22 October 2018 – Alibaba Confirms Ele.me and Koubei Merger

Deals

Alibaba has confirmed the merger of Ele.me, the food delivery service it acquired in April, with Koubei, the local services platform it launched in 2015 and spun off two years later. The deal will be bolstered by $3bn of funding from Alibaba and SoftBank, and the newly formed entity will be going head to head with Meituan Dianping, the local services platform heavily backed by Alibaba’s key rival, Tencent.

Indian online food ordering platform Swiggy is preparing to raise $900m in a Naspers-led round that will reportedly include Tencent, and which will consist of $600m in equity funding and $300m in secondary share sales.

Instacart is growing like a weed and has announced a $600m round led by hedge fund D1 Capital Partners that valued it at $7.6bn. That would be some achievement in itself, but the grocery delivery service closed a $350m round at a $4.35bn valuation just six months ago.

Alibaba has invested approximately $288m in alcoholic beverages retailer 1919 Wines, taking a 29% stake in the process. 1919 sells its drinks through the combination of an e-commerce platform, for which Alibaba could surely help, and brick-and-mortar stores, and the investment comes at a time when China is learning to love wine.

LinkLogis, which uses AI to power a supply chain finance platform for small and micro-sized businesses, has received $220m in a series C round led by Singapore’s sovereign wealth fund GIC with participation from corporates GLP, Skyworth, Tencent and Bertelsmann Asia Investments.

Ant Financial, Alibaba’s financial services affiliate, has invested $210m in Zomato, the India-based restaurant listings platform that is moving into food delivery.

Oxford Nanopore Technologies, a UK-based sequencing technology spinout of University of Oxford, has raised $66m from pharmaceutical firm Amgen that brought its latest round to $206m.

Careem has received $200m from existing investors that include Rakuten, Al Tayyar and the Saudi Telecom-anchored STV according to Reuters, capital that will likely form the first part of a $500m round that values it at $2bn pre-money.

Automotive e-commerce platform Chehaoduo has meanwhile secured $162m in a series C+ round, seven months after Tencent led its $818m series C. It has reportedly now raised a total of more than $1.85bn in total, and the city of Kunshan has provided $430m as part of a deal that will involve it being the location for Chehaoduo’s Maodou subsidiary.

Funds

SoftBank is still yet to officially close its $100bn Vision Fund, but it is reportedly arranging $9bn in debt financing for the unit, from the banks that are acting as underwriters for the IPO of its wireless division, an offering expected to raise some $27bn.

US-based growth equity firm Edison Partners closed its ninth fund at $365m yesterday having raised capital from limited partners including Rutgers University and American Family.

Taiho Pharmaceutical launched corporate venturing arm Taiho Ventures in 2016 with $50m of capital. The unit has since backed several companies, many of which are cancer therapy developers, and achieved an exit when Arcus Biosciences went public in March.

The Chinese city of Xuzhou has partnered with venture capital firm SummitView capital to launch a $433m fund focusing on sensors and technology related to the internet of things.

36Kr has long been cited as a news source for Chinese deals, but the technology news platform has been busy in recent years, adding a slate of data provision, event promotion and fundraising services to its bow.

Exits

It’s been quite a while but slowly, inch by inch, ride hailing services Uber and Lyft are moving toward the public markets.

Meanwhile, prospective underwriters for a Palantir IPO have told the company it could double its last disclosed valuation to $41bn in its own 2019 IPO.

Innovent Biologics filed for its Hong Kong IPO in June but has now revealed it is seeking $400m to $500m in the offering and has lined up cornerstone investors.

Anaplan has raised almost $264m in an IPO that involved it floating at the top of its range before seeing its share price jump some 40% immediately.


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

15 October 2018 – Saudi Arabia’s Public Investment Fund Invests $45bn in SoftBank’s Second Vision Fund

Funds

SoftBank has for a few months discussed its intentions to launch a second $100bn Vision Fund, and it will have received a hefty incentive with news that Saudi Arabia’s Public Investment Fund intends to put up $45bn for the new fund.

Foxconn has formed a $545m investment fund that will invest in semiconductor ventures including the launch of five integrated-circuit design companies and one high-performance chip developer.

Tencent Investments, internet group Tencent’s corporate venturing unit, is meanwhile in talks with family offices and other potential limited partners for a $650m fund that will focus on follow-on investments in its portfolio companies.

