03 June 2019 – Possible PhonePe Spinout from Flipkart in $1bn Deal

Big Ones

Right now it feels like we’re gearing up for another period of significant funding, if the rumour mill is anything to go by. Mobile payment platform PhonePe was acquired by Flipkart in 2016, the year after it was founded, but could now be spun back out in a round that could reportedly reach $1bn.

Life insurance firm Northwestern Mutual launched its $50m Northwestern Mutual Future Ventures unit in early 2017 and has since built up one of the more notable CVC portfolios for an insurer, adding the likes of Chime, Ojo Labs and Ladder to existing investments such as Betterment.

Investment firm Insight Partners was already an investor in threat intelligence provider Recorded Future but has taken a step further, acquiring a controlling stake at a valuation of $780m.

Thrive Earlier Detection, a US-based developer of a blood test for cancer, was spun out of Johns Hopkins University on Thursday with $110m in series A funding from investors led by venture capital firm Third Rock Ventures. BlueCross BlueShield Venture Partners, the corporate venturing subsidiary of health insurer Blue Cross and Blue Shield Association, participated in the round, as did molecular diagnostics company Exact Sciences.

UK-based investment firm Woodford Investment Management has sold its entire shareholding in Oxford Sciences Innovation (OSI), the university venture fund of University of Oxford. The stake, worth £55m ($69.6m), has seemingly been sold to family offices and international investors.

Morningstar downgraded the Equity Income fund from bronze to neutral last week after its value shrunk from £10.2bn in 2017 to just £4.4bn, while St James’ Place, the largest wealth manager in the UK, put the firm on its watchlist after a prolonged poor performance.

Deals

SpaceX has added $1.02bn in new funding according to two separate securities filings, though it hasn’t disclosed details of the investors.

Toyota already has Uber and Grab in its portfolio but it is said to be mulling over an investment of about $550m in fellow ride hailing service Didi Chuxing.

SoFi has expanded from its core business of online lending and student loan refinancing to take in services such as online investments and digital banking, and it has also raised a further $500m in funding, this time in a round led by Qatar Investment Authority.

Lenskart has been one of Asia’s most successful proponents of the consumer goods business model involving an expansion from e-commerce to the offline world, and the eyewear retailer is reportedly in discussions to raise $350m from SoftBank Vision Fund at a $1.3bn valuation.

Oncology data platform developer Tempus has raised $200m in series F funding from investors including Novo at a $3.1bn valuation.

RobinHood was valued at $5.6bn back when it last raised money, early last year, but the Alphabet and Roc Nation-backed trading app developer is seeking $200m from existing investors at a reported valuation of up to $8bn.

Funds

Growth equity vehicle EV Growth was formed by East Ventures and corporate VC units SMDV and YJ Capital early last year with a $150m target for its first fund. It’s ended up overshooting that by a food amount, closing the fund at $200m having received commitments from limited partners including SoftBank. The fund has invested in 12 portfolio companies to date.

Exits

Palo Alto Networks has agreed to pay $410m to acquire container security software developer Twistlock, which had raised $63m from investors including Dell Technologies Capital.

BridgeBio Pharma is developing drugs to treat genetic diseases including forms of cancer linked to genetic causes. It has filed for a $225m initial public offering that will follow more than $480m in venture funding from investors including AIG, though only KKR and Viking Global Investors hold stakes of 5% or more.


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

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

29 April 2019 – Uber Sets Terms for $9bn IPO

The Big 3

Uber has set terms for an IPO that will raise $9bn if it floats at the top of its range. SoftBank is among the selling shareholders, though it will remain the largest shareholder in the on-demand ride provider.

Uber has also confirmed its autonomous driving division, otherwise known as Uber Advanced Technologies Group, has raised $1bn from external investors. Toyota said its share consisted of the $500m it provided for strategic partner Uber last August, while SoftBank Vision Fund invested $333m with the rest provided by Denso.

