20 July 2020 – 5G & IoT Provider Jio Platforms Gains $4.5bn from Google

The Big Ones

Jio Platforms was spun off by Indian conglomerate Reliance Industries late last year to build a mobile network tailored for 5G and the internet of things, and everyone seems to want a slice. The latest is Google, which is paying $4.5bn for a 7.7% stake in Jio, the deal coming in the wake of parent company Alphabet’s recent pledge to invest some $10bn in India over the coming years. Qualcomm Ventures and Intel Capital had supplied a total of $350m for it earlier this month – Qualcomm’s actually came only a few days before Google’s investment. Meanwhile Facebook paid $5.7bn for a 10% stake in April.

Alphabet announced that it intends to channel up to $10bn into India through a newly formed vehicle dubbed Google for India Digitization Fund. That commitment will include equity funding for domestic companies, though as yet it’s unclear whether that will be deployed through the corporate’s investment subsidiaries. One of them, CapitalG, has already invested in several Indian companies but GV is yet to establish a presence in the region.

There’s been more IPO action this past week, beginning with electric vehicle battery producer Farasis Energy, which raised approximately $486m in an offering on the Shanghai Stock Exchange’s Star Market. It raised a reported $193m from investors including strategic partner Daimler earlier this month, and the corporate venturing arm of another carmaker, BAIC, is also among its shareholders.

On GUV, Paige, a US-based cancer pathology software spinout of Memorial Sloan Kettering Cancer Center, extended its series B round to $70m with commitments from Goldman Sachs Merchant Banking Division and Healthcare Venture Partners. Both were returning investors from previous tranches. The initial series B close last year had also featured Brey Capital, private investor Kenan Turnacioglu and undisclosed funds. Leo Grady, chief executive of Paige, told GUV: “The past year has underscored the need for pathology to adopt a digital workflow. As hospitals and labs look for solutions, they are seeing Paige as uniquely positioned: providing an enterprise solution for digital pathology images across sites and scanners while leveraging advanced cancer detection and characterisation solutions to provide additional information to the pathologist during diagnosis.”

Deals

RobinHood has seen demand for its share trading platform skyrocket during the Covid-19 lockdown, so much so it’s delayed the app’s UK launch. It has added 3 million new accounts and has followed that by adding $320m to a series F round that now stands at $600m. The company, which is backed by Alphabet unit CapitalG and Roc Nation, secured the capital at an $8.3bn valuation and has now raised a total of nearly $1.5bn in venture funding.

UiPath, a developer of robotic process automation technology that facilitates the automation of repetitive tasks like data entry, can also be said to be a company with a lockdown-relevant product. It has pulled in $225m through a series E round featuring Tencent that boosted its valuation from $7bn in May 2019 to $10.2bn post-money. CapitalG is also among UiPath’s investors, having first backed it in a 2018 series B round.

In Japan, ride hailing platform Mobility Technologies (MoT) has agreed up to $211m in corporate funding, with the lion’s share to come from mobile network operator NTT Docomo. The round included Dentsu and Tokyo Century and it shows the benefits of pivoting when the time is right. MoT began life as a taximeter software producer but has raised money from investors also including Toyota and Kakao Mobility since it switched tack.

Another Salesforce-backed company, Auth0, is also valued at $1.9bn, following a $120m series F round led by corporate VC vehicle Salesforce Ventures. Telstra Ventures also took part in the round, as did Deutsche Telekom’s DTCP unit, and the user authentication software provider intends to leverage Deutsche Telekom’s resources as it expands internationally. It has now secured more than $330m altogether.

Qumulo, developer of a cloud-based data management system, has completed a $125m series E round led by BlackRock that took its total funding above $350m. The cash was secured at a valuation of more than $1.2bn and it comes roughly two years after a series D round featuring disk drive manufacturer Western Digital. The cash will support product development and international growth.

