13 May 2019 – Uber Raises $8.1bn in IPO

The Big Ones

Uber has finally gone public, raising $8.1bn in an IPO that allowed SoftBank Vision Fund to retain its position as largest shareholder while selling $249m of shares. The company priced its shares toward the lower end of the range, and so fell well short of early reports suggesting it could be valued at up to $120bn.

SoftBank is still weighing up options for boosting the size of its Vision Fund to match its ongoing flurry of investments, and is reportedly considering taking it to the public markets. It has spoken to banks about a possible IPO for the fund in addition to talking to Oman about a multibillion-dollar contribution to a second Vision Fund.

General Motors acquired autonomous driving software provider Cruise Automation in 2016 and has now contributed to a $1.15bn funding round featuring Honda and SoftBank Vision Fund, and which valued it at $19bn post-money.

And in a nice crossover, Twentyeight-Seven (28-7) Therapeutics, a US-based cancer drug development spinout of Harvard University, has extended its series A round to $82.8m with a $15m second tranche backed by spinout-focused investment firm Osage University Partners.

Deals

Megvii’s facial recognition technology is facing scrutiny due to its role in China’s increasingly widespread surveillance activities, but that doesn’t seem to have deterred investors.

Chinese smart electric car developer Byton is raising $100m from automotive manufacturer FAW Group that will form part of a series C round Byton expects to close at $500m.

Goldman Sachs Principal Strategic Investments has invested in VC asset management platform and services provider Carta as part of a $300m series E round that valued it at $1.7bn.

Electronics and appliance retailer Suning has agreed to commit $210m to a fund being raised by private equity firm Yunfeng Capital that is expected to close at $2.5bn.

MGI, genomics service provider BGI’s genetic sequencing technology spinoff, has raised $200m in funding from several institutional investors, money that will be put toward R&D and international expansion.

Taxi-ordering platform developer Gett has added $120m from Volkswagen and Access Industries to a round that now totals $200m, at a $1.5bn post-money valuation.

Funds

Electronics and appliance retailer Suning has agreed to commit $210m to a fund being raised by private equity firm Yunfeng Capital that is expected to close at $2.5bn.

On GUV, MIT Solve, the social enterprise incubator and forum run by Massachusetts Institute of Technology (MIT), is looking to raise $30m for an impact-centred philanthropic investment vehicle dubbed Solve Innovation Fund.

Exits

Razor and men’s grooming product subscription service Harry’s has agreed to a $1.37bn purchase by Edgewell, owner of brands like Wilkinson Sword and Schick.

DouYu was planning to kick off its IPO roadshow this week but has instead put proceedings on hold, due to US tariffs on Chinese imports. The China-based game streaming and eSports platform developer had set an initial $500m target, and Tencent – the internet group that is the world’s largest game publisher – owns more than 40% of the company.


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

25 March 2019 – Lyft Set to Raise $1.9 – $2.1bn in IPO

The Big Ones

The week kicked off with a long-awaited big one: on-demand ride provider Lyft set the terms for its IPO on Monday and is set to raise between $1.9bn and $2.1bn in an offering that will potentially value it at almost $23bn.

A consortium including Suning, Tencent, Alibaba Chongqing Changan Automobile, Dongfeng Motor and FAW have that will focus on mobility technology and in particular ride hailing.

OneWeb recently launched the first six satellites that will make up part of a constellation which will provide high-speed internet to remote areas. It has also raised a further $1.25bn in a round that included existing investors SoftBank, Qualcomm and Grupo Salinas.

On GUV, we’ve had a new spinout – Sherlock Biosciences – that isn’t so much noteworthy for the size of its series A – which currently stands at $17.5m, plus another $17.5m in grant funding – but for who its nine scientific founders are, a group of nine academic researchers the caliber of which we’ve seldom seen in a single spinout. They include, to name but two, none other than MIT’s Feng Zhang, the professor who patented the Crispr technology in 2014 (though there’s a legal battle with UC Berkeley which had filed a few months earlier but didn’t pay for fast tracking), and David Walt, who also co-founded the biotech giant Illumina, whose market cap stands at nearly $47bn.