Chrysalix takes corporates to RoboValley for new fund

Another interesting development in the past two or three years has been the increased entry of packaged food producers into corporate venturing. The likes of Kellogg, General Mills and Tyson Foods have been joined by Kraft Heinz, which is committing $100m to an investment initiative called Evolv Ventures.

University

Theodorus unveils $23m fund

Université libre de Bruxelles has added a fourth Theodorus fund to its arsenal with an initial close of $23m and a target of up to $33.5m.

Yissum fabricates $6m nanotech fund

HUJ’s tech transfer arm still hopes to raise a further $3m for the fund for a $9m close, and it has already invested in three technologies.

Deals

SoftBank has pumped billions of dollars into workspace provider WeWork to build up a stake of almost 20%, and the WSJ has reported that its Vision Fund is now considering an investment between $15bn and $20bn that will give it a majority stake in the company.

Xiaozhu, the short-term accommodation platform seen by many as China’s Airbnb, hasraised almost $300m in a round led by Yunfeng Capital.

Snowflake Computing has to be one of the fastest growing companies in the startup space right now. The data warehousing software provider raised $263m at a post-money valuation of $1.76bn in January and now, nine months later, has secured $450m in a round that valued it at $3.95bn post-money.

There’s been a lot about digital banking in recent months but much of the dealflow has been going on in Europe. Nubank however is showing that the model can be expanded to other markets, and the Brazilian company has raised $180m from Tencent at a reported $4bn valuation.

JFrog jumps to $165m series D

University

Glympse Bio engineers $22m series A

Exits

Redlock heads to Palo Alto in $173m acquisition

GV exits as Anju inhales Zephyr

Orchard Therapeutics has filed to raise almost $173m in an initial public offering, having secured more than $290m in equity funding in under three years. GlaxoSmithKline is the gene therapy developer’s second largest shareholder, with a 17.9% stake, while Medison and Sphera Global Health Care are also investors, having participated in its $150m series C round in August.

Synthetic DNA producer Twist Bioscience has filed to raise up to $86.3m in an initial public offering on the Nasdaq Global Market.


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

01 October 2018 – ByteDance in Funding Talks with SoftBank

Deals

Reports that China-based digital media company ByteDance was seeking funding at a $75bn valuation emerged a few weeks back, but now they’ve been fleshed out with news that it is in talks with SoftBank, which could provide $1.5bn of a $3bn round that also looks set to include KKR and General Atlantic.

Another Indian unicorn, ride hailing platform Ola, is reportedly in talks with Naspers and Temasek over a $1bn round that could value it at between $7bn and $8bn.

Short-term accommodation platform Oyo has raised $800m from investors including SoftBank Vision Fund and has reportedly secured commitments for a further $200m.

Swiggy is looking to establish itself as the market leader in India’s on-demand food delivery segment and has reportedly opened talks with investors including Tencent over a funding round that could reach $700m and value it at up to $2.5bn.

SoftBank Vision Fund continues to make its presence felt in the venture capital space, its latest deal being a $400m investment in real estate transaction marketplace Opendoor.

SoftBank’s Vision Fund has also invested in the latest round for online real estate brokerage Compass, which secured $400m in a series F round that valued it at $4.4bn post-money.

Butterfly Network, the developer of a handheld ultrasound device, has meanwhile received $250m in series D funding from investors including Fosun Pharma at a $1.25bn valuation.

Payment technology provider Stripe has taken a big step forward, securing $245m in a round that more than doubled its valuation to $20bn in less than two years.

Trucking services platform Manbang Group has been one of the recent success stories in China’s VC space, and now Convoy is aiming to become the sector’s market leader in the US.

UBiome, a US-based microbial genomics technology developer backed by the Stanford-StartX Fund, has raised $83m in series C funding from investors including Dentsu Ventures, the corporate venturing vehicle formed by marketing firm Dentsu.

Funds

Despite its name, SoftBank Ventures Korea hasn’t limited itself to Korean deals, and the unit is looking to establish itself more thoroughly in China with a $300m fund it has formed in partnership with TPG Growth.

The Engine Fund, a tough tech-focused VC vehicle associated with Massachusetts Institute of Technology’s Engine incubator, has reached a final oversubscribed close of $205m.

Exits

2018’s really turning into a banner year for IPOs, with fashion e-commerce marketplace Farfetch the latest tech company to launch a successful offering, floating above its range to raise $885m.

