13 August 2018 – Alibaba Plans to Merge Koubei and Ele.me

Deals

Alibaba spun off its local services platform, Koubei, with a $1.1bn round at the start of last year, and acquired food delivery service Ele.me in April 2018 at a $4.5bn valuation. Now the e-commerce firm plans to merge the two in a deal that could be supported with a $3bn to $5bn round that could be led by SoftBank Vision Fund.

Bytedance, the owner of news aggregation app Toutiao and short-form video platform TikTok, is reportedly seeking $3bn in funding in a monster round that would value it at $70bn to $75bn.

WndrCo has formally confirmed that NewTV, the short-form video content platform it founded, has raised $1bn in funding.

WeWork has been among the biggest fundraisers in the VC space in recent years and has added to that by securing $1bn in convertible note financing from SoftBank.

Manbang, the market leader in China’s trucking services market, raised $1.9bn in an April round featuring SoftBank Vision Fund, Tencent and CapitalG, but is reportedly already seeking more funding.

Naspers has been an investor in mobile second-hand e-commerce platform Letgo since 2015 when it supplied $100m in series A funding, and it’s just committed a total of $500m to the company, $150m of which it provided earlier this summer.

Walmart has invested $320m in Chinese grocery delivery platform Dada-JD Daojia as part of a $500m funding round, with another existing investor, JD.com, providing the rest.

Slack had raised more than $840m from investors including SoftBank, Comcast and Alphabet, as of its last round, a $250m series G last September that valued it at $5.1bn post-money.

Zhihu, the Chinese owner of an online platform where some 160 million registered users can crowdsource answers to queries, has confirmed a $270m series E round, though it did not name the participants.

Moviebook runs an online advertising platform that used AI technology to insert product placement into online content. It’s just secured $199m in a series D round co-led by SenseTime and SoftBank’s SBCVC, and will put the proceeds into R&D as it looks to enhance its image optimisation technology with algorithms supplied by SenseTime.

Tot Biopharm has raised $102m in a series C round featuring Center Laboratories Group that will fund the advancement of a pipeline of antibody-drug conjugates intended to treat cancer.

Things were very busy by the end of the week on GUV, with the biggest deal of the day – and week – being an $84m oversubscribed series B round for UK-based cancer-focused biotechnology company Artios Pharma that featured commercialisation firm IP Group.

On GGV, Singaporean state-owned investment firm Temasek has paid $225m for a stake in India-based, corporate-backed ride hailing platform Ola through a secondary share purchase.

Funds

SoftBank is nearing the final $100bn close for its Vision Fund and is already eyeing a second iteration, but in the meantime it’s reportedly looking to put together a $5bn fund for Asian investments, with some 50% earmarked for India-based companies.

Parkwalk Advisors, a fund management subsidiary of commercialisation firm IP Group, has launched University of Cambridge Enterprise Fund VI in partnership with the university’s tech transfer unit, Cambridge Enterprise.

On GGV, Temasek has become a limited partner in the $140m second growth fund run by US-based Ten Eleven Ventures. Ten Eleven focuses on investment in cybersecurity businesses and the new fund – known as TEG II – is expected to enable expansion into new geographic regions including Southeast Asia.

Exits

Social media marketing technology platform Weimob, is heading to the public markets having filed for an initial public offering in Hong Kong.

Linio, the Mexico-based operator of an online marketplace spanning eight Latin American countries, had raised $230m from investors including Tengelmann, Access Industries and Rocket Internet, but some of its backers are bound to have made a loss after it was bought by big-box retailer Falabella for $137m.

GraphicsFuzz, a UK-based graphics driver testing technology spun out of Imperial College London, has been acquired by Google, the internet subsidiary of diversified conglomerate Alphabet.


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

16 January 2017 – Funding Circle Raises $100m, Starship Technologies Raises $17.2m Seed Funding and Much More

Deals

Insurance and reinsurance firm Arch Capital Group has contributed to a $510m round that has launched Premia Holdings, a Bermuda-based company that will offer property & casualty runoff insurance to businesses.

Chinese real estate service Lianjia raised more than $920m at a $6.2bn post-money valuation last April, in a series B round backed by Tencent and Baidu.

Hive Box, the logistics station network established by corporates GLP, SF Express, STO Express, ZTO Express and Yunda Express in 2015, has received approximately $360m in series A funding.

Mobile payment platform iZettle has raised $63m in financing to almost double the size of its series D round to $130m.

Much of the activity in the peer-to-peer lending sector has been concentrated in the US and China, but UK-based Funding Circle is proving it’s no slouch, raising $100m from investors including Rocket Internet and Temasek, the investment arm of Singapore’s government.

Zhihu, China’s answer to Quora, has secured $100m in a series D round backed by Tencent, which had previously invested in the company’s $55m series C just over a year ago, and search engine provider Sogou.

Alibaba’s local services subsidiary, Koubei, has co-led a funding round for restaurant table booking platform Meiweibuyongdeng that valued the company at just over $430m. T

Flash storage technology producer Kaminario has secured $75m in a series F round led by private equity firm Waterwood that it will use to expand in regions such as Eastern and Western Europe, Asia Pacific and the Middle East.

Ascentage Pharma spun out of oncology drug developer Ascenta Therapeutics in 2009 and has now closed a $72m series B round led by the Chinese government’s Future Industry Investment Fund that will be used to advance its pipeline of small-molecule drug treatments for cancer, hepatitis B and age-related diseases.

Immuno-oncology company Neon Therapeutics has raised $70m in a series B round backed by Access Industries, the conglomerate that took part in its $55m series A round just over a year ago.

Here’s a smaller one by amount but an enormous one for its stage: drone technology and logistics have both been hot areas of late so it’s no surprise that a company that combines the two, Starship Technologies, has raised a huge $17.2m in its seed round.

Another one that doesn’t exactly count as one of the week’s biggest, but is noteworthy nonetheless happened on GlobalUniversityVenturing.com, where Alta Innovations, the tech transfer office of Birmingham University, made a first investment from its £5m Spinout Investment Fund.

Funds

Abu Dhabi’s Mubadala Development Co has been cited as an investor in SoftBank’s $100bn Vision Fund since November, and people familiar with the matter have told Bloomberg it is set to provide between $10bn and $15bn.

Tekes Venture Capital, the investment arm of Tekes, the state-owned Finnish Funding Agency for Innovation, has backed Butterfly Venture Fund III, a €24m ($25m) seed fund aimed at startups in Nordic countries.

The nanotechnology-focused commercialisation firm is set to establish two investment funds in the first half the year and is seeking co-investors from China and the Middle East as well as Japan.

The week’s largest fund on GlobalUniversityVenturing.com meanwhile was healthcare-focused VC firm Versant Ventures closing its sixth investment fund at a hard cap of $400m, with a third of that sum allocated towards the commercialisation of university research.

Exits

Fog Creek Software launched cloud collaboration tool Trello in 2011, spinning it out three years later when it raised $10.3m from VC investors.

SoftBank has had some notable successes through its CVC activity in Asia but it’s fair to say realty listings platform Housing.com is not among them. SoftBank had reportedly invested up to $95m in Housing.com, which has now been acquired by rival PropTiger in an all-share deal that valued it at no more than $75m. The corporate hasn’t given up however, and is investing $5m in the merged company together with a $50m contribution from PropTiger investor News Corp.

People

Akshay Naheta, chief investment officer of Knight Assets, has joined SoftBank to help manage the company’s $100bn fund that is backed by a range of sovereign wealth funds.


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