24 September 2018 – Uber in Talks to Acquire Rival Careem

Exits

Uber is already in talks to acquire Middle Eastern rival Careem and has now reportedly in negotiations to buy food delivery service Deliveroo. The price would need to be “considerably” higher than the $2bn valuation at which Deliveroo last raised money, but the transaction would give a nice exit to NGP Capital, the venture firm spun out of Nokia, which invested in Deliveroo at a reported $1bn post-money valuation.

Rocket Internet is in line for a series of IPO exits in the next few months. In addition to Westwing and Funding Circle, African e-commerce marketplace Jumia is looking to go public in a 2019 offering that could value it at about $1bn.

Eventbrite, the developer of an online ticketing platform it supplies to event promoters,has gone public in a $230m IPO. The company floated at the top of its range, which it increased on Tuesday, signifying some serious interest in advance of the offering.

Infosys sucks up Fluido in $76m acquisition

Equillium seeks $86m IPO balance

Airware comes crashing down

Allogene calls for $100m IPO

Qutoutiao reports news of $84m IPO

GlaxoSmithKline has chalked up an exit in a $106m initial public offering for oncology and immunology developer Principia Biopharma, which has floated at the top of its range.

Connected planning software provider Anaplan has filed for its own IPO and has set an initial target of $100m.

Funds

Insurance firm Aflac announced in March last year it planned to make up to $100m of investments through a newly formed corporate venturing vehicle, and while its investments have been secretive they’ve apparently interested the company enough to increase activity.

Ajao’s Base attracts $137m for first fund

Golden Gate closes third fund with $100m

Corporates nurture $70m Raise Ventures fund

Deals

Saudi Arabia’s Public Investment Fund has agreed to invest some $1bn in Lucid Motors, the developer of a luxury plug-in electric sedan.

Tuhu, a Chinese provider of automotive after-sales services, has raised $450m in a series E round featuring Tencent, which invested in connection with a strategic partnership agreement.

Yi Jiupi E-Commerce, the operator of Chinese wine retail platform E Jiupi, has reportedly secured $200m in a series D round co-led by Meituan Dianping and Tencent that valued it at $1.1bn.

Electric bus producer Proterra has raised another $155m in a round that was co-led by Daimler, which will explore the use of Proterra’s battery and electric drivetrain technology in its school buses.

Galera Therapeutics has secured $150m in financing, $70m of which came in a series C equity portion backed by Nan Fung Life Sciences and existing investors Novo Ventures and Novartis Venture Fund.

UiPath continues to bring in big money six months after closing a $153m series B round by collecting $225m in series C funding from backers including CapitalG, which co-led the round with Sequoia Capital.

GitLab programs $100m series D

India-based social networking app developer ShareChat has added $99.2m to its coffersthanks to commitments from investors including Xiaomi, which previously led an $18.2m series B round in January this year.

Enigma has become the first portfolio company both of BB&T’s fintech-focused vehicle and MetLife’s co-investment fund MetLife Digital Ventures by attracting $95m in funding.

GUV

Immune-Onc books $33m series B


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

27 March 2017 – MuleSoft’s Shares Soar Following $221m IPO and Much More

MuleSoft raised $221m in its IPO on Friday, only to see its share price soar to almost twice the mid-point of its range. The offering is good news for the IPO market generally but also for enterprise software providers looking to go public.

Deals

Flipkart has raised $1bn in funding from investors including Tencent, Microsoft and eBay and is reportedly seeking up to $1bn more in the next few months.

Tencent has led a $350m round for Kuaishou, which is also backed by Baidu, and both the corporates will help the company enhance user experience of its app, which boasts 50 million daily active users.

SoftBank has invested $300m in working space provider WeWork at a $17bn valuation and reportedly expects to add another $2.7bn through Vision Fund.

Sutro Biopharma spinout SutroVax has raised $64m, $60m of that coming from a series B round backed by Roche Venture Fund, and will use the funds to advance its development of a conjugate vaccine for pneumococcal disease.

