18 November 2019 – Orbital Insight Enters $50m Series D

The Big Ones

Chevron Technology Ventures has thrown its weight behind US-based geospatial software technology provider Orbital Insight, which also welcomed back GV and Sky Perfect JSAT.

Softbank over the past few years has tended to skew the numbers and so it’s significant to hear the group has quietly completed a first close on its second Vision Fund, and according to Bloomberg, the amount investors have committed is $2 billion, a far cry from the $108 billion that it has said that it’s targeting.

Once bitten, twice shy appears to be the new motto for the SoftBank Vision Fund, which said it is now pushing companies to seek a profit rather than “chasing growth for the sake of growth”. That approach has meant the fund did agree to backing a $1bn round for fintech developer Paytm, but has put in a clause that it must go public within five years or else SoftBank will have the right to dump its shareholding. That’s a significant turning point for the fund that was previously hell-bent on scaling companies globally without any concern for high burn rates.

Funds

Salesforce forges $50m Consultant Trailblazer Fund

Heidelberg sets up new tech transfer operation

Deals

Cainiao Smart Logistics Network, a logistics services platform co-founded by Alibaba, Fosun Group and Intime Retail Group six years ago, has collected another $3.33bn from Alibaba, thereby increasing the corporate’s majority stake (which it had held since 2017) from 51% to 63%. The deal included a secondary share purchase, though the size is unclear and it is unknown which investor decided to sell. Cainiao’s investors also include government-owned investments firms Temasek, GIC and Khazanah Nasional, as well as Primavera and, according to TechCrunch, several unnamed logistics firms.

Xiaopeng Motors (also known as Xpeng) may not be much of a known quantity in the Western world, but the smart EV developer has already sold more than 10,000 of its first model, an SUV called G3. It also has some powerful corporate investors with Alibaba, Foxconn and UCar. And now it’s added another to the list: Xiaomi, which has led a $400m series C round for Xiaopeng as part of a strategic partnership. There might be a lot of Tesla cars in Silicon Valley, but globally the competition is clearly heating up.

OLX has committed $400m to Frontier Car Group (FCG), a Germany-based second-hand car marketplace operator, that it will invest over multiple tranches and reportedly includes a secondary share purchase of undisclosed size.

CapitalG has been busy. The growth equity arm of Alphabet once known as Google Capitalhas taken part in a $400m series D round for US-based trucking services provider Convoy, which will use the money to accelerate business growth.

And CapitalG also co-led a $150m series H round for CRM software provider Freshworks with Sequoia Capital and Accel. The round valued Freshworks at $3.5bn – though it remains subject to customary closing conditions, including US antitrust regulatory clearance.

Many will be familiar with password manager 1Password, but not for its funding history. In fact, the 14-year-old company has never raised equity – until now, that is, and it’s attracted a respectable $200m in series A capital from investors including Slack Fund.

Salesforce Ventures and Workday Ventures meanwhile returned for a $157m series D round for US-based education benefits software provider Guild Education. General Catalyst led the round, and its chairman and managing director Ken Chenault (who was previously in charge of American Express) will join the board of directors.

ACV Auctions – the US-based online automotive marketplace backed by telecommunications conglomerate SoftBank – has picked up $150m in a series E roundco-led by Fidelity and Wellington Management Company less than a year after closing a $50m series D round.

Avidity devotes itself to $100m series C

AMP amplifies $16m

PureLifi lights up $18m

Exits

The bad news keep on coming for We Co and the latest development is its decision to divest its stake in US-based women-focused work and social space provider The Wing and sell off US-based social networking platform Meetup. We Co owns a 23% stake in The Wing, but not only has the corporate struggled to survive its failed attempt at going public, its chief legal officer Jen Berrent is also facing a lawsuit for pregnancy discrimination, allegedly calling employee Medina Bardhi’s pregnancy a “problem” that needed “a solution” and “to be fixed,” according to the court filing. Berrent is currently a board member of The Wing, but she is expected to lose that position following the stake sale.

HawkEye 360 is one of the more successful university spinouts formed by commercialisation firm Allied Minds (which itself has had a tumultuous year with multiple executive-level changes) and that’s led the firm to sell its entire stake to family office Advance. The latter has also chosen to boost HawkEye’s series B round to $85m, following a $70m first tranche that featured Airbus and Esri this past August.

