06 August 2018 – $585m Series B+ Round for Xiaopeng Motors

Deals

Grab has been on a tear in the last year, raising $2.5bn from SoftBank, Didi Chuxing, Toyota and Hyundai a year ago, before Toyota invested a further $1bn in June this year. That Toyota funding has now been doubled to make a $2bn round, the new cash coming from backers including corporate funds Ping An Capital and Mirae Asset – Naver Asia Growth Fund.

Elsewhere in the Asian transport sector, smart electric vehicle developer Xiaopeng Motors has pulled in $585m in a series B+ round co-led by Primavera Capital, Morningside Venture Capital and company chairman He Xiaopeng.

Peloton, the operator of a home fitness offering that consists of a custom-made exercise bike and streamed fitness classes, is taking a big step forward.

China Diagnostics Medical Corporation, a medical diagnostics service provider that’s been around almost 20 years, has raised approximately $294m in a round featuring Ping An Ventures. Legend Capital co-led the round with China Renaissance, putting in $100m in the process.

Brandless emerged from stealth a year ago having raised a total of $50m from investors including GV, and now SoftBank’s Vision Fund has led a $240m series C round that reportedly values the affordable consumer goods provider at just over $500m.

Zhaoyouwang, the Chinese operator of a fuel trading platform for businesses, has received $150m in a series C round co-led by GLP and backed by returning investor SIG Asia.

China-based immuno-oncology therapy developer Curon Biopharmaceutical has closed a $150m series A round that included 6 Dimensions Capital, the venture capital firm co-founded by pharmaceutical research firm WuXi AppTec. Singaporean government-owned investment firm Temasek and private equity firm Boyu Capital also contributed to the round.

Medlinker, the creator of a social network for medical professionals, has secured $146m in a series D round led by China Capital Zhongcai Fund.

Judo Capital has closed what is reportedly the second largest ever for an Australian startup, securing $104m from investors including Credit Suisse Asset Management.

On Global University Venturing we have Apeel Sciences, a US-based food technology developer that emerged out of UC Santa Barbara, which has raised $70m in a series C round led by hedge fund Viking Global Investors.

Exits

Cisco has agreed to pay $2.35bn to acquire user authentication software provider Duo Security, 10 months after it raised money at a $1.7bn valuation.

Chinese media reports first suggested Didi Chuxing was in talks to buy portfolio company Ofo for $1.5bn early last week but then a source told Reuters the terms of a prospective deal have shifted, with Didi set to partner another of Ofo’s corporate investors, Ant Financial, on a joint deal that could value the bicycle rental platform at $2bn.

Arm has agreed to acquire Treasure Data in a deal reported by Bloomberg to be about $600m in size.

On GUV, Dattus, a US-based industrial connectivity technology developer assisted by the Purdue Foundry accelerator, was acquired by manufacturing automation software provider Plex Systems for an undisclosed sum.

Funds

Singapore-based VC firm Golden Gate Ventures has achieved a $65m first close for a $100m fund, with LPs including conglomerate Hanwha and internet company Naver as well as Temasek.

Patrick Eggen has left Qualcomm Ventures, where he was managing director for North America, to launch a new fund. Counterpart Ventures was co-founded by Eggen and Joe Saijo, who was formerly president and managing director of Recruit Strategic Partners, with both taking partner positions.


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

26 February 2018 – EasyHome Raises Over $2bn

Deals

Chinese furniture and home improvement retail chain EasyHome has raised just over $2bn in a round in which Alibaba invested approximately $860m in return for a 15% stake.

Uber could acquire what sources told CNBC would be a sizeable stake in Southeast Asian counterpart Grab through a deal that will involve Grab taking on its local business.

Procept BioRobotics, the developer of an aquablation treatment for a prostate condition called benign prostatic hyperplasia, has secured $118m in a round led by Viking Global Investors.

