19 February 2018 – Wells Fargo-backed Venture Firm NVP Closes $1.5bn Fund

Funds

NVP, the Wells Fargo-backed venture firm has closed its largest ever fund, having secured $1.5bn to invest from seed to late stage.

The mobile advertising platform Calldorado App Growth Fund will provide marketing funds for app developers using its software.

Exits

Pharmaceutical firm Roche agreed yesterday to acquire cancer research technology provider and portfolio company Flatiron Health, paying $1.9bn for the remainder of the company’s shares.

OpenText has paid an undisclosed sum for file sharing service provider Hightail, which had raised $83m from investors including Western Digital Capital.

Luxury fashion e-commerce platform Farfetch is seeking banks for an initial public offeringthat could take place before the end of this year at a valuation of up to $5bn. Strategic investors in line for an exit in the IPO include media group Condé Nast, a shareholder since 2013, and e-commerce firm JD.com, which invested $397m in the company eight months ago.

China-based Huami produces smart wearable devices such as watches and activity tracking bands for its strategic partner, consumer electronics maker Xiaomi, and has just raised $110m in a US initial public offering. Xiaomi, which invested in the company at series A stage, held a 19.3% stake pre-IPO, and the proceeds will be put toward R&D, sales and marketing.

Video sharing platform AcFun, which had raised at least $110m from backers including Youku Tudou and SoftBank, has shut down its operations.

University

MIT spinout Twine Health has agreed to an acquisition by Fitbit and will join the wearable device manufacturer’s Health Solutions group.

Deals

Lightmatter and Lightelligence both emerged out of MIT earlier this month and are exploiting research into photonic computer chips initially conducted jointly by the respective co-founders.

One company feeling the love is JD Logistics. China-based e-commerce firm JD.com had been running its own logistics for 10 years when it officially formed JD Logistics in April 2017, and the latter is now raising $2.5bn in funding that will help it grow on its own.

Celularity, the placenta-based regenerative therapy developer’s investors include Celgene, United Therapeutics, Sorrento Therapeutics, Human Longevity and Genting.

Kakao Games, a multi-platform game developer spun out of Kakao last year, has raised $130m in a round that included strategic backers Tencent, Netmarble Games, Actozsoft and Bluehole Studio. Tencent provided almost $47m of the funding according to Nikkei, and the proceeds will support international expansion as Kakao Games gears up for its own IPO.

Mastercard has participated in a $71m series C round for Yapstone, a provider of payment processing software for online and mobile marketplaces, which took its total financing to about $180m. Mastercard has been unafraid to invest in big rounds, but this is the largest in which it has featured since June last year, when it contributed to a $300m round for another payment processor, AvidXchange.

Rani Therapeutics has now raised $142m in total, its latest investors including GV, Ping An Ventures, GeneScience, AstraZeneca, Shire and Novartis.


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

12 February 2018 – Ant Financial in Potential $5bn Funding Round

Deals

Ant Financial, e-commerce group Alibaba’s financial services affiliate, is reportedly preparing to raise $5bn in funding in a round that will value it at betwen $80bn and $100bn, making it the most valuable VC-backed private company of all time.

Go-Jek has been raising a $1.2bn round over the past six months that already includes JD.com, Tencent, Google and Meituan-Dianping, and now the on-demand ride service is reportedly set to receive up to $290m from e-commerce firm Blibli and industrial conglomerate Astra International in order to increase the round to $1.5bn.

Byton, the smart electric car developer formerly known as Future Mobility, is reportedly in talks with a Chinese state-owned institution to raise between $300m and $400m of funding at a valuation of at least $1.2bn.

Grocery delivery service Instacart is also gearing up to raise funding – up to $250m according to a Delaware securities filing.

Enerkem, a producer of fuels and biochemicals from municipal waste, has raised approximately $224m in its latest round, which included Sinobioway and long-time backer Waste Management of Canada.

Joby Aviation is developing a five-seater electric aircraft that will be able to take off and land vertically, but which is intended to be far quicker than established alternatives like helicopters.

Swiggy is looking to ward off competitors in India’s app-based food delivery sector, such as Zomato and Foodpanda, and has secured $100m in a round led by Naspers Ventures.

