09 September 2019 – Nikola Corporation Raises $250m

Deals

Sumitomo Dainippon Pharma is acquiring a stake in medical company builder Roivant that will be at least 10%, as part of a $3bn deal that will involve it also taking Roivant’s stake in five subsidiaries.

Despite being responsible for unicorns DraftKings and FanDuel, daily fantasy sports has run into a string of regulatory issues in the US. India-based Dream11 seems to be faring better, suprassing $1bn of transactions in its last year of operations, and it is reportedly in talks with investors including SoftBank Vision Fund and Naspers Ventures to raise up to $500m in new funding.

E-cigarette brand Juul disclosed $325m of convertible debt financing last month, and a subsequent securities filing has indicated the size of the round is now $785m. It’s currently unclear who the 14 investors are that supplied the capital but they may well include Altria, the tobacco provider that invested a whopping $12.8bn late last year in order to buy more than a third of the company.

Hydrogen electric truck developer Nikola Corporation has raised $250m in cash and services from industrial equipment producer and strategic investor CNH Industrial for a series D round it aims to close at $1bn or more. The round values Nikola at $3bn pre-money, and while there’s no word of additional investors yet, its existing backers include fellow corporates Nel Hydrogen and Wabco.

With all the fuss surrounding Uber and its peers, it can be easy to forget that before ride hailing was ‘a thing’, car sharing was viewed as the future of transport. Getaround is still ploughing that furrow and is pulling in funding, aiming to add $200m in capital to the $300m it raised last year.

Tencent has provided $120m in series E funding for customer relationship management (CRM) software provider Xiaoshouyi. The company, which is also known as IngageApp, had already secured more than $40m in a Tencent-led series D round in 2017 before reportedly adding nearly $16m from the same investor the following year. It has also worked in tandem with Tencent on a specialist CRM product.

Nkarta Therapeutics has emerged from stealth with $114m raised in a series B round featuring Amgen Ventures and existing investors Novo and SR One. The company, which has received $129m in total, is developing treatments for cancer that rely on sparking the body’s natural killer cells to kill cancerous cells.

Passage Bio packs in another $110m

Yongcheng Life has secured $100m in a series B round led by Legend Capital that included Bertelsmann Asia Investments (BAI).

University

Ginger jumps to $35m series C

Achilles Therapeutics accesses $120m

Exits

Vertex Pharmaceuticals has agreed to buy diabetes treatment developer Semma Therapeutics in a $950m all-cash deal that will enable Medtronic, Novartis and SinoPharm to exit.

Data management software provider Commvaultis set to pay $225m to acquire Hedvig, a software-defined storage technology producer backed by Hewlett Packard Enterprise.

Kabbage pinpoints Radius for acquisition

Viela Bio has filed for a $150m initial public offering less than two years after being spun off by AstraZeneca. The corporate is still the largest shareholder in autoimmune disease drug developer Viela, having invested $142m last year, and it holds a stake sized above 38%.

Vir veers toward public markets

Investors in cloud security software provider Druva may be heading toward a different kind of exit, as news emerges that the company plans to begin prepping an initial public offering over the course of this year.

Uhuru to pursue $50m in London IPO

Funds

Taiwan Life ties $50m to BVP Century Fund

DG Daiwa Ventures, the joint investment venture set up by internet company Digital Garage and brokerage Daiwa Securities, has formed a new fund called DG Lab Fund II that is seeking a close of about $188m.


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

29 April 2019 – Uber Sets Terms for $9bn IPO

The Big 3

Uber has set terms for an IPO that will raise $9bn if it floats at the top of its range. SoftBank is among the selling shareholders, though it will remain the largest shareholder in the on-demand ride provider.

Uber has also confirmed its autonomous driving division, otherwise known as Uber Advanced Technologies Group, has raised $1bn from external investors. Toyota said its share consisted of the $500m it provided for strategic partner Uber last August, while SoftBank Vision Fund invested $333m with the rest provided by Denso.

Hitachi has not been too active in the corporate venturing space, but that looks likely to change with the institution of a $150m fund called Hitachi Ventures that is set to formally begin operations in June.

And in a nice university-corporate VC crossover, US-based online education platform Coursera secured $103m in a series E round led by online education and recruitment firm Seek Group.Future Fund, Australia’s sovereign wealth fund, also took part in the round, as did venture capital firm New Enterprise Associates (NEA).

Deals

Ford has agreed to invest $500m in electric SUV and truck developer Rivian, just two months after the latter pulled in $700m in an Amazon-led funding round.

3D printing hasn’t yet become the goldmine some were predicting, but the market leaders are still raising funds quite easily. Carbon is seeking $300m in its forthcoming series E round according to a regulatory filing, at a valuation expected to be around the $2.5bn mark.

KeepTruckin has raised $149m at a $1.25bn valuation, from investors including Alphabet subsidiary GV. GV has been an investor in KeepTruckin since its seed round, back when the unit was still known as Google Ventures, and the series D round took the fleet management technology producer’s total funding to $228m. Greenoaks Capital led the round, which included IVP, Index Ventures and Scale Venture Partners.

Two affiliates of state-owned aerospace manufacturer Aviation Industry Corporation of China have provided $149m of funding for airline services provider Global Wings.

Loon, the orbital internet connectivity system developer formed by Alphabet, has received $125m from HapsMobile, a joint venture between SoftBank and Aerovironment that is developing high-altitude digital infrastructure.

Funds

Allianz has become the latest company to fund an independent venture firm alongside its existing corporate venturing activities.

University of Chicago at Illinois (UIC) partnered investment firm Deerfield Management yesterday to launch translational research funding and commercialisation vehicle West Loop Innovations. Deerfield will provide up to $65m in capital to West Loop Innovations, which will help advance promising discoveries at the university. In particular, the fund is expected to solidify UIC’s strengths in drug discovery.

Exits

Douyu, the game streaming platform that’s been called China’s Twitch, has filed for a $500m initial public offering on the New York Stock Exchange.

Content management software provider Fastly has become the latest corporate-backed tech company to file for an IPO, and is officially targeting $100m.

Peer-to-peer car rental marketplace Getaround has paid $300m to acquire peer Drivy in order to create a car sharing service with 5 million users across the US and Europe.

On GUV, Bellwether Bio, a US-based oncological diagnostics spinout of University of Washington, has been acquired by early cancer detection test company Guardant Health for an undisclosed sum.


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

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