Deals

Flexible electronics display developer Royole Group is said to be prepping its IPO, but will reportedly first look to raise about $1bn in funding at a valuation of near $8bn.

UiPath, the creator of a robotics processing automation platform, has so far raised $550m in funding from investors including CapitalG, the Alphabet subsidiary that used to be known as Google Capital, but it’s reportedly now chasing a further $400m.

Carmakers Hyundai and Kia combined to invest $250m in Grab late last year, and have now combined again to provide $300m of funding for another Asian ride hailing platform, India-based Ola.

Property trading services platform OneDoor has closed a $300m round backed by Lennar, SoftBank Vision Fund, GV and Access Technology Ventures at a $3.8bn valuation.

Legend Capital-backed mobile commerce platform Wish may be a long way from profitability, but it looks like it can still raise money. Wish, reportedly valued at $8.5bn in late 2017, is in negotiations with prospective investors including General Atlantic to raise $300m at a reported $11bn pre-money valuation.

Marqeta is also seeking funding at a unicorn valuation, having filed to raise $250m at a valuation of nearly $1.9bn. Visa, CreditEase and Commerzbank are all among the existing investors in Marqeta, the developer of a service that allows businesses to issue their own payment cards and process payments.

Elsewhere in Asia, India-based online video streaming platform HotStar has secured $153m from 21st Century Fox subsidiaries Star India and Star US.

Airbnb is in talks to invest $100m to $200m in another short-term accommodation platform, Oyo, which was valued at $5bn as of a $1bn round it closed last month.

Cosmetics brand Glossier is the e-commerce sectors’ newest unicorn, raising $100m in a Sequoia Capital-led series D round that valued it at $1.2bn.

Funds

Hanwha Asset Management, an investment subsidiary of diversified South Korea-based conglomerate Hanwha, has joined venture capital firm Golden Gate Ventures to raise $200m for an investment partnership.

NewMargin Ventures, a China-based investment firm backed by food producer Kerry Group and telecommunications equipment provider Motorola Solutions, has reached the first close of a RMB10bn ($1.48bn) fund.

Coffeehouse chain Starbucks provided $100m for US-based investment firm Valor Equity Partners’ Valor Siren Ventures I fund yesterday as the vehicle’s cornerstone investor. The fund has a target size of $400m and will seek the remaining $300m from additional strategic partners and institutional investors over the coming months.

Exits

SenseTime has long been rumoured to be joining the IPO queue, and now its chief rival in China’s facial recognition space, Megvii, is reportedly looking to raise $800m in an offering that could take place in the US or Hong Kong.

Alcon, the eyecare subsidiary of pharmaceutical company Novartis, has agreed to acquire portfolio company PowerVision in a $285m deal that will also enable Johnson & Johnson and Medtronic to exit.

Fastly, the content delivery platform developer that counts OATV, Deutsche Telekom Capital Partners and Swisscom Ventures as investors, has begun hiring underwriters for an IPO that could reportedly value it in excess of $1bn.

On GUV, NervGen Pharma, a Canada-based developer of nerve damage therapies based on Case Western Reserve University research, has completed an initial public offering (IPO) which raised gross proceeds of C$10m ($7.5m).


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

14 November 2016 – Imax VR Fund, Space Mining for Luxemburg and Much More

News

Walgreens sues portfolio company Theranos for $140m

Alphabet rebrands Google Capital as CapitalG

Funds

Ten oil their way to $1bn fund

Imax screens partners for $50m VR fund

University Corner

Ramot harnesses corporates for $20m investment initiative

Huawei visits Singapore for IoT incubator

Government Department

Planetary Resources mines Luxembourg for new funding

Exits

ZMP drives forward to IPO

Intel votes for Voke acquisition

SoftBank writes down $555m of Indian unicorn investments

Investments

Bytedance looks to take $1bn step forward

Suning gets fresh with Yiguo in $200m round

Bonobos talks to investors for $100m round

Warmsun heats up Royole with $74m

GV accelerates Acalvio funding to $22m

Gfresh catches $20m from Alibaba and Legend Holdings

Owlet looks after $15m


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