25 July 2016 – Last week’s biggest investments, funds, exits and people moves

Covering the week’s venturing news including funding, investments, exits and people moves.


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

14 March 2016 – Ant Financial, Flipkart, WeWork, Astroscale, Precision Ocular, Replay Technologies, Lasergen, Stanford University and more

Deals

Ant Financial, the financial services affiliate of Chinese giant Alibaba, which is seeking up to $3bn at a valuation of $60bn while it reportedly prepares for an IPO next year.

An equally impressive, if significantly less $1bn is being sought by India-based e-commerce company Flipkart, which is hoping to get a commitment from Alibaba and conglomerate Fosun for the round. Flipkart’s valuation for this round is actually down from its $15bn tag last year, when the company obtained $700m. Claims differ on the current valuation, but it appears to be in between the $11bn to $14bn range, though some have said that it could even be below $10bn.

WeWork, a shared workspace provider, climbed the ranks to sixth most valuable venture-stage business in the world when it claimed $430m in fresh funding at a $16bn valuation.

Japan-based Astroscale raised $35m from the Innovation Network Corporation of Japan. Jafco and other unnamed entities also participated in the round, which will be used by Astroscale to send a satellite into orbit that will track space debris in preparation for later missions that will collect that debris, which is becoming an increasing problem for safe space travel.

The biggest deal on Global University Venturing meanwhile was a $19m for Precision Ocular that was led by Imperial Innovations. Precision Ocular is working on treatments for retinal diseases such as age-related macular degeneration and diabetic macular edema.

Exits

Replay Technologies is set to be acquired by Intel for an estimated $175m a mere week after closing a $13.5m round led by Deutsche Telekom. Replay, a 3D filming technology producer, had secured $27m in total funding and the acquisition is also providing an exit to Samsung, which had invested in 2014.

Lasergen, a genome sequencing platform that received $80m from lab equipment provider Agilent Technologies last week in return for a 48% stake. Agilent’s also secured a three-year option to purchase the remaining shares for an additional $105m. Until then, the two companies have agreed to collaborated on a workflow product based on Lasergen’s technology.

Meanwhile, RusnanoMedinvest celebrated an exit when Syndax Pharmaceuticals floated on Nasdaq for $52.8m. The IPO followed some $155m in funding.

Stanford University secured an exit through an acquisition, when Immucor purchased spinout Sirona Genomics for an undisclosed amount. Sirona has developed a platform that uses three algorithms to build a database for mapping and managing genomic assessments such as blood type without the need for secondary testing.

Funds

When it came to funds, Cisco took the top spot last week with a three-year $500m initiative named Deutschland Digital. Cisco will invest the cash both directly in startups and in VC funds. It announced Deutschland Digital on the same day that it unveiled a $150m fund that will help foster an ecosystem around its cloud collaboration platform Cisco Spark.

Lan Kwai Fong, a Hong Kong-based conglomerate, is similarly looking at a fund with a target size between $300m and $500m, to be managed by its private equity unit LKF Capital. The fund marks the first time LKF is raising external capital and will focus on Chinese companies in the lifestyle and consumer industries.

Another fund to come out of Hong Kong is the $257m Innovation and Technology Venture Fund. Although first announced in January, the autonomous region only revealed the fund’s size in its budget for 2016/17 now. The fund will focus on local startups and hopes to make more capital available to them by matching private investments.

Parkwalk Advisors, which already manages several funds for Cambridge University, announced the University of Cambridge Enterprise Fund IV, which, much like the previous funds, enables alumni and investors to back Cambridge spinouts. The funds usually co-invest alongside Cambridge University.

Moves

Kaushik Anand, a growth equity investor at corporate venturing subsidiary Google Capital, is set to lead its investments in India, the Economic Times reported on Monday. He first joined Google Capital in June 2015 and has so far been based at its California headquarters.

IDG Ventures Korea has seen Matthew Lee depart to co-found a new venture dubbed Cognitive Investment. Lee had been CEO and managing partner of the unit since 2007.

Franceska Banga is set to step down from her position as CEO of New Zealand Venture Investment Firm later this month. The fund, which has over $200m under management, was set up by New Zealand’s government in 2001 and headed by Banga since then. Steven Joyce, minister of economic development in New Zealand, is using the change in leadership to review the fund’s performance and assess its structure.


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