05 August 2019 – MyBank Seeks $870m at $3.5bn Valuation

Big ones

MyBank was formed by Ant Financial and Fosun in 2015, and now the big data and AI-enhanced online lending platform is reportedly seeking about $870m in a round that could include both corporates at a $3.5bn valuation. Its other existing investors include Wanxiang, a contributor to the $644m the company received at the time of its launch.

After much speculation, Indonesian bank Bank Negara Indonesia has officially launched its venture capital unit, BRI Ventures. It has provided an initial $100m for the unit that it intends to eventually increase to up to $250m, and it will be headed by Nicko Widjaja, the ex-CEO of one of the country’s other notable corporate venturing entities, Telkom Indonesia’s MDI Ventures. That’s an interesting development considering MDI was said to be helping BNI put together the fund.

Chinese online lending platform 9f has filed to go public in the US and hopes to raise $150m in proceeds but, in an unusual move, is yet to settle on an exchange (it’s a fight between NYSE and Nasdaq). The company’s investors include Susquehanna International Group and SBI, though neither have stakes sized at 5% or more. Founded in 2006, 9f operates a peer-to-peer lending marketplace for consumers, with the loans supplied by both private investors and institutional partners. The platform also offers securities trading and big data analytics functionalities. The company had 76.7 million registered users as of March this year, 7.8 million of which have an approved credit limit. Its outstanding loan balance totalled $8.2bn at the time.

Alizé Pharma 3, a France-based biopharmaceutical startup based on research at University of North Carolina (UNC) at Chapel Hill, University of Maine and Harvard University, secured $74.6m on Tuesday in a series A round led by investment firm LSP. Novo Ventures, Partners Innovation and Sham Innovation Santé, respective investment vehicles for pharmaceutical firm Novo, healthcare provider Partners Healthcare and insurer Sham, among others, also took part in the round. Alizé Pharma 3 is developing drugs that are intended to treat metabolic diseases and diseases of the endocrine system.

Deals

Swiggy is in what’s increasingly become a head-to-head battle with Zomato for dominance in India’s on-demand food delivery sector, and it’s reportedly close to raising between $700m and $750m in a round led by existing investor Naspers.

Healthcare software provider Babylon Health has announced a $550m series C round that will value it at $2bn post-money once it formally closes.

Traveloka raised $420m in a GIC-backed round in April, and is reportedly talking to investors in a bid to secure an additional $500m at a valuation of about $4.5bn.

Mobile bank operator Nubank has already sealed funding, notching up $400m in a series F round that included Tencent. The corporate had already invested $90m in Nubank last October, together with a $90m secondary transaction.

Online real estate brokerage Compass is now valued at $6.4bn having secured $370m in a series G round that included SoftBank Vision Fund, fresh from the launch of its recent $108bn second vehicle.

Mobile commerce platform Wish is now valued at $11.2bn following a series H round reportedly sized at $300m. General Atlantic led the round, without any other participanys being disclosed.

Machine learning software provider DataRobot has reportedly secured $200m in a series E round led by Sapphire Ventures at a valuation of more than $1bn.

Chinese engineering equipment rental service Zhongeng United has raised a total of about $167m in new funding, almost $22m of which came in the shape of series B-plus capital supplied by Five Star.

Funds

Utimco, a joint investment company of University of Texas and Texas A&M University, has backed a $234m life sciences fund raised by Germany-based venture firm Wellington Partners.

Exits

There’s been a lot of talk of decline in the new media sector as of late, and we could be about to see some more consolidation in the space. Vice is one of the biggest players and is reportedly in discussions to acquire Refinery29 in a move intended to diversify its comparatively masculine reputation.


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

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

18 September 2017 – ZhongAn Lines up $1.5bn IPO

Exits

All eyes will be on Chinese online property and casualty insurance platform ZhongAn next week as it is lining up a Hong Kong IPO that could net it as much as $1.5bn.

Advanced data centre developer and builder Switch is looking at its fifth straight profitable year, and has filed to raise up to $100m on the NYSE, in an offering that will allow Intel Capital to exit.

Volvo has closed the acquisition of on-demand valet parking service Luxe, which was valued at $140m as of its last funding round, for an amount reckoned by TechCrunch to represent pennies on the dollar.

Perhaps showing that there’s still plenty of room for offline consumer brands to emerge, as long as they appear sufficiently high-quality, Nestlé has agreed to buy a 68% majority stake in Blue Bottle Coffee, an upscale coffee brand that as of the start of 2017 had only 29 branches across four US and Japanese cities.

Investments

Alphabet is already an investor in Uber, its GV unit (then known as Google Ventures) having made a big bet in its 2013 series C round. Now however, the corporate is reportedly in talks to invest $1bn in its main US rival, Lyft.

Uber is reportedly in line for a mammoth investment by SoftBank, Didi Chuxing and Dragoneer that will involve the firms investing between $8bn and $10bn in the company in the form of primary and secondary share purchases.

Augmented reality technology developer Magic Leap remains in stealth and is yet to release a product, but that doesn’t mean investors aren’t still interested. The company is looking to raise $500m in a series D round that could include Singapore’s Temasek, and which would follow a $794m Alibaba-led series C round in early 2016.

United Imaging Healthcare collects $505m series A

Wish aspires to $250m in funding

Genomic testing and research service 23andMe has raised $250m in a Sequoia Capital-led round that reportedly valued it at $1.5bn pre-money, taking its total funding to about $490m.

Goldman Sachs has supplied approximately $133m in debt and equity financing for Neyber, a UK-based online lender that takes repayments directly from a borrower’s salary.

Government

Foodee serves up $8.2m series A

Funds

Samsung meanwhile is making a big play in connected and autonomous car technology,putting together a $300m fund to make strategic investments in the sector.

Asus finds Fenox VC for $50m fund

Madasamy moves from Qualcomm to $50m fund

University

Mars Innovation sets up Lab150 experiment

Austria boosts spinout support

Government

Ireland acts on $120m fund

Kerala accepts $78m mission

ScaleUp grows to $82m with BC Tech Fund


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

7 November 2016 – Alibaba cultivates $1.5bn Fund, $100m First Fund for Keen and Much More

People

Lak Ananth has left US-based technology company Hewlett Packard Enterprises (HPE) to join Germany-based conglomerate Siemens as managing partner of its €1bn ($1.1bn) Next47 corporate venturing unit.

Markus Solibieda has left private equity firm Mandarin Capital Partners to become managing director.

Funds

SoftBank to make space in its Vision for Mubadala

Alibaba to cultivate $1.5bn fund

Kuang-Chi adds $250m to CVC investment capacity

Portag3 secures trio of limited partners

Canada-based venture capital firm Relay Ventures closed its third fund with a total of C$200m ($150m) in commitments from limited partners including mobile network operator US Cellular.

Hain Celestial to cultivate startups

Keen raises peachy $100m for first fund

Annexus seeks exits from corporate venturing vehicle

Government Department

Armenia to gain $55m fund

Exits

Intel Capital president to shrink portfolio 25%

Investments

Ola aims for $600m in new funding

Wish sets its heart on $500m

Searchable GIF database Giphy raised its first capital, a $2.4m CAA-backed round, in early 2014 but less than three years later the company has taken its total funding to more than $150m in a $72m series D round that reportedly values it at $600m.

Artificial intelligence technology startup Graphcore has scored $30m in a series A round led by Robert Bosch Venture Capital.

University Corner

UBiome builds $22m series B habitat


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