Baxalta Ventures has scored one of the year’s big M&A exits, after Alexion agreed to acquire autoimmune disease drug developer Syntimmune for $400m upfront and up to $800m in milestone-related payments.

Asarina Pharma, a Sweden-based biotechnology spinout of University of Umeå, floated on the Nasdaq First North stock exchange last week after raising more than Skr142m ($16.3m) in an initial public offering.


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

13 August 2018 – Alibaba Plans to Merge Koubei and Ele.me

Deals

Alibaba spun off its local services platform, Koubei, with a $1.1bn round at the start of last year, and acquired food delivery service Ele.me in April 2018 at a $4.5bn valuation. Now the e-commerce firm plans to merge the two in a deal that could be supported with a $3bn to $5bn round that could be led by SoftBank Vision Fund.

Bytedance, the owner of news aggregation app Toutiao and short-form video platform TikTok, is reportedly seeking $3bn in funding in a monster round that would value it at $70bn to $75bn.

WndrCo has formally confirmed that NewTV, the short-form video content platform it founded, has raised $1bn in funding.

WeWork has been among the biggest fundraisers in the VC space in recent years and has added to that by securing $1bn in convertible note financing from SoftBank.

Manbang, the market leader in China’s trucking services market, raised $1.9bn in an April round featuring SoftBank Vision Fund, Tencent and CapitalG, but is reportedly already seeking more funding.

Naspers has been an investor in mobile second-hand e-commerce platform Letgo since 2015 when it supplied $100m in series A funding, and it’s just committed a total of $500m to the company, $150m of which it provided earlier this summer.

Walmart has invested $320m in Chinese grocery delivery platform Dada-JD Daojia as part of a $500m funding round, with another existing investor, JD.com, providing the rest.

Slack had raised more than $840m from investors including SoftBank, Comcast and Alphabet, as of its last round, a $250m series G last September that valued it at $5.1bn post-money.

Zhihu, the Chinese owner of an online platform where some 160 million registered users can crowdsource answers to queries, has confirmed a $270m series E round, though it did not name the participants.

Moviebook runs an online advertising platform that used AI technology to insert product placement into online content. It’s just secured $199m in a series D round co-led by SenseTime and SoftBank’s SBCVC, and will put the proceeds into R&D as it looks to enhance its image optimisation technology with algorithms supplied by SenseTime.

Tot Biopharm has raised $102m in a series C round featuring Center Laboratories Group that will fund the advancement of a pipeline of antibody-drug conjugates intended to treat cancer.

Things were very busy by the end of the week on GUV, with the biggest deal of the day – and week – being an $84m oversubscribed series B round for UK-based cancer-focused biotechnology company Artios Pharma that featured commercialisation firm IP Group.

On GGV, Singaporean state-owned investment firm Temasek has paid $225m for a stake in India-based, corporate-backed ride hailing platform Ola through a secondary share purchase.

Funds

SoftBank is nearing the final $100bn close for its Vision Fund and is already eyeing a second iteration, but in the meantime it’s reportedly looking to put together a $5bn fund for Asian investments, with some 50% earmarked for India-based companies.

Parkwalk Advisors, a fund management subsidiary of commercialisation firm IP Group, has launched University of Cambridge Enterprise Fund VI in partnership with the university’s tech transfer unit, Cambridge Enterprise.

On GGV, Temasek has become a limited partner in the $140m second growth fund run by US-based Ten Eleven Ventures. Ten Eleven focuses on investment in cybersecurity businesses and the new fund – known as TEG II – is expected to enable expansion into new geographic regions including Southeast Asia.

Exits

Social media marketing technology platform Weimob, is heading to the public markets having filed for an initial public offering in Hong Kong.

Linio, the Mexico-based operator of an online marketplace spanning eight Latin American countries, had raised $230m from investors including Tengelmann, Access Industries and Rocket Internet, but some of its backers are bound to have made a loss after it was bought by big-box retailer Falabella for $137m.

GraphicsFuzz, a UK-based graphics driver testing technology spun out of Imperial College London, has been acquired by Google, the internet subsidiary of diversified conglomerate Alphabet.


