20 September 2021 – Investors help Canva paint $200m picture at $40bn valuation

The Big Ones

Canva, an Australia-based graphic design software provider backed by advertising agency VaynerMedia, raised $200m at a $40bn valuation. Investment manager T Rowe Price led the round, which included Franklin Templeton, Sequoia Capital Global Equities, Bessemer Venture Partners (BVP), Greenoaks Capital, Dragoneer Investments, Blackbird, Felicis Ventures and AirTree Ventures. Canva has built a visual visual communications software that helps users without a graphic design background create media assets including illustrations, presentations, posters and videos. The company provides free templates, stock photos, audio and video clips and fonts through its platform. Canva plans to use the fresh capital raised in this latest round to double its headcount, which reached 2,000 people this year, further boost its products’ development and possibly finance strategic acquisitions.

Discord, a US-based online messaging platform developer backed by corporates Tencent and WarnerMedia, has raised $500m in a funding round led by Dragoneer Investment Group. The round also featured investment and financial services group Fidelity, Baillie Gifford, Coatue Management, Franklin Templeton and unnamed existing investors, and it valued the company at approximately $15bn. Discord’s platform was launched for gamers to communicate with each other in real time but experienced an explosion in demand during the pandemic and has expanded its chat products to include events beyond gaming. The funding will be used to grow the company’s workforce and invest in new products. It had previously raised about $600m in funding, according to Bloomberg.

Citi Ventures, the venture capital arm of financial services firm Citi, joined Israel-based identity authentication software developer Transmit Security’s $543m series A round.
Investment bank Goldman Sachs’ Asset Management subsidiary has also come onboard. The round was disclosed in June this year and was co-led by Insight Partners and General Atlantic and backed by Cyberstarts, Geodesic, Syn Ventures, Vintage Investment Partners and Artisanal Ventures. Transmit Security has developed authentication software which eschews passwords in favour of biometrics. The round values it at $2.2bn pre-money and the company said it had previously been bootstrapped after being founded in 2014.

US-based cybersecurity ratings company BitSight received a $250m capital injection from credit rating provider Moody’s yesterday through a strategic partnership agreement, valuing it at $2.4bn. BitSight provides companies with ratings of between 250 and 900 to assess their cybersecurity risk, a service likely to rise in demand amid the backdrop of escalating cyber threats such as ransomware attacks, which have cost both public and private organisations hundred of billions of dollars. Moody’s supplied the funding through an agreement which will support the development of a software platform which will assess cyber risk. BitSight will also form a Risk Solutions Division. Parallel to the investment, BitSight has agreed to buy VisibleRisk, a joint venture between Moody’s and venture group Team8 that rates cyber risk. It had received $25m from the two in May this year.

Funds

Japanese telecommunications group SoftBank has allocated $3bn to a second Latin America-focused fund, which will invest in technology-enabled companies across various industries at every stage of their development. The Latin America-dedicated unit, which is headed by chief operating officer Marcelo Claure, has also appointed two new managing partners Rodrigo Baer and Marco Camhaji. The firm said that the new fund’s initial commitment of $3bn might be increase, and that is exploring options to raise additional capital. Softbank launched its first Latin America-dedicated fund, a $5bn vehicle previously known as the Innovation Fund, in March 2019. The fund has invested around $3.5bn so far, across 48 companies, with an aggregate fair value of around $6.9bn. According to the firm, the fund has generated an 85% net IRR. SoftBank has invested in several unicorns with its first fund, including on-demand delivery service Rappi, online real estate portal QuintoAndar, digital currency exchange Mercado Bitcoin, wellness programmer operator Gympass and online furniture retailer MadeiraMadeira.

Chinese venture capital firm Fibonacci VC has closed its latest fund at $202m, with commitments from state-backed conglomerate Xiamen C&D and property developer China-Singapore Suzhou Industrial Park Development Group. Other limited partners (LPs) committing to Fund II include funds-of-funds CICC Genesis Fund and Oriza FOFs Investment Management in addition to Guangzhou Finance Holdings and Haining Semiconductor Industry Investment Fund. Fibonacci’s management team also backed the fund with their own capital. Nearly half of the fund’s commitments were supplied by existing LPs, while 85% were institutional investors. It is Fibonacci’s second renminbi-denominated fund. Fibonacci will use the fund to invest in the industrial internet sector, in areas including the industrial internet-of-things, industrial intelligence and smart manufacturing. It typically participates in series A and B rounds.

Netherlands-based venture capital firm Finch Capital is looking to set up a fund in partnership with Indonesia-headquartered financial services firm Bank Central Asia (BCA)’s strategic investment arm, Central Capital Ventura. The vehicle is understood to be targeting $200m and is pursuing investments in financial services providers and financial technology developers, participating in series A rounds and later. Central Capital Ventura and Finch Capital are reportedly in the process of applying for fund management licences in Singapore.

