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

7 March 2016 – Google Capital, Alphabet, Magic Leap, Snapchat, Mercari, AXA, Slack, Souqcom, Vertex, Purdue University, Oregon State University and more

Deals

We tracked 132 deals in the month. While this would be the lowest month for deal activity since September 2014, it is not much below activity in many of the months during the last year and a half, while it is significantly above most months in 2014 as well as prior years. We also typically track some deals after a month ends.

The most active corporate during the month was holding company Alphabet, which invests through its two venturing units Google Capital and GV, which matches trends in recent years, where it has regularly been one of the most active investors.

The most active corporate partner among venture firms was Arch Venture Partners, which invested alongside US-based healthcare company Johnson and Johnson, US-based asset manager Fidelity, China-based healthcare company Wuxi Pharmatech, real estate company Alexandria, and healthcare company Pfizer.

The largest deal in February was the $793.5m series C round raised by US-based augmented reality technology developer Magic Leap, in a deal led by e-commerce firm Alibaba.

The biggest exit of the month was the sale of Ravello Systems, the US-based virtualisation software developer, which was sold to Oracle for $500m. Ravello had raised $54m in venture funding, including $28m in a January 2015 series C round co-led by Qualcomm and SanDisk’s corporate venturing units: Qualcomm Ventures and SanDisk Ventures.

Snapchat, backed by Tencent, Alibaba and Yahoo, boosted its series F round to more than $710m and its overall funding to more than $1.3bn with $175m from Fidelity.

Mercari rises with $75m round.

AXA invested €75m in e-commerce holding vehicle Africa Internet Group last month and the round has now been boosted to €300m ($326m) with commitments from MTN, Rocket Internet and Goldmn Sachs.

Messaging platform Slack has so far raised $340m from investors including GV but is now seeking an additional $150m in the wake of it ramping up staff numbers and launching a TV advertising campaign.

Influitive, the creator of an advocacy marketing platform, raised about $30m in July and has now attracted new funding to take its NTT Docomo-backed series B round to almost $39m. The capital helped to support the acqui-hire of scheduling app developer Ironark Software.

Souq.com has shown that e-commerce growth in Asia isn’t restricted to the usual suspects of China, India and Southeast Asia, raising more than $270m at a reported $1bn+ valuation.

Electronic component manufacturer Murata Manufacturing Company led a $19m series B round for US-based power conversion semiconductor developer Arctic Sand Technologies, a spinout of MIT. more

People moves

Ben Brabyn, former COO of UK Trade and Investment (UKTI) Innovation Gateway, has been appointed head of UK-based technology accelerator Level39.

Michael Fernandes has left Malaysian sovereign wealth fund Khazanah Nasional to become a partner and co-head of South and Southeast Asian operations at Leapfrog Investments. At Khazanah Nasional, he was manager of the healthcare portfolio, valued at $7bn on the Singapore stock exchange.

Monika Gierszewska has been appointed as director of incubator SetSquared’s Bristol branch. SetSquared is a collaboration between the universities of Bristol, Bath, Exeter, Southampton and Surrey. (more)

Funds

Vertex Venture Holdings, the wholly-owned investment arm of Singapore government’s state fund Temasek, has held the final close of its Vertex Ventures Israel fund at $150m. The fund had a target of $100m.

InnovFin, a joint initiative of EIF and EIB, has signed a deal to provide $100m to LeumiTech to support Israel-based businesses.

Purdue University has set up a $10m seed-stage fund to build on its successes from last year, when Purdue created a total of 40 new businesses, incl. 25 spinouts. The fund will be jointly managed by the university’s startup accelerator, Purdue Foundry, and the University Development Office.

Oregon State University launches fund with Rogue Venture Partners that is expected to raise between $10m and $20m and will invest in companies within the state. OSU will provide a fifth of the capital.


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