Toyota has invested almost $69m in JapanTaxi, a ride hailing app that has signed up about a quarter of Japan’s taxi drivers, as part of a strategic partnership agreement.

AvroBio has raised $60m in a series B round featuring Brace Pharma Capital, the investment firm backed by pharmaceutical company EMS, and will use the proceeds to advance a pipeline of gene therapies for rare diseases.

Broadlink, the China-based developer of a range of connected home products, has secured $54.5m in series D funding from investors including Baidu and Libai. Its past backers include
Qualcomm Ventures, and the company disclosed the funding alongside news that it is preparing an initial public offering in its home country.

Automotive leasing service provider Fair seems like a company on the move. It acquired Uber’s leasing business, Xchange Leasing, last week and has now raised additional funding in a round led by Next47 that included BMW and CreditEase FinTech Investment Fund.

These weren’t the biggest deal on GUV, but they were the most intriguing because it looks as if MIT has spun out two companies that are developing the same technology: Lightmatter, which raised $11m in a series A, and Lightelligence, which secured $10m in a seed round, are developing computer chips that rely on light (or photonic) signals rather than electric signals – boasting orders of magnitude of processing power and having profound implications for data-intensive applications such as AI.

Funds

Insurance firm Ping An has emerged as one of the more prominent China-based corporate venturers over the past couple of years and its CVC arm, Ping An Ventures, is now targeting up to $1.3bn in capital for two new funds.

Workday formed its corporate venturing unit, Workday Ventures, in 2015, but the unit has only been sporadically active since. That looks set to change however, with the corporate committing $250m to a Workday Ventures fund that will add AR, VR and blockchain-based enterprise technologies to the AI and machine learning it already targets.

UK-based innovation platform Future Planet Capital has signed a memorandum of understanding with venture capital vehicle Eight Great Technologies Fund (8GT) for an initiative that will invest in British spinouts and companies.

And 4490 Ventures, a US-based venture capital firm co-founded by Wisconsin Alumni Research Foundation (Warf), has raised $49m for its second fund, according to a regulatory filing.

Exits

Acacia Pharma, a UK-based nausea and vomiting treatment developer backed by pharmaceutical firms Lundbeck and Novo, has revealed plans for an initial global offering on the Euronext Brussels market. The company has not disclosed how much it expects to raise in the flotation, which will be conducted as a private placement open to certain institutional and other investors outside the US.

Elastagen, an Australia-based dermatology product manufacturer spun out from University of Sydney, today agreed to an acquisition by pharmaceutical firm Allergan for $95m in an upfront payment.


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

29 January 2018 – Ping An Insurance On a Roll

Deals

Ping An Insurance is on a roll. At the end of November, the insurance provider was gearing up for a $1bn IPO of Ping An Good Doctor, and now it has raised nearly $1bn for its medical data collection and analysis subsidiary Ping An Healthcare Management at a $8.8bn valuation.

Tencent continues to go from strength to strength in its corporate venturing activities, and is set to lead a $1bn round for Kuaishou, a photo and video sharing app that’s now become one of the key players in China’s livestreaming sector.

Mobike, the bike-sharing company, has raised $1bn in its latest funding round, according to press reports.

Another company that’s growing at a rapid pace is Katerra, the creator of an end-to-end construction services business. It was only founded around three years ago but has just raised $865m in a series D round led by SoftBank Vision Fund that valued it at a little over $3bn.

Orix has provided $60m of a $70m extension to peer-to-peer lending platform Dianrong’s series D round, which has been increased to $290m.

Snowflake Computing, a cloud data storage technology developer, has raised $263m in series E funding at a pre-money valuation of $1.5bn. Capital One Growth Ventures, which previously backed a $105m series D round in September 2017, returned for the round co-led by Sequoia, Iconiq Capital and Altimeter Capital.

Maxi Mobility, the on-demand ride provider that oversees Cabify and EasyTaxi in Iberia and Latin America, has raised $160m in a Rakuten Ventures-backed round that values it at $1.4bn.

