01 April 2019 – Uber to Acquire Careem for $1.4bn

The Big Three

Uber has confirmed it will acquire Careem, its biggest rival in the Middle Eastern market, for $1.4bn in cash and $1.7bn in convertible notes. The price will mark a significant uptick on the reported $2bn valuation at which Careem last raised money, and a lot more than that for Saudi Telecom, which supplied the company’s $1.7m seed funding back in 2013 through its STC fund managed by Iris Capital, which fortuitously hosted its corporate day at the Eiffel Tower on the day it was announced (and which helped make the after-party go with a swing).

But it’s notable to see five large deals involving Tencent in the week after its financial results: Ke.com, Yipinshengxian, MiningLamp, Airwallex and Shuidi.

JD.com for its annual results for last year noted an “increase in investment in equity investees and investment securities of RMB22bn [$3.3bn]”.

Exits

McDonald’s is also making a sizeable acquisition, having agreed to pay more than $300m to buy Dynamic Yield, a developer of machine learning technology that will make its drive-thru kiosks more intelligent.

Kyriba to score $160m in acquisition deal

Lyft has raised a huge $2.34bn in its initial public offering, floating at the top of its range having extended that range upwards on Wednesday. The IPO valued the company at more than $24bn and should prove somewhat of a vindication for those who invested big money in the ride hailing space when some onlookers suggested it was overvalued.

The year’s biggest IPO will almost certainly be Lyft peer Uber’s, but Pinterest has finally filed for an initial public offering expected to value it at some $12bn. T

Zoom comes face to face with $100m IPO

Hookipa looks to public markets

Turning Point to face IPO moment of truth

Deals

Reports earlier this week revealed mattress producer Casper is getting ready to begin prepping its IPO, but in the meantime it’s raised $100m at a reported $1.1bn valuation.

Paytm owner One97 Communications is reportedly in discussions to raise as much as $2bn in funding from a consortium that will include existing backers SoftBank Vision Fund and Ant Financial, at a valuation of $16bn to $18bn.

Elsewhere in the transport sector, Leap Motor, one of several China-based electric car developers to emerge in the past five years in the wake of Tesla’s success, is reportedly looking to raise approximately $372m in what would be its series B round.

Connected robot developer CloudMinds is in the process of raising $300m in funding and has so far secured SoftBank Vision Fund as an investor in the round.

Delhivery picks up another $413m

Lidar technology developer Innoviz Technologies is a bit further along in the fundraising process, having nailed down $132m in a series C round that includes Phoenix Insurance and Harel Insurance Investments and Financial Services.

Mobvoi looks to mobilise $100m

SoftBank feels out PharmEasy for $100m round

University

Hyalex extricates $33m in series A

Inivata invites investors to series B

Volta charges up $180m fund with corporate help


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

18 March 2019 – Uber Lines Up $1bn in External Capital

The Big Ones

Uber is lining up at least $1bn in external capital for its autonomous car division. SoftBank Vision Fund and Toyota, both of which are already investors in Uber itself, are among the consortium that is in advanced talks to supply the cash. Uber is reportedly seeking a $5bn to $10bn valuation in the round.

Waymo has been operating as part of Alphabet predecessor Google since 2009 and was established as a dedicated subsidiary in 2016. Now, the autonomous driving technology developer is seeking external funding for the first time, and while we don’t know a figure quie yet, it will reportedly be at a valuation far higher than the $15bn it was said to be valued at in the past.

SoftBank revealed in January that it was relaunching its SoftBank Ventures Korea unit as SoftBank Ventures Asia with an expanded remit to invest in the US and Europe as well as all over Asia, and now its CEO JP Lee has revealed that it will also make use of a $500m capital injection.

Deals

Film and TV studio STX Entertainment launched in 2014, raising an undisclosed amount in a Tencent and PCCW-backed round two years later at a $1.5bn valuation. Now, it’s added $700m in debt and equity financing from private equity investors that will fund the expansion of its film production rate as well as strategic acquisitions.

SIG subsidiary Susquehanna Growth Equity is part of a group of investors that have spent $280m to buy shares in work management software provider WorkFront through a secondary share purchase. The company had previously raised $95m in equity financing, and SGE director Martin Anger will take a board seat in conjunction with its investment.