Harry’s has been one of the two biggest players in the razor blade subscription market, along with Dollar Shave Club, and the Grace Beauty-backed company has raised $112m in a round that will precede an expansion of the business model into areas like personal care items for both sexes as well as baby products and household goods.

Kallyope, a US-based company developing drugs that focus on the gut-brain axis, received $66m in a series B round featuring Illumina Ventures, the corporate venturing subsidiary of genomics technology producer Illumina.

AI data analytics platform SparkCognition has added $24m from investors including corporate venturing units Invenergy Future Fund and CME Ventures to close its series B round at $56.5m.

Glossier, a US-based skincare and beauty product company backed by talent agency William Morris Endeavor (WME), raised $52m in a series C round yesterday co-led by VC firms IVP and Index Ventures.

Financial services provider Power Financial has invested another $51m in robo-advisor operator WealthSimple, taking its total commitment to $165m according to the latter.

Smart glasses developer OrCam has received $30.4m in funding from investors including Clal Insurance at a reported valuation of about $1bn. OrCam, which counts Intel Capital as an earlier investor, is said to be prepping an IPO for 2019 and will aim to raise one more substantial round of funding before then, having so far secured a total of $130m according to Reuters.

On GUV, Liquidia Technologies, a US-based biopharmaceutical spinout from University of North Carolina at Chapel Hill, has raised $25.5m in funding.

Funds

SoftBank Vision Fund has already secured some $40bn from Middle Eastern sovereign wealth funds PIF and Mubadala Investment Company, and now the CEO of Bahraini sovereign wealth fund Mumtalakat has confirmed it too is in talks to invest.

Cove Fund, a family of seed-stage venture capital funds that invests in companies affiliated with University of California (UC) System, has raised more than $12m for its second fund. The figure represents a first close for Cove Fund II, with a regulatory filing indicating a $15m target size.

Switzerland-headquartered biotechnology and chemicals supplier Lonza Group has formed a corporate venturing fund in partnership with US-based venture capital firm Prolog Ventures.

Exits

Flatiron Health agreed to an acquisition by investor Roche in mid-February that will involve the latter paying $1.9bn for the company’s outstanding shares, and much of the attention has understandably been on Roche.

And talking of GV’s recent spate of life sciences exits, it looks like the next one will be Arcus Biosciences. Immuno-oncology therapy developer Arcus has filed for a $100m initial public offering, having previously raised some $227m in VC funding.

Social media company Momo agreed today to acquire China-based social engagement platform Tantan for about $760m, allowing media group Bertelsmann and social network operator YY to exit.

Faceu, the developer of an augmented reality app that allows effects to be overlaid on photos or videos in real time, has reportedly been acquired by mobile news platform Toutiao for $300m.

Enterprise cloud security technology provider Zscaler had raised $148m in funding from investors including the Dell-owned EMC and Alphabet unit CapitalG, and has now filed to raise up to $100m in an initial public offering.


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

09 October 2017 – Uber’s Board Approves SoftBank Investment

Deals

Uber’s board of directors has approved an investment by SoftBank of up to $1.25bn, in a deal that will also give the corporate two board seats, and has resolved to launch an IPO by 2019.

Indian ride hailing platform Ola has raised $400m from Tencent, reportedly as part of a round also backed by SoftBank that is set to close at $2bn.

Harmony Biosciences, a biopharmaceutical company that forms part of the Paragon Biosciences group, has secured $270m in funding from investors including Novo and Nan Fung Life Sciences.

Curated holiday provider Secret Escapes has closed a $111m series D round led by Temasek that featured a combination of equity and debt financing.

Macro, which produces film, TV and online video content with a brief of creating artistic content that portrays people of colour in a realistic fashion, has raised $150m in debt and equity from investors including entertainment company MNM Creative.

KSQ Therapeutics has emerged from stealth with $76m of financing from investors including life sciences real estate trust Alexandria Real Estate Equities.