Ring, the maker of a smart doorbell video system, is raising $160m at a valuation of nearly $1bn, according to a securities filing. The company most recently closed a $109m debt and equity round a year ago, with backers including mobile semiconductor producer Qualcomm, insurance firm American Family and real estate firm JF Shea and other prominent investors, such as Richard Branson.

Canada Pension Plan Investment Board has paid $144m for a 6.3% stake in Indian renewable energy developer ReNew Power, valuing it at almost $2.3bn.

Immunotherapy developer Tmunity Therapeutics, a spinout from University of Pennsylvania, has closed a $100m series A round that added Gilead Sciences, Ping An, Ventures and Be The Match BioTherapies to existing backers including Lilly Asia Ventures as well as Penn itself.

Stem, a producer of scalable energy storage systems, has raised $80m from Activate Capital, Temasek and another Canadian pension investor, Ontario Teachers’ Pension Plan, for the first close of its series D round.

Constellation Technology Ventures has also participated in a $75m round for PrecisionHawk, the developer of a drone control system for enterprises.

Funds

Cybersecurity software provider and internet company Qihoo 360 has formed a $156m venture fund in partnership with Beijing Cultural Center Fund that will invest in internet and media-focused companies.

ING, the Dutch financial services firm, has set its sights on sustainable businesses and launched a $123m fund specifically aimed at startups developing products and services with a positive environmental impact.

Orange, Edenred and JCDecaux meanwhile are recognising Africa as the next big market and have put their weight behind the $70m first close of a $123m fund that is being raised by Partech Ventures.

On GUV, University of Tokyo Edge Capital, a venture capital affiliate of University of Tokyo, has raised an initial ¥15.6bn ($143m) of a ¥25bn spinout-focused investment fund. The capital has been provided by unnamed, domestic financial services firms.

Exits

Figs, a US-based medical apparel producer backed by footwear brand Crocs, has raised $65m from diversified holding company Tulco and will use the capital to buy out existing investors, making Tulco the only external investor.

Digital media company Gree has exited Indonesia-based property listings portal UrbanIndo in an acquisition of undisclosed size by real estate portal 99.co. UrbanIndo received an undisclosed amount of seed funding from venture capital firm East Ventures in 2012 before adding an undisclosed sum in a 2013 series A round led by Gree’s corporate venturing unit, Gree Ventures.

Primary Data, a US-based data virtualisation software producer backed by computer technology provider Dell Technologies, is shutting down after failing to attract enough clients.

Home24, a Germany-based online home and living product retailer backed by e-commerce holding group Rocket Internet, is gearing up for an initial public offering.

Entertainment company Modern Times Group MTG (MTG) secured an exit from France-based media group Trace as TPG Growth, part of private equity group TPG, acquired a majority stake.


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

18 December 2017 – OneWeb Follows SpaceX with a $500m Investment

Deals

Days after SpaceX raised $1bn in funding, another satellite technology company, OneWeb, is lining up a $500m investment from SoftBank, which had previously put up $1bn of the $1.2bn OneWeb raised a year ago. .

Office software producer Kingsoft spun cloud storage business Kingsoft Cloud out in 2012 but has retained a majority stake now sized at 52%. It also invested $150m of the $300m in series D funding Kingsoft Cloud just raised at a $1.9bn valuation, bringing its total funding to approximately $500m.

Reports for most of this year have been touting a $200m corporate investment in Indian online grocer BigBasket, and the latest news is that Alibaba will pay $200m for a 25% stake in the company as part of a $280m round.

Koch Disruptive Technologies, a newly formed vehicle for conglomerate Koch Industries, has made its first investment, leading a $150m series E round for InSightec, the developer of a magnetic resonance-equipped ultrasound surgical device.

There have been some big deals in the space sector recently, and the latest is iSpace, a lunar exploration company that’s just closed $90.2m in series A funding, the largest series A round in Japan’s history.

NextDoor, the social media platform focused on local communities, has raised $75m from undisclosed investors at a valuation indicated by a regulatory filing to be about $1.5bn.

AI chip developer ThinkForce has secured $68m in a series A round featuring machine vision technology developer Yitu Technology as well as Sequoia Capital China, Yunfeng Capital and Yitu backer Hillhouse Capital.