Content delivery network operator Cloudflare has meanwhile raised $150m in a Franklin Templeton-led series E round that took its overall funding to $332m.

Indian freight shipping marketplace BlackBuck has been raising money for its latest round since October and has reportedly set a $100m to $150m target for its close.

Kaplan-backed educational content provider Newsela has meanwhile received $50m from TCV in the form of a series C investment.

Funds

Harvard University has announced a partnership with investment firm Deerfield Management to launch a $100m research and development initiative that will focus on the development and translation of biomedical and life science research.

Exits

Cannabis producer and services provider Verano has agreed to an $850m all-share acquisition by competitor Harvest Health and Recreation, in a deal that will qualify as an exit for cannabinoid therapy developer Scythian Biosciences.

Application delivery technology provider Nginx has raised a little over $100m in funding but has agreed to a $670m acquisition by F5 that will enable Telstra Ventures to exit.

Salesforce Ventures and M12 are set to exit machine learning software developer Figure Eight in an acquisition by AI dataset provider Appen that may total $300m.

Africa-focused online marketplace Jumia has filed for a $100m initial public offering in the US that would follow flotations by other Rocket Internet-founded e-commerce platforms.

Abiomed and Trudell Medical-backed Shockwave Medical, the developer of a calcification treatment system, has raised $97m in its initial public offering.


“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

18 February 2019 – Mitsubishi Takes 20% Ovo Energy Stake for $256m

Big 3

Mitsubishi Corporation has paid $256m for a 20% stake in energy retailer and smart systems provider Ovo Energy, which plans to use the funding as the basis for an expansion from Germany and its home country of the UK into markets such as France, Australia and Spain. Ovo’s investors also include Mayfair Equity Partners, which acquired a 15% stake in 2015, but its founder and CEO remains its majority shareholder.

Evonik launched its first corporate venturing fund in 2012 with €100m of capital and now, six years on, it’s added €150m ($170m) in the form of a second fund.

Allied Minds prepares cost reductions

Deals

SoftBank Vision Fund has already gone big when it comes to autonomous driving, pumping some $2.25bn into Cruise Automation last year, and it’s now invested $940m in Nuro, the creator of a driverless vehicle designed for deliveries.

Ride hailing service Didi Chuxing has invested $100m in short-term accommodation booking platform Oyo, allowing the latter to close a $1bn round that valued it at $5bn.

Go-Jek is a little further along, the Southeast Asian ride hailing service having raised $1bn from investors including Google, Tencent, JD.com and Mitsubishi two weeks ago.

Two or three years ago it looked as if the e-commerce space may have been heading for some rough times (remember Fab.com?), but the sector looks to have largely steadied since then. Zillingo is the latest e-commerce marketplace to have raised sizeable funding, pulling in $226m in a series D round featuring long-term backer Burda Principal Investments. The round valued it at $970m and increased its overall funding to more than $300m.

Cancer diagnostics technology developer Burning Rock has completed a $126m series C round backed by corporate venturing unit Lilly Asia Ventures, which is in the process of raising its fifth fund (see below).

Six Fintech Ventures, the VC arm of banking services provider Six, has led a series A round for Tradeplus24, the operator of a service that provides debt financing to small businesses insured against account receivables, that was sized at approximately $119m.

Arvelle arrives with $100m

Reddit has meanwhile confirmed a TechCrunch report from last week that stated Tencent was about to lead a $300m round for the social posting platform, which has some 330 million monthly active users but which reportedly generated less than $90m of revenue in 2018.

University

Nuvaira shares $79m series E news

Recida rolls out from Frazier Healthcare

Exits

Euclid goes to WeWork in acquisition

DMP maps out Ushr acquisition

Stanford-backed Eero connects to Amazon

Harpoon snags public markets listing

Nan Fung fund Pivotal Beta was among the investors that provided $100m in convertible note financing for Stealth BioTherapeutics, developer of treatments for conditions related to mitochondrial dysfunction.

Huya went public in the US nine months ago, and now another Chinese livestreaming platform, Douyu, plans to make a similar move, confidentially filing to raise up to $500min a US IPO.

