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

07 January 2019 – Bristol-Myers Squibb Agrees Celgene Acquisition

Three biggest stories

In this week’s biggest deal, pharmaceutical firm Bristol-Myers Squibb has agreed to acquire peer Celgene in a buyout made up of cash and shares that will create a $74bn business.

Singapore-based on-demand ride service Grab has increased the potential size of a series H round already backed by several corporate investors to $5bn.

Medical device manufacturer Boston Scientific has acquired the rest of the shares in one of its portfolio companies, US-based mitral regurgitation system developer Millipede Medical, for $325m.

The rest

Deals

Verily was spun off from Alphabet’s Google X division in 2015 to apply data science technology to healthcare data in order to create innovative life sciences and care management products.

Ant Financial, e-commerce group Alibaba’s financial services affiliate, has co-led a funding round sized at almost $582m for Hello TransTech, the China-based operator of bicycle rental service Hellobike.

Woowa Brothers, a South Korea-based food delivery app owner backed by internet company CyberAgent and financial services firm Goldman Sachs, has raised $320m at a $2.6bn valuation.

Internet group Tencent has led a $300m round for China-based online education platform developer Yuanfudao.

US-based oncology drug developer Rakuten Aspyrian has completed a $284m series C round featuring e-commerce firm Rakuten and financial services provider SBI Group.

AR game developer Niantic, has secured $190m in funding in a round that could have included Samsung and Axiomatic.

The year’s first big crypto round has been raised by Bakkt, a cryptocurrency trading platform that secured approximately $183m in its first funding round.

Cancer therapy developer Antengene has completed a $120m series B round featuring insurer Taikang and pharmaceutical companies Celgene and WuXi AppTec.

On GUV, Annexon Biosciences, a US-based immunotherapy developer spun out of Stanford University, closed a $75m series C round backed by Novartis Venture Fund, the corporate venturing vehicle for pharmaceutical firm Novartis.

Exits

One of the IPOs set to take place in early 2019 will likely involve Futu, the China-based digital brokerage operator that has filed to raise up to $300m in a US offering.

Funds

E-commerce group Alibaba’s Electronic World Trade Platform and online listings platform 58.com have co-anchored a $200m first close for a fund launched by China-based venture capital firm ATM Capital.

Oil and gas supplier Saudi Aramco and IT services provider Saudi Information Technology Company have teamed up to form a corporate venturing vehicle that will back emerging information and communication technologies.

Egypt-based financial services firm Commercial Investment Bank (CIB) has launched a corporate venturing unit called CVentures to help drive emerging technologies in the fintech sector.

Ben-Gurion University of the Negev is to put $1m into a university venture fund called Cactus Capital to back emerging projects led by university students, recent graduates and other academic entrepreneurs.


“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

08 October 2018 – Grab Looking To Raise Another $1bn

Deals

Southeast Asian ride hailing platform Grab closed $2bn in funding just two months ago, but Reuters has reported that it’s looking to raise another $1bn, and that SoftBank is close to putting up half the funding.

SoftBank Vision Fund has also initiated talks to invest $500m in China-based online educational assistance platform Zuoyebang.

Traveloka, an Indonesian company that has grown into a leading holiday and travel services booking platform for Southeast Asia, is in talks with unnamed investors to raise $400m.

Elsewhere in Asia, SoftBank is reportedly in talks to invest between $200m and $250m in India-based Delhivery, one of several companies that have sprung up to feed the rapidly expanding e-commerce sector.

Enterprise cybersecurity software provider Tanium has secured $200m in a round led by Wellington Management that valued it at $6.5bn pre-money. Tanium, whose investors include Citi Ventures, has now raised about $780m altogether, and has amped up its valuation by some $1.5bn in just five months, the company having raised $175m from TPG Growth in a May round that valued it at $5bn.

Tencent and KKR’s KKR Asian Fund III have agreed to lead a $175m investment in Voyager Innovations, a fintech spinoff from telecommunications firm PLDT.

Fast fashion retailer Miniso was only founded in 2013 but has been growing at a rocket-like pace, currently standing at some 3,000 branches worldwide. Now Tencent is getting in on the act, joining Hillhouse Capital to provide $146m in funding for the company.

Education app developer Byju’s is now valued at $2bn following a $100m investment by General Atlantic India. Byju’s has raised a total of $344m from investors including Times Internet and Tencent, but the round is perhaps notable for not including SoftBank, which was said to be in talks with the company a couple of months back.

Call centre software provider Talkdesk closed a $21m series A round backed by Salesforce three years ago, but has taken a bug step forward with a $100m series B round that valued it at more than $1bn.

JHL Biotech has raised an undisclosed sum from investors including Sanoft at a $750m valuation and will put the cash toward further development of its biosimilar cancer therapies.

Drawbridge Health, a US-based medical diagnostics spinout of industrial conglomerate General Electric (GE), received an undisclosed amount of funding yesterday from Kyoto University’s venturing arm Innovation Capital (Kyoto-iCap).

Funds

Biopharmaceuticals-focused venture firm Forbion Capital Partners has closed its latest fund at $415m, a 44% upgrade on its initial target. The fund’s LPs include insurers ASR Insurances, KLP, the EU-backed European Investment Fund and the German government-owned bank KfW.