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

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

28 May 2018 – Ant Financial’s Latest Round Pegged at $10bn

We are back from the annual GCV Symposium and GUV: Fusion conferences, our London events bringing together CVCs and university tech transfer leaders from around the world. Some 500 delegates gathered at the County Hall in a packed room overlooking the Houses of Parliament to network and exchange ideas. GUV also handed out its awards during a gala dinner, with Alison Campbell taking home the Lifetime Achievement Award and Indiana University Research and Technology Corp’s CEO Tony Armstrong collecting the award for Tech Transfer Unit of the Year. There are summaries about the days’ proceedings on GCV and profiles of all the winners on GUV, so do head on over there. While you’re on GUV, you should also take a look at our five-year data review into university spinouts, which has been gathering a lot of traction over the past week.

Deals

Reports last month suggested Alibaba’s financial services affiliate, Ant Financial, was set to raise money at a gargantuan $150bn valuation, and the size of the round now seems to have been pegged at $10bn.

Uber last raised funding in December, when SoftBank invested $1.25bn at a $68bn valuation, while at the same time leading a consortium that bought more than $7bn of shares in a secondary transaction that valued Uber at $48bn.

In more proof that the ride hailing gold rush isn’t over, Careem is in talks to secure $500m in funding at a $1.5bn valuation.

Grail became one of the quickest medtech companies ever to reach the $1bn funding mark, and now the Illumina spinoff has raised another $300m in an oversubscribed series C round co-led by the WuXi AppTec-backed 6 Dimensions Capital that also featured WuXi subsidiary WuXi NextCode.

Brii Biosciences has launched a company that plans to combine R&D, data technology and strategic asset licensing to provide medicines that will help Chinese patients fight conditions such as infectious diseases, lung and liver diseases.

Orbbec develops 3D motion sensors as well as 3D camera equipment, and has raised more than $200m in a series D round led by Ant Financial.

HMD Global licensed the rights to manufacture Nokia-designed and branded phones about 18 months ago, and has now secured $100m in funding at a valuation of more than $1bn.

OLX, Naspers’ classified listings subsidiary, has provided $89m for automotive e-commerce marketplace Frontier Car Group in the form of series C funding.

Outreach, a developer of customer engagement software, has raised $65m in a series D round backed by Microsoft Ventures that valued it at about $500m.

Rain Therapeutics, a US-based cancer-focused biotechnology developer based on research from University of Auckland, closed an $18.4m series A round featuring the Inventors Fund, managed by the institution’s tech transfer office Auckland UniServices.

Funds

Legend Capital, the venture firm established by Lenovo owner Legend Holdings, is going from strength to strength, having just put together its second RMB-denominated healthcare fund – its third in total.

On GUV, Icahn School of Medicine at Mount Sinai, a medical research division of Mount Sinai Health System, has established a $10m fund called i3 Asset Accelerator aimed at commercialising Mount Sinai’s research.

On GGV, Italy-based venture capital firm P101 has announced plans to launch a $142m fund with support from the European Investment Fund, the investment arm of the World Bank, and private equity company Fondo Italiano d’Investimento.

Exits

Salesforce is looking toward its next IPO exit after Adaptive Insights, the developer of a cloud-based business planning platform, filed for a $100m IPO.

Neurostimulation device maker Electrocore has filed to raise up to $74.8m in an initial public offering on Nasdaq, having secured $120m in funding over the last four years.

Essential Products sprinted out of the blocks, raising $300m in its second funding round last year, at a $900m to $1bn valuation, but negative response and low sales for its inaugural smartphone have reportedly led it to investigate a sale and to cancel development of its next phone in favour of a smart home device.

FanDuel was once a bright young thing, before regulatory issues cut into its business and drove it to seek a merger with fellow daily fantasy sports operator DraftKings. That deal didn’t come off, but it is set to be snapped up by Paddy Power Betfair, which is investing $158m and merging FanDuel, a spinout from University of Edinburgh that is backed by Alphabet, Comcast and Time Warner, with its US assets, forming a company in which it will have a 61% stake.

On GGV, German public-private partnership High-Tech Gründerfonds has celebrated the first initial public offering of a portfolio company. NFon, a Munich-based cloud telecoms business, received its first investment from HTGF in 2008 and has raised around $59m from its listing.


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

21 May 2018 – NewTV Raises $800m in Funding

Deals

Last week’s Big Deal on Global Corporate Venturing looked at a reported $800m in funding raised by NewTV, a stealthy video content producer formed by entertainment mogul Jeffrey Katzenberg that has secured corporates such as 21st Century Fox and Warner Bros as investors.

Reports earlier this year suggested Chinese smart car developer Byton was looking to raise $300m to $400m for its series B round at a $1.2bn valuation.

