08 April 2019 – Cambridge Innovation Capital Collates $196m in New Capital

The Big Three

The fresh capital, anchored by University of Cambridge and its Endowment Fund, will enable patient capital-orientated vehicle Cambridge Innovation Capital to make new bets and sustain investments in its existing portfolio. Delighted Tony Raven joining us to share more at the Symposium as well as his peers at Oxford university.

Intel Capital has announced 14 investments (see below), the largest of which involved it leading a $150m series B round for artificial intelligence application platform SambaNova. The round also featured GV, which had previously co-led a $56m series A announced when SambaNova emerged from stealth early last year.

Precision Biosciences has gone public in a $126m IPO that valued it at more than $780m, notching up exits for Amgen Ventures and Baxter Ventures. The genome editing technology developer floated in the middle of its range but its share price has since risen, and the offering comes after more than $175m in equity and convertible note financing.

Funds

After nearly two years, SoftBank Vision Fund still hasn’t officially reached its $100bn targeted close, but it is reportedly seeking $15bn in extra capital that will allow it to keep making investments, including follow-on investments, while it prepares to raise a second $100bn fund. It may have to do it sooner rather than later, because sources told Bloomberg it has now gone through 70% of its capital and it’s investing at a breakneck pace.

Pet food and care provider Mars Petcare has launched a $100m strategic investment fund, the Companion Fund, in connection with its creation of an open innovation unit called Kinship.

Chevron Technology Ventures checks $90m for Fund VII

Corporates buy into ByFounders’ $112m debut fund

Okta verifies $50m corporate venturing fund

UT Health San Antonio loads biomedical accelerator

UTokyo IPC ignites accelerator

Exits

Thoma Bravo fires off Mailgun acquisition

TradingView takes in TradeIt

Chinese social media influencer network Ruhnn has gone public in the US, raising $125m. Weibo bought $8m of shares in the Alibaba-backed company through the IPO, which involved Ruhnn floating in the middle of its range.

NGM Biopharmaceuticals secured $107m when it floated, together with $65.9m from existing backer and development partner Merck & Co through a private placement.

Slack has reportedly selected the New York Stock Exchange as the venue for a direct listing slated to take place in June or July. The enterprise collaboration platform is backed by SoftBank Vision Fund, GV and Comcast Ventures and was valued at more than $7bn as of last year.

Life360 circles Australia for $100m IPO

Oxford Nanopore sets sights on IPO

Deals

Hellobike raised more than $580m from backers including Ant Financial at the tail end of last year and is reportedly seeking $500m to $1bn in new funding. It claims to have 200 million registered users but either way, you’d think it’s going to have to find a route to profit sooner or later in order to survive.

India-based Zoomcar operates in another part of the transport tech space, in on-demand car rental. It is also gearing up for a big leap forward, negotiating with carmaker Mahindra & Mahindra for a $500m debt and equity round that would potentially take it into unicorn territory, representing a sixfold increase in valuation between rounds.

Toast, the developer of a point-of-sale and business management software platform for the restaurant industry, has secured $250m in series E funding at a $2.7bn valuation.

Customer data management platform Segment has secured $175m in a series D roundco-led by GV that valued it at $1.5bn. The round increased Segment’s funding to $284m to date, and it follows a $64m round nearly two years ago that was also co-led by GV. The proceeds will go to marketing and a global expansion drive.

Indian grocery e-commerce platform BigBasket is meanwhile in the process of raising $150m at a valuation of about $1.2bn, according to regulatory filings. Existing investor Alibaba is set to provide $50m and will retain a 26.2% stake post-investment, maintaining its position as BigBasket’s largest shareholder.

SpringWorks blossoms with $125m series B

Fusion gets reaction in $105m series B

Gene editing tool provider Inscripta has raised a further $20m to increase its series C round to approximately $106m.

Hotel room booking platform Oyo has confirmed it has raised funding from Airbnb, an investment reportedly sized somewhere between the $100m and $200m mark.

University

NextGen Jane nets $9m in series A funding


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

18 December 2017 – OneWeb Follows SpaceX with a $500m Investment

Deals

Days after SpaceX raised $1bn in funding, another satellite technology company, OneWeb, is lining up a $500m investment from SoftBank, which had previously put up $1bn of the $1.2bn OneWeb raised a year ago. .

