniversityVenturing.com, C3Nano, a spinout of Stanford University that produces conductive inks and films for bendable touch sensors, closed a $15m series D round co-led by GSR Ventures, conglomerate Nissha Printing and diversified holding group Xinjiang Guoli Minsheng Equity Investment.

Funds

Artificial intelligence was one of the cutting edge technologies on the menu when Samsung launched its $150m Next fund last month, but reports coming out of Korea suggest the company is considering the formation of a $1bn fund that will focus exclusively on AI.

Meituan-Dianping, the Chinese local services operator formed by a $15bn merger in late 2015, is set to join rivals in the online services sector by forming a dedicated corporate venturing fund, for which it aims to raise approximately $435m.

Project A, a Germany-based venture capital firm, closed a €140m ($148m) early-stage fund today with a cornerstone investment from the European Investment Fund (EIF), the EU-owned financing agency.

BioMedPartners, a Switzerland-based healthcare-focused venture capital firm, has achieved the first close of its BioMedInvest III fund at SFr75m ($75m) with a cornerstone investment from the European Investment Fund (EIF).

The biggest fund on GGV came from Singapore, where Heliconia Capital Management, a wholly-owned investment subsidiary of Singapore’s sovereign wealth fund Temasek, has announced a S$600m ($422m) fund.

EduGrowth, a non-profit platform founded by Deakin University, La Trobe University, Monash University, Charles Sturt University and Griffith University as well as education company Navitas, has launched an accelerator, that will put A$50,000 into participating startups in return for 6% equity stake.

Exits

Zawatt, a Japan-based operator of an online auction platform, is set to be acquired by marketplace app provider Mercari today (that is February 27, for those of you listening to this later in the week).

Zhenai, a China-based online dating platform backed by internet company IAC, is planning a listing via a reverse merger with aircraft parts manufacturer DEA General Aviation, China Money Network has reported.

US-based software integration technology provider MuleSoft has filed to raise $100m in an initial public offering that will give exits to networking technology producer Cisco and enterprise software firms Salesforce.com and ServiceNow.

Here’s some rather depressing news for investors: Groupon has revealed in a securities filing that it paid the grand total of zero for corporate-backed competitor Living Social when it acquired the company in October 2016.

On GlobalUniversityVenturing.com meanwhile, Wrapidity, an artificial intelligence (AI) spinout of Oxford University, was acquired by data science company Meltwater.


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

27 June 2016 – Blade Therapeutics, Kellogg, and IPOs for Twilio and Selecta Biosciences and more

Deals

Corporate

While not technically new, we have more information on the massive $7.3bn round for Didi Chuxing that we talked about on last Monday’s podcast. Poly Group, a Chinese state-owned real estate and trading business, contributed a whopping $400m in return for a 1.45% stake.

HR Bio Holdings, a joint venture between pharmaceutical company Jiangsu Hengrui Medicine and an unnamed blue chip investment firm, injected $100m to launch a US-based cancer therapy startup named Hengrui Therapeutics.

Xinmei Mutual Insurance Association attracted $150m from a consortium featuring Ant Financial.

University

Johns Hopkins spinout Blade Therapeutics raises $45m in its series B round.

Funds

University and Government

University College Dublin and Trinity College Dublin have set up a $68m fund in partnership with Atlantic Bridge that was also backed by the European Investment Fund and Enterprise Ireland, the development agency of the Irish government, as well as banks AIB and Bank of Ireland.

Corporate

Kellogg – yes, the makers of the breakfast cereals – is venturing into the CVC sphere with a $100m unit that will seek out opportunities in the food industry.

Shenzhen Hepalink, a Chinese pharmaceutical firm, invested $60m in the latest fund raised by TPG Biotech. The commitment follows the company’s decision to back the previous fund 18 months ago with $22m. TPG Biotech has invested in more than 50 companies since 2002.

Exits

Twilio, a business communication platform that was actually expected to delay its flotation and wait out the UK referendum results, but ended up not doing that. Instead, it upsized its IPO, raising $150m.

Selecta Biosciences, a synthetic vaccine particle developer, also got in on the IPO game ahead of the referendum, pricing its flotation at $70m and providing an exit to Sanofi-Genzyme Bioventures.

People

EDFI, the Association of European Development Finance Institutions, has appointed two new people.