JD Logistics, the logistics provider spun off by Chinese e-commerce firm JD.com, has invested $306m in ESR Cayman as part of a strategic partnership agreement.

Tanium, an enterprise cybersecurity software provider backed by Citi Ventures, has received $175m from TPG Growth at a valuation of about $5bn, up from the $3.75bn at which it last raised funding a year ago.

Cryptofinance company Circle has secured $110m in a series E round led by new strategic investor Bitmain, at a reported valuation near to $3bn. Bitmain invested as part of an agreement that will involve it supporting USDC, a stablecoin currency Circle is releasing.

Unisound, a Chinese company developing AI technology for use in internet-of-things products, has raised $100m in a round led by China Electronics Health Fund, a corporate venturing subsidiary of telecoms equipment maker China Electronics Corporation Data.

Carousell, the Asia Pacific-focused owner of an e-commerce app for second-hand items, has received $85m in a series C round co-led by Rakuten Ventures and EDBI, the investment arm of state-owned Singapore Economic Development Board. Rakuten has been an investor in Carousell since its 2013 seed round, and also led its $35m series B.

Ansun Biopharma has also secured $85m, in a series A round co-led by corporate venturing units Sinopharm Healthcare Fund and Lilly Asia Ventures, both of which are also taking board seats.

FogPharma, which is developing miniprotein treatments for diseases including cancer, has closed a $66m series B round that included Nan Fung Group, GV and WuXi AppTec Corporate Ventures.

Funds

SoftBank still hasn’t officially closed its first Vision Fund, but is reportedly already in discussions with potential investors for a second Vision Fund that would also be sized at about $100bn, and which would source capital from a wider range of investors.

Southeast Asia has been a notable growth area in terms of VC funding over the past year or two, but it isn’t just foreign investors taking part. Siam Commercial Bank has doubled the size of Digital Ventures, the corporate venturing fund it set up in 2016, to $100m, making it the largest VC fund in Thailand according to the bank. It will also move away from its core fund-of-funds strategy toward more direct investments in startups.

Exits

Japanese e-commerce app Mercari has had a circuitous route to the public markets, but it’s finally succeeded in filing for a $1.1bn IPO in its home country, at a projected valuation of $3.3bn.

M17 Entertainment, formed by the merger or Paktor and 17 Media almost 18 months ago, has filed for its own IPO in the US.

Home furnishings e-commerce platform Home24 has filed for an offering in Frankfurt that is set to raise up to $235m.

Enough about IPOs though – despite the recent boom, the public markets aren’t the only exit route for investors. Case in point: PayPal has agreed to acquire mobile payment technology provider iZettle for $2.2bn in cash, days after Glassdoor was also bought for a billion-dollar sum.


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

12 March 2018 – Magic Leap Increases Series D to $963m

Deals

In last week’s Big Deal on GCV, news editor Robert Lavine looked at DoorDash, which just got its first corporate investment in a $535m series D round led by SoftBank, almost doubling its valuation in roughly two years.

Augmented reality technology developer Magic Leap has to be one of the most well-funded companies to have never released a product. It has increased its series D round to $963m with $461m from investors including Saudi Arabia’s Public Investment Fund, which put up $400m, and Axel Springer Digital Ventures.

Elsewhere in online entertainment, game livestreaming has been one of the biggest growth areas in the past year or two, as more companies look to follow Twitch’s lead. China-based Douyu, which has some 30 million daily active users, has secured $630m from Tencent, which has backed it since a $100m series B round two years ago.

Internet company Tencent has agreed to provide approximately $462m in series B funding for Huya, a China-based live game streaming spinout from social media platform Huya.

BBVA has led a $207m round for Atom Bank, the UK-based creator of a mobile-only bank with no physical branches.

Zomato has confirmed reports last month stating that Alibaba’s financial services affiliate Ant Financial had invested $200m.

Credit assessment technology provider Wecash has closed a $160m series D round that was co-led by e-commerce firm Sea and a subsidiary of financial services firm Orix.

UiPath, a developer of software bots that automate mundane enterprise tasks, has raised $135m from investors including CapitalG in a series B round that valued it at $1.1bn.

yKujiale, a China-based virtual reality platform for interior design, has raised $100m in a series D round that included Hearst Ventures, the corporate venturing arm of media group Hearst.