Online razor seller Harry’s has raised $63.7m in funding, according to a regulatory filing, cash that will reportedly be put towards a complementary acquisition.

GV has participated in a $63m series B round closed by oncology therapy developer Relay Therapeutics that took the company’s overall funding to $120m.

Insikt, the Rakuten-backed operator of an online lending platform for the un(der)banked, has raised $50m in a series D round led by Grupo Coppel that took its total funding past the $100m mark.

Swedish mobile payment and small business revenue technology provider iZettle has secured about $47m in a Dawn Capital-led round that included the Fourth Swedish National Pension Fund, at a reported valuation of about $950m.

We’ve had several GGV deals already, and on GUV, the biggest deal was US-based immuno-oncology developer Pionyr Immunotherapeutics, which raised $62m in series B funding from a consortium that featured spinout-focused investment firm Osage University Partners.

Funds

Auto parts supplier Valeo has provided 25% of the money for a $226m car technology fund formed by private equity firm Cathay Capital, joining government-owned Yangtze River Industry Fund as a cornerstone investor.

On GGV, the EU-owned European Investment Fund contributed funding to investment firm LSP’s second medtech vehicle, LSP Health Economics Fund 2 (LSP HEF 2), which reached an oversubscribed close of €280m ($330m).

And on GUV, UM Ventures, the tech transfer office for the University of Maryland System (UMS), has unveiled plans for a venture fund of undisclosed size aimed at retaining university-linked startups in the city of Baltimore.

Here’s an interesting one from GUV as well: Imperial College London and Tsinghua University have joined forces to seed a $300,000 fund called the Tsinghua-Imperial Research and Innovation Fund to back early-stage scientific research.

Exits

Gilead Sciences has agreed to acquire T cell receptor therapy developer Cell Design Labs in a deal that could value it at up to $567m, six years after Kite Pharma, now a Gilead subsidiary, took a 12.2% stake by backing a $34.4m round that remained Cell Design’s only funding.

Apple has reportedly lined up a $400m acquisition of music identification app developer Shazam. The deal would provide exits for América Móvil, Sony, Universal and Access Industries, but none look likely to make a profitable return on their investments, Shazam’s valuation having peaked at about $1bn in 2015.

On GUV we’ve had two IPO-related news this past week. First up, Mirriad, a UK-based video technology spinout from University of Surrey, is targeting £26.2m ($35m) in gross proceeds in its initial public offering on Aim. Mirriad, which will enter the public markets under the ticker symbol Miri tomorrow (that’s Tuesday, December 19 for those of you listening later).

Then we also have Fusion Antibodies, a UK-based genomics modelling platform spun out of Queen’s University Belfast, which will raise £5.5m ($7.4m) in its initial public offering on Aim.


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

11 December 2017 – Obsidian Therapeutics Raises $49.5m

Covering the week’s venturing news including funding, investments, exits and people moves. This week’s episode includes: Fund news from Viola and GeneChem and deal news from Neon Therapeutics and Obsidian Therapeutics, plus much more.


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

20 November 2017 – SoftBank Uber Investment Finally Happening

Deals

People have been waiting for SoftBank’s proposed investment in Uber to be confirmed, and it now appears as though it’s happening, after Uber revealed it has come to an agreement with a consortium featuring SoftBank and Dragoneer over a deal.

Consumer and information robotics developer UBTech is in the process of raising $400m in a Tencent-led round set to value it at about $4bn, according to the South China Morning Post.

There are several prominent online car marketplaces in China and one of them, Huashenghaoche, has become the latest to close a nine-figure round. Minsheng Financial Leasing, the vehicle leasing branch of China Minsheng Bank, has invested $150m in the company, which also offers car leasing options, and whose existing investors reportedly include JD.com and Dongfeng Motor Group.

Maoyan, which agreed in September to merge with certain assets of another China-based online ticketing platform, Weiying, has received $150m in funding from Tencent, the internet group that is also one of Weiying’s key investors.

Elsewhere in China, Particle, the owner of personalised news aggregation app Yidian Zixun, has raised $112m in funding in a round that included government guidance fund Long De Cheng Zhang Culture Communication.

GV has led a $107m series D round for immuno-oncology drug developer Arcus Biosciences that included existing backers Taiho Ventures and Celgene, taking its total funding to $227m.