Funds

We already had one huge fund but there was another last week: 23 biopharmaceutical companies have provided a total of almost $1bn in capital for AMR Action Fund, a vehicle tasked with helping to combat antimicrobial resistance by investing in companies developing new antibiotics. Those backers include Pfizer, Merck & Co and Johnson & Johnson, which are each supplying $100m. AMR Action Fund is slated to begin operations in the fourth quarter of 2020.

Exits

Small molecule cancer drug developer Relay Therapeutics has bagged $400m from its initial public offering, increasing the number of shares by more than a third and floating above its range. Its shaves have also risen post-IPO, providing a success story that’s badly needed for its largest investor, SoftBank Vision Fund. Although Vision Fund’s consumer-facing investments have been somewhat patchy, its life sciences deals seem to be paying off.

Banking software provider nCino has raised $250m in a flotation that saw it float a full $7 above its range. Its shares then nearly tripled in their first day of trading yesterday to give it a valuation of more than $1.9bn. The IPO is also a success for Salesforce, which owns a 12% stake having invested $72m in nCino between 2016 and late last year.


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

09 March 2020 – Waymo Secures $2.25bn in Initial Close of First External Round

The Big Ones

Waymo began life in Alphabet’s secretive Google X division but has now fully emerged as a standalone company, securing $2.25bn from investors including AutoNation, Magna International and Alphabet itself – an amount it said only represents the initial close of its first external round. No official word on valuation but Morgan Stanley analysts estimated its value at $105bn as of September. What this means for Alphabet portfolio company Uber, which is testing its own driverless car tech, remains to be seen.

Insurance providers Aflac, Sumitomo Life and Nürnberger have contributed to the $90m initial close of an insurance technology-focused fund being raised by UK-based venture capital firm Anthemis. Founded in 2010, Anthemis now has more than $500m in assets under management and more than 100 portfolio companies in the financial technology sector, about a third of which are insurance-related. The fund is expected to reach a final close later in 2020, according to Reuters. Aflac invested through its corporate venturing subsidiary, Aflac Global Ventures, and fellow insurer Daido Life Insurance Company is involved with the fund as an associate. Anthemis Insurance Venture Growth Fund I will invest in later-stage insurance tech businesses, beyond the traditional pre-seed to series B remit of earlier Anthemis funds.

Equinix has closed the acquisition of bare-metal automation technology provider Packet initially announced in January. The purchase price is $335m and the deal comes in the wake of just $36m in funding. That’s good news for SoftBank, which led Packet’s series A round, in addition to fellow corporate investors Dell Technologies Capital, JA Mitsui and Samsung Next.

In crossover news. Element Science has raised a sliver over $145m in a series C round that included GV, which was listed as an existing investor. Element is the developer of a wearable defibrillator for cardiac patients transferring from the hospital to their home. The round was co-led by Deerfield Healthcare and Qiming Venture Partners USA and it boosted Element’s overall funding to at least $183m. The company’s founder, president and chief executive is Uday Kumar, adjunct professor in bioengineering at Stanford University. He previously founded iRhythm Technologies, the developer of arrhythmia diagnostics technology that won the GUV Award for Exit of the Year in 2017 – and whose stock has nearly quadrupled since its IPO to give the company a current market cap of $2.6bn.

Deals

Beike Xhaofang was reported in December to be mulling over an initial public offering to raise up to $1bn, but the online property rental platform had apparently already raised more than $2.4bn in a series D-plus round punctuated by a $1bn investment from SoftBank. The round also featured existing investor Tencent and valued the company (also known as Ke.com) in excess of $14bn.

Quibi is gearing up for the launch of its short-form online streaming platform next month and has closed $750m in new financing from undisclosed new and existing investors. The new funding took Quibi’s overall equity financing to $1.75bn, the company having previously revealed Alibaba, Sony, 21st Century Fox, Walt Disney, WarnerBros, Entertainment One and WndrCo among its backers.

