30 July 2018 – Alphabet Shares Hit All-time High

With Facebook and Netflix stumbling without recognised corporate venturing units, it has been interesting to see the other big four US internet companies, Microsoft, Amazon, Alphabet and Apple, with powerful CVC investments report or predict strong results.

Alphabet was the most clear-cut as it reported better-than-expected second-quarter earnings last Monday, driving Alphabet shares to a new all-time high the following day. It generated adjusted earnings per share of $11.75 versus the Wall Street consensus of $9.59 for the quarter, according to cable news provider CNBC. Alphabet also posted a $1.06bn gain in its equity investments for the time period, which translated into $1.17 EPS of the outperformance.

Funds

With the growth of investment in the VC space, it’s often not just the hard transactions that raise an eyebrow but also prospective deals, and so it is today. Rocket Internet has built up a mass of e-commerce holdings by focusing on Europe and the emerging markets, but is reportedly now eyeing the US and raising between $1bn and $2bn for a corporate venturing fund that will focus on that region.

Credit Suisse Next Investors closes $261m fund

BIF’s fundraising efforts beget $50m

University

UNC Chapel Hill details incubator proposal

Deals

New TV, the short-form video producer formed by entertainment vet Jeffrey Katzenberg and overseen by his WndrCo company, has closed $1bn in funding, $200m of which was supplied by large entertainment companies such as Disney, Warner Bros, 21st Century Fox and Entertainment One.

Elsewhere in China, facial recognition software provider Megvii has raised upwards of $600m from investors including Alibaba and will use the cash to spearhead an expansion of its technology in the retail space.

WeWork launched its WeWork China offshoot a year ago with $500m in series A funding, and WeWork China has now doubled that, raising another $500m in a series B round co-led by five investors including both SoftBank and SoftBank Vision Fund.

Tencent is reportedly lining up an investment of $300m to $500m in India-based short-term accommodation provider Oyo Rooms that will support the latter’s expansion in China, a market now responsible for almost all its overseas revenue.

Genetic testing services and research provider 23andme was valued at $1.75bn last September when it last raised funding, but that valuation is surely higher now it’s closed a $300m investment by GlaxoSmithKline in connection with a collaboration agreement.

Alector collects $133m in series E funding

The RealReal luxuriates in $115m

Stem grows bigger to close $106m round

Cancer radiotherapy technology and services provider Allcure was spun off with the telemedicine assets of hospital management services provider Concord Medical Services in 2015, and three years later the company has raised a reported $103m in series B funding.

University

Galvanize animates $32m series C

Beddr snuggles up to $5.6m series A

Exits

Group buying platform Pinduoduo has become the latest Chinese tech company to go public in the US, floating at the top of its range to raise $1.6bn, just three years after it was founded.

Pinterest meanwhile is looking to launch an initial public offering in a year’s time in order to capitalise on a boost to its advertising stream that is set to double ad revenue to $1bn in 2018.

Huya had a fairly successful IPO in the US a few months back and now its chief rival in China’s livestreaming space, Douyu, is looking to follow the same path, preparing for an offering expected to net it between $600m and $700m.

Ascletis has priced a $400m initial public offering in Hong Kong in the middle of its range, a month after its lead hepatits C treatment received regulatory approval in China.

It’s been a long wait for fuel cell system supplier Bloom Energy, which was founded in 2001 and first touted for an IPO at the latter end of that decade.

Allakos, which is developing antibodies to treat white blood cell-related conditions, has had one of the year’s more successful IPOs, pricing its shares above the range to raise $128m, before watching its stock almost double in price in the first two days of trading.

Constellation consummates $60m IPO

Aridis arrows to public markets

LevelUp rewards investors with $390m exit

Stamps.com collects MetaPack in $230m deal


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

16 July 2018 – Swisscom Venture to Set Up $200m Digital Transformation Fund

Funds

Telecommunications company Swisscom has run its corporate venturing unit, Swisscom Ventures, since 2005 but has constantly looked to fine-tune its approach. Its latest move is to access external investment, for a fund sized at about $200m. Swisscom is putting in about 25% of the capital for Digital Transformation Fund, which will invest in Europe, the US and Israel as well as its home country of Switzerland.