Amgen was among the investors in a $58m series E round closed by cancer immunotherapy developer Immatics that will enable it to move multiple drug candidates into clinical trials.

On-demand ride platform Grab has been revealed as an investor in the $45m series B round announced by Singapore-based bicycle sharing platform oBike in August.

Recursion Pharmaceuticals, a US-based biotech spinout from University of Utah, obtained $60m in an oversubscribed series B round featuring Abu Dhabi’s sovereign wealth fund Mubadala Investment.

Funds

Union Square Hospitality Group, which oversees a network of restaurants, cafés and bars including the Shake Shack chain of fast food outlets, has formed a $200m growth equity fund called Enlightened Hospitality Investments.

Corporate venturing unit WuXi Healthcare Ventures formed investment vehicle 6 Dimensions in May with venture firm Frontline BioVentures, and the two pledged to raise dollar and renminbi-denominated funds through the entity.

UTokyo Innovation Platform, the venture capital arm of University of Tokyo, has backed a ¥1bn ($8.9m) first close for 360ip Japan Fund 1, which will support technology spinouts from domestic universities and research institutes.

Fletcher McCusker, founder of University of Arizona’s (UA) medication management spinout SinfoníaRx, has launched a venture capital fund called UAVenture Capital to invest in university-linked companies.

Russia government-owned investment vehicle Russian Direct Investment Fund (RDIF) will join Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) to invest $1bn in a Russia-based technology investment fund.

Multilateral development finance provider African Development Bank (AfDB), has agreed to invest in a $200m healthcare-focused fund formed by investment bank EFG Hermes.

SoftBank paid $3.3bn to acquire alternative asset manager Fortress Investment Group at the start of the year, and now news has emerged that it is considering building up a portfolio of $300bn of assets that would be managed within a dedicated unit.

Exits

Roku, the TV subscription service backed by media companies Sky, 21st Century Fox, News Corp and Viacom, went public last week, floating at the top of its range and going off like a rocket once its shares began being traded.

Medical device maker Boston Scientific has agreed to acquire catheter system developer Apama for up to $300m, providing an exit to corporate venture capital unit Ascension Ventures. Boston Scientific will pay $175m upfront, with up to $125m more available in the form of milestone payments.

Private equity firm Thomas H. Lee Partners has paid an undisclosed amount for a majority stake in online property marketplace Ten-X at a $1.6bn valuation.

Rhythm Pharmaceuticals raised $120m in an upsized IPO and immediately saw its share price increase by 75% on the first day of trading.

E-commerce and internet company Amazon has acquired Body Labs, a US-based body scanner developer based on research at Brown University, in a deal that is worth between $70m and $100m.

Nucana, a UK-based company working on chemotherapies for resistant tumours that is backed by Scottish Investment Bank, the investment arm of government-owned economic development agency Scottish Enterprise, secured nearly $100m in its flotation on Nasdaq, slightly below its target of $115m, though its shares had climbed from an opening price of $15 to $18.37 on the second day of trading.

Nightstar Therapeutics, a UK-based spinout from University of Oxford that is developing retinal gene therapies, secured slightly more than $75m in its offering – below its initial target of $86m set a month ago.

There is an in-depth look at both Nucana and Nightstar on Global University Venturing.com and Global Government Venturing.com. Do check those out.


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

04 September 2017 – Expedia CEO Moves to Uber

Funds

University

OSI secures Legal & General backing

Imperial gives founders a choice

Government

Vertex pushes beyond $150m

Széchenyi gains $31m

St Louis hammers out fund details

Exits

Dara Khosrowshahi, the new chief executive of Uber, did not waste any time in making clear his ambitions for the ride-sharing company: in an all-hands meeting ahead of officially taking over – he starts his job on Tuesday – he declared not only that he is committed to paying the bills and taking big shots to secure the company’s future, but also that he intends to take Uber public within 18 to 36 months.