Dartmouth College meanwhile is losing two staff members, Tillmann Gerngross and Trip Davis – the two who helped establish the university’s tech transfer office, the Office of Entrepreneurship and Technology Transfer, in 2013.

Softbank’s COO and president Nikesh Arora has left.

Lockheed Martin Ventures, the newly established CVC unit of the aerospace and security company, has brought Christoper Moran on board as executive director and general manager.


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

2 May 2016 – Sirin Labs, Weiying, Ant Financial, Nexthink, HTC, Neva Finventures, European Investment Fund and more

Investments

Sirin Labs, developer of a smartphone that will combine military-grade security with the features of a consumer device, secured $72m in a seed round.

Entertainment ticketing platform Weiying joined an ever-growing list of startups capable of attracting huge stacks of money. The company raised $693m in a series C+ round.

Alibaba’s financial services spinout Ant Financial closed a monster $4.5bn series B round.

On Global University Venturing, the most money was collected by Nexthink, a spinout of Ecole Polytechnique Federal de Lausanne that has raised $40m.

Funds

Outdoor advertising company Focus Media has injected $200m in a $400m in a fund aimed at sports startups taking on the Chinese market. The fund will be co-run with FountainVest Partners.

Smartphone brand HTC meanwhile put $100m into an accelerator and fund that it has dubbed Vive X after its virtual reality headset.

Italy-based Intesa Sanpaolo has created unit named Neva Finventures. Neva has received an initial $34m in funding though should increase to $113m in future.

On Global Government Venturing, Germany and EIF have officially launched their $255m Coparion fund that was first announced in March. The focus of the fund is technology-driven companies that have been around for less than a decade.

IPOs

Gene editing technology developer Intellia Therapeutics is getting ready to go public. The life sciences business has set the terms for its IPO that could bring in $90m, while Novartis and Regeneron will inject $55m investment in a concurrent private placement.

Exits

Idinvest Partners, the private equity firm spun out of Allianz, is receiving a decent return on its $30m investment in digital health technology developer Withings.

SumUp and Payleven, two mobile payment services providers, have decided to merge to take on competitors including US-based Square.

Fidelity is set to exit Stemcentrx, which is working on treatments for cancer stem cells, when the company is acquired by AbbVie.

People

Issam Dairanieh joined BP 18 years ago and has been an active corporate venturer for 11, working his way to the very top of BP Ventures. And now he’s looking for new challenges, announcing that he’ll leave the energy company to lead a firm that offers capital to technologies that cut carbon emissions and to create a sustainability-focused infrastructure funds.


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

18 April 2016 – Didi Kuaidi, Alibaba, Khazanah Nasional, Intellia Therapeutics, Novartis, Google Ventures and more

Deals

Global Corporate Venturing

Didi Kuaidi is said to be approaching a $1.5bn close for its latest round.

It’s also been a particularly busy week for Alibaba, the e-commerce giant that makes no secret out of its ambitions to be a company that will eventually span three centuries.

First, the company paid $1bn for a 67% stake in e-commerce platform Lazada in a deal that included $500m of secondary investment.

Alibaba went on to lead a $1.25bn round for China-based online food ordering platform Ele.me with a $900m commitment. The remaining $350m came from its affiliate Ant Financial.

UCar, a chauffeured ride service, secured $568m in a round led by Alibaba.

Meanwhile, Salesforce and WPP invested in a $600m round for business analytics software provider Domo. The company is reportedly gearing up for an initial public offering.

Global Government Venturing

Khazanah Nasional, the sovereign wealth fund of Malaysia, has led a $170m series D round for social gaming platform Garena.

Global University Venturing

U-Multirank has put EU and US universities neck and neck in its ranking depending on the criteria applied.

Funds

Global Corporate Venturing

Rakuten initially put up $100m for its Global Investment Fund in 2014 but the Japan-based company has now doubled the capital for the fund.

Robert Bosch injected $170m in a third fund for its Robert Bosch Venture Capital unit.

Illumina has also boosted its CVC efforts. The company pledged $100m to an independently managed firm dubbed Illumina Ventures.

Global Government Venturing

An interesting cross-over between government and corporate venturing this week in the form of the €183m ($208m) Forbion Capital Fund III.