Longzhu Capital logs $300m close

SoftBank’s Misra makes plans for $250m fund

Health Enterprise Partners hits up corporates

New Voices makes noise with $100m close

Cayuga Venture Fund targets $100m

Deals

Last week’s Big Deal focuses on Lime, the operator of an electric bicycle and e-scooter rental service, which has just raised $335m in a GV-led round backed by GV owner Alphabet and Uber, valuing it at $1.1bn.

The $14bn round closed by Ant Financial last month was the largest venture capital round of all time, but Alibaba’s financial services spinoff isn’t the only player in that space pulling in big money.

Xiaopeng Motors raised $348m in January but is in talks with Alibaba, which co-led that round, over $600m to $700m more at a valuation of almost $4bn, as it gets ready to launch its first car, a smart electric SUV.

Consumer goods delivery service Dianwoda has secured $290m in funding from Alibaba-owned logistics provider Cainiao Networks, which will take a controlling stake in the company through the deal.

Healthcare technology provider Cerner has invested $266m in Essence Group Holdings, the owner of care services provider Lumeris, in connection with a 10-year partnership meant to enhance efficiencies in healthcare.

GoGoVan merged with another China-based delivery services platform, 58 Suyun, to form a billion-dollar company last year, and it has just raised its first funding since that deal, capturing $250m from investors including Cainiao and 58 Suyun’s ex parent company, 58 Daojia.

Convene may be up against a hugely-funded rival in the form of WeWork, but it’s justraised $152m in a series D round backed by property developers QuadReal, Brookfield, The Durst Organization and RXR Realty to expand its workspace provision services.

Electronics recycling service Aihuishou has secured $150m from backers including existing investor JD.com at a $1.5bn valuation.

Lionbridge links with corporates for $150m

Compass Therapeutics has been around since 2014 but has finally closed its series A round, at $132m, having secured contributions from life sciences property developers Biomed Realty and Alexandria Real Estate Equities.

Keep offers online fitness programs through an app, and has just raised $127m in a series D round featuring existing investors Tencent and Bertelsmann Asia Investments.

Movile mobilises Naspers to raise $124m

Investors pay $115m tribute to Toast

Pony.ai picks up pace with $102m

ASR accesses $100m in series B round

High-speed internet provider Starry has secured $100m in new funding according to a regulatory filing, taking its overall funding to $163m.

University

Antiva adds $15m series C1

Exits

AT&T agreed to pay a reported $1.6bn to acquire online advertising exchange AppNexus last month, and now it’s fixed a deal to buy cybersecurity software provider AlienVault for a price reportedly around the $600m mark.

Thoma Bravo takes majority stake in Centrify

Autodesk builds with Assemble Systems acquisition

Visterra accepts $430m invitation from Otsuka

Elsewhere in China, Bytedance, the owner of a digital media portfolio headed up by aggregated news app Toutiao, is lining up its own IPO, according to the Wall Street Journal, and seeking a $45bn valuation.

Peer-to-peer lending marketplace WeLab had a good 2017, moving into profit while increasing its revenue fivefold, and it intends to cash in on that by going public in Hong Kong.

Qeeka Home floats in $137m IPO

51credit lines up $129m IPO

University

Akasol plugs into public markets


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

07 May 2018 – Tencent Leads $820m Series C for UBTech

Deals

Baidu has spun off the likes of Baidu Video and Zuoyebang in recent years, and video streaming platform iQiyi, in which Baidu owned a majority stake, raised $2.25bn in an IPO in March. The latest deal involves the corporate’s financial services subsidiary, Du Xiaoman, which has raised $1.9bn from investors including Taikang, $1bn of which will go straight to Baidu.

Tencent has led an $820m series C round for consumer robotics developer UBTech that valued it at about $5bn.