Best, a supply chain services provider backed by Alibaba, Cainiao and, reportedly, Foxconn, has increased the stakes of its initial public offering by filing an updated regulatory document that puts the figure at $1bn, up from $750m.

Berry Genomics has completed its reverse merger with Shenzen-listed Chengdu Tianxing Instrument and Meter, first announced in December 2016.

Synlogic processes Mirna merger

CSL accesses Calimmune for $91m

Western Digital gets Upthere

University

Big deal: Nightstar to light up stock market

Investments

Singapore-based Grab is slowly inching towards its $2.5bn goal for a series G round that already stood at $2bn thanks to commitments from SoftBank and Didi Chuxing.

GoGoVan reaches for 58 Suyun

Food delivery is hotly contested sector and many of the startups involved have changed hands – be that for example TastyKhana being purchased by Food Panda, which in turn was later acquired by Delivery Hero, or Just Eat subsidiary Hellofood Brazil becoming part of iFood. Now another one is joining the list: Waimai has been acquired by Ele.me for a reported $800m (which would be down significantly from the estimated $2.5bn valuation last year).

Alibaba and Yunfeng Capital, the investment vehicle of the e-commerce group’s founder Jack Ma, have put $152m into cloud computing business Qiniuyun.

Freenome, a healthtech developer has added $7m to its series A to close the round, already backed by GV, at $72m.

Armo Biosciences has added $67m to its coffers in a series C1 round that featured GV and Celgene, who both also participated in a $50m series C in February last year.

The biggest deal of the day comes from the US, where Qadium has amassed $40m in a series B round led by Institutional Venture Partners.

In China, Abcfintech has added $30m to its coffers thanks to investors such as Susquehanna International Group’s SIG Asia Investment. Abcfintech operates cloud-based AI platforms that help financial services firms visualise their data and predict the performance of public stock.

Alice, the developer of a hotel management platform, has secured $26m in series B funding from Expedia in a deal facilitated by Khosrowshahi before he stepped down to join Uber.

VideoAmp, the developer of an advertising technology platform that tracks the impact of campaigns across television, video on-demand, over-the-top and digital content, has secured $21.4m in series B capital from Mediaocean and returning backer RTL, among others.

Government

Vulog eyes $20m series B

University

CureFit exercises with $25m


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

19 June 2017 – Ride Hailing Services Grab Deals and Much More

Funds

Ping An outlines fintech investment plans

Medicxi nabs corporates to close $300m fund

Novartis and Alphabet subsidiary Verily were among the limited partners for a the late-stage fund, which will complement the GSK and Johnson & Johnson-backed fund  Medicxi closed in 2016.

Japan-based ICT equipment provider Nihon Unisys has formed a $45m corporate venturing unit that will seek out investments in sectors such as robotics, financial technology and the internet of things.

Palo Alto Networks puts together $20m fund

GUV

Galaxy stars in IP Group’s $264m fundraising

GGV

London looks to Better Futures

Exits

Wanderful finds path to acquisition

GGV

Hello bids farewell

Deals

News leaked out in March that ride hailing service Grab was set to raise $1.5bn in a round led by existing investor SoftBank, and sources have told Bloomberg firstly that the round already includes Didi Chuxing, and secondly that Alibaba or Ant Financial is also considering an investment, in order to promote their Alipay platform to Grab’s Southeast Asian customers.

Mobike has raised $600m in a Tencent-led round that will fuel expansion not only in its home country but also in Singapore and the UK.

Careem is taking the Uber model to the Middle East and surrounding countries, and is growing rapidly in the process, doubling the number of cities in which it operates to 80 in the past six months.

A regulatory filing in April indicated Indian ride hailing company Ola was seeking another $100m in funding, and it has reportedly secured some of that already. Hedge fund Tekne Capital Management has provided a sub-$50m amount.

Jaguar Land Rover and its corporate venturing and incubator subsidiary InMotion have invested a combined $25m in ride hailing company Lyft as part of a partnership agreement that will involve Lyft helping test its autonomous driving and mobility services.

