08 November 2021 – Terran Takes Off with $1.58bn Reverse Merger

Terran takes off with $1.58bn reverse merger

Terran Orbital Corporation, a US-based satellite services provided backed by aerospace and defence manufacturer Lockheed Martin, has agreed to a reverse merger with special purpose acquisition company Tailwind Two Acquisition Corp.

Nubank files for dual listing

Nubank, a digital bank operator backed by corporates Tencent and Berkshire Hathaway, filed for a dual initial public offering (IPO) yesterday in the United States and its home country of Brazil.

Delhivery to ship in $998m through IPO

Delhivery, a FedEx and SoftBank-backed logistics service provider based in India, filed for an initial public offering that will be sized at up to $998m.

Udemy completes route to IPO

US-based online education provider Udemy secured approximately $421m in an IPO the Nasdaq Global Select Market , providing exits for internet group Prosus and remote learning service Benesse.

Coca-Cola fortifies itself with Bodyarmor

Beverage producer Coca-Cola Company acquired portfolio company Bodyarmor, a US-headquartered sports drink brand, at a valuation of approximately $6.59bn.

Everlaw earns $202m in series D round

US-based developer of legal data software provider Everlaw raised $202m yesterday in a series D round that included CapitalG, the growth-stage investment arm of internet and technology conglomerate Alphabet.

Mythical Games gets $150m to play with

US-based blockchain game developer Mythical Games raised $150m in a series C round featuring cryptocurrency exchanges Binance and FTX, bringing its total funding to over $270m.

Sfermion hits close of $100m Fund II

Sfermion, a US-based non-fungible token (NFT) focused investment firm, has closed its second fund at $100m with backing from blockchain app developer Animoca Labs and trading firm Capital Markets Trading.

Fox starts $100m NFT fund

Fox, a US-based media group, has set up a $100m corporate venturing fund for digital creators as part of a new business unit, Blockchain Creative Labs.

Walden Catalyst Ventures tops $550m for first fund

Walden Catalyst Ventures, the US-based venture capital firm co-founded by ex-employees of South Korea-headquartered consumer electronics producer Samsung’s Catalyst Fund, closed its debut fund at over $550m.

Open Labs launches $100m fund

Indonesia-based brand aggregator Open Labs has launched a $100m fund to acquire direct-to-consumer (D2C) brands.


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

07 June 2021 – Wefox Completes $650m Series C

The Big Ones

Germany-based digital insurance provider Wefox completed a $650m series C round that included online lending platform developer Creditease and Salesforce Ventures. The round was led by Target Global and included Omers Ventures, Gsquared, Merian and its Jupiter subsidiary, Horizons Ventures, Eurazeo, Mubadala, Speedinvest, LGT, Alma Mundi Ventures, Victory Park Capital, GR Capital, Mountain Partners, Seedcamp, Sound Ventures, Partners Group and FinTLV. Wefox previously closed a $235m series B round in 2019 that included CreditEase and electronics producer Samsung’s Catalyst Fund.

Toyota has committed another $300m in capital to its corporate venturing unit, also rebranding it from Toyota AI Ventures to Toyota Ventures. Toyota AI Ventures had been launched under the auspices of the company’s Toyota Research Institute in 2017 with $100m in capital. Toyota subsequently provided a further $100m for its Fund II in late 2019. The capital will be divided evenly between two funds: Toyota Ventures Climate Fund will concentrate on developers of innovative technologies to promote carbon neutrality, such as renewable energy and hydrogen production. Meanwhile, Toyota Ventures Frontier Fund will invest in developers of technology in areas like artificial intelligence, cloud computing, autonomy, mobility, robotics, smart cities, digital health, advanced materials, energy and fintech.

E-commerce marketplace Etsy agreed to acquire Depop, the UK-based social commerce platform developer backed by consultancy group Lumar, for over $1.62bn. Depop operates a mobile platform with 30 million registered users – 90% of whom are under 26 – who can buy and sell second-hand and new fashion items in addition to offering styling services. It generated $70m in revenue in 2020. The deal comes after roughly $100m in funding for Depop since it was founded in 2011, $62m coming from General Atlantic, HV Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures, TempoCap and Sebastian Siemiatkowski in a 2019 series C round.

Crossover

FlixMobility, the Germany-headquartered public transport provider that counts UVC Partners – the VC firm linked to TU Munich’s tech transfer office UnternehmerTUM – and automotive manufacturer Daimler as investors, raised over $650m in debt and series G equity yesterday at a $3bn valuation. Investment firm Canyon Partners joined existing investors including General Atlantic, Permira, TCV, HV Capital, Blackrock, Baillie Gifford and Silver Lake in the round. FlixMobility runs an inter-city bus service called FlixBus which spans most of Europe and parts of the United States, and which promises efficient onboard wifi and an easy-to-use online ticketing system.

Deals

US-based blockchain payment platform developer Circle has closed a $440m round that included cryptocurrency exchange FTX, reportedly the largest round so far for a crypto-focused company. Financial services and investment groups Fidelity and Digital Currency Group also took part in the round, as did Atlas Merchant Capital, Breyer Capital, Intersection Fintech Ventures, Marshall Wace, Pillar VC, Valor Capital Group, Willett Advisors and Michael J Price and Friends.

UK-based pet insurance provider Bought By Many has secured $350m in series D funding from investors including Munich Re Ventures. The round was led by investment firm EQT through its EQT Growth subsidiary, and it also featured venture capital firm Octopus Ventures. The capital was raised at a $2bn valuation pre-money.

