12 August 2019 – Didi Chuxing Spins Off Autonomous Driving Division

Big Ones

SoftBank Vision Fund recently announced that it has secured memoranda of understanding for $108bn in capital for its second investment vehicle, and SoftBank CEO Masayoshi Son has now said it will begin investing as soon as next month.

Didi Chuxing is spinning off its autonomous driving division and will likely seek funding at a multi-billion-dollar valuation. The ride hailing service has raised more than $18bn in debt and equity financing but is keen to gain external investors for a part of the company that may prove invaluable in future, but which is a cash drain right now.

Pharmaceutical and chemical producer Bayer acquired US-based stem cell treatment developer and portfolio company BlueRock Therapeutics in a deal that could value it at up to $1bn. The terms of the transaction involve Bayer paying a total of up to $600m to acquire the shares in BlueRock it did not already own, investing $240m upfront that will be followed by preclinical and clinical milestone payments that could reach $360m.

In this week’s GCV and GUV crossover news, the biggest deal was a $70m series B round for HawkEye 360, a US-based radio-frequency data satellite developer based on Virginia Tech research. The round included commercialisation firm Allied Minds (Hawkeye’s parent company) as well as aerospace manufacturer Airbus and mapping software developer Esri.

Deals

FlixMobility, a Germany-based travel services provider backed by carmaker Daimler, has added a “substantial” amount of funding to its series F round, which attracted $561m last month. The additional funding, seemingly worth hundreds of millions of dollars, was supplied by Baillie Gifford, Luxor Capital, Odyssey 44 and certain funds managed by BlackRock.

Tencent invested $350m in Kuaishou in early 2017 at a reported $2.5bn valuation, and as the short-form video sector has grown as a whole, the company has expanded its presence to the point it now has some 200 million daily active users.

E-commerce payment services provider Klarna has raised $460m from investors including new strategic partner Commonwealth Bank of Australia at a $5.5bn post-money valuation.

Existing backer SoftBank has invested a further $200m in endpoint cybersecurity software provider Cybereason together with several undisclosed affiliates, at a reported $900m valuation.

Online business finance marketplace C2FO has pulled in $200m in a round led by SoftBank Vision Fund that, according to Bloomberg, also featured existing backer Allianz X. The round roughly doubled the company’s overall funding to about $400m and it will put the money toward boosting international growth.

Wickedride Adventure Services, the owner of India-based electric vehicle rental service Bounce backed by mobile chipmaker Qualcomm, is raising $200m in fresh funding. Bounce has already received an initial $120m, people familiar with the matter told TechCircle.

Automotive e-commerce marketplace CarDekho has added $19m from investors including Emtek subsidiary Kreatif Media Karya to a series C round that has reached $129m. CapitalG, Dentsu, Bennett, Coleman & Co and Axis Bank contributed to the round’s earlier tranches, and the funding was reportedly secured at a $500m valuation.

Keyless lock technology provider Latch has also beefed up its latest round, closing a series B at $126m. RxR Realty, Tishman Speyer and the Berman Enterprises-backed Camber Creek all participated in the round, which was pumped up with a $56m second tranche.

Rakuten has increased its stake in cancer therapy developer Rakuten Medical to more than 22% with a $100m investment made in the shape of a series C-1 round. The e-commerce firm had joined SBI Group for the $284m series C the company closed in December, back when it was still known as Rakuten Aspyrian (and a while after it was founded as Aspyrian Therapeutics).

Rakuten Ventures has contributed to a $93.9m round for Japanese digital marketing software provider From Scratch that also featured Link and Motivation and Japan Post Investment. The unit has been an investor in From Scratch since its 2017 series C round, and the company’s other backers include Dentsu Digital Holdings and Itochu Technology Ventures.

Ibotta, the creator of a rewards app that gives consumers money back on selected purchases, has secured an undisclosed amount in a series D round that hiked its valuation to $1bn. Koch Disruptive Technologies led the round, which followed about $95m of earlier funding, and which will support an expansion of Ibotta’s Denver headquarters as it prepares to increase recruitment.