Money Forward yields Smartcamp

Considering Nikkei and Ant Financial-backed 36Kr, and in particular its news portal 36Kr Media, is sometimes hailed as the Crunchbase of China, you might have expected its IPO in the US to go a little better than it did, but the company is the latest to disappoint investors after not only pricing shares at the bottom of the range at $14.50, but also deciding to issue just 1.4 million shares instead of 3.6 million – raising merely a fifth of its targeted $100m in proceeds. Adding insult to injury, shares dropped by 10% on the first day of trading to close at $13.06.

SpaceMarket gets ready for IPO take-off

Lancers sets its sights on IPO

Makuake makes its way to TSE

Another company that’s not been very active on the funding front is OneConnect Financial Technology, a Singapore-based fintech platform that that was spun out of insurance group Ping An, two years ago.


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

08 April 2019 – Cambridge Innovation Capital Collates $196m in New Capital

The Big Three

The fresh capital, anchored by University of Cambridge and its Endowment Fund, will enable patient capital-orientated vehicle Cambridge Innovation Capital to make new bets and sustain investments in its existing portfolio. Delighted Tony Raven joining us to share more at the Symposium as well as his peers at Oxford university.

Intel Capital has announced 14 investments (see below), the largest of which involved it leading a $150m series B round for artificial intelligence application platform SambaNova. The round also featured GV, which had previously co-led a $56m series A announced when SambaNova emerged from stealth early last year.

Precision Biosciences has gone public in a $126m IPO that valued it at more than $780m, notching up exits for Amgen Ventures and Baxter Ventures. The genome editing technology developer floated in the middle of its range but its share price has since risen, and the offering comes after more than $175m in equity and convertible note financing.

Funds

After nearly two years, SoftBank Vision Fund still hasn’t officially reached its $100bn targeted close, but it is reportedly seeking $15bn in extra capital that will allow it to keep making investments, including follow-on investments, while it prepares to raise a second $100bn fund. It may have to do it sooner rather than later, because sources told Bloomberg it has now gone through 70% of its capital and it’s investing at a breakneck pace.

Pet food and care provider Mars Petcare has launched a $100m strategic investment fund, the Companion Fund, in connection with its creation of an open innovation unit called Kinship.

Chevron Technology Ventures checks $90m for Fund VII

Corporates buy into ByFounders’ $112m debut fund

Okta verifies $50m corporate venturing fund

UT Health San Antonio loads biomedical accelerator

UTokyo IPC ignites accelerator

Exits

Thoma Bravo fires off Mailgun acquisition

TradingView takes in TradeIt

Chinese social media influencer network Ruhnn has gone public in the US, raising $125m. Weibo bought $8m of shares in the Alibaba-backed company through the IPO, which involved Ruhnn floating in the middle of its range.

NGM Biopharmaceuticals secured $107m when it floated, together with $65.9m from existing backer and development partner Merck & Co through a private placement.

Slack has reportedly selected the New York Stock Exchange as the venue for a direct listing slated to take place in June or July. The enterprise collaboration platform is backed by SoftBank Vision Fund, GV and Comcast Ventures and was valued at more than $7bn as of last year.

Life360 circles Australia for $100m IPO

Oxford Nanopore sets sights on IPO

Deals

Hellobike raised more than $580m from backers including Ant Financial at the tail end of last year and is reportedly seeking $500m to $1bn in new funding. It claims to have 200 million registered users but either way, you’d think it’s going to have to find a route to profit sooner or later in order to survive.

India-based Zoomcar operates in another part of the transport tech space, in on-demand car rental. It is also gearing up for a big leap forward, negotiating with carmaker Mahindra & Mahindra for a $500m debt and equity round that would potentially take it into unicorn territory, representing a sixfold increase in valuation between rounds.

Toast, the developer of a point-of-sale and business management software platform for the restaurant industry, has secured $250m in series E funding at a $2.7bn valuation.

Customer data management platform Segment has secured $175m in a series D roundco-led by GV that valued it at $1.5bn. The round increased Segment’s funding to $284m to date, and it follows a $64m round nearly two years ago that was also co-led by GV. The proceeds will go to marketing and a global expansion drive.

Indian grocery e-commerce platform BigBasket is meanwhile in the process of raising $150m at a valuation of about $1.2bn, according to regulatory filings. Existing investor Alibaba is set to provide $50m and will retain a 26.2% stake post-investment, maintaining its position as BigBasket’s largest shareholder.

SpringWorks blossoms with $125m series B

Fusion gets reaction in $105m series B

Gene editing tool provider Inscripta has raised a further $20m to increase its series C round to approximately $106m.

Hotel room booking platform Oyo has confirmed it has raised funding from Airbnb, an investment reportedly sized somewhere between the $100m and $200m mark.

University

NextGen Jane nets $9m in series A funding


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