Exits

Intellia Therapeutics is rushing towards an IPO at an impressive speed. Launched less than 18 months ago, it has filed for a $120m IPO after raising $85m over two rounds from backers including Novartis.

More disappointing news for Google Ventures, Advance, Cocoa Cola and Cirque du Soleil, whose portfolio company Backplane, a Lady Gaga-affiliated social networking company, shut down and sold its assets.

Moves

Ana Sirbu, a manager at Google Capital who specialised in fintech, has joined working capital provider BlueVine to oversee its financial management and growth strategy.

Akihiko Okamoto, head of human resources provider Recruit’s corporate venturing unit Recruit Strategic Partners since 2011, has been appointed corporate executive officer.


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

11 April 2016 – Ant Financial, Alibaba, Human Longevity, Slack, Africa Internet Group, the IFC and more

Deals

Global Corporate Venturing

By far the biggest deal of the past week comes from China, where Ant Financial, the financial services affiliate of e-commerce giant Alibaba, is set to raise more than $3.1bn at a valuation of $60bn.

Alibaba meanwhile also injected an undisclosed sum in China-based food delivery service Ele.me. The investment was first reported in December 2015 and pegged at $1.25bn at a $4.5bn valuation, though details haven’t been confirmed yet.

Another company that’s collected a lot of cash is real estate services provider Lianjia, which has hit a $6.2bn valuation following a $927m round backed by Tencent and Baidu.

Meanwhile, genomics research company Human Longevity, which launched two years ago with $70m from a consortium featuring Illumina, has added a $220m series B round that saw Illumina return and Celgene and GE join.

Slack, the work communications platform, received $200m in fresh funding from investors such as GV and Comcast Ventures, boosting its total to $540m. GCV news editor Robert Lavine took a closer look at the deal in a Big Deal feature article, which I do recommend checking out on globalcorporateventuring.com.

Africa Internet Group, the e-commerce holding group formed by Rocket Internet in 2012 to oversee a variety of platforms in Africa and the Middle East, has added Orange to its investors, securing $85m as part of a strategic partnership agreement.

Global University Venturing

The week’s biggest deal was a $46m series D round for diagnostics platform developer Quanterix. I wrote a Big Deal feature article about the round, which you can find on GlobalUniversityVenturing.com

Global Government Venturing

International Finance Corporation joins Kreditech’s series C round with an $11m commitment, boosting the round to $105m.

Exits

Global Corporate Venturing

Onefinestay, which closed a $40m series D backed by Intel and Hyatt Hotels in June 2015, also received a $73m investment from AccorHotels as part of the deal.

Mars Petcare acquired Smart dog collar developer Whistle for a reported $117m.

Aeglea Biotherapeutics raised $50m in an offering on Nasdaq providing investors Novartis and Eli Lilly with exits.

Global Government Venturing

Oneview Healthcare, an Ireland-based healthcare software developer backed by Enterprise Ireland, has listed on the Australian Securities Exchange (ASX), raising A$62.4m ($48m). The company priced its shares at A$3.58, resulting in a market cap of A$208.5m.

Wikihow, a US-based online learning community, has acquired Enterprise Ireland-backed Guidecentral, a US-based company that provides how-to guides and tutorials for DIY projects. Financial terms of the transaction have not been revealed. Guidecentral will continue to operate as a stand-alone brand.

Funds

Singapore-based venture capital firm Monk’s Hill Ventures has closed its first fund at $85m, securing networking equipment manufacturer Cisco, telecommunications firm Telstra and internet company Yahoo Japan as limited partners.

Teralys Capital, a Canada-based fund manager, has held the final close of its Teralys Capital Innovation Fund at C$375m ($288m) that was established under Canada’s Venture Capital Action Plan (VCAP) in collaboration with the government of Quebec.

People

Basil Darwish has left Citi Ventures, after five years in senior vice-president roles, for Wells Fargo where he will act as director of strategic investments.

Jack Young, formerly of Qualcomm Ventures and number two in the 2016 Rising Stars List of Global Corporate Venturing, is joining Deutsche Telekom Capital Partners. If you want to know more about Young’s decision to join DTCP, check out our interview with him on globalcorporateventuring.com

Kiara Bechta-Metti, who previously led commercialisation efforts at Australian government-owned scientific research organisation Commonwealth Scientific and Industrial Research Organisation (CSIRO), will join Adelaide University this month.


