02 September 2019 – ThoughtSpot Closes $248m Round

The Big Ones

Enterprise analytics platform developer ThoughtSpot has closed a $248m round that valued it at $1.95bn, though existing corporate investors HPE and Capital One do not seem to have participated.

Megvii is one of the two key players in China’s ever increasing – and ominous – facial recognition technology sector (the other being SenseTime), and it’s filed for a Hong Kong IPO that sources tell Reuters is set to raise at least $500m and possibly up to $1bn.

VIPkid has been one of the main players in China’s burgeoning online tutoring sector, but the company, which employs North American English language teachers who work with students through video, may have been indirectly impacted by recent regulations tightening up on credentialling.

US-based, blockchain-focused financial services provider Algo Capital has closed its venture capital fund at $200m – twice as much as its initial target! – having raised capital from limited partners including data marketplace Wibson and consulting firm Rokk3r.

The biggest deal on GUV was the up-to $400m acquisition of Modis Therapeutics, a US-based rare genetic disease therapy developer partly based on Columbia University research, by its peer Zogenix.

Deals

Kuaikan Manhua runs a mobile platform where users can upload original art – much of which is comic based – so it can be bought and read. It has some 40 million monthly active users, half of which are teenagers or younger, and that has attracted Tencent, which has invested $125m.

Tencent has also contributed to a $100m series C round for Whale Network, the owner of e-commerce offerings including Haoyiku. The round was led by venture capital firm Sky9 and it will fund the company’s growth in smaller Chinese cities in addition to the strengthening of its social commerce and livestreaming activities. T

On-demand car leasing service Fair has received $100m in equity and debt financing from Ally Financial, eight months after SoftBank led its $385m series B round.

Agribusiness Cargill has invested $75m in Puris, a producer of pea protein-based food ingredients, money that will be used to expand production at its main facility.

HiFiBio Therapeutics has completed a $67m series C round featuring Kite Pharma and Legend Star, and will put the proceeds toward expanding a pipeline of antibody-based drug candidates targeting cancer and autoimmune diseases.

Online life insurance portal Ethos has secured $60m in a GV-led round, at a valuation of somewhere between $400m and $500m according to Forbes. GV had previously contributed to the company’s $35m series B round just under a year ago, and the latest funding has been earmarked for product development and the strengthening of the Ethos engineering team.

Even with the recent uptick in Latin American investment, we don’t talk about too many Mexico-based companies on this podcast, but Credijusto has bucked the trend, securing $42m in a series B round co-led by Goldman Sachs Principal Strategic Investments.

Exits

Temenos has agreed to acquire digital banking software provider Kony in a deal that will involve it paying $559m upfront and up to $21m in earn-outs.

Peloton Interactive has filed to raise up to $500m in an initial public offering on the Nasdaq Global Select Market, roughly a year after raising $550m in a Comcast NBCUniversal-backed series F round valuing it at $4.15bn.

Funds

Indonesia-based venture capital firm East Ventures has closed its sixth fund at $75m with contributions from conglomerate Sinar Mas, media group Emtek and investment holding company Triputra Group.

Cybersecurity software producer CrowdStrike launched a $20m US-based investment fund on Monday in partnership with venture capital firm Accel in a bid to build an ecosystem around its products.


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

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