28 January 2019 – Stanford StartX Fund Comes to an End

The big 3

For all the talk about the big numbers of 2018 – Global Corporate Venturing tracked 2,775 deals worth an estimated total of $180bn, the details of which you can find in the January issue out and the World of Corporate Venturing annual review published at the GCVI Summit at the end of the month – the headline increase in CVC units masks continued evolution in units and structures.

GE Ventures has become one of the most prominent figures in the corporate venture capital space since being formed in 2013, but its parent company is reportedly looking to divest the unit as part of a large-scale restructuring effort that has already claimed its transportation subsidiary and could shortly include GE Healthcare.

Big deal: Stanford-StartX Fund reaches the end

Insurance group Axa formed its corporate venturing unit, then known as Axa Strategic Partners, in 2015 and it has now boosted its early-stage investing by putting $150m into a second early-stage fund that will provide up to $6m per deal.

And startups founded by women or minorities are still having a tough time getting capital. Enterprise software producer SAP is the latest corporate to try and change that, unveiling its No Boundaries initiative that will invest 40% of the existing SAP.io Fund in startups led by underrepresented entrepreneurs.

Other big news sees a sweep of large deals continuing. Go-Jek is one on the up. The ride hailing platform, Grab’s main rival in Southeast Asia, has raised $920m from existing investors that include Google, JD.com and Tencent for the first close of a round with a $2bn target.

Still, getting financial and hopefully strategic benefits remains the game. Reports earlier this week suggested Viacom was set to acquire online television streaming platform Pluto TV for up to $500m. The final price has proven to be a more realistic $340m, but it will still give a healthy exit to a round of investors including Sky, ProSiebenSat.1, UTA, Universal Music Group, Samsung Scripps and Windsor Media.

Funds

Menlo Ventures hires Qualcomm’s Haghighi

Deals

Genetic disease drug developer BridgeBio has received $299m in funding from investors including AIG that will be used to move a 15-strong pipeline of assets forward.

Desktop Metal has confirmed recent reports that it was raising new funding by confirming it has closed a $160m round led by Koch Disruptive Technologies, the then undisclosed large industrial company featured in those reports.

FirstCry was reported last week to be in the process of securing $400m from SoftBank, but now the company has revealed the round will be raised over two tranches – with a first $150m investment closed – and that the cash is actually coming from the Vision Fund rather than the corporate directly.

LinkedIn-backed data streaming platform developer Confluent has secured $125m in a series D round that valued it at $2.5bn. The round increased Confluent’s total funding to $206m and was led by Seqouia Capital, the venture firm that also led its series C two years ago.

AutoAI was unveiled by mapping technology provider Navinfo late last year to further develop smart in-car technology created by the firm’s subsidiaries.

Andela recruits GV for $100m series D

SoftBank Vision Fund has made a $100m investment in Globality, the operator of a platform where businesses can source service providers, that valued the company at nearly $1bn, a source told the WSJ.

Sunmi shines with Ant Financial investment

University

Minervax finds verve with $5m

Nexiot checks in series B funding

CIC makes cut in Imagen series B

Exits

Beleaguered Blippar finds a buyer

Avedro heads to public markets


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

02 October 2017 – Roscosmos Establishes Space Ecosystem Fund

Deals

Chinese online services portal Meituan Dianping is reportedly nearing the close of a $3bn round featuring long-term investor Tencent that will value it at up to $30bn.

Alibaba has paid approximately $800m to hike its 47% stake in logistics affiliate Cainiao to 51%, as part of a $5bn investment drive to strengthen its logistics technology capabilities over the next five years.

Food ordering platform Deliveroo has secured $384m in a round co-led by Fidelity and T. Rowe Price set to be announced this week that will reportedly value it at $2bn.

Fosun-backed personal accounting platform Shenzhen Suishou Technology has secured $200m in a series C round led by private equity firm KKR’s newly formed Asian Fund III.

Ride hailing platform Didi Chuxing has invested $200m in Renrenche, the third largest second-hand car e-commerce marketplace in China by market share.

Qingting.fm, an online radio platform that reportedly counts Youku Tudou among its investors, has raised $151m in series E funding from undisclosed investors, according to AllChinaTech.

Pfizer has spun out a startup called SpringWorks Therapeutics to develop treatments for incurable conditions such as desmoid tumours and post-traumatic stress disorder based on therapies licensed from the corporate.

Letgo launched in 2015 as a mobile-focused competitor to Craigslist and eBay, and claims to be one of the fastest growing apps in the country. That growth is set to be fueled by $100m of new funding at a $1bn valuation from undisclosed existing investors.

Customer relationship management software provider ProsperWorks has received $53m in a series C round that took its overall funding to $87m, a sum CEO Jon Lee has claimed makes it the most well-funded CRM company founded in the past 10 years.

Treasury and finance management platform Kyriba has raised $45m in funding from investors including HSBC, the bank that backed its series C and D rounds, in 2015 and 2016 respectively.

We’ve already had the biggest deal on GGV – Cainiao – and on Global University Venturing, the biggest deal came from the UK. Autolus, a biopharmaceutical spinout from University College London (UCL), raised $80m in a series C round that included investment firm Woodford Investment Management. Syncona, backed by medical charities Wellcome Trust and Cancer Research UK, also participated in the round, as did Arix Bioscience, Cormorant Asset Management, Nextech Invest and a range of unnamed investors.

Funds

The Netherlands government-owned Dutch Investment Agency (NIA) and the EU-owned investment vehicle European Investment Fund (EIF) have committed €100m ($117.7m) to a fund targeted at growth-stage startups dubbed the Dutch Growth Co-Investment Program.

The Russian government-owned space agency Roscosmos has established a venture capital fund to commercialise inventions from the space ecosystem.

Exits

Sea, the Southeast Asian online services provider formerly known as Garena, has filed to raise up to $1bn in an initial public offering in the US.

Chinese online video streaming platform iQiyi is considering an initial public offering that will take place in the US early next year and has already started talking to banks, sources have told Bloomberg.

SAP has paid a reported $350m to acquire customer identity management software provider Gigya and will incorporate the company into its SAP Hybrid offering.

Roku has priced a $219m IPO in which Sky Ventures will sell some $9.4m of shares, and is set to float on the the Nasdaq Global Select Market tomorrow.

Nexon has paid $80m for a 65% stake in Korea-based cryptocurrency exchange Korbit, ironically at the exact point when the Korean government has banned initial coin offerings.


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