Online education has been one of the most notable growth areas in China’s VC space and things appear to be heating up. VIPKid, the operator of a tutoring platform that utilises international teachers, is reportedly looking to secure $500m at a $3bn valuation, double that at which it raised money in a Tencent-backed series C round just eight months ago.

Indian insurance comparison portal PolicyBazaar is close to raising $200m in a round that will be led by a $150m investment by SoftBank Vision Fund.

SF Express, the largest player in China’s logistics sector, has invested $100m in Flexport, the operator of a freight services platform that covers land, air and sea along with adjacent services.

SoundHound raised $75m from a corporate-heavy investor group early last year, and now it’s added $100m from Tencent, Daimler, Orange, Midea Group and Hyundai Motor Company at a reported valuation of more than $1bn.

Masterclass, the online education platform equipped with a host of famous teachers, is reportedly on its way to closing a $70m series D round.

Roivant Sciences raised $1.1bn in a SoftBank Vision Fund-led round last August with a brief to develop and launch a series of offshoot companies.

On GUV, Crescendo Biologics, a UK-based immunotherapy developer spun out from University of Cambridge, closed a $70m series B round that featured commercialisation firm IP Group as well as EMBL Ventures, the investment arm of European Molecular Biology Laboratory.

Funds

Microsoft Ventures has invested in some 50 companies since it relaunched itself as a corporate venturing vehicle two years ago, but has run into identity trouble with people confusing the unit with the similarly-named network of accelerators its parent continues to run around the world. Its solution has been to rebrand to M12, while the corporate’s accelerator initiative will be renamed Microsoft ScaleUp.

The city government of Jerusalem is looking to launch a $130m venture capital fund to support local biotech startups in areas including medical devices and pharmaceutical technology. The government’s contribution to the vehicle would amount to $5.5m at most, with the remainder supplied by private investors.

Exits

Flipkart’s board of directors has approved a deal whereby Walmart will pay approximately $15bn for a 75% stake, according to Bloomberg.

Medtronic spinoff Inspire Medical Systems has gone public in a $108m initial public offering that also represented an exit for Johnson & Johnson.

Consumer electronics and IoT technology provider Xiaomi has officially filed for an initial public offering in Hong Kong that sources told the South China Morning Post will be about $10bn in size, at a valuation of about $100bn.

Laser developer nLight has become the latest tech company to launch a successful IPO, floating above its range to raise $96m.

Mita, a US-based orthopaedic device spinout from University of Colorado, has been acquired by medical technology developer Stryker for an undisclosed 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

29 January 2018 – Ping An Insurance On a Roll

Deals

Ping An Insurance is on a roll. At the end of November, the insurance provider was gearing up for a $1bn IPO of Ping An Good Doctor, and now it has raised nearly $1bn for its medical data collection and analysis subsidiary Ping An Healthcare Management at a $8.8bn valuation.

Tencent continues to go from strength to strength in its corporate venturing activities, and is set to lead a $1bn round for Kuaishou, a photo and video sharing app that’s now become one of the key players in China’s livestreaming sector.

Mobike, the bike-sharing company, has raised $1bn in its latest funding round, according to press reports.

Another company that’s growing at a rapid pace is Katerra, the creator of an end-to-end construction services business. It was only founded around three years ago but has just raised $865m in a series D round led by SoftBank Vision Fund that valued it at a little over $3bn.

Orix has provided $60m of a $70m extension to peer-to-peer lending platform Dianrong’s series D round, which has been increased to $290m.

Snowflake Computing, a cloud data storage technology developer, has raised $263m in series E funding at a pre-money valuation of $1.5bn. Capital One Growth Ventures, which previously backed a $105m series D round in September 2017, returned for the round co-led by Sequoia, Iconiq Capital and Altimeter Capital.

Maxi Mobility, the on-demand ride provider that oversees Cabify and EasyTaxi in Iberia and Latin America, has raised $160m in a Rakuten Ventures-backed round that values it at $1.4bn.

Ring, the maker of a smart doorbell video system, is raising $160m at a valuation of nearly $1bn, according to a securities filing. The company most recently closed a $109m debt and equity round a year ago, with backers including mobile semiconductor producer Qualcomm, insurance firm American Family and real estate firm JF Shea and other prominent investors, such as Richard Branson.