Hitachi has not been too active in the corporate venturing space, but that looks likely to change with the institution of a $150m fund called Hitachi Ventures that is set to formally begin operations in June.

And in a nice university-corporate VC crossover, US-based online education platform Coursera secured $103m in a series E round led by online education and recruitment firm Seek Group.Future Fund, Australia’s sovereign wealth fund, also took part in the round, as did venture capital firm New Enterprise Associates (NEA).

Deals

Ford has agreed to invest $500m in electric SUV and truck developer Rivian, just two months after the latter pulled in $700m in an Amazon-led funding round.

3D printing hasn’t yet become the goldmine some were predicting, but the market leaders are still raising funds quite easily. Carbon is seeking $300m in its forthcoming series E round according to a regulatory filing, at a valuation expected to be around the $2.5bn mark.

KeepTruckin has raised $149m at a $1.25bn valuation, from investors including Alphabet subsidiary GV. GV has been an investor in KeepTruckin since its seed round, back when the unit was still known as Google Ventures, and the series D round took the fleet management technology producer’s total funding to $228m. Greenoaks Capital led the round, which included IVP, Index Ventures and Scale Venture Partners.

Two affiliates of state-owned aerospace manufacturer Aviation Industry Corporation of China have provided $149m of funding for airline services provider Global Wings.

Loon, the orbital internet connectivity system developer formed by Alphabet, has received $125m from HapsMobile, a joint venture between SoftBank and Aerovironment that is developing high-altitude digital infrastructure.

Funds

Allianz has become the latest company to fund an independent venture firm alongside its existing corporate venturing activities.

University of Chicago at Illinois (UIC) partnered investment firm Deerfield Management yesterday to launch translational research funding and commercialisation vehicle West Loop Innovations. Deerfield will provide up to $65m in capital to West Loop Innovations, which will help advance promising discoveries at the university. In particular, the fund is expected to solidify UIC’s strengths in drug discovery.

Exits

Douyu, the game streaming platform that’s been called China’s Twitch, has filed for a $500m initial public offering on the New York Stock Exchange.

Content management software provider Fastly has become the latest corporate-backed tech company to file for an IPO, and is officially targeting $100m.

Peer-to-peer car rental marketplace Getaround has paid $300m to acquire peer Drivy in order to create a car sharing service with 5 million users across the US and Europe.

On GUV, Bellwether Bio, a US-based oncological diagnostics spinout of University of Washington, has been acquired by early cancer detection test company Guardant Health for an undisclosed sum.


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

15 April 2019 – Uber Files for IPO

Big ones

As you all surely know by now, Uber filed for its long awaited initial public offering on Thursday, confirming that its largest investor is SoftBank Vision Fund, which owns more than 16% of its shares, while Alphabet, which has increasingly been rivalling the ride hailing company in the autonomous driving technology space, holds a stake sized at just over 5%.

Grab had raised a mammoth $4.5bn for its series H round as of last month, but it said it hadn’t closed the round and now revealed that it is shooting for a $6.5bn final close. Our frequent listeners may remember that the ride hailing platform had originally set a $3bn target for the round, but Vision Fund invested a further $1.46bn and is expected to return for the extension.

Taikang Insurance is not one of China’s most fervent corporate venturers but it has managed to score three IPO exits in the past year, and is now linking up with the city of Wuhan to form a $3bn healthcare-focused fund.

And on the university side, we have Inozyme Pharma, a developer of drugs that will combat the calcification of the body’s kidneys and vascular system. The Yale University spinout has secured $67m in a series A2 round featuring two corporates – Novo and Sanofi Ventures.

Deals

Traveloka has reportedly secured $420m in funding from Singapore’s GIC and existing investors that were undisclosed but which probably included Expedia and JD.com.

The digital insurance sector continues to go from strength to strength, with Lemonade the latest to raise money, netting $300m in series D funding at a reported valuation in excess of $2bn.

