22 April 2019 – Pinterest and Zoom both Float Above Their Ranges

The Big 3

Innogy Innovation Hub was formed in 2014 and its first fund was supplied with €300m (roughly $385m at that point) from Innogy, but it has told GCV that it is getting ready to raise a second fund and is exploring partnerships with additional corporate LPs from the energy sector as well as potentially outside. In a wide ranging interview, Innovation Hub also said it has moved from an incubator/VC model to more direct investment, and detailed why its focus beyond energytech is so crucial to the future of the sector.

It’s a big week for IPOs, with two big unicorns both floating above their respective ranges. The larger offering involves Rakuten-backed visual social media platform Pinterest, which has raised approximately $1.43bn in an offering on the New York Stock Exchange.

Zoom on the other hand is profitable, and it floated in a $751m IPO in which Qualcomm sold more than $30m of shares – pretty impressive considering it first invested in the video conferencing software provider in its $6m series A round

University

Analysis: Slow and steady does it in the first quarter

AskBio pops $235m question

Exits

Turning Point Therapeutics has gone public in a $167m initial public offering in which it floated at the top of its range. The precision cancer therapy developer had raised $145m in funding from investors including Lilly Asia Ventures and SR One, corporate VC vehicles for Eli Lilly and GlaxoSmithKline, which each owned 8.2% stakes pre-IPO.
Applied Therapeutics pushes for public markets

Sonim sounds out Nasdaq for IPO

Willow Biosciences follows public path

Axcella Health accelerates towards IPO

Cortexyme craves public markets listing

Jumia has floated in a $196m IPO in the US, with almost half the shares being bought by existing investors Axa, Orange and Pernod Ricard Deutschland. Mastercard acquired even more shares through a private placement, and despite the online marketplace currently recording losses that surpass its revenue, its shares popped on Friday.

SolarWinds has agreed to buy Samanage, a provider of IT service desk management software, in a $350m deal that will represent Salesforce Ventures’ latest exit.

PayU onboards Wibmo in $70m acquisition

Salesforce locates MapAnything for acquisition deal

Vimeo has agreed to snap up Magisto for a reported $200m in order to add the company’s easy-to-use video creation and editing technology to its online video streaming platform.

Funds

Globis maps out $321m for sixth fund

Vtron takes a seat at $72m education fund

Deals

SK Group has made a $250m strategic investment in Londian Group, which is aiming to become the world’s leading copper foil supplier as it looks to nail down a prominent position in the materials supply space for products such as lithium-ion batteries and communications technology.
Shift moves series D round to $180m

Sila Nanotechnologies is preparing to commercialise its advanced battery materials, which it estimates can improve the performance of lithium-ion batteries by up to 20%, and in the meantime it has secured $170m in a series E round led by Daimler.

Lyric, the owner of a short-term accommodation booking platform for business travellers, has taken a big jump forward, raising $160m in a series B round led by Airbnb.

Outreach re-engages with investors to raise $114m

Dianrong is among the Chinese peer-to-peer lending platforms waiting to see if they will be among the companies issued lending licences from the government, but in the meantime it is seeking $100m in funding, reportedly from a group that includes existing investors Orix and Standard Chartered.

Black Sesame racks up $100m

Gen.G generates $46m round


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

15 May 2017 – SoftBank Leads Improbable $502m Investment and Much More

Deals

The $5.5bn round on-demand ride provider Didi Chuxing just confirmed was closed at a $50bn valuation that means it is closing ground with rival Uber in terms of size, and the company has indicated it will use the cash to finally expand globally.

Yixin Group, the online automotive marketplace spinout of motoring e-commerce firm Bitauto, has secured $580m in funding commitments in a round that includes both its parent company and internet group Tencent.

Indonesia-based online media, e-commerce and financial services platform Garena has rebranded itself as Sea and revealed $550m in funding from conglomerates JG Summit Holdings and Uni-President Enterprises.

SoftBank is continuing its investment spree, leading a $502m series B round for Improbable, a UK company developing software that will make the creation of large-scale virtual worlds possible.

SoftBank has also led a $360m round for Guardant Health, the developer of a liquid biopsy test for cancer diagnosis, and will help commercialise Guardant’s technology in Asia, Africa and the Middle East.

Modernizing Medicine had raised a total of $87m in funding as of the $38m series E round it closed in 2015, but the electronic health record system developer has taken a big jump with a $231m investment by private equity firm Warburg Pincus.

Online payment services provider PayU has invested $120m in digital lending platform lending platform Kreditech as part of a strategic partnership agreement.

There’s been more action in the on-demand transport sector, with Spain-based Cabify having raised $100m from an undisclosed single investor as part of a series D round it aims to close at $500m.

India-based mobile wallet operator MobiKwik is working on its own nine-figure round and is reportedly in talks with BlackRock, Bank of Baroda and Canara Bank over a round that will value it at about $1bn.

Music royalties platform Kobalt has raised $75m in a Hearst Entertainment-led series D round that valued the company at $775m post-money.

Signifyd has secured $56m in an American Express Ventures-backed series C round that increased its overall funding to almost $100m.

Social music app developer Smule has raised $54m in a round led by Tencent that reportedly values it at just over $600m.

Customer data software provider Gainsight has closed a $52m series E round featuring Salesforce Ventures and Cisco Investments that took its overall funding to more than $150m.

