20 August 2018 – Podcast and Radio Streaming Service Ximalaya Secures $580m

Deals

With much of the western VC industry seemingly on summer holiday (and frankly, who can blame them?), it’s up to China to pick up the slack in corporate venturing. Ximalaya, the operator of a streaming platform for radio shows and podcasts, has secured $580m in a Tencent-backed round that reportedly valued it at about $3.5bn post-money.

Pfizer has provided an undisclosed amount of equity funding for immunotherapy developer Biontech as part of a collaboration agreement that could reach $425m if it reaches every milestone.

Alphabet has paid about $375m for a stake of around 10% in health insurance provider Oscar Health, which will put the funding toward beefing up its existing team.

TZero, a blockchain lending technology developer spun off from listed e-commerce firm Overstock, is raising up to $270m from GSR Capital, which is set to acquire an 18% stake in the company.

DoorDash, a last-mile delivery service for restaurants, appears to be one of the success stories of 2018. The company was valued at $1.4bn post-money when it raised $535m in a SoftBank-led round in March, but has now raised another $250m at a whopping $4bn valuation just five months later.

Orchard Therapeutics, which is working on gene therapies for rare diseases based on research at University College London, has secured $150m in a series C round that included Sphera Global and corporate venturing unit Medison Ventures.

Exabeam, a cybersecurity information and event management software provider, has raised $50m in series D cash from backers including Cisco Investments.

Funds

E-commerce firm JD.com has begun taking a more active part in corporate venturing in the past year or two, backing the likes of Traveloka, Dada-JD Daojia, Aihuishou and Go-Jek at growth stage alongside post-IPO investments in companies such as Secoo and VIPshop.

Educational services firm New Oriental Education and Technology has put together a $220m fund that will invest between $3m and $15m in early-stage education-focused startups in China.

Exits

Electric vehicle developer Nio recently began shipping its first commercial vehicle, and now it’s filed for a $1.8bn initial public offering in the US.

Babytree, the social parenting community that has branched out into e-commerce, is looking to raise between $800m and $1bn in its Hong Kong IPO, sources have told Reuters, adding that it is seeking a valuation between $3bn and $5bn in the offering.

Weidai, which runs a lending service that uses borrowers’ vehicles as collateral, has filed for a $100m IPO in the US that could give exits to corporate investors Hakim Unique, Shanda and Dong Yi Ri Sheng Home Decoration.

On GUV, Sensyne Health, a UK-based healthcare technology developer partially based on research at University of Oxford, raised £60m ($76m) in its initial public offering on Tuesday and began trading on Aim on Friday.

And Quethera, a UK-based glaucoma therapy developer spun out from University of Cambridge, has been acquired by pharmaceutical firm Astellas Pharma for up to $108m in cash and contingent commitments.

And a nice exit for corporate, university and government venturing entities was Millendo Therapeutics, a US-based endocrine disease drug spinout of University of Michigan, which agreed to a reverse merger with US-listed fertility treatment provider OvaScience.


“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