18 February 2019 – Mitsubishi Takes 20% Ovo Energy Stake for $256m

Big 3

Mitsubishi Corporation has paid $256m for a 20% stake in energy retailer and smart systems provider Ovo Energy, which plans to use the funding as the basis for an expansion from Germany and its home country of the UK into markets such as France, Australia and Spain. Ovo’s investors also include Mayfair Equity Partners, which acquired a 15% stake in 2015, but its founder and CEO remains its majority shareholder.

Evonik launched its first corporate venturing fund in 2012 with €100m of capital and now, six years on, it’s added €150m ($170m) in the form of a second fund.

Allied Minds prepares cost reductions

Deals

SoftBank Vision Fund has already gone big when it comes to autonomous driving, pumping some $2.25bn into Cruise Automation last year, and it’s now invested $940m in Nuro, the creator of a driverless vehicle designed for deliveries.

Ride hailing service Didi Chuxing has invested $100m in short-term accommodation booking platform Oyo, allowing the latter to close a $1bn round that valued it at $5bn.

Go-Jek is a little further along, the Southeast Asian ride hailing service having raised $1bn from investors including Google, Tencent, JD.com and Mitsubishi two weeks ago.

Two or three years ago it looked as if the e-commerce space may have been heading for some rough times (remember Fab.com?), but the sector looks to have largely steadied since then. Zillingo is the latest e-commerce marketplace to have raised sizeable funding, pulling in $226m in a series D round featuring long-term backer Burda Principal Investments. The round valued it at $970m and increased its overall funding to more than $300m.

Cancer diagnostics technology developer Burning Rock has completed a $126m series C round backed by corporate venturing unit Lilly Asia Ventures, which is in the process of raising its fifth fund (see below).

Six Fintech Ventures, the VC arm of banking services provider Six, has led a series A round for Tradeplus24, the operator of a service that provides debt financing to small businesses insured against account receivables, that was sized at approximately $119m.

Arvelle arrives with $100m

Reddit has meanwhile confirmed a TechCrunch report from last week that stated Tencent was about to lead a $300m round for the social posting platform, which has some 330 million monthly active users but which reportedly generated less than $90m of revenue in 2018.

University

Nuvaira shares $79m series E news

Recida rolls out from Frazier Healthcare

Exits

Euclid goes to WeWork in acquisition

DMP maps out Ushr acquisition

Stanford-backed Eero connects to Amazon

Harpoon snags public markets listing

Nan Fung fund Pivotal Beta was among the investors that provided $100m in convertible note financing for Stealth BioTherapeutics, developer of treatments for conditions related to mitochondrial dysfunction.

Huya went public in the US nine months ago, and now another Chinese livestreaming platform, Douyu, plans to make a similar move, confidentially filing to raise up to $500min a US IPO.

Peloton Interactive has now sold some 400,000 of its $2,000 advanced exercise bikes, which work in tandem with a subscription-based interactive workout service.

Funds

Evonik launched its first corporate venturing fund in 2012 with €100m of capital and now, six years on, it’s added €150m ($170m) in the form of a second fund.

Lilly Asia Ventures lifts $40m for fifth fund

MML seeks corporate commitments for second fund

Morgan Creek mines $40m fund


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

24 October 2016 – Temasek Invests $250m, SoftBank and Saudi Arabia Create a Fund and Much More

Investments

Cancer drug developer ADC Therapeutics has taken its total financing to $225m with a $105m private placement that included existing investor AstraZeneca.

Mobike has closed more than $100m in funding from investors including Tencent.

Mitsui has led a $100m round for MatahariMall.com, an e-commerce platform launched by real estate conglomerate Lippo Group with $500m last year.

Online wholesale alcohol retailer Yijiupi has also raised $100m, in a series C round backed by local reviews and group buying platform Meituan-Dianping which will fuel an expansion drive the company hopes will more than double the 72 Chinese cities in which it operates by the end of 2017.

GE Ventures, Envision Energy and Inven Capital have contributed to a round for energy storage and management technology provider Sonnen that has closed at $85m.

Oblong Industries, a gesture-based user interface spinout of MIT Media Lab, secured $65m in funding on Wednesday from investors including Utimco, the investment arm of University of Texas System.

Temasek, the sovereign wealth fund of Singapore, today invested $250m in US-based healthcare conglomerate Columbia Pacific Management’s Chinese subsidiary Columbia China.

Funds

Online media brands Thrillist, NowThis, The Dodo and Seeker joined forces last week to form a new holding company called Group Nine Media, fueled by a $100m investment by Discovery Communications.

French venture firm Daphni has launched a $165m fund with backing from LPs including corporates Nokia, MAIF and Fnac-Darty.

The government of Saudi Arabia joined forces with Japan-based conglomerate SoftBank on Friday to launch a $100bn vehicle dubbed SoftBank Vision Fund.

Exits

Quantenna, which has raised more than $200m in debt and equity since 2005 from investors including NTT, Vivint, Swisscom and Telefónica, has set the range for an offering that could raise up to $107m.

Gene editing company Crispr Therapeutics went public in a $56m IPO that was priced below its range, but which was executed concurrently to a $35m investment by existing backer Bayer Global Investments.

There’s a big new player in the Asian travel services industry, after MakeMyTrip acquired Ibibo Group in an all-share deal that reportedly valued Ibibo at $720m.

Salesforce has scored a decent-sized exit after cloud services provider Appirio agreed to a $500m acquisition by IT services firm Wipro.

Investment manager and research provider Morningstar has agreed to acquire financial data platform Pitchbook in a $180m deal that will see it buy the 80% of the company it does not already own.

Curtin University spinout ePat Technologies, which is developing facial recognition technology, floated on the Australian Stock Exchange (ASX) on Thursday.

General trading firm Mitsubishi Corporation purchased a 60% stake on Friday in ElectroRoute, an Ireland-based energy trading and services firm backed by government-owned export development agency Enterprise Ireland.

People

Dinesh Moorjani has become Comcast Ventures’ ninth managing director, joining the unit from Warburg Pincus.

Bruce Zimmerman, chief executive of Utimco, last week announced that he is stepping down from the position after a decade of leading the investment company of University of Texas System and Texas A&M System. Zimmerman was appointed as chief executive and chief investment manager in 2007.

Edinburgh Research and Innovation (ERI), the commercialisation arm of Edinburgh University, has appointed George Baxter as its new chief executive effective October 24.


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