Peloton Interactive has now sold some 400,000 of its $2,000 advanced exercise bikes, which work in tandem with a subscription-based interactive workout service.

Funds

Evonik launched its first corporate venturing fund in 2012 with €100m of capital and now, six years on, it’s added €150m ($170m) in the form of a second fund.

Lilly Asia Ventures lifts $40m for fifth fund

MML seeks corporate commitments for second fund

Morgan Creek mines $40m fund


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

11 February 2019 – Tencent and the Gaming Industry

Big Three

General Electric’s corporate venturing unit is launching a content portal called Flux to help companies overcome barriers to diversity and inclusiveness.

In game-industry deal-making, there’s Tencent, then there’s everyone else. As a sign of both financial muscle and the need to expand beyond core markets given the effective closing of the Chinese market to new games in 2018, Tencent was either a major shareholder in or investor in four of the top five deals last year that saw record $5.7bn invested in startups, according to Digi-Capital’s Q1 report by Tim Merrell.

SoftBank chief executive Masayoshi Son has said he wants the corporate to eventually raise several iterations of its Vision Fund, and it may have to, considering the vehicle, which is yet to reach its initial $100bn target, has reportedly passed the halfway point in terms of capital allocated.

Deals

Chinese automotive e-commerce platform Guazi could well be the next investment target for SoftBank Vision Fund, which is reportedly in talks to invest up to $1.5bn at an $8.5bn pre-money valuation.

Autonomous driving technology developer Aurora Interactive was formed by alumni of Google, Uber and Tesla’s driverless software units, and has made a big move by raising $530m from investors including Amazon.

OakNorth, a digital bank that caters to both consumers and business customers, has meanwhile become SoftBank Vision Fund’s latest portfolio company.

Electric scooter and e-bike rental service Lime has completed a $310m series D round co-led by GV, whose parent company Alphabet also participated.

Microsoft has invested in Databricks as part of a $250m series E round that valued the big data analytics technology producer at $2.75bn, more than two years after forming a partnership to create a version of its software specifically for Microsoft’s Azure platform.

Zomato has meanwhile received $39.7m from Glade Brook Capital and added it to the $210m invested by Ant Financial in October for a funding round that now stands at about $250m, and which reports last month suggested could potentially reach $1bn.

Raisin puts $114m in its account

Emerging Markets Property Group, the online real estate listings operator whose key brand is Bayut, has raised $100m in series D funding from investors including Exor Seeds, the $100m fund formed by reinsurance company PartnerRe and its parent, Exor.

Healthcare data software provider Health Catalyst on the other hand is valued at about $1bn following a $100m series F round backed by corporate venturing vehicles UPMC Enterprises and Kaiser Permanente Ventures.

Foot Locker kicks $100m into Goat Group

Corporates help scale Himalaya with $100m

University

Spin Memory banks Abies for series B

Blue Water seeks $15m injection

Funds

Sojitz sorts out $33m joint venture fund

Partech packs $143m into African fund

Berkeley encrypts Blockchain Xcelerator

Exits

Palo Alto Networks picks Demisto for acquisition

Alector is developing immuno-neurology drugs that will target the immune system in order to fight neurodegenerative disorders, and it raised $176m when it floated today after pricing its IPO in the middle of its range.

Marinomed hits Vienna Stock Exchange

Long touted as one of the world’s most valuable VC-backed startups, Palantir reached a $20bn valuation in 2015 and reports from 2018 suggested it would seek a valuation roughly double that in a flotation expected to take place this year.

After months of speculation Slack has finally filed, albeit confidentially, to go public. The enterprise messaging platform plans to opt for a direct listing, as Spotify did last year, meaning existing investors including GV, Comcast Ventures and SoftBank Vision Fund will get the chance to divest shares despite Slack not looking to raise additional capital through a flotation. Slack was valued at just over $7.1bn as of its last funding round, in August.

TCR² Therapeutics has set the terms for an initial public offering that will net it $80m if it floats at the top of its range.


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

21 January 2019 – SenseTime Prepares for $2bn Round

The big ones

Image recognition software provider SenseTime raised a total of $1.7bn in the year running up to May 2018, and news has emerged that it’s preparing a new round with a target of $2bn.