Tourism activities booking platform Klook has secured $225m in a series D-plus round led by SoftBank Vision Fund that has been added to the $200m in series D financing it closed in October.

Branch International has created a mobile-first financial services platform tailored for use in emerging markets, and it has raised $170m in a series C round that was co-led by Visa.

Funds

Japanese bank Mitsubishi UFJ Financial Group already operates a venture capital firm, Mitsubishi UFJ Capital, but is now getting further into strategic investing, setting up a $180m fund called MUFG Innovation Partners.

Exits

Fashion-focused social commerce platform Poshmark has raised almost $160m in funding and was reportedly valued at about $600m when it last raised money, nearly 18 months ago.

SoYoung, a Chinese booking and reviews platform for cosmetic procedures, has already filed for an IPO in the US and is looking to raise $150m.

Private equity firm Bridgepoint has sealed the acquisition of a majority stake in cloud accounting software provider Kyriba, paying $160m. The transaction valued Kyriba at $1.2bn according to the company, but it has not revealed whether BridgePoint was an existing backer or whether the $160m constituted a separate investment to a secondary share purchase.

Private jet provider Vista Global has agreed to acquire customised charter jet service JetSmarter for an undisclosed amount in an all-share deal that will allow JetEdge to exit.


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

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

04 March 2019 – Honda, Panasonic and Omron Become Limited Partners in NordicNinja VC’s First Fund

Big 3

Charles Conn and Patrick Pichette will join Oxford Sciences Innovation to become chief executive and chairman, respectively, with founder Dave Norwood retiring.

Honda, Panasonic and Omron are among the limited partners of NordicNinja VC’s inaugural fund, which will focus on deep tech and help northern European startups expand into Asia.

Novartis has joined forces with Blackstone Life Sciences to launch cardiovascular drug developer Anthos Therapeutics.

Deals

Reports earlier this month suggested SoftBank Vision Fund was considering a large investment in automotive e-commerce platform Chehaoduo and today the company confirmed it secured a commitment for $1.5bn from the telecoms giant.

AI chip developer Horizon Robotics added $600m to its coffers today thanks to two subsidiaries of conglomerate SK Group – SK China and SK Hynix – as well as several unnamed Chinese carmakers.

Danke Apartment, the Chinese company that splits existing flats for families into smaller units and rents them out to young professionals, has collected $500m in a series C round co-led by Ant Financial and Tiger Global Management.

Coinbase raised $300m in series E capital back in October but now reports have emerged that GIC, the sovereign wealth fund of Singapore, was part of that round too. T

GV has meanwhile helped launch Maze Therapeutics by contributing to a $191m funding round that also featured Alexandria Venture Investments. Maze, which has three preclinical candidates in its pipeline, will exploit genetic modifiers – genes that affect the severity of a disease – to tackle a variety of diseases, though it’s keeping shtum about what those are for now.

Ÿnsect is aiming to tackle environmental issues in the food supply chain by breeding mealworms and using them as the basis for fish feed, pet food and fertiliser, and now the company has added sugar producer Finasucre to its shareholders following a $125m series C round.

Motif Ingredients has been spun out of biotech firm Ginkgo Bioworks with $90m in series A capital from investors including merchant firm Louis Dreyfus Company and dairy cooperative Fonterra.

Exits

Spark Therapeutics publicly listed in 2015 and is set to net Children’s Hospital of Philadelphia up to $458m following its acquisition by Roche.

Reports about Uber wanting to merge its Middle East operations with those of Careem go back to July last year, but it looks like the deal’s closure is approaching fast and with a higher price tag attached – $3bn in cash and shares instead of the initially reported $2bn to $2.5bn. I

A (possible) exit of a different kind came for Motorola Solutions Venture Capital, whose portfolio company GoCanvas has attracted $150m from K1 Investment Management in what has widely been billed as a majority stake purchase.

CStone Pharmaceuticals, a China-based biopharmaceutical company backed by Taikang and WuXi PharmaTech, raised $285m in its IPO and achieved a valuation of $1.5bn after selling shares to both Hong Kong and international investors.