Funds

American Family Ventures, the corporate venture capital arm of US-based insurance firm American Family, has raised more than $162m for a venture capital fund, according to a securities filing. The fund, dubbed AmFam VC Fund III LP, has taken in $162.5m from four investors and has set a $200m target for its close.

Exits

Delivery services provider Glovo has raised at least $340m in funding from investors including AmRest, Drake, Delivery Hero and Rakuten, and was reportedly valued at $950m in its last round. It has also begun discussions to raise money from – guess who – SoftBank, and is in talks with Uber and Deliveroo who have approached the company over a possible acquisition.

And here’s an exit… from an exit. Rapt Therapeutics, a US-based small molecule drug developer backed by internet and technology conglomerate Alphabet and pharmaceutical firm Celgene, has postponed its initial public offering without offering a new timeline. The company set its price range at $14 to $16 two weeks ago and hoped to issue 5 million shares on the Nasdaq Global Market to raise between $70m and $80m. Rapt is working on small molecule drugs that it hopes will boost a patient’s immune response to cancer and inflammatory conditions.


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

06 May 2019 – Rappi Raises $1bn from Two SoftBank Vehicles

The Big 3

Colombia-based on-demand delivery service Rappi has raised a total of $1bn from two SoftBank vehicles: the $5bn Innovation Fund managed by company COO Marcelo Claure, and its $98.6bn Vision Fund.

Beyond Meat has had quite a week, first upgrading the range for its IPO and then floating at the top of the range to raise approximately $241m.

Philippine conglomerate Ayala is looking to put together $150m for a corporate venturing fund and is planning to source the money from its range of subsidiaries.

On GUV, FutureLearn, the UK-based massive open online courses provider set up by Open University (OU), obtained $65m from online education and recruitment firm Seek Group.

Deals

Robotics programming software provider UiPath has carried on its funding form, securing $568m in a series D round that represents its fourth round in just two years.

GetYourGuide was initially reported to have raised approximately $556m in series E funding from SoftBank, but the company has came out a couple of days later to label the report as inaccurate.

NTT Docomo has become the largest corporate investor in augmented reality technology developer Magic Leap, providing $280m in connection with a strategic partnership deal.

Glovo, the Spain-based last-mile delivery platform that’s expanded into the Latin American market and is a rival to the aforementioned Rappi, has also just raised some big money, having received $168m in a series D round.

Indian trucking services marketplace BlackBuck has raised more series D funding to close out the round at $150m, at a valuation just shy of $1bn. Goldman Sachs co-led the round, bringing BlackBuck’s overall equity financing to $230m.

Business management software producer Deskera has raised about $40m from Mirae Asset – Naver Asia Growth Fund to take its series A round past the $100m mark.

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).

Funds

Toyota formed its Toyota AI Ventures unit in mid-2017 with $100m of capital and now, almost two years later, it’s pumped the same amount into a Fund II.

Medical Research Commercialisation Fund (MRCF), an Australian government-backed initiative investing in technologies from more than 50 Australia and New Zealand-based research institutions and hospitals, has raised an initial A$210m ($148m) for its fifth fund.

Exits

Slack has officially filed for its direct listing, putting up an initial $100m target.

The We Company (née WeWork) has revealed it confidentially filed for an initial public offering in December last year.

Chinese cosmetic procedure booking service SoYoung went public in the US on Friday, after pricing a $179m initial public offering at the high end of the range.

Codiak Biosciences has filed to raise up to $86.3m in its IPO, having already secured more than $168m in venture funding from investors including Alexandria Venture Investments.

Telecommunications company Axiata has built up a corporate venturing portfolio worth $140m through its Axiata Digital unit but has now decided to divest it to Pegasus 7 Ventures, a newly-formed independent fund run by one of its former executives.


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