Slack has been mooted as one of 2019’s likeliest IPO candidates for months now, but it’s reportedly looking to emulate Spotify and choose a direct listing rather than issuing new shares.

On GUV, news of note was that Purdue University has now launched a total of 223 university-linked businesses since 2013, more than half which were based on intellectual property (IP) licensed through Purdue Research Foundation’s office of technology commercialisation (OTC).

Deals

End-to-end construction and renovation services platform Katerra last raised money in an $865m series D round led by SoftBank Vision Fund a year ago.

SoftBank is reportedly in talks to pay $400m for a 42% stake in baby and child product retailer FirstCry, representing a signficant jump in valuation from the $350m figure reported for the company’s last round.

Around a week after news that its biggest rival, Bird, was lining up $300m in funding, reports suggest scooter and bicycle rental platform Lime is set to raise about $400m in a round that will value it at $2bn pre-money.

English language tutoring platform Dada has concluded its latest round, securing $255m in series D funding from investors including TAL Education.

Logistics service provider Yimi Dida has meanwhile raised $266m in series D funding from investors including Prologis.

Niantic has confirmed it has raised $245m in a series C round featuring Samsung Ventures and Axiomatic at a post-money valuation near to $4bn.

Funds advised by Apax Partners have agreed to invest $200m in big data software and services provider Fractal Analytics through a transaction expected to close next month.

Beta Bionics has attracted $13m from investors including medical device producers Zealand Pharma and Dexom to close its series B round at $63m.

Outdoorsy, the operator of a rental platform for recreational vehicles, has closed a $50m series C round that involved the return of Aviva Ventures, the corporate venturing unit that also backed its series B early last year.

Exits

Online film ticketing platform Maoyan has set the terms for its initial public offering in Hong Kong and will raise approximately $344m if it floats at the top of its range.

Educational services provider Byju’s has acquired connected toy producer Osmo in a $120m all-share transaction that will add a range of coprorates to the former’s investor base.

Cirius Therapeutics, a developer of therapies for liver and metabolic diseases, has filed for an $86.3m IPO that will provide an exit for Novo, which owns almost 20% of its shares.

On GUV, consumer electronics producer Samsung is in advanced discussions over a $150m to $160m acquisition of Corephotonics, an Israel-based smartphone camera technology provider based on Tel Aviv University research.

Funds

Venture firm Magenta Venture Partners has launched in Israel with substantial backing from Mitsui, which is also providing two of its four founding general partners, one of the others being Motorola Solutions Venture Capital alumnus Ori Israely.


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

17 December 2018 – Grab Reaches $2.85bn in Latest Round

Deals

Grab has boosted its latest round to $2.85bn, taking in $150m from Yamaha Motor through a strategic partnership agreement.

Indonesian online marketplace Tokopedia has confirmed it has secured $1.1bn in a round led by Alibaba and SoftBank Vision Fund, with contributions from SoftBank Ventures Korea and unnamed existing backers.

Facial recognition technology provider Megvii is set to raise $500m in a round that could be led by $200m from Bank of China Group Investment with a possible investment by existing backer Alibaba.

Zymergen raised $130m in a SoftBank-led round two years ago, and now SoftBank’s Vision Fund has returned to lead a $400m series C round for the molecular manufacturing technology provider that included Goldman Sachs, Hanwha Asset Management and several existing investors.

Naspers Ventures is leading a funding round for online education provider Byju’s that has reached $322m on its way to a $400m close.

Financial software provider Plaid has secured $250m in a series C round led by Kleiner Perkins and backed by Goldman Sachs, Andreessen Horowitz, NEA, Spark Capital and Index Ventures that valued it at $2.65bn.

Niantic, the augmented reality game developer best known for Pokémon Go, is close to raising $200m in funding from investors including Samsung and Axiomatic, the eSports company that’s becoming increasingly involved in corporate venturing.

Parking services and technology platform ParkJockey was reported the week before last to be closing in on a SoftBank-led round that could be sized between $800m and $1bn.

Automotive e-commerce platform Vroom has raised $146m in a series G round that was led by a $50m investment from brick-and-mortar car retail chain AutoNation.