Immunocore has completed a $130m series B round that included WuXi AppTec’s corporate VC fund and existing investor Eli Lilly. A media report in September suggested the round was set to value the immuno-oncology molecule developer, a spinoff from MediGene, at about $625m. That sounds good until you factor in the reported $1bn valuation at which it last raised money, through a $320m round in 2015. Immunocore was spun out of biotech firm Medigene in 2008 to commercialise aspects of Avidex technology, the latter having been spun out of University of Oxford in 1999. A sister company, Adaptimmune, was formed concurrently to market other Avidex assets.

Novartis Venture Fund and Partners Innovation Fund have taken part in a $105m series B round for Akouos, which is developing precision genetic medicines to combat hearing loss. Both participated as existing backers, Novartis having been an investor since the company’s $7.5m seed round three years ago.

Immuno-oncology continues to be a strong area of life sciences, with Akrevia Therapeutics having closed a $100.5m series B round announced alongside its rebranding to Xilio Therapeutics. The round was led by Takeda Ventures and included three more corporate venturing subsidiaries of pharmaceutical firms: M Ventures, Ipsen Ventures and MRL Ventures Fund.

Pliant Therapeutics, a US-based fibrosis therapy developer based on research at University of California (UC), San Francisco, has raised $100m in a series C round led by pharmaceutical firm Novartis. Venture capital firm Third Rock Ventures formed Pliant in 2016 to advance research conducted at UC San Francisco by professors Dean Sheppard, Bill DeGrado and Hal Chapman together with associate professor Bradley Backes. The company’s now raised $207m altogether.

Thought Machine has created a cloud banking platform intended to comprehensively replace legacy banking IT systems. Its customers include Lloyds Banking Group, which has also participated in the company’s $83m series B round, making it the latest UK-based fintech developer to raise substantial funding. It is channelling the capital into its ongoing international expansion, which is currently focused on the Asia Pacific region.

Japan-based lithium-ion battery developer APB has raised ¥8bn ($74.4m) in today from investors including Keio Innovation Initiative (KII), a joint venture capital vehicle for Keio University and securities brokerage Nomura Holdings. Industrial, mining and petroleum group JXTG Holdings took part through subsidiary JXTG Innovation Partners while coal chemistry technology provider JFE Chemical, construction firm Obayashi Corporation, textile manufacturer Teijin and industrial technology producers Nagase & Co and Yokogawa Electric invested directly. The company was founded in October 2018 through a partnership between KII and Keio University professor Hideaki Horie.

Quantum computing technology developer Rigetti Computing is well on the way to its next round, having accumulated $71m for a targeted close of $83.9m, according to a securities filing. The company has now disclosed a total of $190m in funding and its earlier backers include Bloomberg Beta, which invested in its $24m series A round.

Funds

Mandatum Life, the insurance subsidiary of financial services group Sampo, has contributed to the €30m ($32.6m) first close for an insurance technology-focused fund formed by Finland-based venture capital firm Innovestor. B2B Industrial Technology Fund has an expected ceiling of €100m and its other limited partners include unnamed institutional investors, family offices and individual backers. It expects to begin investing as early as the second quarter of 2020.

Exits

Accolade, the developer of a digital concierge designed to help users navigate the healthcare benefits system, has filed for a $100m initial public offering that will give corporate backers Comcast, Humana, McKesson Ventures and Independence Health Group the opportunity to exit. The company has raised more than $194m in financing since being founded in 2007.

Oric Pharmaceuticals is the latest oncology therapeutics developer to file for an initial public offering and is targeting $86.3m in the IPO. Taiho, Memorial Sloan Kettering Cancer Center and Hartford HealthCare are in line for exits, having all contributed to a $55.7m series D round last August that pushed Oric’s total funding past $175m.

Artificial intelligence chip producer Cambricon Technologies has applied to list on the Shanghai Stock Exchange’s Star Market, in an initial public offering that will give corporate backers Alibaba, Lenovo, Zhongke Tuling Century Beijing Technology and iFlytek a chance to exit. The company has raised at least $200m in funding and was valued at $2.5bn in its last round, a 2018 series B.


