09 September 2019 – Nikola Corporation Raises $250m

Deals

Sumitomo Dainippon Pharma is acquiring a stake in medical company builder Roivant that will be at least 10%, as part of a $3bn deal that will involve it also taking Roivant’s stake in five subsidiaries.

Despite being responsible for unicorns DraftKings and FanDuel, daily fantasy sports has run into a string of regulatory issues in the US. India-based Dream11 seems to be faring better, suprassing $1bn of transactions in its last year of operations, and it is reportedly in talks with investors including SoftBank Vision Fund and Naspers Ventures to raise up to $500m in new funding.

E-cigarette brand Juul disclosed $325m of convertible debt financing last month, and a subsequent securities filing has indicated the size of the round is now $785m. It’s currently unclear who the 14 investors are that supplied the capital but they may well include Altria, the tobacco provider that invested a whopping $12.8bn late last year in order to buy more than a third of the company.

Hydrogen electric truck developer Nikola Corporation has raised $250m in cash and services from industrial equipment producer and strategic investor CNH Industrial for a series D round it aims to close at $1bn or more. The round values Nikola at $3bn pre-money, and while there’s no word of additional investors yet, its existing backers include fellow corporates Nel Hydrogen and Wabco.

With all the fuss surrounding Uber and its peers, it can be easy to forget that before ride hailing was ‘a thing’, car sharing was viewed as the future of transport. Getaround is still ploughing that furrow and is pulling in funding, aiming to add $200m in capital to the $300m it raised last year.

Tencent has provided $120m in series E funding for customer relationship management (CRM) software provider Xiaoshouyi. The company, which is also known as IngageApp, had already secured more than $40m in a Tencent-led series D round in 2017 before reportedly adding nearly $16m from the same investor the following year. It has also worked in tandem with Tencent on a specialist CRM product.

Nkarta Therapeutics has emerged from stealth with $114m raised in a series B round featuring Amgen Ventures and existing investors Novo and SR One. The company, which has received $129m in total, is developing treatments for cancer that rely on sparking the body’s natural killer cells to kill cancerous cells.

Passage Bio packs in another $110m

Yongcheng Life has secured $100m in a series B round led by Legend Capital that included Bertelsmann Asia Investments (BAI).

University

Ginger jumps to $35m series C

Achilles Therapeutics accesses $120m

Exits

Vertex Pharmaceuticals has agreed to buy diabetes treatment developer Semma Therapeutics in a $950m all-cash deal that will enable Medtronic, Novartis and SinoPharm to exit.

Data management software provider Commvaultis set to pay $225m to acquire Hedvig, a software-defined storage technology producer backed by Hewlett Packard Enterprise.

Kabbage pinpoints Radius for acquisition

Viela Bio has filed for a $150m initial public offering less than two years after being spun off by AstraZeneca. The corporate is still the largest shareholder in autoimmune disease drug developer Viela, having invested $142m last year, and it holds a stake sized above 38%.

Vir veers toward public markets

Investors in cloud security software provider Druva may be heading toward a different kind of exit, as news emerges that the company plans to begin prepping an initial public offering over the course of this year.

Uhuru to pursue $50m in London IPO

Funds

Taiwan Life ties $50m to BVP Century Fund

DG Daiwa Ventures, the joint investment venture set up by internet company Digital Garage and brokerage Daiwa Securities, has formed a new fund called DG Lab Fund II that is seeking a close of about $188m.


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

24 June 2019 – Slack Goes Public with $19.5bn Valuation

The Big Ones

Wealth management platform Paytm Money’s only funding so far has been a $10m investment by parent company One97 Communications, but it is said to be preparing a round that could be up to $1.2bn in size that will include SoftBank and Ant Financial.

Slack finally went public on Thursday in a direct listing that so far qualifies as one of the year’s notable successes. Its shares had been allocated a $26 guidance price by the New York Stock Exchange but they finished at $38.62 on its first day of trading giving the messaging platform a valuation of about $19.5bn.

Cathay Capital’s Cathay Innovation fund has raised $358m for the first close of its second fund, whose LPs include Valeo, SEB, Michelin, ADP, Accor, BioMérieux, Dassault, JCDecaux, Kering and Pernod Ricard.

On GUV, Imcyse, a Belgium-based immunotherapy developer spun out of KU Leuven, raised €28m ($31.4m) in funding from investors including the university. Life Sciences Partners led the round, which also included Belgian state-owned investment firm SFPI-FPIM, Wallonia government investment firm SRIW, growth capital firm Epimède, family office Biogenosis and private equity firm Noshaq.

Deals

Autonomous driving technology developer Aurora Innovation has boosted its series B round to more than $600m, pulling in funding from investors including Hyundai and subsidiary Kia Motors.

SoftBank Vision Fund has led a $205m round for Collective Health, the developer of a software platform that helps businesses manage their employee health plans more efficiently.

Vision Fund is reportedly also in talks with Indian fitness and wellness services provider CureFit over an investment of $200m to $350m that would value it at more than $1bn.

Zhenkunhang, the operator of an online marketplace for industrial equipment and procurement services, has captured $160m in a series D round led by Tencent.

Canada Pension Plan Investment Board is set to pay $150m for an 8% stake in logistics services provider Delhivery through a secondary transaction. The company has raised nearly $670m in funding from investors including SoftBank Vision Fund, Fosun and Times Internet.

NTT-backed data management software producer Druva has already reached that $1bn valuation, in a $130m round led by Viking Global Investors.

Rapt Therapeutics has taken its series C round from $60m to $97m, raising the additional capital from the participants in the first tranche, which include GV.

Digital payment technology provider RazorPay is now valued at $450m, after securing $75.4m in its series C round. The India-based company has reportedly now received a total of $107m in funding and its earlier backers include Mastercard and GMO Venture Partner.

Viela Bio, an autoimmune and inflammatory disease drug developer founded by AstraZeneca, has closed a $75m series B round led by investment firm HBM Healthcare Investments that boosted its overall funding to more than $300m.

Funds

Northern Accelerator, a UK-based commercialisation grouping of four universities in northeast England, is seeking to raise £100m ($125m) for a venture fund to back spinouts and startups. Northern Accelerator will select a management partner for the new fund, dubbed North East University Investment Fund, in November 2019 following a formal tender process and Q&A presentations in London and Newcastle.

PreSeed Ventures, a venture firm owned by Technical University of Denmark (DTU), is targeting DKr350m ($52.5m) for a new fund focused on early-stage tech businesses.

Exits

Stoke Therapeutics is developing treatments for genetic diseases, and has gone public having priced its initial public offering above its range while also increasing the number of shares it is issuing.

Gene therapy developer Prevail Therapeutics has secured $125m in an IPO priced in the middle of its range. The AbbVie Ventures-backed startup had raised $129m since it was founded in 2017, and it will use the proceeds to advance treatments for neurodegenerative diseases such as Parkinson’s disease, neuronopathic Gaucher disease and frontotemporal dementia.

Naspers subsidiary PayU has agreed to buy Iyzico, a Turkish digital payment platform that counts Beenos as an investor, for $165m.


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