Zoom, the video conferencing platform backed by Qualcomm, is inching ever closer to a long-rumoured initial public offering and it looks like April is the current target.

Tiger Brokers, an online brokerage backed by consumer electronics company Xiaomi and digital brokerage Interactive Brokers Group, meanwhile filed for a $150m initial public offering on Nasdaq.

Digital brokerage Futu has meanwhile revised its initial public offering plans and now hopes to raise up to $150m when it lists on the Nasdaq Global Market.

Centogene scents IPO

Funds

EU-owned institutions including the EIF are pouring capital and assistance into an early-stage tech transfer vehicle for the Fraunhofer network of applied research institutes.


“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

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

Deals

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

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

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

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

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

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

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

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

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

Funds

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

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

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

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

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

Exits

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

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

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

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


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

24 September 2018 – Uber in Talks to Acquire Rival Careem

Exits

Uber is already in talks to acquire Middle Eastern rival Careem and has now reportedly in negotiations to buy food delivery service Deliveroo. The price would need to be “considerably” higher than the $2bn valuation at which Deliveroo last raised money, but the transaction would give a nice exit to NGP Capital, the venture firm spun out of Nokia, which invested in Deliveroo at a reported $1bn post-money valuation.

Rocket Internet is in line for a series of IPO exits in the next few months. In addition to Westwing and Funding Circle, African e-commerce marketplace Jumia is looking to go public in a 2019 offering that could value it at about $1bn.

Eventbrite, the developer of an online ticketing platform it supplies to event promoters,has gone public in a $230m IPO. The company floated at the top of its range, which it increased on Tuesday, signifying some serious interest in advance of the offering.

Infosys sucks up Fluido in $76m acquisition

Equillium seeks $86m IPO balance

Airware comes crashing down

Allogene calls for $100m IPO

Qutoutiao reports news of $84m IPO

GlaxoSmithKline has chalked up an exit in a $106m initial public offering for oncology and immunology developer Principia Biopharma, which has floated at the top of its range.

Connected planning software provider Anaplan has filed for its own IPO and has set an initial target of $100m.

Funds

Insurance firm Aflac announced in March last year it planned to make up to $100m of investments through a newly formed corporate venturing vehicle, and while its investments have been secretive they’ve apparently interested the company enough to increase activity.

Ajao’s Base attracts $137m for first fund

Golden Gate closes third fund with $100m

Corporates nurture $70m Raise Ventures fund

Deals

Saudi Arabia’s Public Investment Fund has agreed to invest some $1bn in Lucid Motors, the developer of a luxury plug-in electric sedan.

Tuhu, a Chinese provider of automotive after-sales services, has raised $450m in a series E round featuring Tencent, which invested in connection with a strategic partnership agreement.

Yi Jiupi E-Commerce, the operator of Chinese wine retail platform E Jiupi, has reportedly secured $200m in a series D round co-led by Meituan Dianping and Tencent that valued it at $1.1bn.

Electric bus producer Proterra has raised another $155m in a round that was co-led by Daimler, which will explore the use of Proterra’s battery and electric drivetrain technology in its school buses.

Galera Therapeutics has secured $150m in financing, $70m of which came in a series C equity portion backed by Nan Fung Life Sciences and existing investors Novo Ventures and Novartis Venture Fund.

UiPath continues to bring in big money six months after closing a $153m series B round by collecting $225m in series C funding from backers including CapitalG, which co-led the round with Sequoia Capital.

GitLab programs $100m series D

India-based social networking app developer ShareChat has added $99.2m to its coffersthanks to commitments from investors including Xiaomi, which previously led an $18.2m series B round in January this year.

Enigma has become the first portfolio company both of BB&T’s fintech-focused vehicle and MetLife’s co-investment fund MetLife Digital Ventures by attracting $95m in funding.

GUV

Immune-Onc books $33m series B


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