Canada Pension Plan Investment Board has paid $144m for a 6.3% stake in Indian renewable energy developer ReNew Power, valuing it at almost $2.3bn.

Immunotherapy developer Tmunity Therapeutics, a spinout from University of Pennsylvania, has closed a $100m series A round that added Gilead Sciences, Ping An, Ventures and Be The Match BioTherapies to existing backers including Lilly Asia Ventures as well as Penn itself.

Stem, a producer of scalable energy storage systems, has raised $80m from Activate Capital, Temasek and another Canadian pension investor, Ontario Teachers’ Pension Plan, for the first close of its series D round.

Constellation Technology Ventures has also participated in a $75m round for PrecisionHawk, the developer of a drone control system for enterprises.

Funds

Cybersecurity software provider and internet company Qihoo 360 has formed a $156m venture fund in partnership with Beijing Cultural Center Fund that will invest in internet and media-focused companies.

ING, the Dutch financial services firm, has set its sights on sustainable businesses and launched a $123m fund specifically aimed at startups developing products and services with a positive environmental impact.

Orange, Edenred and JCDecaux meanwhile are recognising Africa as the next big market and have put their weight behind the $70m first close of a $123m fund that is being raised by Partech Ventures.

On GUV, University of Tokyo Edge Capital, a venture capital affiliate of University of Tokyo, has raised an initial ¥15.6bn ($143m) of a ¥25bn spinout-focused investment fund. The capital has been provided by unnamed, domestic financial services firms.

Exits

Figs, a US-based medical apparel producer backed by footwear brand Crocs, has raised $65m from diversified holding company Tulco and will use the capital to buy out existing investors, making Tulco the only external investor.

Digital media company Gree has exited Indonesia-based property listings portal UrbanIndo in an acquisition of undisclosed size by real estate portal 99.co. UrbanIndo received an undisclosed amount of seed funding from venture capital firm East Ventures in 2012 before adding an undisclosed sum in a 2013 series A round led by Gree’s corporate venturing unit, Gree Ventures.

Primary Data, a US-based data virtualisation software producer backed by computer technology provider Dell Technologies, is shutting down after failing to attract enough clients.

Home24, a Germany-based online home and living product retailer backed by e-commerce holding group Rocket Internet, is gearing up for an initial public offering.

Entertainment company Modern Times Group MTG (MTG) secured an exit from France-based media group Trace as TPG Growth, part of private equity group TPG, acquired a majority stake.


“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

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

28 August 2017 – VIPKid Closes Round with Reported $1.5bn Valuation

Funds

China Life and Baidu combine for $1bn fund

SparkLabs sets up $50m Seah-anchored fund

Kuppam’s Epsilon anticipates $350m close

Government

Monash BDI joins MRCF

Investments

SoftBank ploughs $4.4bn into WeWork

VIPKid is the latest participant to close a substantial round, pulling in $200m from investors including Tencent at a reported valuation of more than $1.5bn.

Deep learning chipset developer Cambricon has secured $100m in a series A round that included subsidiaries of Alibaba and Lenovo as well as robotics technology provider Zhongke Tuling Century Beijing Technology.

JD.com gets $100m to Go-Jek

Druva, a developer of cloud data management and protection software, raised $80m today in a round led by private equity firm Riverwood Capital that increased its overall funding to almost $200m.

Internet-of-things platform developer Cubic Telecom has raised $47m in a round featuring Qualcomm, Audi Electronics Venture and Valid Soluciones Tecnologicas that increased its overall funding to $88m.

Another data-oriented company, in-memory database platform developer Redis Labs, has meanwhile secured $44m in a series D round that included Dell Technologies Capital, representing the latter’s second deal in the space of a few days.

Behavioural health technology provider AbleTo has closed a $36.6m round featuring health insurer and long-term customer Aetna as well as healthcare provider Horizon Healthcare Services.

ZingBox, a developer of security technology for internet-of-things systems, has raised $22m in a series B round led by Dell Technologies Capital.