“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

20 August 2018 – Podcast and Radio Streaming Service Ximalaya Secures $580m

Deals

With much of the western VC industry seemingly on summer holiday (and frankly, who can blame them?), it’s up to China to pick up the slack in corporate venturing. Ximalaya, the operator of a streaming platform for radio shows and podcasts, has secured $580m in a Tencent-backed round that reportedly valued it at about $3.5bn post-money.

Pfizer has provided an undisclosed amount of equity funding for immunotherapy developer Biontech as part of a collaboration agreement that could reach $425m if it reaches every milestone.

Alphabet has paid about $375m for a stake of around 10% in health insurance provider Oscar Health, which will put the funding toward beefing up its existing team.

TZero, a blockchain lending technology developer spun off from listed e-commerce firm Overstock, is raising up to $270m from GSR Capital, which is set to acquire an 18% stake in the company.

DoorDash, a last-mile delivery service for restaurants, appears to be one of the success stories of 2018. The company was valued at $1.4bn post-money when it raised $535m in a SoftBank-led round in March, but has now raised another $250m at a whopping $4bn valuation just five months later.

Orchard Therapeutics, which is working on gene therapies for rare diseases based on research at University College London, has secured $150m in a series C round that included Sphera Global and corporate venturing unit Medison Ventures.

Exabeam, a cybersecurity information and event management software provider, has raised $50m in series D cash from backers including Cisco Investments.

Funds

E-commerce firm JD.com has begun taking a more active part in corporate venturing in the past year or two, backing the likes of Traveloka, Dada-JD Daojia, Aihuishou and Go-Jek at growth stage alongside post-IPO investments in companies such as Secoo and VIPshop.

Educational services firm New Oriental Education and Technology has put together a $220m fund that will invest between $3m and $15m in early-stage education-focused startups in China.

Exits

Electric vehicle developer Nio recently began shipping its first commercial vehicle, and now it’s filed for a $1.8bn initial public offering in the US.

Babytree, the social parenting community that has branched out into e-commerce, is looking to raise between $800m and $1bn in its Hong Kong IPO, sources have told Reuters, adding that it is seeking a valuation between $3bn and $5bn in the offering.

Weidai, which runs a lending service that uses borrowers’ vehicles as collateral, has filed for a $100m IPO in the US that could give exits to corporate investors Hakim Unique, Shanda and Dong Yi Ri Sheng Home Decoration.

On GUV, Sensyne Health, a UK-based healthcare technology developer partially based on research at University of Oxford, raised £60m ($76m) in its initial public offering on Tuesday and began trading on Aim on Friday.

And Quethera, a UK-based glaucoma therapy developer spun out from University of Cambridge, has been acquired by pharmaceutical firm Astellas Pharma for up to $108m in cash and contingent commitments.

And a nice exit for corporate, university and government venturing entities was Millendo Therapeutics, a US-based endocrine disease drug spinout of University of Michigan, which agreed to a reverse merger with US-listed fertility treatment provider OvaScience.


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

30 July 2018 – Alphabet Shares Hit All-time High

With Facebook and Netflix stumbling without recognised corporate venturing units, it has been interesting to see the other big four US internet companies, Microsoft, Amazon, Alphabet and Apple, with powerful CVC investments report or predict strong results.

Alphabet was the most clear-cut as it reported better-than-expected second-quarter earnings last Monday, driving Alphabet shares to a new all-time high the following day. It generated adjusted earnings per share of $11.75 versus the Wall Street consensus of $9.59 for the quarter, according to cable news provider CNBC. Alphabet also posted a $1.06bn gain in its equity investments for the time period, which translated into $1.17 EPS of the outperformance.

Funds

With the growth of investment in the VC space, it’s often not just the hard transactions that raise an eyebrow but also prospective deals, and so it is today. Rocket Internet has built up a mass of e-commerce holdings by focusing on Europe and the emerging markets, but is reportedly now eyeing the US and raising between $1bn and $2bn for a corporate venturing fund that will focus on that region.