Elsewhere in the transport sector, Chinese second hand vehicle marketplace Guazi.com has received $400m in series B funding from investors including steel producer Shougang Group’s Jingxin Venture Capital fund.

UCar, the China-based chauffeured car service that went public last year at a $5.5bn valuation, has formed a corporate venturing fund sized at almost $1.5bn, and its first investment has been to lead a $324m series B round for electric vehicle developer Xiaopeng Motors.

Electric bus producer Proterra raised $140m a recently as January, in a ‘series 5’ round featuring Edison Energy, GM Ventures and Exelon’s Constellation Technology Ventures unit, but it wasn’t finished.

Oppo takes a ride on Ponycar

Drone Racing League takes off with $20m

Following on from news that Amazon is interested in acquiring Slack for upwards of $9bn, but recently bought US-listed Whole Foods for $13.7bn, it turns out Slack is in the process of raising $500m of new funding at a $5bn post-money valuation.

AvidXchange, a provider of automated payment processing technology, has raised $300m in financing from investors including Mastercard, with which it has struck a strategic partnership agreement to supply AvidXchange’s technology to its customers.

Temasek and Caisse de dépôt et placement du Québec have contributed to a $300m funding round for AvidXchange that also attracted Mastercard and Peter Thiel.

Online brokerage Futu Securities has received more than $145m in a series C round led by Tencent, the corporate investor that also took part in its series A and B rounds.

Element AI elevates itself to $102m series A

Actility admits Cisco to $75m series D

Clutter is one of several on-demand platforms seeking to disrupt the personal storage space, and it has raised $64m in a GV-backed series C round to support growth, both in its home country of the US and abroad.

Twist finds the material to raise $60m

Omada goes on the attack with $50m

GGV

Protix breeds $50.5m investment


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

3 April 2017 – Panasonic Puts $100m into Corporate Venturing and Much More

Funds

Panasonic to put $100m into corporate venturing

German consumer product and industrial manufacturer Henkel has been exploring corporate venturing over the past year as part of a larger open innovation strategy, and has now formalised its investing by forming a dedicated venture capital unit, Henkel Ventures.

Intex enters corporate venturing with Rooter investment

Phoenix rises with corporate-backed fund

Government Department

Canada unveils 2017 budget

Exits

Alteryx processes $126m IPO

Ayondo aims to float at $158m valuation

Buzzfeed has quietly begun prep work for a 2018 IPO, unnamed industry sources have told Axios, although rival paper FT was doubtful. T

Akcea Therapeutics, which was spun out of Ionis Pharmaceuticals in 2015 to develop cardiometabolic disease treatments, has filed to raise up to $100m in an initial public offering.

Boston Scientific snatches Symetis for $435m

Sirrus proves the right formula for Nippon Shokubai

Ethicon extracts Torax in acquisition deal

Quixey closure reportedly due to Alibaba debt deal

Deals

News broke last week that SoftBank was lining up a $1bn investment in Southeast Asian ride hailing platform Grab, and now sources have told Bloomberg it could provide a mammoth $6bn in funding to another on-demand ride service, China’s Didi Chuxing.

Flipkart may have just raised $1bn, in a round backed by eBay, Microsoft and Tencent, but the drop in its valuation from $15.5bn in 2015 to $10bn reflects a downturn in India’s e-commerce sector in general, which this week’s Big Deal explores.

JD Finance, the financial services spinout of Chinese e-commerce firm JD.com, is reportedly raising funding at a $7.3bn valuation.

Tencent helps treat Haodaifu Online to $200m

Online grocery startups seem to have been more popular in Asia but now a Netherlands-based company called Picnic has come on the scene, raising $109m in a round led by NPM Capital, the private equity arm of trading group SHV Holdings.

Indian logistics service provider Delhivery has pulled in $100m from Carlyle Group and Tiger Global, and could extend the round to $150m, with Fosun potentially putting in $30m.

