14 May 2018 – China About to Finalise $47bn Semiconductor and Chip Investment Fund

Deals

Online medical booking and healthcare services portal WeDoctor has raised $500m at a $5.5bn valuation, securing the cash in a round co-led by insurer AIA, which is now the company’s life and health insurance partner, and conglomerate NWS Holdings.

Commission-free online trading platform Robinhood is on a tear, having raised $363m in a series D round that more than quadrupled its valuation to $5.6bn in just over a year, during which it added options and cryptocurrency trading features.

Hybrid cloud software provider Mesosphere has raised $125m in a series D round co-led by Koch Industries subsidiary Koch Disruptive Technologies that also featured Hewlett Packard Enterprise and the Qatar Investment Authority.

Moderna Therapeutics first formed a strategic collaboration agreement with Merck & Co two years ago, and now the RNA therapeutics developer has received $125m from Merck as part of a deal to enhance that agreement.

Intel Capital’s annual Global Summit has revealed its latest batch of portfolio companies, which received a total of $72m from the corporate, which was spread across 12 companies.

On GUV, Escient Pharmaceuticals, a US-based biotechnology spinout from Johns Hopkins University, launched last week with a $40m series A round backed by spinout-focused investment firm Osage University Partners.

Funds

Logistics firm GLP has set up a $1.6bn investment fund that will target technology-focused companies in the logistics sector.

China is about to finalise a $47bn investment fund focusing on semiconductor research and chip development.

US-based life sciences investment firm Foresite Capital has closed a $668m fund that included several unnamed university endowments among the limited partners.

On GUV, Yale University received a $15m grant from philanthropic organisation Blavatnik Family Foundation yesterday to expand the Blavatnik Fund for Innovation to $25m.

Exits

Walmart has confirmed its $16bn purchase of a 77% stake in India-based e-commerce company Flipkart, in what is the biggest M&A exit of a VC-backed company since Facebook’s $19bn purchase of WhatsApp in 2014.

Recruit has agreed to acquire employment listings and employee review platform Glassdoor for $1.2bn in cash, enabling Alphabet’s CapitalG to exit.

Huya, livestreaming platform YY’s game-themed spinoff, secured $180m on Friday in a US IPO in which it floated at the top of its range.

Meili, the Chinese fashion e-commerce platform formed by the merger of Meilishuo and Mogujie, has hired underwriters for an initial public offering in the US that is expected to raise about $500m.

Indian renewable power producer ReNew Power, which counts Japan-based utilities Tokyo Electric and Chubu Electric as well as a subsidiary of sovereign wealth fund Abu Dhabi Investment Authority as backers, has filed for an IPO in its home country that it expects will raise up to $386m.

Mobile POS technology producer iZettle announced plans to go public in its home country of Sweden, in an IPO slated to raise approximately $226m.

On GUV, Benevir Biopharm, a US-based immunotherapy developer based on research at New York University (NYU), is set to be acquired by biotechnology firm Janssen Biotech for up to $1.04bn.

Autolus, a UK-based cancer-focused biopharmaceutical spinout from University College London (UCL), filed for a $100m initial public offering on Nasdaq.

And one exit that has collapsed is StretchSense, a New Zealand-based wearable sensor manufacturer spun out from University of Auckland, which has had to let go 140 staff after e-commerce firm StartToday terminated an acquisition deal.


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

02 October 2017 – Roscosmos Establishes Space Ecosystem Fund

Deals

Chinese online services portal Meituan Dianping is reportedly nearing the close of a $3bn round featuring long-term investor Tencent that will value it at up to $30bn.

Alibaba has paid approximately $800m to hike its 47% stake in logistics affiliate Cainiao to 51%, as part of a $5bn investment drive to strengthen its logistics technology capabilities over the next five years.

Food ordering platform Deliveroo has secured $384m in a round co-led by Fidelity and T. Rowe Price set to be announced this week that will reportedly value it at $2bn.

Fosun-backed personal accounting platform Shenzhen Suishou Technology has secured $200m in a series C round led by private equity firm KKR’s newly formed Asian Fund III.

Ride hailing platform Didi Chuxing has invested $200m in Renrenche, the third largest second-hand car e-commerce marketplace in China by market share.

Qingting.fm, an online radio platform that reportedly counts Youku Tudou among its investors, has raised $151m in series E funding from undisclosed investors, according to AllChinaTech.

Pfizer has spun out a startup called SpringWorks Therapeutics to develop treatments for incurable conditions such as desmoid tumours and post-traumatic stress disorder based on therapies licensed from the corporate.

Letgo launched in 2015 as a mobile-focused competitor to Craigslist and eBay, and claims to be one of the fastest growing apps in the country. That growth is set to be fueled by $100m of new funding at a $1bn valuation from undisclosed existing investors.