LinkedIn, the US-based professional network operator owned by software producer Microsoft, has unveiled a $25m creator fund and a creator accelerator programme.
The programme, which will last 10 weeks, will welcome up to 100 US-based content creators to participate in a creator network, undergo coaching and receive a $15,000 grant each. It will also provide opportunities to be featured on LinkedIn’s brand, marketing and editorial channels as well as access to LinkedIn tools.

Crossover

AgBiome, a US-based agricultural technology spinout from University of North Carolina at Chapel Hill backed by corporates Bayer Crop Science, Novozymes and Syngenta, collected $116m in series D funding. The round was co-led by venture capital firm Novalis LifeSciences and investment firm Blue Horizon, while undisclosed new and existing investors also contributed to the financing. Founded in 2013, AgBiome has developed the Genesis platform, which is able to identify the gene sequences and strains of microbial life that could potentially protect agricultural crops from pests and disease. The spinout has also created a fungicide that can protect against more than 300 combinations of crop disease. It plans to use the series D capital to expand its product portfolio and grow its scientific and commercial activities.


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

09 July 2018 – Telstra Ventures Partners HarbourVest to Create Investment Vehicle

Funds

Telstra Ventures has had some big exits in the past four years including IPOs for Snap, DocuSign and Box, but the unit is now electing to reshape itself by forming a partnership with private equity firm HarbourVest that will create a $500m investment vehicle.

Malaysia-based conglomerate Sunway is raising $50m for a venture capital vehicle called Sun Sea Capital that will invest in early-stage Southeast Asian tech companies.

Tokyo Electric powers up new unit

Université PSL assembles deep tech fund

Deals

Altana adds funding to Landa Digital Printing

American Well last received funding in January this year when Allianz invested $59m in connection with a strategic partnership, but the telehealth platform developer has now raised a further $291m of a planned $315m funding round according to a securities filing.

I-Mab Biopharma was formed in March last year from the merger of immunotherapy developers Third Venture Biotech and Tasgen Bio as well as $150m in series B funding from corporate Tasly Pharmaceuticals and C-Bridge Capital.

Trax has developed a computer vision-based platform that uses photos taken by mobile devices to assess retail displays, and the Singapore-based company has secured $125m in funding from investors including DC Thomson.

Small business-focused lending platform Furongbao last raised funding in a 2015 series A round featuring SoftBank’s SBCVC unit, but it’s now added to that with a reported $120m in series B funding that was provided by a single undisclosed investor.

Aikucun, the operator of a service that enables fashion brands to sell excess inventory to online merchants, has raised $87.5m in a Legend Capital-led series B round that included Xiamen C&D Corp and Eastern Bell Venture Capital.

Airwallex accesses corporates for $80m

Corporates get in Bind for $70m round

BitSight builds $60m series D

BrightFarms reaps $55m in series D cash

Haifeng hits up TAL Education for cash

Comcast goes Away again in $50m round

One of several up-and-coming insurance providers, Bought By Many started life as a platform that enabled those wanting specialist insurance options to band together for discounted rates from providers. Now however, it’s moving into offering that cover itself, and has raised $19.8m in a CommerzVentures-led series B round that included Marsh and Munich Re.

XL Innovate goes Windward in series C round

Cerebri celebrates $5m series A

Manus Bio makes series A breakthrough

Xcelerator embraces first cohort

Exits

Uber has already merged its businesses in China, Southeast Asia and Eastern Europe with local operators, and next on the block could be its Middle Eastern operations. The company has opened talks with Careem, the MENA-based operator that is backed by a host of corporates and which is currently raising cash at a $1.5bn valuation, but reportedly favours an outcome in which it will take a majority stake in any merged company.

BP fuels BMW exit with Chargemaster acquisition

Cloud-based business management software provider Domo has gone public in a $193m IPO that allowed WPP and Salesforce to exit.

Forty Seven fetches $112m in IPO

Neuronetics, the developer of a device that uses magnetic stimulation to treat psychiatric disorders, has closed its initial public offering at $107m after the IPO’s underwriters exercised the over-allotment option.

Hong Kong may be surging but the US is still proving to be the destination of choice for many Chinese tech companies looking to go public.The latest is group buying platform Pinduoduo, which has filed for a $1bn initial public offering that would allow Tencent to exit.

Liquidia Technologies is among the life sciences companies aiming for the public markets. Liquidia, which is developing therapeutics based on its particle engineering platform, has filed to raise up to $57.5m in its IPO.

IndiaMart formed its business-to-business e-commerce marketplace back in 1996 and received its first corporate investment in 2007, and now it’s finally looking to go public.

Hujiang to graduate to public markets


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