29 July 2019 – SoftBank Secures $108bn for Second Vision Fund

Big ones

SoftBank confirmed on Friday morning that it has secured a total of $108bn for its second Vision Fund, providing $38bn of the cash itself. That’s slightly less than the $50bn rumoured earlier in the week, but still a significant increase on the $28bn the telco giant put into the first fund.

Short-term accommodation platform developer Oyo has raised a total of about $1.6bn from investors including SoftBank, Airbnb, Didi Chuxing, Grab, Hero Enterprise and China Lodging Group, and two of its other investors – Sequoia Capital and Lightspeed Venture Partners – are reportedly divesting about $1.5bn of shares through a buyback scheme led by Oyo CEO Ritesh Agarwa.

Ke.com, a spinoff of online real estate portal Lianjia that utilises technologies such as virtual reality and 3D modelling, has secured nearly $1.2bn in a series D round led by an $800m investment by Tencent.

And in an interesting cross-over deal, X-Vax Technology, a US-based herpes vaccine developer based on research at Albert Einstein College of Medicine, received $56m in a series A round featuring Johnson & Johnson Innovation – JJDC, the corporate venturing vehicle for medical products group Johnson & Johnson.

Deals

Microsoft is making its own big capital outlay, investing $1bn in artificial intelligence research organisation OpenAI. Formed as an entity that would seek to steer AI research away from malevolent or even dystopian uses toward more universally beneficial areas, OpenAI is run by a non-profit organisation and had not revealed details of any prior financing.

Toyota has invested $600m in Didi Chuxing at a reported $62bn valuation, as part of a joint venture agreement that will involve the companies partnering to provide additional services to the latter’s drivers. Didi Chuxing isn’t the only ride hailing service to get funding from Toyota either.

Hellobike has entered discussions to raise $400m in a round led by existing corporate investor Ant Financial. The bicycle sharing service will reportedly be valued at about $5bn and the news comes three months after backers including WM Motor, Fosun and Bertelsmann Asia Investments exited the company.

Digital brokerage RobinHood has received $323m in a series E round that valued it at $7.6bn. The round was led by DST Global and it took the total raised by the company, which counts Alphabet and Roc Nation as investors, to more than $860m.

Vietnamese payment technology and services provider VNPay is reportedly in talks to raise $300m at a $1bn+ valuation, with SoftBank Vision Fund in line to provide up to $200m.

Bicycle and electric scooter rental service Lime raised $310m in February, and now its key rival, Bird, is reportedly seeking up to $300m of series D funding at a $2.5bn valuation.

Gusto is proving there are still some big enterprise software exits to come, the human resources platform developer having raised $200m in a Fidelity-led round at a $3.8bn valuation.

Funds

Financial services firm Industrial Bank and insurance group Ping An’s Real Estate Investment unit have backed the inaugural healthcare-focused fund raised by China-based venture capital firm Shenzhen Capital.

VR hardware and software developer Moiin is putting together a $100m fund that will back startups working on small-scale tech that would boost VR gaming.

On GUV, life sciences incubator Pennsylvania Biotechnology Center of Bucks County is to establish a $50m fund that will take equity in resident businesses including those exploiting academic research.

Exits

Livongo Health has had one of the year’s more successful IPOs, securing more than $355m and floating well above its range while adding 2 million shares to the offering.

Healthcare data analytics platform Health Catalyst operates in a broadly similar area to Livongo and guess what – it’s also had a bumper IPO. It too increased the number of shares in the offering and priced them above its range to raise $182m.

On GUV, Jukedeck, a UK-based digital music production software developer spun out of University of Cambridge, has been acquired by  TikTok, a video-based social media platform owned by internet technology producer Bytedance, for an undisclosed sum. Jukedeck had developed an online software platform that exploited artificial intelligence to automatically compose original, royalty-free music based on certain parameters, such as genre and tempo, set by the user.


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

17 June 2019 – GE Ventures to Sell its Portfolio

A fascinating feature for you courtesy of Tony Askew, co-founder and partner of REV Venture Partners, who spoke with Global Corporate Venturing about how the media industry has evolved since the corporate venturing unit was launched in 2000. Insights provided by Askew included how its co-investments with In-Q-Tel have helped the unit, while he also explained the group’s aim was to stay three to seven years ahead of everyone else.