Excell Partners, a VC fund affiliated to University of Rochester, is to manage a $25m vehicle intended to spur tech activity around Rochester in upstate New York. The vehicle, dubbed Finger Lakes Forward Venture Capital (FLX) Fund, will be managed by Excell’s Technology Ventures division and funded by the New York State government.

Exits

Funding Circle has gone public in London, in a $576m initial public offering that included $184m of share sales by the online lending platform’s shareholders.

Guardant Health had a health first day as a public company, floating above its range to raise almost $238m in its IPO before seeing its share price rise by 69%.

SurveyMonkey has raised less but had a more successful IPO, floating above its range last week to raise an initial $180m.

Sutro Biopharma, a US-based cancer drug developer based on research at Stanford University and backed by pharmaceutical firms Amgen, Celgene, Eli Lilly and Merck & Co, raised $85m in its initial public offering.

NGM Biopharmaceuticals has filed to raise up to $75m in an initial public offering that will give Merck & Co and Takeda the chance to exit.

On GGV, French solar firm Neoen is aiming for a market capitalisation of €1.5bn ($1.7bn) in an initial public offering (IPO) on the Paris stock exchange.


“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

10 September 2018 – Used Vehicle Marketplace Souche Raises $578m

Deals

Used vehicle marketplace Souche has attracted $578m in series F capital from investors including Alibaba, Sunshine Insurance Group and CreditEase. The round has brought Souche’s total funding to more than $1.2bn, with Alibaba having also backed a $335m series E in November 2017 and Ant Financial having led a $100m series C in 2016.

Tencent has been an investor in MissFresh since its $10m series A round, and it has just co-led a $450m round for the online grocer that will fund the enhancement of the latter’s cold and supply chain resources and its smart retail technology.

Despite recent difficulties that have seen it significantly cut back on its international ambitions, bicycle rental platform Ofo is reportedly lining up hundreds of millions of dollars from investors including corporates Ant Financial and Didi Chuxing, both existing backers.

Fresh from setting up short-form video platform NewTV, media holding company WndrCo has led a $295m round for mobile VPN provider AnchorFree, its first for six years.

Colombia-based on-demand delivery services provider Rappi, backed by its peer Delivery Hero, has secured $200m from investors including DST Global, achieving unicorn status in the process.

IQiyi Sports, formed by iQiyi and Super Sports Media last month to control their respective sporting rights for streaming, has closed a $124m series A round that will be used to expand its offering.

Caffeine is developing what will be a smart broadcasting platform designed to be a more sociable version of livestreaming services like Twitch. 21st Century Fox is certainly interested and has pumped in $100m that will be divided between equity funding and support for a joint venture that will source high-grade content.

GreyOrange produces robotics systems for use in logistics, helping e-commerce orders to be picked out more quickly and efficiently. Mitsubishi and Flipkart have certainly taken notice, contributing to a $140m series C round that will help the Singapore-based company expand internationally. GreyOrange has now raised almost $180m altogether.

4D Molecular Therapeutics (4DMT), a US-based gene therapy spinout of UC Berkeley, has closed a $90m series B round featuring university venture fund Berkeley Catalyst Fund.

Funds

Saudi Aramco has run its own corporate venturing unit, Saudi Aramco Energy Ventures, since 2012 but sources have told the Wall Street Journal it is considering plans to put up to $1bn into a new fund that will make large-scale investments in technologies that complement its operations.

Insurance provider Aviva has put its weight behind the $129m Ahren Innovation Capital vehicle, a patient capital fund co-founded by eight scientists from the Cambridge, UK ecosystem.

Politecnico di Milano has unveiled a $70m university venture fund this week in partnership with venture capital firm 360 Capital Partners that will invest in the institution’s spinouts. Poli360 has attracted capital from Itatech, a $208m investment platform backed by the EU-owned European Investment Fund and Italian state-owned national promotional institution Cassa depositi e prestiti.

UC San Diego has unveiled the $65m Poseidon Innovation fund with the money coming from healthcare-focused investment firm Deerfield Management. Poseidon Innovation will push early-stage university drug research and follows similar initiatives that Deerfield launched with Vanderbilt, Johns Hopkins and Northwestern universities.

Exits

Reports of Meituan Dianping’s IPO plans surfaced last weekend, and now the local services platform has confirmed it plans to raise as much as $4.4bn at a valuation of up to $55bn – almost twice that at which it last raised funding in October.

Maoyan Weiying, the mobile ticketing platform backed by Tencent, Meituan Dianping and Enlight Media, is reportedly seeking up to $1bn in proceeds and has officially filed documents in Hong Kong.

Funding Circle, a UK-based peer-to-peer lender backed by Rocket Internet, unveiled plans to raise £300m ($385m) in an initial public offering.

Munich Re has acquired industrial internet-of-things technology provider Relayr, one of its existing portfolio companies, for $300m. The corporate bought the startup through its subsidiary Hartford Steam Boiler and Relayr will continue to operate as an independent business but with the added benefit of gaining access to Munich Re’s clientbase and expertise.

Thoma Bravo has agreed to buy a majority stake in CRM automation software provider Apttus for an undisclosed sum, in one of those uncommon cases of a private equity firm acquiring a VC-backed company.

Softgarden, a Germany-based human resources software spinout of Saarland University has been acquired by investment management company Investcorp Technology Partners for an undisclosed sum.


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

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