Customer relationship management software provider ProsperWorks has received $53m in a series C round that took its overall funding to $87m, a sum CEO Jon Lee has claimed makes it the most well-funded CRM company founded in the past 10 years.

Treasury and finance management platform Kyriba has raised $45m in funding from investors including HSBC, the bank that backed its series C and D rounds, in 2015 and 2016 respectively.

We’ve already had the biggest deal on GGV – Cainiao – and on Global University Venturing, the biggest deal came from the UK. Autolus, a biopharmaceutical spinout from University College London (UCL), raised $80m in a series C round that included investment firm Woodford Investment Management. Syncona, backed by medical charities Wellcome Trust and Cancer Research UK, also participated in the round, as did Arix Bioscience, Cormorant Asset Management, Nextech Invest and a range of unnamed investors.

Funds

The Netherlands government-owned Dutch Investment Agency (NIA) and the EU-owned investment vehicle European Investment Fund (EIF) have committed €100m ($117.7m) to a fund targeted at growth-stage startups dubbed the Dutch Growth Co-Investment Program.

The Russian government-owned space agency Roscosmos has established a venture capital fund to commercialise inventions from the space ecosystem.

Exits

Sea, the Southeast Asian online services provider formerly known as Garena, has filed to raise up to $1bn in an initial public offering in the US.

Chinese online video streaming platform iQiyi is considering an initial public offering that will take place in the US early next year and has already started talking to banks, sources have told Bloomberg.

SAP has paid a reported $350m to acquire customer identity management software provider Gigya and will incorporate the company into its SAP Hybrid offering.

Roku has priced a $219m IPO in which Sky Ventures will sell some $9.4m of shares, and is set to float on the the Nasdaq Global Select Market tomorrow.

Nexon has paid $80m for a 65% stake in Korea-based cryptocurrency exchange Korbit, ironically at the exact point when the Korean government has banned initial coin offerings.


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

21 March 2016 – Intel Capital, Qualcomm, Spoonrocket, Corvus Pharmaceuticals, Hutchison China MediTech, GenomeDx, LendInvest, DouyuTV, Cainiao and more

Exits

Intel Capital is reportedly looking to sell up to $1bn worth of its venture assets.

Qualcomm meanwhile looks to have scored a major exit after General Motors agreed to buy driverless vehicle technology developer Cruise Automation in a deal reportedly sized north of $1bn. Cruise, which was founded in 2013, had disclosed only $18m in debt and equity financing.

Just days after announcing it was shutting down, VC-backed SpoonRocket has been acquired by iFood, a delivery service in Latin America that has raised more than $60m from Brazil-based Movile Internet and Warehouse Investimentos, among others.

Corvus Pharmaceuticals, an oncology therapy developer backed by Roche and Novo, filed for a $115m IPO in January but has subsequently set a range between $70m and $80m. It had raised $108m in venture capital over the past two years.

Hutchison China MediTech (Chi-Med), a China-based healthcare group backed by conglomerate Mitsui, raised $101.3m when it floated on Nasdaq yesterday.

Investments

GenomeDx released a prostate cancer testing product last week and has followed it with $25.4m in series C funding, according to an SEC filing. The funding represents the first to be publicly disclosed – in terms of size anyway – for the company, which is backed by investors including Merck’s Global Health Innovation fund.

Having received £22m from Beijing Kunlun in June last year, LendInvest raised £17m from VC firm Atomico, bringing its total debt and equity financing to more than £200m.

DouyuTV, a streaming service focused on the livestreaming of video games, has raised $100m in a series B round led by Tencent, which reportedly provided more than $60m.

Alibaba’s financial services affiliate Ant Financial is said to be raising money at a $60bn valuation but its logistics spinout Cainiao isn’t doing too badly either, having raised a reported $1.54bn in a round that values it at $7.7bn.

Diversified conglomerate HNA Group has agreed to invest RMB1.2bn ($185m) in online sports streaming platform Le Sports as part of a series B round that could reach $1.08bn, according to a regulatory filing.

Ring, a US-based smart doorbell developer backed by insurance provider American Family Insurance and home builder JF Shea, has raised $61.2m in a series C round featuring Kleiner Perkins Caufield & Byers.

University College London cancer treatment spinout Autolus licences additional technology from the university as it raises $57m in its series B round.

Biotechnology startup Aprea, a spinout of Karolinska Institute that is backed by a range of public investors, has raised the biggest round for a Sweden-based life sciences company in a decade.

People

QB3, University of California’s research institute and life science accelerator, loses its associate director as Douglas Crawford steps down.


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