Funds

WTW to broker corporate venturing deals

Third Rock counts $770m for fifth fund

Invengo invigorates $145m IoT fund

Crane crowns $90m close for first fund

Wavemaker drifts to $60m close for third fund

Exits

Salesforce processes $15.7bn Tableau acquisition

CrowdStrike is going public today after pricing a $612m IPO that represents a huge jump up from less than two weeks ago, when it was slated to float in an offering that would have raised $378m at its mid-point.

Merck & Co has agreed to acquire Tilos Therapeutics, which is developing antibodies to treat cancer, fibrosis and autoimmune diseases, in a deal that could potentially reach $773m once milestone payments are factored in.

That isn’t the only heavy-duty M&A exit to be agreed in the last day or so. H&R Block isbuying accounting software producer Wave Financial for $405m in cash.

Avi networks its way to VMWare acquisition

Barefoot takes next step with Intel purchase

Cvent goes DoubleDutch in acquisition deal

Deals

Short-term accommodation booking platform Oyo has reportedly begun talks with new and existing investors over a $1bn round that would value it at $10bn.

SoftBank’s recently launched $5bn Innovation Fund that focuses on Latin America has entered discussions with Brazil-based digital bank Nubank to lead a funding round that could reach up to $1bn and value the company at $8bn to $10bn – up from a previous reported valuation of $4bn, achieved when the fintech developer collected $180m from Tencent in October 2018.

SoftBank works out $300m Gympass investment

ADC Therapeutics adjusts series E to $276m

South Korea-based Yanolja also operates a short-term hotel business, refitting venues such as love hotels for a millennial user base seeking good quality accommodation on a budget. It has raised $180m in a series D round at a valuation of more than $1bn, with travel booking platform Booking Holdings joining Singapore’s GIC to supply the cash.

Innoviz has boosted a series C round that includes Harel Insurance and Phoenix Insurance from $132m to $170m, the extra funding coming from undisclosed investors.

Symphony plays on with $165m

Shuidi ships in $145m

Thumbtack, the US-based local services listing platform, has collected $120m in series H funding from unnamed investors – reportedly at a flat valuation of $1.3bn.

ShareChat in talks for $100m funding round

Dishangtie parks $100m in series B round

Vectra collects $100m in series E round

Infarm harvests $100m series B round


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

08 April 2019 – Cambridge Innovation Capital Collates $196m in New Capital

The Big Three

The fresh capital, anchored by University of Cambridge and its Endowment Fund, will enable patient capital-orientated vehicle Cambridge Innovation Capital to make new bets and sustain investments in its existing portfolio. Delighted Tony Raven joining us to share more at the Symposium as well as his peers at Oxford university.

Intel Capital has announced 14 investments (see below), the largest of which involved it leading a $150m series B round for artificial intelligence application platform SambaNova. The round also featured GV, which had previously co-led a $56m series A announced when SambaNova emerged from stealth early last year.

Precision Biosciences has gone public in a $126m IPO that valued it at more than $780m, notching up exits for Amgen Ventures and Baxter Ventures. The genome editing technology developer floated in the middle of its range but its share price has since risen, and the offering comes after more than $175m in equity and convertible note financing.

Funds

After nearly two years, SoftBank Vision Fund still hasn’t officially reached its $100bn targeted close, but it is reportedly seeking $15bn in extra capital that will allow it to keep making investments, including follow-on investments, while it prepares to raise a second $100bn fund. It may have to do it sooner rather than later, because sources told Bloomberg it has now gone through 70% of its capital and it’s investing at a breakneck pace.

Pet food and care provider Mars Petcare has launched a $100m strategic investment fund, the Companion Fund, in connection with its creation of an open innovation unit called Kinship.

Chevron Technology Ventures checks $90m for Fund VII

Corporates buy into ByFounders’ $112m debut fund

Okta verifies $50m corporate venturing fund

UT Health San Antonio loads biomedical accelerator

UTokyo IPC ignites accelerator

Exits

Thoma Bravo fires off Mailgun acquisition

TradingView takes in TradeIt

Chinese social media influencer network Ruhnn has gone public in the US, raising $125m. Weibo bought $8m of shares in the Alibaba-backed company through the IPO, which involved Ruhnn floating in the middle of its range.

NGM Biopharmaceuticals secured $107m when it floated, together with $65.9m from existing backer and development partner Merck & Co through a private placement.