On GUV, TauRx Pharmaceuticals, a Singapore-based Alzheimer’s disease treatment developer spun out from University of Aberdeen, has revealed it secured $71m through a rights issue in October 2017.

Funds

Cisco Investments, the corporate venturing arm of networking equipment manufacturer Cisco, has committed an undisclosed amount to venture capital firm IDG Ventures India’s third fund.

Japan-headquartered automotive component maker Aisin Group launched a $50m US-based investment fund on Tuesday in partnership with venture capital firm Fenox Venture Capital. Fenox will manage the fund, with CEO Anis Uzzaman taking a general partner position.

On GUV, University of Montana has become the sole institutional limited partner (LP) in VC firm Next Frontier Capital’s second fund, a $38m vehicle that aims to support high-value Montana industries.

Exits

Kensho, an AI data platform based on research at Harvard University and MIT, has meanwhile agreed to an acquisition by one of its investors, S&P Global, for approximately $550m in cash and stock.

Blibli began life as a comics, anime and gaming-themed online community in China, but has grown rapidly off the back of an anime streaming platform that has licensed more titles than any other in the country.

Hua Medicine, a diabetes treatment developer backed by pharmaceutical company WuXi PharmaTech, also intends to raise upwards of $400m in an initial public offering.

Genetic disease therapy developer Homology Medicines has filed to raise up to $100m in an initial public offering that will support the progress of two drug candidates through preclinical trials.

Immuno-oncology drug developer Unum Therapeutics last raised funding in a $65m series B round in 2015, but it’s filed to raise up to $86.3m in an initial public offering.

Go-Jek is still in the process of raising funds for a round it expects to close at $1.5bn, at a $5bn valuation, but company president Andre Soelistyo has met with the Indonesia Stock Exchange to discuss a possible IPO.


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

20 November 2017 – SoftBank Uber Investment Finally Happening

Deals

People have been waiting for SoftBank’s proposed investment in Uber to be confirmed, and it now appears as though it’s happening, after Uber revealed it has come to an agreement with a consortium featuring SoftBank and Dragoneer over a deal.

Consumer and information robotics developer UBTech is in the process of raising $400m in a Tencent-led round set to value it at about $4bn, according to the South China Morning Post.

There are several prominent online car marketplaces in China and one of them, Huashenghaoche, has become the latest to close a nine-figure round. Minsheng Financial Leasing, the vehicle leasing branch of China Minsheng Bank, has invested $150m in the company, which also offers car leasing options, and whose existing investors reportedly include JD.com and Dongfeng Motor Group.

Maoyan, which agreed in September to merge with certain assets of another China-based online ticketing platform, Weiying, has received $150m in funding from Tencent, the internet group that is also one of Weiying’s key investors.

Elsewhere in China, Particle, the owner of personalised news aggregation app Yidian Zixun, has raised $112m in funding in a round that included government guidance fund Long De Cheng Zhang Culture Communication.

GV has led a $107m series D round for immuno-oncology drug developer Arcus Biosciences that included existing backers Taiho Ventures and Celgene, taking its total funding to $227m.

SIG-backed peer-to-peer lending platform 9f has raised an undisclosed amount in a series C round it claimed was sized in the nine-figure range.

Temasek, the Singapore state-owned investment firm, has led an $87.5m series D round for Poshmark, a social fashion marketplace backed by Shea Ventures, the corporate venturing arm of JF Shea.

Graphcore, the creator of a machine intelligence processing unit, has raised $50m in a series C round that included Robert Bosch Venture Capital, Samsung Catalyst Fund and Dell Technologies Capital, all of which also backed its $30m series B just five months ago.

Funds

Aster Capital, the French VC firm sponsored by corporates Solvay, Alstom and Schneider Electric, has closed just over $280m in financing from undisclosed backers, bringing the overall capital it has under management to almost $590m.

On GUV, Johns Hopkins University joined forces with US-based healthcare investment firm Deerfield Management to launch a $65m commercialisation fund called Bluefield Innovations aimed at the university’s therapeutic research.

On GGV, Ireland Strategic Investment Fund (ISIF), the country’s sovereign wealth vehicle, provided a cornerstone investment to a €250m ($294m) patient capital fund for Ireland-based small and medium-sized enterprises (SMEs).

Exits

China-based online consumer lending platform Qudian had some notable success in its US IPO last month, raising $900m after it floated well above its range.

