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

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

20 November 2017 – SoftBank Uber Investment Finally Happening

Deals

People have been waiting for SoftBank’s proposed investment in Uber to be confirmed, and it now appears as though it’s happening, after Uber revealed it has come to an agreement with a consortium featuring SoftBank and Dragoneer over a deal.

Consumer and information robotics developer UBTech is in the process of raising $400m in a Tencent-led round set to value it at about $4bn, according to the South China Morning Post.

There are several prominent online car marketplaces in China and one of them, Huashenghaoche, has become the latest to close a nine-figure round. Minsheng Financial Leasing, the vehicle leasing branch of China Minsheng Bank, has invested $150m in the company, which also offers car leasing options, and whose existing investors reportedly include JD.com and Dongfeng Motor Group.

Maoyan, which agreed in September to merge with certain assets of another China-based online ticketing platform, Weiying, has received $150m in funding from Tencent, the internet group that is also one of Weiying’s key investors.

Elsewhere in China, Particle, the owner of personalised news aggregation app Yidian Zixun, has raised $112m in funding in a round that included government guidance fund Long De Cheng Zhang Culture Communication.

GV has led a $107m series D round for immuno-oncology drug developer Arcus Biosciences that included existing backers Taiho Ventures and Celgene, taking its total funding to $227m.

SIG-backed peer-to-peer lending platform 9f has raised an undisclosed amount in a series C round it claimed was sized in the nine-figure range.

Temasek, the Singapore state-owned investment firm, has led an $87.5m series D round for Poshmark, a social fashion marketplace backed by Shea Ventures, the corporate venturing arm of JF Shea.

Graphcore, the creator of a machine intelligence processing unit, has raised $50m in a series C round that included Robert Bosch Venture Capital, Samsung Catalyst Fund and Dell Technologies Capital, all of which also backed its $30m series B just five months ago.

Funds

Aster Capital, the French VC firm sponsored by corporates Solvay, Alstom and Schneider Electric, has closed just over $280m in financing from undisclosed backers, bringing the overall capital it has under management to almost $590m.

On GUV, Johns Hopkins University joined forces with US-based healthcare investment firm Deerfield Management to launch a $65m commercialisation fund called Bluefield Innovations aimed at the university’s therapeutic research.

On GGV, Ireland Strategic Investment Fund (ISIF), the country’s sovereign wealth vehicle, provided a cornerstone investment to a €250m ($294m) patient capital fund for Ireland-based small and medium-sized enterprises (SMEs).

Exits

China-based online consumer lending platform Qudian had some notable success in its US IPO last month, raising $900m after it floated well above its range.

Yixin Group, the automotive e-commerce and finance platform spun out of BitAuto in 2014, has generated $867m in a Hong Kong IPO that also represented an exit for investors Tencent, JD.com and Baidu.

LexinFintech, the Chinese operator of consumer lending and instalment buying platform Fenqile, has filed for a $500 initial public offering.

Mashable was valued at $250m as of its last funding round, but with no additional funding forthcoming, it has been forced into a sale to Ziff Davis for only $50m.

Corporates emerged practically unscathed from the Theranos disaster, but CapitalG, the growth equity unit formerly known as Google Capital, has found itself in a sticky situation with healthcare clinic advertiser Outcome Health.

On GUV, we had two news about IPOs. First, US-based immunotherapy developer Arsanis, backed by research institute European Molecular Biology Laboratory’s investment arm EMBL Ventures, set its pricing range at $15 to $17 – meaning it could raise $61m if it floats at the top of the range.

Apellis Pharmaceuticals, a US-based biopharmaceutical spinout from University of Pennsylvania, meanwhile raised $150m in its IPO, floating on the Nasdaq Global Select Market.

On GGV, OnPoint Technologies, the strategic investment vehicle for the US Army, has exited US-based fabless semiconductor producer InVisage Technologies following its acquisition by electronics producer Apple.


“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

14 November 2016 – Imax VR Fund, Space Mining for Luxemburg and Much More

News

Walgreens sues portfolio company Theranos for $140m

Alphabet rebrands Google Capital as CapitalG

Funds

Ten oil their way to $1bn fund

Imax screens partners for $50m VR fund

University Corner

Ramot harnesses corporates for $20m investment initiative

Huawei visits Singapore for IoT incubator

Government Department

Planetary Resources mines Luxembourg for new funding

Exits

ZMP drives forward to IPO

Intel votes for Voke acquisition

SoftBank writes down $555m of Indian unicorn investments

Investments

Bytedance looks to take $1bn step forward

Suning gets fresh with Yiguo in $200m round

Bonobos talks to investors for $100m round

Warmsun heats up Royole with $74m

GV accelerates Acalvio funding to $22m

Gfresh catches $20m from Alibaba and Legend Holdings

Owlet looks after $15m


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