SIG-backed peer-to-peer lending platform 9f has raised an undisclosed amount in a series C round it claimed was sized in the nine-figure range.

Temasek, the Singapore state-owned investment firm, has led an $87.5m series D round for Poshmark, a social fashion marketplace backed by Shea Ventures, the corporate venturing arm of JF Shea.

Graphcore, the creator of a machine intelligence processing unit, has raised $50m in a series C round that included Robert Bosch Venture Capital, Samsung Catalyst Fund and Dell Technologies Capital, all of which also backed its $30m series B just five months ago.

Funds

Aster Capital, the French VC firm sponsored by corporates Solvay, Alstom and Schneider Electric, has closed just over $280m in financing from undisclosed backers, bringing the overall capital it has under management to almost $590m.

On GUV, Johns Hopkins University joined forces with US-based healthcare investment firm Deerfield Management to launch a $65m commercialisation fund called Bluefield Innovations aimed at the university’s therapeutic research.

On GGV, Ireland Strategic Investment Fund (ISIF), the country’s sovereign wealth vehicle, provided a cornerstone investment to a €250m ($294m) patient capital fund for Ireland-based small and medium-sized enterprises (SMEs).

Exits

China-based online consumer lending platform Qudian had some notable success in its US IPO last month, raising $900m after it floated well above its range.

Yixin Group, the automotive e-commerce and finance platform spun out of BitAuto in 2014, has generated $867m in a Hong Kong IPO that also represented an exit for investors Tencent, JD.com and Baidu.

LexinFintech, the Chinese operator of consumer lending and instalment buying platform Fenqile, has filed for a $500 initial public offering.

Mashable was valued at $250m as of its last funding round, but with no additional funding forthcoming, it has been forced into a sale to Ziff Davis for only $50m.

Corporates emerged practically unscathed from the Theranos disaster, but CapitalG, the growth equity unit formerly known as Google Capital, has found itself in a sticky situation with healthcare clinic advertiser Outcome Health.

On GUV, we had two news about IPOs. First, US-based immunotherapy developer Arsanis, backed by research institute European Molecular Biology Laboratory’s investment arm EMBL Ventures, set its pricing range at $15 to $17 – meaning it could raise $61m if it floats at the top of the range.

Apellis Pharmaceuticals, a US-based biopharmaceutical spinout from University of Pennsylvania, meanwhile raised $150m in its IPO, floating on the Nasdaq Global Select Market.

On GGV, OnPoint Technologies, the strategic investment vehicle for the US Army, has exited US-based fabless semiconductor producer InVisage Technologies following its acquisition by electronics producer Apple.


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

16 October 2017 – Ola Raises $1.1bn in Tencent-led Round

Deals

Ola confirmed today it has raised $1.1bn in a round led by Tencent, which invested $400m according to recent reports.

Tujia, the online accommodation marketplace often referred to as China’s Airbnb, has secured $300m in a round co-led by Ctrip that valued it at more than $1.5bn.

SoftBank Vision Fund has done more than anyone to ramp up venture capital investment to new levels this year, and it’s far from finished. The fund has led a $164m round for Mapbox, a provider of location and mapping technology for app developers, taking the company’s overall funding to nearly $230m.

Freight shipping management platform Flexport, has confirmed it has closed a $110m series C round that valued it at $910m post-money.

App development seems to be a hot area for SoftBank right now. The firm has also led Petuum’s $93m series B round, investing through an undisclosed subsidiary.

Music royalty collection service Kobalt has added $14m of funding from investors including the Bill Maris-headed Section 32 to take its series D round to $89m.

On Global Government Venturing, the biggest deal was a $100m funding round for Bill.com, a US-based payment processing network already backed by payment services firm American Express, which raised the cash in a round co-led by Singaporean state-owned firm Temasek and financial services firm JPMorgan Chase.

Funds

China-based educational services provider New Oriental Education and Technology has launched a $300m+ fund to invest in early-stage edtech startups, along with a $1.5bn fund that will focus on growth equity and M&A deals, according to local media reports.