UCloud, the China-based cloud computing services provider backed by Bertelsmann and Legend Holdings, has raised $139m in a series D round co-led by Oriza Holdings and CICC Alpha.

Quantum computing circuit developer Rigetti Computing has disclosed $64m of funding across two rounds – a $24m series A featuring Bloomberg Beta and a $40m series B. The technology is still in a fairly nascent state but if quantum computing manages to take off in a big way that Bloomberg investment could generate a pretty substantial return.

Government Department

Benson Hill to grow with $25m series B

University Corner

Saphlux lights up $5m investment


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

20 February 2017 – Ford Invests in Argo AI, Enterprise Ireland backs 4 Funds and Much More

Deals

SoftBank has agreed to pay $3.3bn to acquire Fortress Investment Group, an investment manager with some $70bn of assets under management.

Jera, the joint venture formed by Japanese energy utilities Tokyo Electric Power and Chubu Electric Power, has invested $200m in India-based solar and wind energy producer ReNew Power, taking a 10% stake.

Lytro, the developer of a light field camera and imaging platform it claims can film the highest quality and resolution VR content on the market, has raised $60m in a round that took its overall funding to $200m.

Vietnamese e-commerce platform Tiki, which like Amazon started out selling books before branching out into other consumer products, is reportedly in the process of raising between $50m and $60m in a series D round expected to close by the end of this year.

Rhythm, a biopharmaceutical company developing peptide therapeutics to treat rare genetic deficiencies, has raised $41m in a mezzanine round backed by Ipsen and Pfizer Venture Investments.

Baidu Ventures has made its first investment, contributing to a $27m series B round for 8i, the developer of an app that allows users to record and project photorealistic holograms.

Logsitics company DB Schenker has led a $25m series D round for freight shipping marketplace uShip, doubling the company’s total funding in the process.

General Motors has led a funding round for advanced metal products developer NanoSteel that, according to a regulatory filing, is sized at $15m.

Soundtrack Your Brand, a Sweden-based business-to-business music streaming platform, raised $22m today from a consortium co-led by Industrifonden, the investment arm of Sweden’s government.

Exactuals, the US-based developer of a software platform that organises entertainment payments, has secured $10m in a series A round that featured featured Stanford University’s StartX Fund.

Funds

Nasdaq is reportedly setting up a corporate venturing arm in order to fund startups with technology beneficial to its own offerings.

Tedco, the state-owned Technology Development Corporation of Maryland, has partnered financial services Harbor Bank to launch a fund aimed at black entrepreneurs.

Mubadala Development and International Petroleum Investment (IPIC), two sovereign wealth funds of Abu Dhabi, are set to be merged into a single vehicle named Mubadala Investment Co.

The Netherlands’ ministries for Foreign Affairs, Finance, and Foreign Trade and Development Cooperation jointly announced a €2.5bn ($2.1bn) government venturing fund called Invest-NL.

The government of India has approved a Rs68.31bn ($1.02bn) fund of funds aimed at the electronics and IT sectors, with an initial capital commitment of Rs6.81bn.

The government of Romania has signed a memorandum of understanding to establish an investment arm called Sovereign Development and Investment Fund.

Exits

Snap has set the terms for an IPO that will give exits to Alibaba, Tencent and Yahoo, and which will raise $3.2bn if the company floats at the top of its range.

Visterra, which is developing antibody-based therapeutics for diseases such as influenza and dengue fever, has withdrawn its IPO, more than a year after initially filing.

Grab, the ride hailing platform that serves as Uber’s main competition in Southeast Asia, is reportedly set to make the first deal out of the $700m Indonesian investment drive it announced last week, acquiring mobile payment platform Kudo for more than $100m.

Supply chain management firm E2open has acquired Steelwedge, a business planning software producer that counts property developer JF Shea as an investor, in an all-share deal.