Saudi Aramco-backed online payment processing platform PayTabs has received $20m in funding from unnamed investors, and the capital will support a growth drive that will enable the Middle East-based company to expand into Africa, Europe and India.

Corporates dive into Immersv series A

University

IndoorAtlas spins another $4.3m in funding

Yahoo Japan has led a series B round for the University of Oulu spinout, which uses geomagnetic activity to detect an object’s location in a room.

Government

Sumdog fetches $1.8m

Exits

Accenture has exited digital testing and brand services provider Applause through an acquisition of undisclosed size by investment firm Vista Equity Partners. Accenture’s corporate venturing unit Accenture Ventures took part in Applause’s last round, a $35m series F last September that took the company’s total funding to about $115m.

Cisco has agreed to pay $320m to acquire hyperconvergence software provider Springpath, one of its portfolio companies since 2015.

According to a securities filing, Krystal Biotech raised just over $11m in its first round of funding last week, at least $7m of which came from pharmaceutical company Sun Pharmaceutical Industries.

Osram to switch on Digital Lumens acquisition

Avnet captures Dragon Innovation

ST Engineering subsidiary Vision Technologies Land Systems has agreed to pay an undisclosed amount to acquire Aethon, which has created an automated robotic delivery system for hospitals that transports items such as medication, meals and linen.

Smarsh captures Cognia in acquisition deal


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

10 July 2017 – Looking to the End of Summer

Editorial: What do people want when the summer is over?

Funds

AT&T has been relatively quiet while competitors like Verizon, Telstra and SoftBank have made great strides in corporate venturing, but that may be about to change with the formation of a strategic investment fund in which the telecom firm plans to invest up to $200m.

Autoliv moves $15m to Autotech Ventures

Vinci helps Axeleo draw up first close

Government

RCIF gains $1bn

EIF buys into $198m Cipio fund

Germany awards funding to 48 institutions

Enterprise Ireland launches $68m fund

University

Tel Aviv heads to India

UC Riverside launches $10m Highlander fund

Exits

Jawbone raised hundreds of millions from investors such as Deutsche Telekom as it moved from Bluetooth-enabled speakers to wearable fitness trackers, and at one point was raising cash at a $3bn+ valuation. All that appears to have ground to a halt however, as reports suggest the company has begun liquidation proceedings, weakened by a Fitbit lawsuit and done in by the flatlining wearables sector.

Roche eats up MySugr

Delivery Hero has raised more than $1.1bn in an IPO that enabled the Rocket Internet-owned Global Online Takeaway Group to sell about $148m of shares.

Gaming product maker Razer has filed for its own IPO, in Hong Kong, and is set to raise more than $600m according to TechCrunch.

Sienna to scratch IPO itch

Internet service provider MyRepublic may have failed in its bid to become Singapore’s fourth big telecom company, but it still plans to float by the end of 2018,

Online storage technology platform Dropbox has begun preparations for what will likely be the biggest tech IPO since Snap went public in March, and will shortly begin interviewing investment banks for the underwriting positions.

Canada-based bone disease therapy developer Clementia Pharmaceuticals has filed for a $115m IPO in the US that will provide an exit to strategic backer UCB Pharma, after the latter took part in a $60m series B round for the company in 2015.

Investments

China Money Network today launches the China Unicorn Ranking 2017, the most complete list of all private start-ups in China currently valued at $1 billion or more.

Just weeks after Mobike closed a $600m funding round, its main rival in the bike sharing sector, Ofo, has raised $700m in a series E round led by Alibaba.

Kakao drives $437m mobility spinout

Tencent invested $44m investment in Coocaa, the smart television subsidiary of Skyworth Digital Holdings, last month, and it’s now repeated the trick, paying $66m for a 16.7% stake in TCL’s smart TV unit, Shenzhen Thunderbird Network Technology.

Steel producer Shougang has co-led a $73m round for online steel trading and services platform Zhaogang through a private equity vehicle called West Fund.

