27 August 2018 – Walmart Completes $16bn 77% Acquisition of Flipkart

Exits

Walmart has completed its $16bn acquisition of a 77% stake in Indian e-commerce marketplace Flipkart, as part of an ongoing drive into e-commerce that has involved investments in JD.com and Dada-JD Daojia and full acquisitions of Jet.com and Bonobos among others.

China-based immunotherapy developer I-Mab Biopharma raised $220m just a few weeks ago in a series C round featuring corporate venturing unit Tasly Capital, but is reportedly eyeing a $500m initial public offering set for Hong Kong.

The biggest player in China’s news aggregation sector is the Bytedance-owned Toutiao, but newcomer Qutoutiao is making ground fast and has filed for its own IPO, which has a $300m target and which is set to occur in the US.

Live event promotion and ticketing software provider Eventbrite has filed to raise up to $200m in an IPO that will give Square an exit less than a year after it invested as part of an agreement that will make it Eventbrite’s payment processor in some of its biggest markets.

High-end fashion marketplace Farfetch has meanwhile raised more than $700m in funding, and is set to go public after filing for a $100m IPO in the US.

Ascentage Pharma has also raised a big round lately, pulling in $150m in its series C round last month, and its IPO plans seem to be going smoothly.

Ant Financial closed an immense $14bn of funding in June at a reported $150bn valuation, but a forecasted IPO for company, e-commerce giant Alibaba’s financial services spinoff, has now been put back until the end of 2019 at the earliest according to the FT.

Amazingly, that aforementioned flotation of Ascentage was neither the only nor the biggest exit on Global University Venturing – despite the summer holidays! – with an up to $800m acquisition of University of Bristol spinout Ziylo by pharmaceutical firm Novo Nordisk towering over everything else.

Deals

Alibaba acquired food delivery platform Ele.me in May at an enterprise value of $9.5bn, and its latest financial statement reveals it has merged the service with its local services spinoff, Koubei.

Slack has secured $427m in a series H round co-led by Dragoneer and General Atlantic at a valuation exceeding $7.1bn.

Car sharing platform Getaround has become the latest company to raise big money in a SoftBank-led round, taking in $300m from a series D round that included existing backer Toyota.

Primary healthcare service One Medical has raised $180m in funding from investors including GV, and three years after its last round, Carlyle Group has now come in for a $350m primary and secondary investment.

CassTime Technologies, a China-based provider of car servicing and parts to corporate clients, has raised $36.4m to increase its series B round to $95m.

Latch has developed a smart access system for buildings and has secured $70m in a series B round led by Brookfield Ventures, the venture capital arm of Brookfield Asset Management, which will begin installing the systems in buildings being developed by its Brookfield Properties subsidiary.

Upgrade has put together an online offering that combines consumer credit with credit monitoring and financial education tools. It was founded by Renaud Laplanche, also the founder of online lending platform LendingClub (a $1.6bn market cap at present), and it’s moved quickly having just closed a $62m series C round led by CreditEase Fintech Investment Fund.

Funds

Latitude Venture Partners, the Indonesia-based venture capital and business development vehicle affiliated with conglomerate Sinar Mas, has secured $200m in capital.

Drone Fund, the Japan-based venture capital firm that targets unmanned aerial vehicle technology, has now secured telecoms firm KDDI, game producer Sega Sammy, price comparison platform Aucfan, engineering consultancy Japan Asia Group, education provider Leave a Nest and Canal Ventures, the investment arm of systems integrator Nihon Unisys, among others, as limited partners in a fund that is targeting a $27m to $45m final close by the end of September.

Dating platform Bumble has launched a corporate venturing fund that will concentrate on female-founded and female-led businesses.


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

24 April 2017 – SoftBank Considers $1bn+ Deal and Much More

Deals

SoftBank is reportedly considering paying upwards of $1bn for a 20% stake in One97 Communications, the Indian e-commerce firm that’s also the parent company for mobile payment platform Paytm.

China Vanke has become the second domestic property developer to make a nine-figure investment in Chinese real estate agency and online portal Lianjia this year, providing $436m in funding.

Classified listings platform 58.com is spinning out its used goods app Zhuan Zhuan, and Tencent has agreed to provide $200m in funding for the newly independent company.

SoftBank is yet to formally close its $100bn Vision Fund but is nevertheless on somewhat of a streak, reportedly offering big investments to a string of Asian online services providers.

Tianjin CanSino Biotechnology, which is developing vaccines for Ebola, tuberculosis, cervical cancer and pneumococcal infection, has closed $65m in funding from investors including Lilly Asia Ventures, and will put the cash towards commercialising its candidates and completing a manufacturing facility expected to be ready next year.

SenseTime is developing technology that will utilise machine learning to recognise faces to a high degree of accuracy, and has just raised $60m in a round led by the state-backed Sailing Capital International.

Car sharing platform Getaround has secured $45m from investors including Shanghai Automotive and an investment fund backed by Toyota, showing that the sector still has some life in it despite the ubiquity of its ride sharing cousins.

Kumpulan Wang Persaraan (KWAP), the Malaysian retirement fund, has invested $100m in Edotco, a Malaysia-based telecom infrastructure company, Digital News Asia reported on Wednesday.

Neural Analytics, a medical device spinout of University of California, Los Angeles (UCLA), has raised $10m in a funding round led by venture capital firm Reimagined Ventures.

Funds

Illumina announced a year ago that it intended to invest $100m in startups through an independently managed VC firm called Illumina Ventures, but a securities filing has indicated it has increased that amount of capital to $189m by adding more limited partners.

The Indian state of Tamil Nadu is set to invest Rs5bn ($78m) in a venture capital fund, the Hindu Business Line reported yesterday.

The EU agency European Investment Fund (EIF) and the Luxembourg Future Fund (LFF), which aims to stimulate the Luxembourgish economy, have achieved a first close for the European Cyber Fund (ECF). Paladin Capital, a US-based investment firm with expertise in cyber and digital infrastructure resilience, will manage the ECF and has also invested into the fund.

Bpifrance, the public investment bank of France, has invested in a €64.75m ($69.2m) seed fund established by France-based life science-focused firm Advent France Biotechnology (AFB), Labiotech reported yesterday.

Spain-based early-stage venture capital firm Nauta Capital yesterday raised a €155m ($166m) fund, with the European Investment Fund (EIF) among the investors. British Business Bank Investments, the commercial arm of the state-owned economic development agency British Business Bank (BBI), is also a limited partner, alongside the Catalan Institute of Finance, a public financial institution owned by the government of Catalonia.

Exits

Cloudera has set terms for an IPO that will net it $210m if it floats at the top of its range, and existing backer Intel has expressed interest in buying up to 10% of the shares in the offering.

Chinese logistics service Best Logistics is looking for banks to handle its own IPO, through which it expects to raise up to $1bn.

Walmart has spent the last few months beefing up its e-commerce offering through a string of acquisitions and the next one looks set to be online men’s fashion brand Bonobos.

G1 Therapeutics has filed for a $115m IPO that will support development of three clinical-stage oncology therapeutics and give an exit to corporate venturing unit MedImmune Ventures.

Netshoes, a Brazil-based sports and lifestyle e-commerce company for the Latin American market, has raised $148.5m in an initial public offering on the New York Stock Exchange.


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