06 August 2018 – $585m Series B+ Round for Xiaopeng Motors

Deals

Grab has been on a tear in the last year, raising $2.5bn from SoftBank, Didi Chuxing, Toyota and Hyundai a year ago, before Toyota invested a further $1bn in June this year. That Toyota funding has now been doubled to make a $2bn round, the new cash coming from backers including corporate funds Ping An Capital and Mirae Asset – Naver Asia Growth Fund.

Elsewhere in the Asian transport sector, smart electric vehicle developer Xiaopeng Motors has pulled in $585m in a series B+ round co-led by Primavera Capital, Morningside Venture Capital and company chairman He Xiaopeng.

Peloton, the operator of a home fitness offering that consists of a custom-made exercise bike and streamed fitness classes, is taking a big step forward.

China Diagnostics Medical Corporation, a medical diagnostics service provider that’s been around almost 20 years, has raised approximately $294m in a round featuring Ping An Ventures. Legend Capital co-led the round with China Renaissance, putting in $100m in the process.

Brandless emerged from stealth a year ago having raised a total of $50m from investors including GV, and now SoftBank’s Vision Fund has led a $240m series C round that reportedly values the affordable consumer goods provider at just over $500m.

Zhaoyouwang, the Chinese operator of a fuel trading platform for businesses, has received $150m in a series C round co-led by GLP and backed by returning investor SIG Asia.

China-based immuno-oncology therapy developer Curon Biopharmaceutical has closed a $150m series A round that included 6 Dimensions Capital, the venture capital firm co-founded by pharmaceutical research firm WuXi AppTec. Singaporean government-owned investment firm Temasek and private equity firm Boyu Capital also contributed to the round.

Medlinker, the creator of a social network for medical professionals, has secured $146m in a series D round led by China Capital Zhongcai Fund.

Judo Capital has closed what is reportedly the second largest ever for an Australian startup, securing $104m from investors including Credit Suisse Asset Management.

On Global University Venturing we have Apeel Sciences, a US-based food technology developer that emerged out of UC Santa Barbara, which has raised $70m in a series C round led by hedge fund Viking Global Investors.

Exits

Cisco has agreed to pay $2.35bn to acquire user authentication software provider Duo Security, 10 months after it raised money at a $1.7bn valuation.

Chinese media reports first suggested Didi Chuxing was in talks to buy portfolio company Ofo for $1.5bn early last week but then a source told Reuters the terms of a prospective deal have shifted, with Didi set to partner another of Ofo’s corporate investors, Ant Financial, on a joint deal that could value the bicycle rental platform at $2bn.

Arm has agreed to acquire Treasure Data in a deal reported by Bloomberg to be about $600m in size.

On GUV, Dattus, a US-based industrial connectivity technology developer assisted by the Purdue Foundry accelerator, was acquired by manufacturing automation software provider Plex Systems for an undisclosed sum.

Funds

Singapore-based VC firm Golden Gate Ventures has achieved a $65m first close for a $100m fund, with LPs including conglomerate Hanwha and internet company Naver as well as Temasek.

Patrick Eggen has left Qualcomm Ventures, where he was managing director for North America, to launch a new fund. Counterpart Ventures was co-founded by Eggen and Joe Saijo, who was formerly president and managing director of Recruit Strategic Partners, with both taking partner positions.


“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