Headspace, the developer of a meditation and mindfulness platform that mixes a subscription-based guided meditation service with themed text and video content, has raised $36m in a round led by growth equity firm Spectrum Equity.

Axonics Modulation Technologies, the developer of an implantable neuromodulation system, has added $20.5m to a series C round that now stands at $35m.

Theva conducts $8m in EnBW-backed round

University

MuMac eyes first round


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

24 April 2017 – SoftBank Considers $1bn+ Deal and Much More

Deals

SoftBank is reportedly considering paying upwards of $1bn for a 20% stake in One97 Communications, the Indian e-commerce firm that’s also the parent company for mobile payment platform Paytm.

China Vanke has become the second domestic property developer to make a nine-figure investment in Chinese real estate agency and online portal Lianjia this year, providing $436m in funding.

Classified listings platform 58.com is spinning out its used goods app Zhuan Zhuan, and Tencent has agreed to provide $200m in funding for the newly independent company.

SoftBank is yet to formally close its $100bn Vision Fund but is nevertheless on somewhat of a streak, reportedly offering big investments to a string of Asian online services providers.

Tianjin CanSino Biotechnology, which is developing vaccines for Ebola, tuberculosis, cervical cancer and pneumococcal infection, has closed $65m in funding from investors including Lilly Asia Ventures, and will put the cash towards commercialising its candidates and completing a manufacturing facility expected to be ready next year.

SenseTime is developing technology that will utilise machine learning to recognise faces to a high degree of accuracy, and has just raised $60m in a round led by the state-backed Sailing Capital International.

Car sharing platform Getaround has secured $45m from investors including Shanghai Automotive and an investment fund backed by Toyota, showing that the sector still has some life in it despite the ubiquity of its ride sharing cousins.

Kumpulan Wang Persaraan (KWAP), the Malaysian retirement fund, has invested $100m in Edotco, a Malaysia-based telecom infrastructure company, Digital News Asia reported on Wednesday.

Neural Analytics, a medical device spinout of University of California, Los Angeles (UCLA), has raised $10m in a funding round led by venture capital firm Reimagined Ventures.

Funds

Illumina announced a year ago that it intended to invest $100m in startups through an independently managed VC firm called Illumina Ventures, but a securities filing has indicated it has increased that amount of capital to $189m by adding more limited partners.

The Indian state of Tamil Nadu is set to invest Rs5bn ($78m) in a venture capital fund, the Hindu Business Line reported yesterday.

The EU agency European Investment Fund (EIF) and the Luxembourg Future Fund (LFF), which aims to stimulate the Luxembourgish economy, have achieved a first close for the European Cyber Fund (ECF). Paladin Capital, a US-based investment firm with expertise in cyber and digital infrastructure resilience, will manage the ECF and has also invested into the fund.

Bpifrance, the public investment bank of France, has invested in a €64.75m ($69.2m) seed fund established by France-based life science-focused firm Advent France Biotechnology (AFB), Labiotech reported yesterday.

Spain-based early-stage venture capital firm Nauta Capital yesterday raised a €155m ($166m) fund, with the European Investment Fund (EIF) among the investors. British Business Bank Investments, the commercial arm of the state-owned economic development agency British Business Bank (BBI), is also a limited partner, alongside the Catalan Institute of Finance, a public financial institution owned by the government of Catalonia.

Exits

Cloudera has set terms for an IPO that will net it $210m if it floats at the top of its range, and existing backer Intel has expressed interest in buying up to 10% of the shares in the offering.

Chinese logistics service Best Logistics is looking for banks to handle its own IPO, through which it expects to raise up to $1bn.

Walmart has spent the last few months beefing up its e-commerce offering through a string of acquisitions and the next one looks set to be online men’s fashion brand Bonobos.

G1 Therapeutics has filed for a $115m IPO that will support development of three clinical-stage oncology therapeutics and give an exit to corporate venturing unit MedImmune Ventures.

Netshoes, a Brazil-based sports and lifestyle e-commerce company for the Latin American market, has raised $148.5m in an initial public offering on the New York Stock Exchange.


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