Japan-headquartered mobile game developer Akatsuki was founded in 2010 and went public last year, and now it’s elected to join the corporate venturing space with the formation of a $50m fund that will target entertainment technology startups.

Cambridge Enterprise, the tech transfer office of University of Cambridge, has partnered business school unit Cambridge Social Ventures to launch a £100,000 ($132,000) seed impact fund.

On GlobalGovernmentVenturing.com, we’ve also had quite a few new funds, so let’s look at a couple of the bigger ones.

French state-owned investment bank Bpifrance has contributed an undisclosed sum to the €45m ($53.1m) first-close for France-based edtech VC fund Educapital. Children’s retailer IdKids has also backed the fund, as have business-to-business services provider Econocom, publishers Bayard and Hachette Livre, family-owned fund Education for the Many and a range of unnamed investors.

VC firm Wavemaker Partners closed its second Southeast Asia-focused fund today at $66m with contributions from Singapore state-owned investment firm Temasek.

Exits

Meal delivery service HelloFresh originally filed to go public in 2015, only to withdraw its IPO plans the a few weeks later. Now, however, HelloFresh has also confirmed recent reports, filing for an IPO that will raise approximately $355m if it floats at the top of its range.

Further along the IPO process is MongoDB, which has set terms for an offering that will net it $160m if it floats at the top of its range.

Singapore-based online services provider Sea has set the terms for a US IPO that will raise $695m if it floats at the top of its range (or $800m if the underwriters exercise their over-allotment option).

High-speed integrated circuit producer Aquantia has filed for an $86.3m initial public offering that follows about $195m of venture funding.

Spero Therapeutics, a US-based bacterial infection therapy developer backed by spinout-focused investment firm Osage University Partners has filed for an $86.3m 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

02 October 2017 – Roscosmos Establishes Space Ecosystem Fund

Deals

Chinese online services portal Meituan Dianping is reportedly nearing the close of a $3bn round featuring long-term investor Tencent that will value it at up to $30bn.

Alibaba has paid approximately $800m to hike its 47% stake in logistics affiliate Cainiao to 51%, as part of a $5bn investment drive to strengthen its logistics technology capabilities over the next five years.

Food ordering platform Deliveroo has secured $384m in a round co-led by Fidelity and T. Rowe Price set to be announced this week that will reportedly value it at $2bn.

Fosun-backed personal accounting platform Shenzhen Suishou Technology has secured $200m in a series C round led by private equity firm KKR’s newly formed Asian Fund III.

Ride hailing platform Didi Chuxing has invested $200m in Renrenche, the third largest second-hand car e-commerce marketplace in China by market share.

Qingting.fm, an online radio platform that reportedly counts Youku Tudou among its investors, has raised $151m in series E funding from undisclosed investors, according to AllChinaTech.

Pfizer has spun out a startup called SpringWorks Therapeutics to develop treatments for incurable conditions such as desmoid tumours and post-traumatic stress disorder based on therapies licensed from the corporate.

Letgo launched in 2015 as a mobile-focused competitor to Craigslist and eBay, and claims to be one of the fastest growing apps in the country. That growth is set to be fueled by $100m of new funding at a $1bn valuation from undisclosed existing investors.

Customer relationship management software provider ProsperWorks has received $53m in a series C round that took its overall funding to $87m, a sum CEO Jon Lee has claimed makes it the most well-funded CRM company founded in the past 10 years.

Treasury and finance management platform Kyriba has raised $45m in funding from investors including HSBC, the bank that backed its series C and D rounds, in 2015 and 2016 respectively.

We’ve already had the biggest deal on GGV – Cainiao – and on Global University Venturing, the biggest deal came from the UK. Autolus, a biopharmaceutical spinout from University College London (UCL), raised $80m in a series C round that included investment firm Woodford Investment Management. Syncona, backed by medical charities Wellcome Trust and Cancer Research UK, also participated in the round, as did Arix Bioscience, Cormorant Asset Management, Nextech Invest and a range of unnamed investors.

Funds

The Netherlands government-owned Dutch Investment Agency (NIA) and the EU-owned investment vehicle European Investment Fund (EIF) have committed €100m ($117.7m) to a fund targeted at growth-stage startups dubbed the Dutch Growth Co-Investment Program.