Office software producer Kingsoft spun cloud storage business Kingsoft Cloud out in 2012 but has retained a majority stake now sized at 52%. It also invested $150m of the $300m in series D funding Kingsoft Cloud just raised at a $1.9bn valuation, bringing its total funding to approximately $500m.

Reports for most of this year have been touting a $200m corporate investment in Indian online grocer BigBasket, and the latest news is that Alibaba will pay $200m for a 25% stake in the company as part of a $280m round.

Koch Disruptive Technologies, a newly formed vehicle for conglomerate Koch Industries, has made its first investment, leading a $150m series E round for InSightec, the developer of a magnetic resonance-equipped ultrasound surgical device.

There have been some big deals in the space sector recently, and the latest is iSpace, a lunar exploration company that’s just closed $90.2m in series A funding, the largest series A round in Japan’s history.

NextDoor, the social media platform focused on local communities, has raised $75m from undisclosed investors at a valuation indicated by a regulatory filing to be about $1.5bn.

AI chip developer ThinkForce has secured $68m in a series A round featuring machine vision technology developer Yitu Technology as well as Sequoia Capital China, Yunfeng Capital and Yitu backer Hillhouse Capital.

Online razor seller Harry’s has raised $63.7m in funding, according to a regulatory filing, cash that will reportedly be put towards a complementary acquisition.

GV has participated in a $63m series B round closed by oncology therapy developer Relay Therapeutics that took the company’s overall funding to $120m.

Insikt, the Rakuten-backed operator of an online lending platform for the un(der)banked, has raised $50m in a series D round led by Grupo Coppel that took its total funding past the $100m mark.

Swedish mobile payment and small business revenue technology provider iZettle has secured about $47m in a Dawn Capital-led round that included the Fourth Swedish National Pension Fund, at a reported valuation of about $950m.

We’ve had several GGV deals already, and on GUV, the biggest deal was US-based immuno-oncology developer Pionyr Immunotherapeutics, which raised $62m in series B funding from a consortium that featured spinout-focused investment firm Osage University Partners.

Funds

Auto parts supplier Valeo has provided 25% of the money for a $226m car technology fund formed by private equity firm Cathay Capital, joining government-owned Yangtze River Industry Fund as a cornerstone investor.

On GGV, the EU-owned European Investment Fund contributed funding to investment firm LSP’s second medtech vehicle, LSP Health Economics Fund 2 (LSP HEF 2), which reached an oversubscribed close of €280m ($330m).

And on GUV, UM Ventures, the tech transfer office for the University of Maryland System (UMS), has unveiled plans for a venture fund of undisclosed size aimed at retaining university-linked startups in the city of Baltimore.

Here’s an interesting one from GUV as well: Imperial College London and Tsinghua University have joined forces to seed a $300,000 fund called the Tsinghua-Imperial Research and Innovation Fund to back early-stage scientific research.

Exits

Gilead Sciences has agreed to acquire T cell receptor therapy developer Cell Design Labs in a deal that could value it at up to $567m, six years after Kite Pharma, now a Gilead subsidiary, took a 12.2% stake by backing a $34.4m round that remained Cell Design’s only funding.

Apple has reportedly lined up a $400m acquisition of music identification app developer Shazam. The deal would provide exits for América Móvil, Sony, Universal and Access Industries, but none look likely to make a profitable return on their investments, Shazam’s valuation having peaked at about $1bn in 2015.

On GUV we’ve had two IPO-related news this past week. First up, Mirriad, a UK-based video technology spinout from University of Surrey, is targeting £26.2m ($35m) in gross proceeds in its initial public offering on Aim. Mirriad, which will enter the public markets under the ticker symbol Miri tomorrow (that’s Tuesday, December 19 for those of you listening later).

Then we also have Fusion Antibodies, a UK-based genomics modelling platform spun out of Queen’s University Belfast, which will raise £5.5m ($7.4m) in its initial public offering on Aim.


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

10 April 2017 – Lyft Raises $500m & Unusual IPO for Spotify Plus Much More

Deals

It feels like the whole Flipkart/Snapdeal funding/merger saga’s been going on forever by this point but news continues to flow out of the respective camps, the latest being that Flipkart could well close between $1.2bn and $1.5bn in funding from eBay, Tencent and Microsoft next week.

On-demand ride platform Lyft has added almost 100 US cities to its network already this year and has now added another $500m of equity funding to its coffers.