Credit Suisse Next Investors closes $261m fund

BIF’s fundraising efforts beget $50m

University

UNC Chapel Hill details incubator proposal

Deals

New TV, the short-form video producer formed by entertainment vet Jeffrey Katzenberg and overseen by his WndrCo company, has closed $1bn in funding, $200m of which was supplied by large entertainment companies such as Disney, Warner Bros, 21st Century Fox and Entertainment One.

Elsewhere in China, facial recognition software provider Megvii has raised upwards of $600m from investors including Alibaba and will use the cash to spearhead an expansion of its technology in the retail space.

WeWork launched its WeWork China offshoot a year ago with $500m in series A funding, and WeWork China has now doubled that, raising another $500m in a series B round co-led by five investors including both SoftBank and SoftBank Vision Fund.

Tencent is reportedly lining up an investment of $300m to $500m in India-based short-term accommodation provider Oyo Rooms that will support the latter’s expansion in China, a market now responsible for almost all its overseas revenue.

Genetic testing services and research provider 23andme was valued at $1.75bn last September when it last raised funding, but that valuation is surely higher now it’s closed a $300m investment by GlaxoSmithKline in connection with a collaboration agreement.

Alector collects $133m in series E funding

The RealReal luxuriates in $115m

Stem grows bigger to close $106m round

Cancer radiotherapy technology and services provider Allcure was spun off with the telemedicine assets of hospital management services provider Concord Medical Services in 2015, and three years later the company has raised a reported $103m in series B funding.

University

Galvanize animates $32m series C

Beddr snuggles up to $5.6m series A

Exits

Group buying platform Pinduoduo has become the latest Chinese tech company to go public in the US, floating at the top of its range to raise $1.6bn, just three years after it was founded.

Pinterest meanwhile is looking to launch an initial public offering in a year’s time in order to capitalise on a boost to its advertising stream that is set to double ad revenue to $1bn in 2018.

Huya had a fairly successful IPO in the US a few months back and now its chief rival in China’s livestreaming space, Douyu, is looking to follow the same path, preparing for an offering expected to net it between $600m and $700m.

Ascletis has priced a $400m initial public offering in Hong Kong in the middle of its range, a month after its lead hepatits C treatment received regulatory approval in China.

It’s been a long wait for fuel cell system supplier Bloom Energy, which was founded in 2001 and first touted for an IPO at the latter end of that decade.

Allakos, which is developing antibodies to treat white blood cell-related conditions, has had one of the year’s more successful IPOs, pricing its shares above the range to raise $128m, before watching its stock almost double in price in the first two days of trading.

Constellation consummates $60m IPO

Aridis arrows to public markets

LevelUp rewards investors with $390m exit

Stamps.com collects MetaPack in $230m deal


“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

19 June 2017 – Ride Hailing Services Grab Deals and Much More

Funds

Ping An outlines fintech investment plans

Medicxi nabs corporates to close $300m fund

Novartis and Alphabet subsidiary Verily were among the limited partners for a the late-stage fund, which will complement the GSK and Johnson & Johnson-backed fund  Medicxi closed in 2016.

Japan-based ICT equipment provider Nihon Unisys has formed a $45m corporate venturing unit that will seek out investments in sectors such as robotics, financial technology and the internet of things.

Palo Alto Networks puts together $20m fund

GUV

Galaxy stars in IP Group’s $264m fundraising

GGV

London looks to Better Futures

Exits

Wanderful finds path to acquisition

GGV

Hello bids farewell

Deals

News leaked out in March that ride hailing service Grab was set to raise $1.5bn in a round led by existing investor SoftBank, and sources have told Bloomberg firstly that the round already includes Didi Chuxing, and secondly that Alibaba or Ant Financial is also considering an investment, in order to promote their Alipay platform to Grab’s Southeast Asian customers.

Mobike has raised $600m in a Tencent-led round that will fuel expansion not only in its home country but also in Singapore and the UK.

Careem is taking the Uber model to the Middle East and surrounding countries, and is growing rapidly in the process, doubling the number of cities in which it operates to 80 in the past six months.