Meiri Yitao was incubated as a social commerce-focused fresh produce offshoot of online grocer MissFresh, but has sped out of the blocks, following a $30m series A round in July with $100m in series B funding from investors including SIG Asia Investments.

Things have started to quieten down a bit on Global University Venturing ahead of the Christmas holidays but Genomics, a UK-based drug discovery engine developer spun out of University of Oxford, still managed to extend its series B round to $42m with the close of an oversubscribed second $10.2m tranche.

Funds

Bytedance closed its last round at a valuation of $75bn – enough to make it the world’s most valuable VC-backed private company – and it’s now looking to get into the corporate venturing game itself.

Alcoholic beverage provider Constellation Brands formed its corporate venturing unit three years ago and has now launched a $100m initiative called Focus on Female Founders that will invest in female-led portfolio companies.

On Global University Venturing, we had news that the UCL Technology Fund – co-managed by tech transfer office UCL Business and Albion Capital, is in the process of raising between $95m and $126m for a second vehicle (in the original currency of British pounds, the upper number is actually double that of the first fund – £100m compared with £50m).

Exits

Moderna has raised $604m in what’s reportedly the largest biotech IPO ever, increasing the number of shares in the offering by more than 4.5 million, and it has earmarked the proceeds for the further development of a pipeline that now has more than 20 mRNA therapy and vaccine candidates.

2018’s been quite a year for IPOs but it increasingly looks like next year could dwarf it as unicorn after unicorn moves their chips in place. The latest two to have made a step forward are Uber, which has confidentially filed for an offering some onlookers have suggested could value it at a staggering $120bn, and Slack, which has hired Goldman Sachs as lead underwriter for an IPO that could value it at $10bn.

Basis had big plans to create a stablecoin tied to the US dollar that would potentially be usable as a steady alternative in volatile countries, and raised $133m from investors including GV in April. But those plans have screeched to a halt and Basis announced yesterday it will instead wind down due to regulatory difficulties.


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

26 November 2018 – Coupang Gains Second SoftBank Investment

Deals

SoftBank invested $1bn in online marketplace Coupang three years ago, and has returned to provide another $2bn in funding through its Vision Fund at a $9bn valuation. South Korea-based Coupang expects to generate about $5bn in revenue this year and will use the funding to upgrade its end-to-end fulfilment system and add new features to its platform.

It looks like a busy week for SoftBank, as the Coupang agreement was disclosed shortly before news that SoftBank has reportedly also led a $1bn round for another Asian e-commerce platform, Indonesia’s Tokopedia, this time at a $7bn valuation.

Walmart completed its $16bn acquisition of a 77% stake in Indian e-commerce platform Flipkart in August, and it has now reportedly increased that stake to 81.3%.

Leap Motor has become the latest Chinese smart electric car startup to raise big money, taking in $288m through a series A round co-led by corporates Shanghai Electric and CRRC Corporation.

Visa has invested $200m in Billdesk and bought between $80m and $100m in secondary shares, in a deal that reportedly valued the Indian bill payment platform at $1.8bn.

Golden Education, a China-based provider of professional trading for members of the financial services industry, has raised $115m in a series C round that was co-led by investment bank Morgan Stanley and Hillhouse Capital.

Xiaoqule launched its community-based e-commerce platform in August and is so far present in 30 Chinese cities. It has also secured $108m in series A funding from investors including Ping An Ventures and SIG Asia.

On Global University Venturing, OMass Therapeutics, a UK-based biopharmaceutical spinout of University of Oxford, closed $17.9m series A round featuring university venture fund Oxford Sciences Innovation and Syncona, which led the round.

On Global Government Venturing, Geek+, a China-based developer of artificial intelligence and robotics services, has raised $150m in a series B round backed by Vertex Ventures, the venture capital arm of Singaporean state-owned investment firm Temasek.

Funds

Applied Ventures, the corporate venture capital arm of semiconductor producer Applied Materials, has teamed up with New York State’s Empire State Development vehicle in a drive to invest in companies based in upstate New York.

Japanese telecommunications company NTT has closed its newly formed Silicon Valley VC fund, NTT Venture Capital, at $500m.

