03 June 2019 – Possible PhonePe Spinout from Flipkart in $1bn Deal

Big Ones

Right now it feels like we’re gearing up for another period of significant funding, if the rumour mill is anything to go by. Mobile payment platform PhonePe was acquired by Flipkart in 2016, the year after it was founded, but could now be spun back out in a round that could reportedly reach $1bn.

Life insurance firm Northwestern Mutual launched its $50m Northwestern Mutual Future Ventures unit in early 2017 and has since built up one of the more notable CVC portfolios for an insurer, adding the likes of Chime, Ojo Labs and Ladder to existing investments such as Betterment.

Investment firm Insight Partners was already an investor in threat intelligence provider Recorded Future but has taken a step further, acquiring a controlling stake at a valuation of $780m.

Thrive Earlier Detection, a US-based developer of a blood test for cancer, was spun out of Johns Hopkins University on Thursday with $110m in series A funding from investors led by venture capital firm Third Rock Ventures. BlueCross BlueShield Venture Partners, the corporate venturing subsidiary of health insurer Blue Cross and Blue Shield Association, participated in the round, as did molecular diagnostics company Exact Sciences.

UK-based investment firm Woodford Investment Management has sold its entire shareholding in Oxford Sciences Innovation (OSI), the university venture fund of University of Oxford. The stake, worth £55m ($69.6m), has seemingly been sold to family offices and international investors.

Morningstar downgraded the Equity Income fund from bronze to neutral last week after its value shrunk from £10.2bn in 2017 to just £4.4bn, while St James’ Place, the largest wealth manager in the UK, put the firm on its watchlist after a prolonged poor performance.

Deals

SpaceX has added $1.02bn in new funding according to two separate securities filings, though it hasn’t disclosed details of the investors.

Toyota already has Uber and Grab in its portfolio but it is said to be mulling over an investment of about $550m in fellow ride hailing service Didi Chuxing.

SoFi has expanded from its core business of online lending and student loan refinancing to take in services such as online investments and digital banking, and it has also raised a further $500m in funding, this time in a round led by Qatar Investment Authority.

Lenskart has been one of Asia’s most successful proponents of the consumer goods business model involving an expansion from e-commerce to the offline world, and the eyewear retailer is reportedly in discussions to raise $350m from SoftBank Vision Fund at a $1.3bn valuation.

Oncology data platform developer Tempus has raised $200m in series F funding from investors including Novo at a $3.1bn valuation.

RobinHood was valued at $5.6bn back when it last raised money, early last year, but the Alphabet and Roc Nation-backed trading app developer is seeking $200m from existing investors at a reported valuation of up to $8bn.

Funds

Growth equity vehicle EV Growth was formed by East Ventures and corporate VC units SMDV and YJ Capital early last year with a $150m target for its first fund. It’s ended up overshooting that by a food amount, closing the fund at $200m having received commitments from limited partners including SoftBank. The fund has invested in 12 portfolio companies to date.

Exits

Palo Alto Networks has agreed to pay $410m to acquire container security software developer Twistlock, which had raised $63m from investors including Dell Technologies Capital.

BridgeBio Pharma is developing drugs to treat genetic diseases including forms of cancer linked to genetic causes. It has filed for a $225m initial public offering that will follow more than $480m in venture funding from investors including AIG, though only KKR and Viking Global Investors hold stakes of 5% or more.


“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