Yixin Group, the automotive e-commerce and finance platform spun out of BitAuto in 2014, has generated $867m in a Hong Kong IPO that also represented an exit for investors Tencent, JD.com and Baidu.

LexinFintech, the Chinese operator of consumer lending and instalment buying platform Fenqile, has filed for a $500 initial public offering.

Mashable was valued at $250m as of its last funding round, but with no additional funding forthcoming, it has been forced into a sale to Ziff Davis for only $50m.

Corporates emerged practically unscathed from the Theranos disaster, but CapitalG, the growth equity unit formerly known as Google Capital, has found itself in a sticky situation with healthcare clinic advertiser Outcome Health.

On GUV, we had two news about IPOs. First, US-based immunotherapy developer Arsanis, backed by research institute European Molecular Biology Laboratory’s investment arm EMBL Ventures, set its pricing range at $15 to $17 – meaning it could raise $61m if it floats at the top of the range.

Apellis Pharmaceuticals, a US-based biopharmaceutical spinout from University of Pennsylvania, meanwhile raised $150m in its IPO, floating on the Nasdaq Global Select Market.

On GGV, OnPoint Technologies, the strategic investment vehicle for the US Army, has exited US-based fabless semiconductor producer InVisage Technologies following its acquisition by electronics producer Apple.


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

16 October 2017 – Ola Raises $1.1bn in Tencent-led Round

Deals

Ola confirmed today it has raised $1.1bn in a round led by Tencent, which invested $400m according to recent reports.

Tujia, the online accommodation marketplace often referred to as China’s Airbnb, has secured $300m in a round co-led by Ctrip that valued it at more than $1.5bn.

SoftBank Vision Fund has done more than anyone to ramp up venture capital investment to new levels this year, and it’s far from finished. The fund has led a $164m round for Mapbox, a provider of location and mapping technology for app developers, taking the company’s overall funding to nearly $230m.

Freight shipping management platform Flexport, has confirmed it has closed a $110m series C round that valued it at $910m post-money.

App development seems to be a hot area for SoftBank right now. The firm has also led Petuum’s $93m series B round, investing through an undisclosed subsidiary.

Music royalty collection service Kobalt has added $14m of funding from investors including the Bill Maris-headed Section 32 to take its series D round to $89m.

On Global Government Venturing, the biggest deal was a $100m funding round for Bill.com, a US-based payment processing network already backed by payment services firm American Express, which raised the cash in a round co-led by Singaporean state-owned firm Temasek and financial services firm JPMorgan Chase.

Funds

China-based educational services provider New Oriental Education and Technology has launched a $300m+ fund to invest in early-stage edtech startups, along with a $1.5bn fund that will focus on growth equity and M&A deals, according to local media reports.

Japan-headquartered mobile game developer Akatsuki was founded in 2010 and went public last year, and now it’s elected to join the corporate venturing space with the formation of a $50m fund that will target entertainment technology startups.

Cambridge Enterprise, the tech transfer office of University of Cambridge, has partnered business school unit Cambridge Social Ventures to launch a £100,000 ($132,000) seed impact fund.

On GlobalGovernmentVenturing.com, we’ve also had quite a few new funds, so let’s look at a couple of the bigger ones.

French state-owned investment bank Bpifrance has contributed an undisclosed sum to the €45m ($53.1m) first-close for France-based edtech VC fund Educapital. Children’s retailer IdKids has also backed the fund, as have business-to-business services provider Econocom, publishers Bayard and Hachette Livre, family-owned fund Education for the Many and a range of unnamed investors.

VC firm Wavemaker Partners closed its second Southeast Asia-focused fund today at $66m with contributions from Singapore state-owned investment firm Temasek.

Exits

Meal delivery service HelloFresh originally filed to go public in 2015, only to withdraw its IPO plans the a few weeks later. Now, however, HelloFresh has also confirmed recent reports, filing for an IPO that will raise approximately $355m if it floats at the top of its range.

Further along the IPO process is MongoDB, which has set terms for an offering that will net it $160m if it floats at the top of its range.

Singapore-based online services provider Sea has set the terms for a US IPO that will raise $695m if it floats at the top of its range (or $800m if the underwriters exercise their over-allotment option).

High-speed integrated circuit producer Aquantia has filed for an $86.3m initial public offering that follows about $195m of venture funding.

Spero Therapeutics, a US-based bacterial infection therapy developer backed by spinout-focused investment firm Osage University Partners has filed for an $86.3m initial public offering.


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