A regulatory filing in April indicated Indian ride hailing company Ola was seeking another $100m in funding, and it has reportedly secured some of that already. Hedge fund Tekne Capital Management has provided a sub-$50m amount.

Jaguar Land Rover and its corporate venturing and incubator subsidiary InMotion have invested a combined $25m in ride hailing company Lyft as part of a partnership agreement that will involve Lyft helping test its autonomous driving and mobility services.

Elsewhere in the transport sector, Chinese second hand vehicle marketplace Guazi.com has received $400m in series B funding from investors including steel producer Shougang Group’s Jingxin Venture Capital fund.

UCar, the China-based chauffeured car service that went public last year at a $5.5bn valuation, has formed a corporate venturing fund sized at almost $1.5bn, and its first investment has been to lead a $324m series B round for electric vehicle developer Xiaopeng Motors.

Electric bus producer Proterra raised $140m a recently as January, in a ‘series 5’ round featuring Edison Energy, GM Ventures and Exelon’s Constellation Technology Ventures unit, but it wasn’t finished.

Oppo takes a ride on Ponycar

Drone Racing League takes off with $20m

Following on from news that Amazon is interested in acquiring Slack for upwards of $9bn, but recently bought US-listed Whole Foods for $13.7bn, it turns out Slack is in the process of raising $500m of new funding at a $5bn post-money valuation.

AvidXchange, a provider of automated payment processing technology, has raised $300m in financing from investors including Mastercard, with which it has struck a strategic partnership agreement to supply AvidXchange’s technology to its customers.

Temasek and Caisse de dépôt et placement du Québec have contributed to a $300m funding round for AvidXchange that also attracted Mastercard and Peter Thiel.

Online brokerage Futu Securities has received more than $145m in a series C round led by Tencent, the corporate investor that also took part in its series A and B rounds.

Element AI elevates itself to $102m series A

Actility admits Cisco to $75m series D

Clutter is one of several on-demand platforms seeking to disrupt the personal storage space, and it has raised $64m in a GV-backed series C round to support growth, both in its home country of the US and abroad.

Twist finds the material to raise $60m

Omada goes on the attack with $50m

GGV

Protix breeds $50.5m investment


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

10 April 2017 – Lyft Raises $500m & Unusual IPO for Spotify Plus Much More

Deals

It feels like the whole Flipkart/Snapdeal funding/merger saga’s been going on forever by this point but news continues to flow out of the respective camps, the latest being that Flipkart could well close between $1.2bn and $1.5bn in funding from eBay, Tencent and Microsoft next week.

On-demand ride platform Lyft has added almost 100 US cities to its network already this year and has now added another $500m of equity funding to its coffers.

Automotive trading software provider Souche.com has raised $180m in a series D round that included CreditEase’s New Financial Industrial Fund.

Alphabet-backed brokerage app developer Robinhood has pulled in new funding in a DST Global-led round that reportedly values it at $1.3bn.

India-based e-grocer BigBasket has reportedly entered talks with Tencent, Fosun and Amazon for a round that would be sized between $110m and $150m, and which would value it at $1bn, more than twice the valuation of its last funding, a $150m series D round that closed a year ago.

Existing investors GV and Sequoia Capital have co-led a series C round that provided more than $90m for secondary storage technology developer Cohesity, and which valued it at more than $500m.

Another Alphabet investment subsidiary, CapitalG, meanwhile has led an $81.5m series D round for Looker, a data analytics platform capable of curating large amounts of data to provide enterprise users with valuable insight into their organisation.

China-based Wecash has raised $80m in a series C round co-led by SIG that will enable it to add an online lending facility to its credit scoring platform, which has some 80 million users.

Fresh off the high that was Intel’s $15bn offer to acquire autonomous driving technology developer Mobileye, the company’s co-founders are now setting their sights on an initial public offering of another one of their ventures – OrCam Technologies, which has developed smart glasses that are able to identify street signs and read text and dictate it into the user’s ear.