Automotive trading software provider Souche.com has raised $180m in a series D round that included CreditEase’s New Financial Industrial Fund.

Alphabet-backed brokerage app developer Robinhood has pulled in new funding in a DST Global-led round that reportedly values it at $1.3bn.

India-based e-grocer BigBasket has reportedly entered talks with Tencent, Fosun and Amazon for a round that would be sized between $110m and $150m, and which would value it at $1bn, more than twice the valuation of its last funding, a $150m series D round that closed a year ago.

Existing investors GV and Sequoia Capital have co-led a series C round that provided more than $90m for secondary storage technology developer Cohesity, and which valued it at more than $500m.

Another Alphabet investment subsidiary, CapitalG, meanwhile has led an $81.5m series D round for Looker, a data analytics platform capable of curating large amounts of data to provide enterprise users with valuable insight into their organisation.

China-based Wecash has raised $80m in a series C round co-led by SIG that will enable it to add an online lending facility to its credit scoring platform, which has some 80 million users.

Fresh off the high that was Intel’s $15bn offer to acquire autonomous driving technology developer Mobileye, the company’s co-founders are now setting their sights on an initial public offering of another one of their ventures – OrCam Technologies, which has developed smart glasses that are able to identify street signs and read text and dictate it into the user’s ear.

Northwestern Mutual’s corporate venturing arm has participated in a $25m series C round for healthcare booking and billing platform Amino that took the company’s total equity financing to almost $45m.

SoftBank has reportedly rescinded between $150m and $200m in debt financing it was set to provide to portfolio company Snapdeal.

On Global University Venturing, US-based marketing technology developer ActionIQ has attracted $13m in a series A round that included Stanford University, through its Stanford Engineering Venture Fund.

And on Global Government venturing, Singapore Technologies Telemedia, a wholly-owned investment subsidiary of Singapore state-owned investment firm Temasek, invested $89m in US-based cybersecurity company Armor. Armor was previously majority owned by investment firm Stephens.

Funds

Clean vehicle technology producer BorgWarner has provided $10m for US-based venture capital firm Autotech Ventures as part of an overall strategic investment plan. Autotech supplies VC funding to startups developing software, services or electronics technology for use in connected, autonomous and energy-efficient vehicles and mobility services.

Legend Capital, the venture capital firm formed by China-based conglomerate Legend Holdings, has raised more than $400m for its seventh fund. The $400m represents the fund’s hard cap, according to Private Equity International.

Southern New Hampshire University has partnered venture firm Rethink Education to create a $15m seed fund targeting early-stage edtech enterprises.

South Korea’s Ministry of Science, ICT and Future Planning will set up a 113.5bn won ($102m) fund for startups and VC firms in the biotechnology sector.

Enterprise Ireland, the export credit agency of the Irish government, is set to make up to €44m ($47m) in additional funding available to seed and early-stage companies.

Iran’s sovereign wealth fund Iran Foreign Investment Company will invest an undisclosed amount into the healthcare and technology sectors.

The government of Canada has outlined the next steps for its Innovation and Skills Plan, including an additional C$200m ($149m) for the Strategic Innovation Fund over a three year period, bringing it to C$1.26bn.

The BC Tech Fund, managed by Kensington Capital Partners invested an undisclosed amount into Lumira Capital IV, a new healthcare and life sciences venture capital fund managed by Lumira Capital.

Exits

Sucampo Pharmaceuticals has bought rare disease therapy developer Vtesse for $200m in cash and stock, allowing Pfizer Venture Investments and Lundbeckfond Ventures to exit.

Data management software provider Cloudera has finally publicly filed for its IPO, setting an initial target of $200m.

Speculation about a Spotify IPO has been ongoing for years but reports now suggest it might take an unusual route to the public markets, listing its stock but not actually issuing any new shares or raising money.

Pharmaceutical firm Astellas Pharma is set to acquire Belgium-based drug discovery company Ogeda for €800m ($853m), providing an exit to Société Régionale d’Investissement de Wallonie, the state-owned investment company for the Wallonia government in Belgium that took part in a €16m series B round in 2015 and a $12.8m series A round in 2012.

Regulation

The UK government is set to announce tax break reforms to ensure that entrepreneurs benefit from the tax incentives, rather than property investors.

An amendment to Germany’s law on competition restrictions proposed by the Federal Ministry for Economic Affairs and Energy has been approved by the federal council, known as Bundesrat.


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