The Russian government-owned space agency Roscosmos has established a venture capital fund to commercialise inventions from the space ecosystem.

Exits

Sea, the Southeast Asian online services provider formerly known as Garena, has filed to raise up to $1bn in an initial public offering in the US.

Chinese online video streaming platform iQiyi is considering an initial public offering that will take place in the US early next year and has already started talking to banks, sources have told Bloomberg.

SAP has paid a reported $350m to acquire customer identity management software provider Gigya and will incorporate the company into its SAP Hybrid offering.

Roku has priced a $219m IPO in which Sky Ventures will sell some $9.4m of shares, and is set to float on the the Nasdaq Global Select Market tomorrow.

Nexon has paid $80m for a 65% stake in Korea-based cryptocurrency exchange Korbit, ironically at the exact point when the Korean government has banned initial coin offerings.


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

25 September 2017 – Gogoro Raises $300m for Electric Scooter with Swappable Batteries

Deals

Gogoro has developed an electric scooter that it sells alongside access to a network of stations where riders can swap batteries, and it’s raised $300m in a series C round featuring Sumitomo, Engie and Panasonic at a reported valuation of more than $800m.

Slack has officially closed a $250m funding round led by SoftBank Vision Fund that valued it at $5.1bn post-money, a $1.3bn jump from the valuation at which it last raised cash in April 2016, CEO Stewart Butterfield told Bloomberg and the Financial Times.

One of the at the GCV Asia congress was Jeffrey Li, a managing partner at Tencent Investments which last week also took part in a $230m series C+ round for Chinese fresh produce e-commerce platform MissFresh.

Interior design and construction group Shenzhen Grandland was among the investors in a $182m round for YH Global, a 20-year old logistics service provider that operates centres in 50 Chinese cities.

Bayer and Ginkgo Bioworks have launched an as yet unnamed plant microbiome startup, which will be equipped with $100m from a series A round that also includes Viking Global Investors.

Patreon has received $60m in series C funding, taking its total equity financing past the $100m mark. The creator-based payment platform, backed by talent agencies CAA and UTA at series A stage, however told Recode that the $450m valuation mooted in the press last week was incorrect, though Recode believes the actual valuation was only about 10% lower.

LifeMine Therapeutics, a startup developing fungi-based therapies for chronic and currently untreatable diseases, has closed a $55m series A round led by WuXi Healthcare Ventures and backed by fellow corporate venturing units GV, Merck Ventures and Alexandria Venture Investments.

Funds

Baidu has launched a massive $1.5bn vehicle, called Apollo Fund, to invest in 100 startups related to the autonomous driving sector over the next three years.

The government of Hong Kong launched its HK$2bn ($256m) Innovation and Technology Venture Fund (ITVF), inviting venture capital firms to become co-investors.

Let’s look at GlobalUniversityVenturing.com. The Engine, a US-based program initiated by Massachusetts Institute of Technology (MIT) aimed at complex technologies, has raised $200m for its first fund.

Exits

ZhongAn has finally priced its IPO and is set to raise $1.5bn when it floats at the top of its range with a $500m investment by SoftBank.

Another China-based company, online lender Qudian, is lining up its own IPO, and has filed to raise up to $750m in a US offering.

Alibaba meanwhile celebrated an exit with the flotation of logistics service Best, which has raised $450m in an initial public offering.

Despegar, the Argentina-based travel and accommodation booking marketplace backed by tourism services provider Expedia, has also entered public markets, raising $332m in an initial public offering in the US.

Mobile event ticketing platform Weiying has raised more than $1bn from investors including Tencent, Dalian Wanda and iDreamSky in under three years, and now it has agreed to merge assets including its film and theatre ticketing divisions with those of rival Maoyan, creating an entity with a 43% share of the market in China.

When it came to the university venturing world, the big news was that UK-based commercialisation firm IP Group has obtained the support of shareholders holding a total of 96.5% of shares in Touchstone Innovations, its peer spun out from Imperial College London.

Canada-based commercialisation firm Mars Innovation partnered drug discovery company Evotec to launch Lab150, a collaboration that will drive research translation for projects emerging from Mars’ member institutions.


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