Slack has reportedly selected the New York Stock Exchange as the venue for a direct listing slated to take place in June or July. The enterprise collaboration platform is backed by SoftBank Vision Fund, GV and Comcast Ventures and was valued at more than $7bn as of last year.

Life360 circles Australia for $100m IPO

Oxford Nanopore sets sights on IPO

Deals

Hellobike raised more than $580m from backers including Ant Financial at the tail end of last year and is reportedly seeking $500m to $1bn in new funding. It claims to have 200 million registered users but either way, you’d think it’s going to have to find a route to profit sooner or later in order to survive.

India-based Zoomcar operates in another part of the transport tech space, in on-demand car rental. It is also gearing up for a big leap forward, negotiating with carmaker Mahindra & Mahindra for a $500m debt and equity round that would potentially take it into unicorn territory, representing a sixfold increase in valuation between rounds.

Toast, the developer of a point-of-sale and business management software platform for the restaurant industry, has secured $250m in series E funding at a $2.7bn valuation.

Customer data management platform Segment has secured $175m in a series D roundco-led by GV that valued it at $1.5bn. The round increased Segment’s funding to $284m to date, and it follows a $64m round nearly two years ago that was also co-led by GV. The proceeds will go to marketing and a global expansion drive.

Indian grocery e-commerce platform BigBasket is meanwhile in the process of raising $150m at a valuation of about $1.2bn, according to regulatory filings. Existing investor Alibaba is set to provide $50m and will retain a 26.2% stake post-investment, maintaining its position as BigBasket’s largest shareholder.

SpringWorks blossoms with $125m series B

Fusion gets reaction in $105m series B

Gene editing tool provider Inscripta has raised a further $20m to increase its series C round to approximately $106m.

Hotel room booking platform Oyo has confirmed it has raised funding from Airbnb, an investment reportedly sized somewhere between the $100m and $200m mark.

University

NextGen Jane nets $9m in series A funding


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

01 October 2018 – ByteDance in Funding Talks with SoftBank

Deals

Reports that China-based digital media company ByteDance was seeking funding at a $75bn valuation emerged a few weeks back, but now they’ve been fleshed out with news that it is in talks with SoftBank, which could provide $1.5bn of a $3bn round that also looks set to include KKR and General Atlantic.

Another Indian unicorn, ride hailing platform Ola, is reportedly in talks with Naspers and Temasek over a $1bn round that could value it at between $7bn and $8bn.

Short-term accommodation platform Oyo has raised $800m from investors including SoftBank Vision Fund and has reportedly secured commitments for a further $200m.

Swiggy is looking to establish itself as the market leader in India’s on-demand food delivery segment and has reportedly opened talks with investors including Tencent over a funding round that could reach $700m and value it at up to $2.5bn.

SoftBank Vision Fund continues to make its presence felt in the venture capital space, its latest deal being a $400m investment in real estate transaction marketplace Opendoor.

SoftBank’s Vision Fund has also invested in the latest round for online real estate brokerage Compass, which secured $400m in a series F round that valued it at $4.4bn post-money.

Butterfly Network, the developer of a handheld ultrasound device, has meanwhile received $250m in series D funding from investors including Fosun Pharma at a $1.25bn valuation.

Payment technology provider Stripe has taken a big step forward, securing $245m in a round that more than doubled its valuation to $20bn in less than two years.

Trucking services platform Manbang Group has been one of the recent success stories in China’s VC space, and now Convoy is aiming to become the sector’s market leader in the US.

UBiome, a US-based microbial genomics technology developer backed by the Stanford-StartX Fund, has raised $83m in series C funding from investors including Dentsu Ventures, the corporate venturing vehicle formed by marketing firm Dentsu.

Funds

Despite its name, SoftBank Ventures Korea hasn’t limited itself to Korean deals, and the unit is looking to establish itself more thoroughly in China with a $300m fund it has formed in partnership with TPG Growth.

The Engine Fund, a tough tech-focused VC vehicle associated with Massachusetts Institute of Technology’s Engine incubator, has reached a final oversubscribed close of $205m.

Exits

2018’s really turning into a banner year for IPOs, with fashion e-commerce marketplace Farfetch the latest tech company to launch a successful offering, floating above its range to raise $885m.

Baxalta Ventures has scored one of the year’s big M&A exits, after Alexion agreed to acquire autoimmune disease drug developer Syntimmune for $400m upfront and up to $800m in milestone-related payments.

