15 May 2017 – SoftBank Leads Improbable $502m Investment and Much More

Deals

The $5.5bn round on-demand ride provider Didi Chuxing just confirmed was closed at a $50bn valuation that means it is closing ground with rival Uber in terms of size, and the company has indicated it will use the cash to finally expand globally.

Yixin Group, the online automotive marketplace spinout of motoring e-commerce firm Bitauto, has secured $580m in funding commitments in a round that includes both its parent company and internet group Tencent.

Indonesia-based online media, e-commerce and financial services platform Garena has rebranded itself as Sea and revealed $550m in funding from conglomerates JG Summit Holdings and Uni-President Enterprises.

SoftBank is continuing its investment spree, leading a $502m series B round for Improbable, a UK company developing software that will make the creation of large-scale virtual worlds possible.

SoftBank has also led a $360m round for Guardant Health, the developer of a liquid biopsy test for cancer diagnosis, and will help commercialise Guardant’s technology in Asia, Africa and the Middle East.

Modernizing Medicine had raised a total of $87m in funding as of the $38m series E round it closed in 2015, but the electronic health record system developer has taken a big jump with a $231m investment by private equity firm Warburg Pincus.

Online payment services provider PayU has invested $120m in digital lending platform lending platform Kreditech as part of a strategic partnership agreement.

There’s been more action in the on-demand transport sector, with Spain-based Cabify having raised $100m from an undisclosed single investor as part of a series D round it aims to close at $500m.

India-based mobile wallet operator MobiKwik is working on its own nine-figure round and is reportedly in talks with BlackRock, Bank of Baroda and Canara Bank over a round that will value it at about $1bn.

Music royalties platform Kobalt has raised $75m in a Hearst Entertainment-led series D round that valued the company at $775m post-money.

Signifyd has secured $56m in an American Express Ventures-backed series C round that increased its overall funding to almost $100m.

Social music app developer Smule has raised $54m in a round led by Tencent that reportedly values it at just over $600m.

Customer data software provider Gainsight has closed a $52m series E round featuring Salesforce Ventures and Cisco Investments that took its overall funding to more than $150m.

We’ve already talked about the biggest government venturing deal with Guardant Health just now, but what about the university venturing world? We haven’t had any mind-blowingly large rounds there this week, but still a few interesting ones – among these is SiFive, a US-based fabless provider of customised semiconductors based on UC Berkeley research, which raised $8.5m in a series B round that included spinout-focused investment firm Osage University Partners.

Funds

Dell has brought its corporate venturing unit, Dell Technologies Capital, out of stealth, revealing a 50-strong portfolio and 27 exits in the past five years.

China has launched a RMB17.8bn ($2.6bn) venture capital fund aimed at startups in industries of strategic importance, such as IT, energy conservation and environmental protection, advanced materials and equipment manufacturing.

International Finance Corporation (IFC), the private sector-focused investment arm of multilateral financial institution World Bank, has agreed to put $10m into the Stellaris Venture Partners India I fund.

BDC Capital, the investment arm of the government-owned Business Development Bank of Canada, injected C$5m ($3.6m) into the StandUp Ventures Fund I.

Exits

Ovid Therapeutics has gone public in a $75m IPO that provided exits for Sanofi-Genzyme BioVentures and Takeda, the latter its largest external investor.


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

25 April 2016 – Arvind Sodhani, Alibaba, JD.com, Baidu, Gensights Biologics, Gree, Mars Petcare, Birmingham University and more

VC Creation

Arvind Sodhani, former president of Intel Capital, has formed a new VC firm called Silver Trail Ventures and, ahead of a keynote speech at the Global Corporate Venturing/DLA Piper Corporate Venture Capital Strategy Seminar in Tokyo, warned that for corporate venturers, innovation and disruption is more important than business development.

Deals

Digital medicine developer Proteus Digital Health has added $50m of series H financing to an equity cash pile.

GV finds happy Medium for $50m series C.

Alibaba sealed two huge deals last week, making billion-dollar investments in Ele.me and Lazada, and in this week’s Big Deal we take a look at the firm’s investment strategy and what those those transactions might mean going forward.

UCWeb presses start on $20m Indian gaming fund.

JD.com has paid $200m for a 47.7% stake in logistics service company Dada Nexus in a deal that will involve merging its own e-commerce subsidiary, JD Daojia, into the company, which operates across 37 Chinese cities.

Baidu has raised $155m in a round led by TV and film production company Shanghai New Culture Media,

Cabify has become the latest ride hailing service to raise significant funding, pulling in $120m from a Rakuten-led round that values it at $320m post-money.

China-based Yaochufa spcialises in short haul holidays and local breaks but is planning to expand its range of destinations after closing an $85m series D round.

Exits

GenSight Biologics filed for an IPO back in July 2015 but a few months later the Novartis-backed eye disease therapy developer has withdrawn citing market conditions. The decision, made at roughly the same time as another biotech company, Bavarian Nordic, did the same, is a worrying omen for the IPO market, which is still yet to recover from a considerable lull, meaning CVC exits will likely be harder to come by this year.

Tencent-backed eJiaJie completes Neeq listing.

Hearst follows up its initial investment in Complex by agreeing to jointly acquire the company with telecom firm and partner Verizon.

Asahi Shimbun goes native with Somewrite acquisition.

Oracle draws up $50m Crosswise acquisition.

Nielsen-backed VC firm Pereg Ventures is set to exit device data provider Crosswise in a $50m deal.

Mars Petcare acquires Whistle from Nokia Growth Partners.

Funds

Gree forms $12m virtual reality fund.

The social media company’s GVR Fund features Colopl and Mixi as limited partners.

CincyTech receives healthy interest for fourth fund.

Care providers Cincinnati Children’s Hospital Medical Center and UC Health are among the limited partners.

Global University Venturing

Alta Innovations: the future of success: In the second part of our series, GUV editor Thierry Heles takes a closer look at how Birmingham University is building a complete ecosystem for spinouts, startups and late-stage companies.

GUV supporting a survey of 80 university venturing funds sponsored by one of our subscribers, Kaust.

Global Government Venturing

EIF and PPM Oost initiate $227.5m fund.

Dutch regional development agency PPM Oost and the European Investment Fund have launched a $227.5m second Dutch Venture Initiative fund of funds.


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