Haoeyou has raised $40m for its medical tourism platform, which allows Chinese patients to access consultancies from US-based doctors through video conferencing, and to travel between countries for treatment.

Legend Capital is among the investors that have provided $39m in series B funding for Suzhou Ribo Life Science, a Chinese company developing RNA therapeutics to treat diseases such as hepatitis B, hyperlipidaemia and liver cancer.

Genome editing technology startup eGenesis has raised $38m in a series A round backed by healthcare services firm Heritage Provider Network and biotech property developer Alexandria Real Estate Equities.

Autonomous car tech continues to roll on, with Autotalks, a developer of chipsets that will be used in vehicle-to-vehicle communication, raising $30m in series D funding.

GlaxoSmithKline and Johnson & Johnson have contributed to a $30m series B round for Pulmocide, a developer of therapies to combat diseases caused by respiratory syncytial virus.

Funds

Aflac has joined the numerous insurance providers that have established strategic investment arms over the past two years, forming a subsidiary called Aflac Corporate Ventures, in which it plans to invest $100m over the next three years.

Kabbage, the operator of an online lending platform for small businesses, is said to be in talks with investment firms to raise “a few hundred million dollars” that will be put toward acquisitions.

The European Fund for Strategic Investments (Efsi), also known as the Juncker Plan, is now set to trigger more than €177bn ($190bn) in total investments, figures released following a meeting of the European Investment Bank’s board of directors show.

Exits

Amazon has beefed up its international e-commerce holdings, entering the Middle East through a $650m acquisition of local market leader Souq.com that provided Naspers and Jabbar Internet Group with exits.

Alibaba paid an undisclosed sum for a 32% stake in Damai.cn in 2014 and has now finished the job, acquiring the rest of the online ticketing platform.

Netshoes, a Brazil-based sports e-commerce company backed by Singapore government-owned GIC and Temasek as well as the International Finance Corporation, has filed for an initial public offering on the New York Stock Exchange that could bring in $100m in proceeds.


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

29 February 2016 – Tsinghua Unigroup and TCL Corporation fund, University of California and RNT Associates, Uxin, Didi Kuaidi, Razer, Nestlé, Qualcomm and more

Funds

The start of Mobile World Congress which saw Nokia Growth Partners (NGP), the venture capital firm sponsored by communications equipment maker Nokia, start a $350m fund that will invest in internet of things (IoT) technology companies.

Electronics manufacturer TCL Corporation and fabless semiconductor producer Tsinghua Unigroup are forming a $1.53bn corporate venturing fund that will invest in areas like electronics, TMT, Industry 4.0 and internet+. The corporates have put in $275m so far and will look to expand the fund as it invests. Unigroup is part of the main Chinese university Tsinghua that spoke at last year’s GUV: Fusion summit.

The office of the chief investment officer at University of California, which has joined with Ratan Tata’s RNT Associates to fund Indian startups and enterprises over the next 10 years.

Japan-based electronics conglomerates Omron and Ricoh will launch a ¥5bn ($44.5m) joint corporate venturing fund next month aimed at emerging technology sectors. The fund is also supported by Innovation Network Corporation of Japan (INCJ), a ¥300bn public-private partnership backed by Japan’s government and 26 domestic companies, and financial services firm Sumitomo Mitsui.

Singapore’s backing of Red Dot to invest $150m in Israeli companies and Canadian institutions backing Avrio’s third late-stage fund – see more from Global Government Venturing in its round-up.

Investments

Real estate firm Mitsui Fudokan already operates ‘venture co-creation project’ Team 31 Ventures but made a bigger step into corporate venturing yesterday when it launched a $45m fund in partnership with investment firm Global Brain. Despite Fudokan’s core property business, the fund will invest in a wide range of sectors, across Asia, the US and Europe.