On Global University Venturing, Chinese Academy of Sciences and financial services holding company Guangzhou Finance Holdings have launched a $43.2m fund partly focused on commercialising the academy’s research.

Exits

Rocket Internet has had several of its e-commerce entities go public in recent years, and the latest looks likely to be Global Fashion Group, the entity that operates five online fashion retailers in different territories.

Autodesk has agreed to acquire construction management software provider PlanGrid for $875m in an all-cash deal that will provide healthy exits for Alphabet’s CapitalG unit as well as Box. PlanGrid had raised less than $70m and both the corporates invested at seed stage.

Babytree is meanwhile set to raise $217m in its own IPO, in Hong Kong. The China-based media and e-commerce platform will be valued at $1.5bn, a drop of around 30% from June when Alibaba subsidiary Taobao invested a reported $214m.

Online travel services provider Tongcheng-eLong has floated in Hong Kong, in a $180m initial public offering that represents a downturn from the reported $1bn target the company initially set as well as the $233m target it put up earlier this month.

Vegan meat substitute developer Beyond Meat has filed for a $100m initial public offering that would enable Tyson New Ventures and the General Mills-owned 301 Ventures to exit.

On Global University Venturing, Synthorx, a US-based immuno-oncology drug spinout of Scripps Research Institute, has filed for a $100m initial public offering on the Nasdaq Global Market.


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

05 November 2018 – Game Studio Epic Games Raises $1.25bn

Deals

Game studio Epic Games has had some very notable successes including the Unreal and Gears of War series, but it’s entered the mainstream in a huge way over the past year with Fortnite, a game that passed the $1bn revenue mark in 10 months. It’s also raised $1.25bn in a round that included a strategic investment by eSports team owner Axiomatic, valuing it at almost $15bn.

Zume began as a pizza delivery service that utilised robotics technology to help prepare the food, and now it’s looking to expand that model into other parts of the food industry. To that end, SoftBank Vision Fund has reportedly paid $375m for a 20% stake in the company and is set to invest a further $375m in a deal that will value Zume at $2.25bn post-money.

Coinbase has secured $300m in a Tiger Global Management-led series E round that valued it at $8bn post-money. The company, which has built a trading platform and digital wallet for cryptocurrencies, has now raised a total of almost $520m in funding since 2012, and its existing investors include New York Stock Exchange, Docomo Capital, BBVA, Mitsubishi UFJ Financial Group and USAA, none of which took part in the latest round.

China has played host to several smart electric vehicle producers and one of them, WM Motor, is reportedly in talks to raise some $287m in funding, with half of the cash to be put up by Baidu, sources have told Reuters (though WM itself suggested the figure would be 50% higher).

Grab, the Southeast Asian ride hailing platform that has moved into mobile services and payment technology, has received $200m from Booking Holdings, the travel and accommodation booking service formerly known as Priceline, as part of a strategic alliance.

Chinese music tutoring service Peilian has raised $150m from investors including Tencent, in a series C round that came less than a year after its series B.

Southeast Asian real estate platform PropertyGuru has raised $145m in a series D round led by KKR that boosted its overall funding to about $325m.

India-based online grocer Grofers is reportedly in talks with existing investor SoftBank over a round sized between $100m and $150m that could value it at up to $650m.

The lidar sensor industry is one that has been attracting ever increasing amounts of funding, and one of its companies, Quanergy, has just raised an undisclosed sum in a round that valued it at more than $2bn.

Galecto Biotech, a Denmark-based developer of treatments for cancer and fibrosis based on research at Lund and Edinburgh universities, closed a $90m series C round co-led by Ysios Capital and OrbiMed.

And Astroscale, a Singapore-based space debris removal technology developer, raised $50m on Wednesday in a series D round featuring property developer Mitsubishi Estate and games publisher Koei Tecmo’s Koei Tecmo Capital investment unit.

Funds

Five Japan-based financial services groups have agreed to form a fund in partnership with sovereign wealth fund China Investment Corporation (CIC) reported by Bloomberg to be up to $1.8bn in size.

Arch Venture Partners, the venture capital firm spun out of University of Chicago, is aiming to raise $600m for its tenth fund. The firm has not yet raised any money but if it reaches its $600m target, Fund X would be the largest flagship vehicle raised by Arch to date and bring total assets under management to $2.86bn.