Asarina Pharma, a Sweden-based biotechnology spinout of University of Umeå, floated on the Nasdaq First North stock exchange last week after raising more than Skr142m ($16.3m) in an initial public offering.


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

06 March 2017 – British Business Bank’s $500m fund and Much More

Funds

Foxconn, the contract manufacturer that’s already backed the $100bn SoftBank Vision Fund, has now also dropped $600m on a majority stake in the telecoms group’s Asia-based tech-focused investment arm SoftBank Asia Capital.

Baloise has committed $50m to an investment vehicle operated by Anthemis to identify opportunities in insurance technology startups based in Europe and the US.

Symantec, which previously backed Appthority via its subsidiary Blue Coat Systems, has decided to join the corporate venturing world and launched Symantec Ventures.

MFEC sets aside $20m to invest in startups and will move some of its human resources staff to manage the new corporate venturing subsidiary.

Kore, which provides business management software for entertainment companies and sports franchises, has formed a strategic investment arm and closed its first deal.

The Mobile World Congress might be making headlines because Nokia’s iconic 3310 handset is being resurrected, but Facebook is certain to also draw attention with the launch of a $170m investment collaboration through its Telecoms Infrastructure Project that will target startups operating in that very telecoms sector.

University Corner

University venturing: the view from Cornell – an interview with Alice Li

Virginia Tech and Carilion launch $15m fund

Government Department

Big deal: British Business Bank launches $500m fund

Mercia is allocated Northern Powerhouse money

Vanedge points at $122m fund

Hatteras to manage $60m NC fund

Exits

Snap’s long-awaited initial public offering is upon us today, as the company priced 200 million shares at $17 a piece last night, resulting in a $3.4bn windfall.

As the news flow shows no intention of slowing down, today’s lead story is an initial public offering by Alteryx, a data analytics provider that counts Thomson Reuters and Sapphire Ventures among its shareholders. The company, which last raised $85m in a series C round in 2015, is targeting $75m in proceeds with a flotation on the New York Stock Exchange but is yet to decide on a price range for its shares.

In Finland, Next Games stands to be the country’s first games developer to complete an initial public offering if it goes ahead with plans to list on the Nasdaq First North Finland.

Another IPO: the week stays busy with Ecovacs Robotics, a China-based vacuum and household robotics producer, filing for a flotation on the Shanghai Stock Exchange.

Mozilla acquires Pocket and provides an exit to shareholders including Axel Springer, Digital Garage and Alphabet.

Yelp has acquired its portfolio company Nowait, a restaurant booking app that it backed last August.

Deals

Our lead story last Monday is a Big Deal piece by reporter Kaloyan Andonov, in which he looks at what Ant Financial’s decision to provide $200m to Kakao Pay the previous week means.

Satellite operator OneWeb is making headlines with a $13bn all-stock merger with its peer Intelsat to produce a new entity that is set to attract $1.7bn in funding from SoftBank, the same investor that previously led a $1.2bn round with a $1bn cash injection in late December.

Oyo Rooms books up to $500m

Ola moves forward with $330m

Back in January, Grail, the oncology diagnostics company spun out of Illumina, was reported to be seeking $1bn for its series B round. Fast-forward to today and the startup has revealed that it has secured $900m – which may seem like it’s missed its target, but in fact that’s a first tranche and Grail is seeking up to an additional $900m to take the round all the way to $1.8bn.

Ride sharing might be in the news for all the wrong reasons these days as Uber is faced with scandal after scandal, but Didi Chuxing, the China-based ride hailing service that swallowed up Uber China, remains in good spirits: the company just backed a $450m series D round for Ofo, a bike sharing app provider.

A month ago, we reported on Paytm E-Commerce reportedly seeking a round of $180m to $200m and it appears the company has now secured the upper amount, getting $177m from Alibaba and another $23m from Saif Partners.

CloudMinds, an AI technology developer that previously obtained a stunning $31m in angel and seed capital from investors such as SoftBank, has received a similarly impressive $100m series A round from unnamed backers.

Delhivery coordinates $100m round

ChargePoint, which operates a network of independently managed charging stations for electric vehicles, has added $82m to its coffers thanks to a funding round led by Daimler.

University Corner

PMV diagnoses $74m series B

Urjanet raises $20m series C

Government Department:

Omeicos is treated to $8.7m


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