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

11 March 2019 – SoftBank Announces $5bn Latin America SoftBank Innovation Fund

The big ones

SoftBank, SoftBank, SoftBank. It feels like that’s all we’re talking about on this podcast, and that shows no sign of stopping, as the telecoms and internet group has taken the wrapper off a $5bn vehicle dubbed SoftBank Innovation Fund which will focus on Latin American deals.

After all these years, ride hailing still looks to be the area of the VC world where the big bucks are going, and Grab has boosted its series H round to $4.5bn with a $1.46bn investment by SoftBank Vision Fund.

Lyft has become the first of the ride hailing companies to file for an IPO, setting an initial target of $100m. Rakuten is the largest investor in Lyft, valued at some $15bn last year, while Alphabet and GM also own decent-sized stakes, but the greatest attention may be paid to its finances.

Beam Therapeutics, a genetic medicine developer spun out of Harvard University, has followed up an $87m series A round in mid-2018 with a $135m series B featuring GV that will go to recruitment, technology development and the expansion of its base editing programs.

Deals

Go-Jek is meanwhile said to be valued at about $9.5bn, and has raised $100m from conglomerate Astra International as part of a round it intends to close at around $3bn.

Chinese smart electric vehicle producer WM Motor has raised $446m in a series C round led by existing investor Baidu, with which WM is also partnering in order to further develop its AI technology in a bid to bring self-driving vehicles to market in the next three years.

Vision Fund, which really is having an insanely busy month even by its own high standards, has also invested $350m to lead a $395m series F round for last-mile logistics provider Delhivery.

Mobile bank Chime has also reached unicorn status, tripling its valuation to $1.5bn with a $200m series D round led by DST Global.

Digital insurance startup Friday has received $128m in funding on, suitably enough, the Friday before last, with the majority of the cash coming from insurance holding company Baloise Group, which founded the company at the start of 2017 and which remains its majority shareholder.

Funds

SoftBank Vision Fund has been the biggest growth-stage investor of the past two years and if anything its activity is ramping up, the unit having made nine or 10-digit investments in Nuro, Chehaoduo, Flexport, DoorDash and Clutter in the past month.

Healthcare investment firm Gilde Healthcare has had a long-term partnership with Philips, which has backed several of its funds, while Johnson & Johnson has also been a corporate LP for the firm.

Contrary Capital, a university-focused venture firm with connections to dozens of US institutions, aims to raise $35m for its second vehicle from pooled investment funds, according to a regulatory filing published Wednesday.

Exits

Biogen has offered to pay $25.50 in cash per share to pay a total of approximately $800m for Nightstar Therapeutics, a spinout of University of Oxford that went public back in 2017.

Social media company YY owned almost 32% of livestreaming platform developer Bigo after leading its $272m series D round last June, and now it’s paid $1.45bn to complete the acquisition by purchasing the remainder of its shares.

Online classifieds operator 58 has revealed it sold $713m of its shares in automotive e-commerce platform Chehaoduo to an investor likely to be SoftBank Vision Fund, which invested $1.5bn in Chehaoduo last week.

China-based Ruhnn is three years old and pursuing a very ‘now’ business model, operating a network of social media influencers that can be hired for promotions or marketing, and has filed to raise up to $200m in an IPO in the US.

Data management platform developer DataStax has hired underwriters to work on its own IPO, according to Reuters, and is seeking a $1bn valuation.

Precision BioSciences, a US-based genomic medicine spinout of Duke University, has filed to raise up to $100m in an initial public offering.


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