15 May 2017 – SoftBank Leads Improbable $502m Investment and Much More

Deals

The $5.5bn round on-demand ride provider Didi Chuxing just confirmed was closed at a $50bn valuation that means it is closing ground with rival Uber in terms of size, and the company has indicated it will use the cash to finally expand globally.

Yixin Group, the online automotive marketplace spinout of motoring e-commerce firm Bitauto, has secured $580m in funding commitments in a round that includes both its parent company and internet group Tencent.

Indonesia-based online media, e-commerce and financial services platform Garena has rebranded itself as Sea and revealed $550m in funding from conglomerates JG Summit Holdings and Uni-President Enterprises.

SoftBank is continuing its investment spree, leading a $502m series B round for Improbable, a UK company developing software that will make the creation of large-scale virtual worlds possible.

SoftBank has also led a $360m round for Guardant Health, the developer of a liquid biopsy test for cancer diagnosis, and will help commercialise Guardant’s technology in Asia, Africa and the Middle East.

Modernizing Medicine had raised a total of $87m in funding as of the $38m series E round it closed in 2015, but the electronic health record system developer has taken a big jump with a $231m investment by private equity firm Warburg Pincus.

Online payment services provider PayU has invested $120m in digital lending platform lending platform Kreditech as part of a strategic partnership agreement.

There’s been more action in the on-demand transport sector, with Spain-based Cabify having raised $100m from an undisclosed single investor as part of a series D round it aims to close at $500m.

India-based mobile wallet operator MobiKwik is working on its own nine-figure round and is reportedly in talks with BlackRock, Bank of Baroda and Canara Bank over a round that will value it at about $1bn.

Music royalties platform Kobalt has raised $75m in a Hearst Entertainment-led series D round that valued the company at $775m post-money.

Signifyd has secured $56m in an American Express Ventures-backed series C round that increased its overall funding to almost $100m.

Social music app developer Smule has raised $54m in a round led by Tencent that reportedly values it at just over $600m.

Customer data software provider Gainsight has closed a $52m series E round featuring Salesforce Ventures and Cisco Investments that took its overall funding to more than $150m.

We’ve already talked about the biggest government venturing deal with Guardant Health just now, but what about the university venturing world? We haven’t had any mind-blowingly large rounds there this week, but still a few interesting ones – among these is SiFive, a US-based fabless provider of customised semiconductors based on UC Berkeley research, which raised $8.5m in a series B round that included spinout-focused investment firm Osage University Partners.

Funds

Dell has brought its corporate venturing unit, Dell Technologies Capital, out of stealth, revealing a 50-strong portfolio and 27 exits in the past five years.

China has launched a RMB17.8bn ($2.6bn) venture capital fund aimed at startups in industries of strategic importance, such as IT, energy conservation and environmental protection, advanced materials and equipment manufacturing.

International Finance Corporation (IFC), the private sector-focused investment arm of multilateral financial institution World Bank, has agreed to put $10m into the Stellaris Venture Partners India I fund.

BDC Capital, the investment arm of the government-owned Business Development Bank of Canada, injected C$5m ($3.6m) into the StandUp Ventures Fund I.

Exits

Ovid Therapeutics has gone public in a $75m IPO that provided exits for Sanofi-Genzyme BioVentures and Takeda, the latter its largest external investor.


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

24 April 2017 – SoftBank Considers $1bn+ Deal and Much More

Deals

SoftBank is reportedly considering paying upwards of $1bn for a 20% stake in One97 Communications, the Indian e-commerce firm that’s also the parent company for mobile payment platform Paytm.

China Vanke has become the second domestic property developer to make a nine-figure investment in Chinese real estate agency and online portal Lianjia this year, providing $436m in funding.

Classified listings platform 58.com is spinning out its used goods app Zhuan Zhuan, and Tencent has agreed to provide $200m in funding for the newly independent company.

SoftBank is yet to formally close its $100bn Vision Fund but is nevertheless on somewhat of a streak, reportedly offering big investments to a string of Asian online services providers.

Tianjin CanSino Biotechnology, which is developing vaccines for Ebola, tuberculosis, cervical cancer and pneumococcal infection, has closed $65m in funding from investors including Lilly Asia Ventures, and will put the cash towards commercialising its candidates and completing a manufacturing facility expected to be ready next year.

SenseTime is developing technology that will utilise machine learning to recognise faces to a high degree of accuracy, and has just raised $60m in a round led by the state-backed Sailing Capital International.

Car sharing platform Getaround has secured $45m from investors including Shanghai Automotive and an investment fund backed by Toyota, showing that the sector still has some life in it despite the ubiquity of its ride sharing cousins.

Kumpulan Wang Persaraan (KWAP), the Malaysian retirement fund, has invested $100m in Edotco, a Malaysia-based telecom infrastructure company, Digital News Asia reported on Wednesday.

Neural Analytics, a medical device spinout of University of California, Los Angeles (UCLA), has raised $10m in a funding round led by venture capital firm Reimagined Ventures.

Funds

Illumina announced a year ago that it intended to invest $100m in startups through an independently managed VC firm called Illumina Ventures, but a securities filing has indicated it has increased that amount of capital to $189m by adding more limited partners.

The Indian state of Tamil Nadu is set to invest Rs5bn ($78m) in a venture capital fund, the Hindu Business Line reported yesterday.

The EU agency European Investment Fund (EIF) and the Luxembourg Future Fund (LFF), which aims to stimulate the Luxembourgish economy, have achieved a first close for the European Cyber Fund (ECF). Paladin Capital, a US-based investment firm with expertise in cyber and digital infrastructure resilience, will manage the ECF and has also invested into the fund.

Bpifrance, the public investment bank of France, has invested in a €64.75m ($69.2m) seed fund established by France-based life science-focused firm Advent France Biotechnology (AFB), Labiotech reported yesterday.

Spain-based early-stage venture capital firm Nauta Capital yesterday raised a €155m ($166m) fund, with the European Investment Fund (EIF) among the investors. British Business Bank Investments, the commercial arm of the state-owned economic development agency British Business Bank (BBI), is also a limited partner, alongside the Catalan Institute of Finance, a public financial institution owned by the government of Catalonia.

Exits

Cloudera has set terms for an IPO that will net it $210m if it floats at the top of its range, and existing backer Intel has expressed interest in buying up to 10% of the shares in the offering.

Chinese logistics service Best Logistics is looking for banks to handle its own IPO, through which it expects to raise up to $1bn.

Walmart has spent the last few months beefing up its e-commerce offering through a string of acquisitions and the next one looks set to be online men’s fashion brand Bonobos.

G1 Therapeutics has filed for a $115m IPO that will support development of three clinical-stage oncology therapeutics and give an exit to corporate venturing unit MedImmune Ventures.

Netshoes, a Brazil-based sports and lifestyle e-commerce company for the Latin American market, has raised $148.5m in an initial public offering on the New York Stock Exchange.


“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