Exits

StoneCo has made a big step forward for Brazilian startups, securing more than $1.22bn in an IPO that came alongside a $100m private placement by Ant Financial.

Orchard Therapeutics has raised $200m in an IPO that involved it floating at the foot of its range but upping the number of shares involved.

Medical device developer Axonics Modulation Technologies has floated in a $120m initial public offering in which it increased the number of shares and floated in the middle of its range.

Twist Bioscience has gone public in a $70m IPO that saw it float at the bottom of its range.

Video conferencing software provider Zoom is looking to float in an initial public offering in which it will seek a valuation significantly above the $1bn valuation at which it last raised cash almost two years ago.


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

29 October 2018 – Bytedance Raises $3bn at $75bn Valuation

Deals

Bytedance has agreed to raise $3bn in funding from investors including SoftBank at a $75bn valuation that will make it the most valuable independent VC-backed company in the world.

Manbang, the trucking services marketplace also known as Full Truck Alliance, is reportedly in advanced discussions with Tencent and SoftBank over a $1bn round that would value the Chinese company at $9bn.

Huashenghaoche is one of several automotive marketplace operators competing in China’s used vehicle industry, and has secured $210m in a series D round that included JD Finance, the financial services affiliate of e-commerce firm JD.com.

Elsewhere in China, artificial intelligence and internet-of-things technology provider Terminus Technologies has raised $173m in a round that included image and facial recognition software producer SenseTime.

Plaid Technologies last raised money more than two years ago, in a $44m round led by Goldman Sachs that reportedly valued it at $250m.

Aikucun, a fashion e-commerce platform that specialises in surplus stock, has received $110m in series B-plus funding from Sinovation Ventures, GGV Capital, Zhongyuan Capital and BA Capital.

Synthego, the creator of a genome engineering platform for gene and cell therapy developers, has also secured $110m, in a Founders Fund-led series C round that took its total funding to $160m.

Precision oncology drug developer TP Therapeutics has raised $80m in a mezzanine round that included Lilly Asia Ventures and SR One, the corporate venturing units that co-led its last round, a $45m series C in May last year.

Satellite launch services startup Vector has secured $70m in a series B round that will support the company as it looks to begin producing its rockets.

Enable Injections, a US-based medical device developer, has achieved the first close of a series B round featuring Ohio Innovation Fund, the university venture fund formed by Ohio State University and Ohio University.

And on GGV, GoEuro, a Germany-based transport booking service aimed at consumers, has raised $150m in a funding round backed by Singaporean government-owned investment firm Temasek, Kinnevik and firm Hillhouse Capital.

Funds

Brightlands Agrifood Ventures, a venture fund focused on agritech developers connected to the Brightlands campuses in the Netherlands, has achieved a second close at $22.7m thanks to three additional limited partners.

Saudi Arabia’s sovereign wealth fund the Public Investment Fund has contributed $500m to the Russia-China Investment Fund.

Exits

Brazil-based payment technology provider StoneCo is gearing up for one of the year’s biggest IPOs. It will raise about $1.1bn if it floats at the top of its range, and has attracted a range of cornerstone investors that could take a large chunk of those shares.

Online travel services provider Tongcheng-eLong is looking to raise $1bn in an initial public offering in Hong Kong.

Innovent Biologics has priced its Hong Kong IPO near the top of its range to raise $421m.

And Chinese vehicle marketplace, Tuanche, has meanwhile filed for a $150m initial public offering in the US. Bertelsmann Asia Investments has been a Tuanche backer since the company’s 2013 series B round and now owns almost 10%.

PhaseBio Pharmaceuticals, a US-based orphan disease treatment developer exploiting research from Duke University, has floated on the Nasdaq Global Market in a $46m initial public offering.

Endpoint security software provider CrowdStrike was valued at more than $3bn as of its last round, a $200m series E backed by Alphabet unit CapitalG four months ago, and it’s reportedly looking to increase that valuation in an IPO tentatively slated for next year.

CloudFlare has meanwhile begun preparing for its own IPO and could claim a $3.5bn valuation, sources have told CNBC.


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