We’ve already talked about the biggest government venturing deal with Guardant Health just now, but what about the university venturing world? We haven’t had any mind-blowingly large rounds there this week, but still a few interesting ones – among these is SiFive, a US-based fabless provider of customised semiconductors based on UC Berkeley research, which raised $8.5m in a series B round that included spinout-focused investment firm Osage University Partners.

Funds

Dell has brought its corporate venturing unit, Dell Technologies Capital, out of stealth, revealing a 50-strong portfolio and 27 exits in the past five years.

China has launched a RMB17.8bn ($2.6bn) venture capital fund aimed at startups in industries of strategic importance, such as IT, energy conservation and environmental protection, advanced materials and equipment manufacturing.

International Finance Corporation (IFC), the private sector-focused investment arm of multilateral financial institution World Bank, has agreed to put $10m into the Stellaris Venture Partners India I fund.

BDC Capital, the investment arm of the government-owned Business Development Bank of Canada, injected C$5m ($3.6m) into the StandUp Ventures Fund I.

Exits

Ovid Therapeutics has gone public in a $75m IPO that provided exits for Sanofi-Genzyme BioVentures and Takeda, the latter its largest external investor.


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

19 September 2016 – Clear Vision Investment, A Fund for Baidu and Russian State Exits plus much more

Deals

AcuFocus, developer of a medical device that improves near vision, has raised $66m in a KKR-led round.

Microprocessor and system-on-chip technology developer Soft Machines came out of stealth mode in late 2014 with $125m from investors including AMD and Samsung, and has raised almost $175m from backers also including GlobalFoundries.

3D printing technology developer Carbon has added $81m to the $100m in series C capital it raised in August 2015, taking its overall funding to $222m.

Protein motion drug developer Relay Therapeutics has launched with $57m of funding partly supplied by biochemistry researcher DE Shaw.

A nice crossover between corporate, government and university came from France, where Eyevensys achieved a final close of its series A at $10m.

Funds

Baidu is looking to launch of a CVC unit called Baidu Venture that will target AI, virtual and augmented reality technology, and Baidu is initially looking to raise $200m to invest.

Sapphire Ventures broke off from its old parent company SAP in 2011 and officially changed its name from SAP Ventures three years later, but that doesn’t mean the two are strangers. SAP has just provided $1bn of capital for Sapphire.

Speaking of big funds, GV co-founder Bill Maris is reportedly in talks with investors for a new venture firm and is said to be targeting between $350m and $500m for its first fund.

Canada’s government has awarded $5m to the Capital expansion région Thetford fund for a venture capital vehicle that will support entrepreneurs in Quebec county Les Appalaches.

Canada-based VC firm Information Venture Partners, which achieved a $96m second close of its latest fund.

Bpifrance backed the first $52m close of incubator iBionext’s $112m growth fund that should help the Parisian startup foundry set up quite a few more businesses.

UC Berkeley meanwhile put some cash into the House Fund, a $6m fund set up by its alumnus Jeremy Fiance, and Warwick University is hoping to open a Centre for Innovation at its upcoming California campus, modelled on its original, England-based tech transfer office Warwick Ventures.

Exits

Crispr has filed for an IPO.

LED sensor technology provider Sensity Systems has agreed to an acquisition by Verizon that will give exits to Cisco Investments, Acuity Brands, GE Ventures and Simon Property.

Naspers subsidiary PayU is set to acquire Indian mobile payment services provider Citrus Pay in a $130m all-cash deal that will give exits to eContext and Beenos.

Concur has agreed to buy travel price comparison platform Hipmunk, allowing Nokia Growth Partners, which invested an undisclosed sum in the company two years ago, to exit.

Intel has reportedly agreed to buy semiconductor technology developer Soft Machines in a $250m deal that will provide exits to two Russian state-owned entities.

ICICI Prudential Life Insurance Company, an insurance provider backed by Singapore’s sovereign wealth fund Temasek, is hoping to raise Rs60bn ($900m) in an initial public offering today, that is Monday, September 19.

One sadder exit we have to talk about unfortunately is online lifestyle media company Mode Media. While the unicorn carnage predicted by some at the end of 2015 has yet to manifest, that doesn’t mean there won’t still be casualties. Mode Media, valued at $1bn in a 2013 round when it was still known as Glam, shut down on Thursday after failing to find a buyer or investors willing to provide financing. Its investors included Hubert Burda Media, which invested $30m in 2015, shortly after forming a strategic partnership with Mode.

People

Imperial Create Lab, the innovation community of Imperial College London and its Imperial Innovations investment arm, revealed a host of changes: Mark Hammond and Dominic Falcão have left to focus on their incubator Deep Science Ventures. Falcão had been manager of Imperial Create Lab from September 2013. Hammond had been director since January 2012.

Also at Create Lab, Jack Owen, ecosystem builder since January 2016, left to become a postgraduate talent associate at incubator Entrepreneur First, which, as you might remember, closed a $53.7m fund backed by Imperial College London two weeks ago. The new Create Lab team will be made up of Liz Choonara, who has also Imperial College’s enterprise development manager since 2014, and Lauren Dennis, communications and activities intern.

Hearst Ventures president George Kliavkoff has departed to take the chief executive position at virtual reality content developer Jaunt.

And Rich Flynn, who stepped down from his position as president of Apollo Education Ventures in April, has joined Tyton Partners as managing director.

Law and policy

After German finance minister Wolfgang Schäuble blocked a startup boosting bill several months ago, the government has now agreed to provide tax breaks to VC investors, making it possible for them to reclaim potential losses.


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