Online used car auction platform Uxin has raised some $430m in venture funding but the company is now beginning to make its own CVC moves, participating in a $45m round for salvaged car marketplace Fairlubo.

Other big deals were also in Asia, including Didi Kuaidi lining up another $1bn ride and Naspers to stay in Ibibo with $250m investment

Another unicorn, gaming accessory producer Razer, is meanwhile looking to follow up an Intel Capital investment in 2014 with a hefty series C round that will value it at $1.5bn.

Despite this year’s apparent slowdown, healthcare investment reached new high during 2015 as corporate involvement in the sector stayed strong while ‘crossover’ investment increased substantially, according to Jonathan Norris, managing director for Silicon Valley Bank’s healthcare practice, in an interview with GCV.

Corporates played a part in the increase too, with the most frequent participants being Johnson & Johnson Development Corporation (JJDC), Novartis Venture Funds and GlaxoSmithKline subsidiary SR One. Tom Heyman, president of JJDC will be talking at our GCV Symposium 24-25 May so do join us then for his insights!

Effector Therapeutics boosting its series B round, having already been backed by investors including pharmaceutical firms GlaxoSmithKline (GSK) and Novartis, among others.

Rani, which has created a process to convert injectable drugs into pills, has attracted capital from investors including AstraZeneca and Ping An, boosting its total funding to $70m.

Oscar Health Insurance, the operator of a personal health insurance platform, has reportedly raised $400m in a Fidelity-led round that valued it at $2.7bn. The round comes in the wake of a $32.5m investment by Google Capital in September 2015, made at a $1.75bn valuation.

Nestlé has invested $42.5m in biotech company Pronutria Bioscience, less than a year after it took part in Pronutria’s $39m series C round. The capital, provided by subsidiary Nestlé Health Science, took Pronutria’s overall funding to about $105m.

Exits

Wireless technology manufacturer Qualcomm and flash storage technology provider SanDisk will exit US-based virtualisation software developer Ravello Systems in an acquisition by computing technology producer Oracle. Oracle did not disclose the purchase price but a source familiar with the matter told VentureBeat it was “close to $500m”.

Probably smaller scale but Medical device maker SpectraScience has acquired the assets of Oncoscope, a US-based optical imaging system developer backed by industrial manufacturing equipment provider Applied Materials, for an undisclosed amount.

8 February 2016 – Munce retires, Jasper exit, Sesame Street, Pierre Fabre and more…

Big news – people moves

Claudia Fan Munce’s retirement as managing director of IBM’s Venture Capital Group, following other high-profile departures such as Nagraj Kashyap and Arvind Sodhani over the past year.

Tom Hockaday leaving Isis.

Exits

Jasper (Singtel and Temasek) after Gilt last month.

Rocket Internet has sold its food ordering sites in Europe, Mexia and Brazil to Just Eat, a London-based competitor, for $140 million.

IPOs

China-based, Merck & Co-backed immuno-oncology drug developer BeiGene floated on Nasdaq yesterday in a $158m IPO, the same day as genome editing company Editas Medicine.

Editas is also trading up, and it wouldn’t be a surprise to see several more IPOs before the end of February.

But doubt it’ll be UBER, despite Fred Wilson’s demands as a non-shareholder.

Fundraising

Sesame Street’s new fund

Pierre Fabre, the 2nd largest French independent pharmaceutical group, have launched Pierre Fabre Fund for Innovation.

Two weeks ago, GlaxoSmithKline and Johnson & Johnson were among the founders of the UK-based Apollo Therapeutics Fund, and they’ve teamed up again as limited partners in the $230m first fund closed by Medicxis Ventures, a life sciences-focused firm spun out of venture firm Index Ventures. GSK and Johnson & Johnson were previously LPs in Medicxis’ predecessor, the first life sciences fund raised by Index, in 2012.
Plus debuts slow, although Luma has two intel capital veterans.

Kuwait potentially throwing $100bn at its sovereign wealth fund.