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

14 March 2016 – Ant Financial, Flipkart, WeWork, Astroscale, Precision Ocular, Replay Technologies, Lasergen, Stanford University and more

Deals

Ant Financial, the financial services affiliate of Chinese giant Alibaba, which is seeking up to $3bn at a valuation of $60bn while it reportedly prepares for an IPO next year.

An equally impressive, if significantly less $1bn is being sought by India-based e-commerce company Flipkart, which is hoping to get a commitment from Alibaba and conglomerate Fosun for the round. Flipkart’s valuation for this round is actually down from its $15bn tag last year, when the company obtained $700m. Claims differ on the current valuation, but it appears to be in between the $11bn to $14bn range, though some have said that it could even be below $10bn.

WeWork, a shared workspace provider, climbed the ranks to sixth most valuable venture-stage business in the world when it claimed $430m in fresh funding at a $16bn valuation.

Japan-based Astroscale raised $35m from the Innovation Network Corporation of Japan. Jafco and other unnamed entities also participated in the round, which will be used by Astroscale to send a satellite into orbit that will track space debris in preparation for later missions that will collect that debris, which is becoming an increasing problem for safe space travel.

The biggest deal on Global University Venturing meanwhile was a $19m for Precision Ocular that was led by Imperial Innovations. Precision Ocular is working on treatments for retinal diseases such as age-related macular degeneration and diabetic macular edema.

Exits

Replay Technologies is set to be acquired by Intel for an estimated $175m a mere week after closing a $13.5m round led by Deutsche Telekom. Replay, a 3D filming technology producer, had secured $27m in total funding and the acquisition is also providing an exit to Samsung, which had invested in 2014.

Lasergen, a genome sequencing platform that received $80m from lab equipment provider Agilent Technologies last week in return for a 48% stake. Agilent’s also secured a three-year option to purchase the remaining shares for an additional $105m. Until then, the two companies have agreed to collaborated on a workflow product based on Lasergen’s technology.

Meanwhile, RusnanoMedinvest celebrated an exit when Syndax Pharmaceuticals floated on Nasdaq for $52.8m. The IPO followed some $155m in funding.

Stanford University secured an exit through an acquisition, when Immucor purchased spinout Sirona Genomics for an undisclosed amount. Sirona has developed a platform that uses three algorithms to build a database for mapping and managing genomic assessments such as blood type without the need for secondary testing.

Funds

When it came to funds, Cisco took the top spot last week with a three-year $500m initiative named Deutschland Digital. Cisco will invest the cash both directly in startups and in VC funds. It announced Deutschland Digital on the same day that it unveiled a $150m fund that will help foster an ecosystem around its cloud collaboration platform Cisco Spark.

Lan Kwai Fong, a Hong Kong-based conglomerate, is similarly looking at a fund with a target size between $300m and $500m, to be managed by its private equity unit LKF Capital. The fund marks the first time LKF is raising external capital and will focus on Chinese companies in the lifestyle and consumer industries.

Another fund to come out of Hong Kong is the $257m Innovation and Technology Venture Fund. Although first announced in January, the autonomous region only revealed the fund’s size in its budget for 2016/17 now. The fund will focus on local startups and hopes to make more capital available to them by matching private investments.

Parkwalk Advisors, which already manages several funds for Cambridge University, announced the University of Cambridge Enterprise Fund IV, which, much like the previous funds, enables alumni and investors to back Cambridge spinouts. The funds usually co-invest alongside Cambridge University.

Moves

Kaushik Anand, a growth equity investor at corporate venturing subsidiary Google Capital, is set to lead its investments in India, the Economic Times reported on Monday. He first joined Google Capital in June 2015 and has so far been based at its California headquarters.

IDG Ventures Korea has seen Matthew Lee depart to co-found a new venture dubbed Cognitive Investment. Lee had been CEO and managing partner of the unit since 2007.

Franceska Banga is set to step down from her position as CEO of New Zealand Venture Investment Firm later this month. The fund, which has over $200m under management, was set up by New Zealand’s government in 2001 and headed by Banga since then. Steven Joyce, minister of economic development in New Zealand, is using the change in leadership to review the fund’s performance and assess its structure.


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