Beepi, the operator of an online marketplace for used cars, is winding down after raising almost $150m in funding, including $70m in a 2015 round led by automotive manufacturer SAIC that valued Beepi at $500m.

O-Flexx Technologies, a Germany-based thermoelectrics technology developer, has been acquired by automotive parts manufacturer Mahle for an undisclosed amount, providing an exit to NRW Bank, the state-owned economic development bank of North Rhine-Westphalia.


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

13 February 2017 – Used Vehicle Marketplace Uxin Raises $500m and Much More

Deals

Mobile wallet operator Mobikwik has raised more than $120m from an investor base that includes corporates Net1, Cisco, American Express, GMO and Mediatek, and is currently in talks with investors for a round that could value it at up to $1bn, CEO Bipin Preet Singh has told Reuters.

View has been developing its Dynamic Glass, which tints to help control light and temperature in a building, since 2007 and has now added $100m in funding in a round that included $50m from Nuveen affiliate TIAA Investments.

Urban logistics services provider Shansong Express has raised $50m in a series C round co-led by SIG Asia that will be spent on growth and product development.

Alphabet subsidiary GV has led a $45m series C round for metal 3D printing technology developer Desktop Metal that included fellow corporate venturing units BMW i Ventures and Lowe’s Ventures. Desktop Metal, now valued at $350m according to the Wall Street Journal, has raised approximately $97m in total and its previous investors include General Electric and Saudi Aramco.

Mojo Networks, a 13-year old company that provides cloud wifi services to large businesses, has raised $30m in series E equity financing and debt, with strategic partner Alpha Technologies among the participants.

Cisco Investments has co-led a $30m series C round for Exabeam that took the cybersecurity platform developer’s overall funding to $65m.

On Global University Venturing we’ve had Tsinghua Holdings, a subsidiary of Tsinghua University, leading an $18m series B round for THG Ventures, a China-based cancer diagnosis and therapy company.

We also have Leeds University, which has spun out Dietary Assessment, which has developed a tool to enable researchers and health professionals to monitor diet and analyse food and drink consumption with a view of helping reduce diet-related conditions such as diabetes.

Indiana University meanwhile has established Digital Health Solutions to exploit a software that helps paediatricians make better use of electronic health records by collecting and analysing questions about a child’s health and flagging potential health issues.

On GGV, India-based online automotive classifieds service CarTrade, has raised $55m in funding co-led by Singaporean government-owned investment firm Temasek.

Funds

Legend Capital, the Chinese venture firm sponsored by Lenovo owner Legend Holdings, has raised $243m for a fund it is looking to close at $375m, according to a regulatory filing.

In Southeast Asia meanwhile, ride ordering service Grab has committed to providing at least $100m for Indonesia-based startups as part of a $700m investment initiative in the country.

Indian consumer electronics producer Micromax is set to the be the anchor investor in a venture capital fund called Orbis Capital, and is in the process of securing limited partners that will increase the fund’s size to $100m.

Frontline Ventures, a VC firm based in the UK and Ireland, closed a €60m ($65m) fund on Tuesday with support from investors including the European Investment Fund.

Greece on Monday launched a call for financial institutions and private investors to participate in its VC fund Equifund.

Government-owned export credit agency Enterprise Ireland’s €175m ($185m) seed and venture capital programme, the state-owned €8bn Ireland Strategic Investment Fund and the European Investment Fund have committed capital to VC firm Seroba Life Sciences’ €100m third fund.

And finally, Russia Direct Investment Fund, the country’s government venturing arm, has said it expects more than $1bn in additional funding by the end of 2017 as its peer Qatar Investment Authority pledges to increase the size of its co-investments alongside RDIF.

Exits

Kuaishou, the China-based developer of a photo and video-sharing app similar to Instagram and Snapchat, is planning an IPO in the US in the second half of 2017, undisclosed sources have told TechCrunch.

