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

The Big Ones

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

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

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

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

Deals

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

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

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

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

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

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

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

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

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

Funds

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

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

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

Exits

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

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

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

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


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

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

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