Northwestern Mutual’s corporate venturing arm has participated in a $25m series C round for healthcare booking and billing platform Amino that took the company’s total equity financing to almost $45m.

SoftBank has reportedly rescinded between $150m and $200m in debt financing it was set to provide to portfolio company Snapdeal.

On Global University Venturing, US-based marketing technology developer ActionIQ has attracted $13m in a series A round that included Stanford University, through its Stanford Engineering Venture Fund.

And on Global Government venturing, Singapore Technologies Telemedia, a wholly-owned investment subsidiary of Singapore state-owned investment firm Temasek, invested $89m in US-based cybersecurity company Armor. Armor was previously majority owned by investment firm Stephens.

Funds

Clean vehicle technology producer BorgWarner has provided $10m for US-based venture capital firm Autotech Ventures as part of an overall strategic investment plan. Autotech supplies VC funding to startups developing software, services or electronics technology for use in connected, autonomous and energy-efficient vehicles and mobility services.

Legend Capital, the venture capital firm formed by China-based conglomerate Legend Holdings, has raised more than $400m for its seventh fund. The $400m represents the fund’s hard cap, according to Private Equity International.

Southern New Hampshire University has partnered venture firm Rethink Education to create a $15m seed fund targeting early-stage edtech enterprises.

South Korea’s Ministry of Science, ICT and Future Planning will set up a 113.5bn won ($102m) fund for startups and VC firms in the biotechnology sector.

Enterprise Ireland, the export credit agency of the Irish government, is set to make up to €44m ($47m) in additional funding available to seed and early-stage companies.

Iran’s sovereign wealth fund Iran Foreign Investment Company will invest an undisclosed amount into the healthcare and technology sectors.

The government of Canada has outlined the next steps for its Innovation and Skills Plan, including an additional C$200m ($149m) for the Strategic Innovation Fund over a three year period, bringing it to C$1.26bn.

The BC Tech Fund, managed by Kensington Capital Partners invested an undisclosed amount into Lumira Capital IV, a new healthcare and life sciences venture capital fund managed by Lumira Capital.

Exits

Sucampo Pharmaceuticals has bought rare disease therapy developer Vtesse for $200m in cash and stock, allowing Pfizer Venture Investments and Lundbeckfond Ventures to exit.

Data management software provider Cloudera has finally publicly filed for its IPO, setting an initial target of $200m.

Speculation about a Spotify IPO has been ongoing for years but reports now suggest it might take an unusual route to the public markets, listing its stock but not actually issuing any new shares or raising money.

Pharmaceutical firm Astellas Pharma is set to acquire Belgium-based drug discovery company Ogeda for €800m ($853m), providing an exit to Société Régionale d’Investissement de Wallonie, the state-owned investment company for the Wallonia government in Belgium that took part in a €16m series B round in 2015 and a $12.8m series A round in 2012.

Regulation

The UK government is set to announce tax break reforms to ensure that entrepreneurs benefit from the tax incentives, rather than property investors.

An amendment to Germany’s law on competition restrictions proposed by the Federal Ministry for Economic Affairs and Energy has been approved by the federal council, known as Bundesrat.


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

14 November 2016 – Imax VR Fund, Space Mining for Luxemburg and Much More

News

Walgreens sues portfolio company Theranos for $140m

Alphabet rebrands Google Capital as CapitalG

Funds

Ten oil their way to $1bn fund

Imax screens partners for $50m VR fund

University Corner

Ramot harnesses corporates for $20m investment initiative

Huawei visits Singapore for IoT incubator

Government Department

Planetary Resources mines Luxembourg for new funding

Exits

ZMP drives forward to IPO

Intel votes for Voke acquisition

SoftBank writes down $555m of Indian unicorn investments

Investments

Bytedance looks to take $1bn step forward

Suning gets fresh with Yiguo in $200m round

Bonobos talks to investors for $100m round

Warmsun heats up Royole with $74m

GV accelerates Acalvio funding to $22m

Gfresh catches $20m from Alibaba and Legend Holdings

Owlet looks after $15m


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

15 August 2016 – VR and Food Delivery Investments, GV People Moves and more

People

Friday was Bill Maris’s last day at GV, the corporate venturing unit he helped to set up for search engine Google in 2009. But it is a new start for David Krane, who is taking the CEO position at GV (formerly known as Google Ventures) and who will have a tough act to follow in Maris.