Sophos has agreed to acquire Invincea in a deal that will give an exit to Dell Ventures, just three months after the unit took part in a $10m round for the anti-malware software developer.

Detsky Mir, a Russia-based children’s retailer backed by the Russia-China Investment Fund (RCIF), raised 21.1bn rubles ($355m) yesterday in its initial public offering on the Moscow stock exchange. RCIF is a joint initiative between sovereign wealth funds China Investment Corporation and Russian Direct Investment Fund.


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

26 September 2016 – Deals for LeEco and Airbnb, Finance Wales Launches Wales Business Fund plus much more

Deals

LeEco, has announced a $1.08bn funding round backed by Lenovo and Macrolink, and will use the funding to further develop LeSee, an autonomous electric car it is working on with Aston Martin and Faraday Future among others.

Airbnb has reportedly closed an $850m round.

Grab has picked up $750m in a SoftBank-led series F round.

U51.com, China-based credit card management platform backed by e-commerce company JD.com, has closed a $310m series C round that values it at $1bn.

Pay-per-mile auto insurance provider Metromile has been relatively quiet on the funding front, but all that changed yesterday when it disclosed $191m in equity financing it has received in the past two years.

Solar film producer Heliatek has secured some $89m in financing, including about $47m in series D equity funding that will be used to scale up its manufacturing capacity.

Funds

A total of 51 companies and institutional investors have collectively provided R1.5bn ($112m) of funding for a South Africa-based fund that will invest in small and medium-sized (SME) businesses.

Thailand-based financial services firm Kasikorn Bank will establish a strategic investment fund of undisclosed size during the fourth quarter of 2016 to invest in fintech services and products.

South Korean entertainment company Huayi Brothers, a subsidiary of China-based Huayi Brothers Media, is set to launch a $45m CVC arm to invest from as early as the end of the month.

Trumpf, a German industrial product manufacturer, launched a corporate venturing unit called Trumpf Venture which aims to build up a $45m portfolio over the next five years.

Baidu, China’s answer to Google, is reportedly putting together a $150m fund to invest in businesses developing content that could be distributed on its media offerings.

GE Healthcare has put together an accelerator called Five.Eight in order to back startups developing technology that can benefit patients in developing regions.

Australia’s industry minster Greg Hunt has hinted at a $380m fund, which would be the third VC fund launched through the country’s National Innovation and Science Agenda, following the $150m Csiro Innovation Fund and $380m Biomedical Translation Fund.

Finance Wales meanwhile officially launched its Wales Business Fund, a $177m investment vehicle that will provide equity and debt to businesses already located in Wales or willing to move there.

Vietnam also popped up on our radar last week with news that it is set to establish a government venturing fund to co-invest in local startups and help create more of an ecosystem.

International Finance Corporation is looking to invest $25m in Maison Capital’s inaugural US dollar-denominated fund, which is targeting a $200m close.

Exits

Corporates Itochu, Yahoo Japan, FISL and Kodansha are set to exit Uzabase, developer of an online business database and curated news app, in a flotation on the Tokyo Stock Exchange Mothers Market next month.

Dermatology product developer Novan has become the latest healthcare company to go public, raising $45m in a Nasdaq IPO.

People

Hearst Ventures, the corporate venturing unit of the eponymous US-based media group, which has restructured after the departure of its president, putting Kenneth Bronfin and Scott English in charge and building out its international network.

Andreas von Richter has left Ecomobility Ventures, the VC firm set up by Total, Orange, Peugeot and SNCF, to join another firm backed by a range of corporates, Aster Capital.

Jim Lussier, managing director and head of corporate venturing unit Dell Ventures, has left to run his own advisory and venture capital firm ahead of computer maker Dell’s merger with EMC.

Simon Johnson, previously senior investment executive at NEL Fund Managers, has joined Rivers Capital Partners as head of strategic debt funds.


“Funky Chunk” Kevin MacLeod (incompetech.com)
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