Eze Vidra, who helped GV set up its aborted European branch in 2014, has taken the chief innovation officer role at clinical trial connection platform TrialReach.

Vosik Shamsiev, a venture partner at Japan-based corporate venturing unit TEL Venture Capital since 2014, is leaving to pursue opportunities in Canada.

Citi’s strategic investment subsidiary has hired Travis Skelly from venture capital fund FinTech Collective as a senior vice-president. No announcement as yet on Debby Hopkins’ replacement.

Joydeep Bose joined Cisco from Intel Capital in 2007 and oversaw its corporate venturing activities in the Asia Pacific Japan region. D

Funds

Telstra and Telekom Indonesia form investment pact

Infosys lines up $15m Stellaris commitment

Exits

Wal-Mart has agreed to acquire Jet.com in a $3.3bn cash and share deal said to be the largest ever acquisition of an e-commerce company, and which will be marked down as a big win for investors including Alphabet and Alibaba.

CME Group looks like it’s secured a decent exit from deep learning technology provider Nervana Systems, just over a year after its corporate venturing vehicle, CME Ventures, took part in a $20.5m series B round.

In another sizeable acquisition, Myriad Genetics has agreed to buy precision medicine developer Assurex Health for up to $410m, giving exits to Mayo Clinic and Cincinnati Children’s Hospital Medical Center.

Naspers to squeeze out Citrus Pay acquisition

Protagonist Therapeutics has raised $90m in an IPO that gave exits to pharmaceutical firms Johnson & Johnson, Eli Lilly and Pharmstandard, which collectively held a 45% stake in the company.

Investments

CVRx, the producer of an implantable treatment for heart failure and resistant hypertension, has sealed $93m in equity funding.

Torax strengthens with $25m

Moderna Therapeutics closed the largest round ever by a VC-stage drug developer in January 2015, and one of the investors in that round, pharmaceutical company AstraZeneca, has invested another $140m to take its stake in the mRNA therapeutics company to 9%.

Turner has led a $45m round for female-focused digital media company Refinery29 as part of a strategic collaboration that will involve it developing video content for Turner’s TV channels.

The Walt Disney Company had been set to team up with Major League Baseball in a funding round for daily sports betting platform FanDuel last year but pulled out at the last minute. The two have now formed a partnership of a different kind, with Disney agreeing to pay $1bn for a 33% stake in BamTech, the online video streaming platform spun out by MLB. BamTech will also set up a paid video subscription platform for Disney subsidiary ESPN as part of the deal.

Andy Bechtolsheim (Sun cofounder and Google’s angel), and Diane Greene (VMware cofounder and Google board as head of cloud) along with corporates Major League Baseball, the Los Angeles Dodgers back Xperiel, a US-based provider of a mobile app development tool that works with Internet-connected equipment in sports stadiums and other facilities, $7m round.

Deliveroo raised $100m in November and has added $275m less than a year later with a series E round featuring Nokia Growth Partners.

Healthcare concierge service Accolade has added $70m from investors including Andreessen Horowitz and Madrona Venture Group to the $22.5m in series E funding it raised from McKesson Ventures and Independence Health last year, taking its overall financing to almost $150m.

Comcast targets Interactions in $56m round

Axial capitalises on Comcast backing to raise $14m

NextVR closes an $80m series B round at a pre-money valuation of $800m.

Kaltura has been at the online video game longer than NextVR and is gearing up for an IPO, raising $50m from Goldman Sachs’ Private Capital Investing group.

Yunnex, the Chinese developer of an advanced, connected point-of-sales system, has secured $45m in a series B round backed by one of its customers, fast food chain Ajisen Ramen.

Corporates dish up another $30m for iFood


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