Delhivery, an India-based, corporate-backed shipping service, has raised Rs20.1bn ($277m) in a series H round led by financial services and investment group Fidelity. Gamnat, Chimera Investments and Pacific Horizon Trust filled out the round, and the cash was secured ahead of an initial public offering slated to take place in 2022. Two people familiar with the matter told the Times of India in March this year it is expected to value the company at $3bn. The round took the company’s overall funding to $1.1bn.

Urban Company, the India-based developer of a professional services ordering platform, has closed a $255m series F round co-led by Prosus Ventures, Dragoneer Investment Group and Wellington Management. It was filled out by Steadview Capital, Tiger Global and Vy Capital, and valued Urban Company at $2.1bn. The round consisted of a $188m primary transaction revealed last month and a secondary sale of roughly $67m of shares by unnamed individuals and early backers.

US-based sales analysis software provider Gong received $250m in a series E round featuring Salesforce Ventures at a $7.25bn valuation. Franklin Templeton led the round, which included Coatue Management, Sequoia Capital, Thrive Capital and Tiger Global Management. The company has raised $584m since it was founded in 2015.

Prosus co-led a $240m series A round for Germany-based grocery delivery service Flink. The round was co-led with venture capital firm Bond and Abu Dhabi state-owned investment vehicle Mubadala Capital. A source told TechCrunch it valued the startup below $1bn.

Exabeam, a US-based cybersecurity software developer which counts networking technology provider Cisco as an investor, collected $200m in series F funding at a $2.4bn valuation. Alternative asset manager Blue Owl Capital led the round through its Owl Rock subsidiary and was joined by Acrew Capital, Lightspeed Venture Partners and Norwest Venture Partners. Exabeam has raised at least $390m of funding to date.

US-based sales technology developer Outreach closed a $200m series G round featuring Salesforce Ventures at a $4.4bn valuation. Premji Invest and Steadfast Capital Ventures co-led the round, which included DFJ Growth, Lone Pine Capital, Mayfield Fund, Sands Capital, Sequoia Capital Global Equities, Tiger Global Management, Trinity Ventures and Vista Public Strategies. Outreach said it has now raised $489m since it was founded in 2014.

Funds

V-Capital, the corporate venture capital arm of China-based cigarette packaging materials producer Huaxi Holding, reached a RMB1.5bn ($235m) first close for its latest fund. Local government-backed funds and corporations have committed capital as limited partners, as have new and returning other investors. The vehicle will target developers of healthcare, telecommunications, cultural services, semiconductors, IT, smart manufacturing and new energy technologies across China. V-Capital now has about $3bn under management.

Exits

Centessa Pharmaceutical, a UK-based pharmaceutical conglomerate formed through a ten-way merger involving spinouts from various universities, has gone public in a $330m initial public offering on the Nasdaq Global Select Market. Founded in October 2020 as a holding group, Centessa subsequently acquired multiple biotech developers in January 2021 – including spinouts from University of Cambridge, University of Toronto Mississauga, the universities of Dortmund and Cologne, and one spinoff from biopharmaceutical group Sosei Heptares. Vida Ventures and Janus Henderson Investors co-led a $250m series A round at the time of the official launch in February.


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

01 April 2019 – Uber to Acquire Careem for $1.4bn

The Big Three

Uber has confirmed it will acquire Careem, its biggest rival in the Middle Eastern market, for $1.4bn in cash and $1.7bn in convertible notes. The price will mark a significant uptick on the reported $2bn valuation at which Careem last raised money, and a lot more than that for Saudi Telecom, which supplied the company’s $1.7m seed funding back in 2013 through its STC fund managed by Iris Capital, which fortuitously hosted its corporate day at the Eiffel Tower on the day it was announced (and which helped make the after-party go with a swing).

But it’s notable to see five large deals involving Tencent in the week after its financial results: Ke.com, Yipinshengxian, MiningLamp, Airwallex and Shuidi.

JD.com for its annual results for last year noted an “increase in investment in equity investees and investment securities of RMB22bn [$3.3bn]”.

Exits

McDonald’s is also making a sizeable acquisition, having agreed to pay more than $300m to buy Dynamic Yield, a developer of machine learning technology that will make its drive-thru kiosks more intelligent.

Kyriba to score $160m in acquisition deal

Lyft has raised a huge $2.34bn in its initial public offering, floating at the top of its range having extended that range upwards on Wednesday. The IPO valued the company at more than $24bn and should prove somewhat of a vindication for those who invested big money in the ride hailing space when some onlookers suggested it was overvalued.

The year’s biggest IPO will almost certainly be Lyft peer Uber’s, but Pinterest has finally filed for an initial public offering expected to value it at some $12bn. T

Zoom comes face to face with $100m IPO

Hookipa looks to public markets

Turning Point to face IPO moment of truth

Deals

Reports earlier this week revealed mattress producer Casper is getting ready to begin prepping its IPO, but in the meantime it’s raised $100m at a reported $1.1bn valuation.

Paytm owner One97 Communications is reportedly in discussions to raise as much as $2bn in funding from a consortium that will include existing backers SoftBank Vision Fund and Ant Financial, at a valuation of $16bn to $18bn.

Elsewhere in the transport sector, Leap Motor, one of several China-based electric car developers to emerge in the past five years in the wake of Tesla’s success, is reportedly looking to raise approximately $372m in what would be its series B round.

Connected robot developer CloudMinds is in the process of raising $300m in funding and has so far secured SoftBank Vision Fund as an investor in the round.

Delhivery picks up another $413m

Lidar technology developer Innoviz Technologies is a bit further along in the fundraising process, having nailed down $132m in a series C round that includes Phoenix Insurance and Harel Insurance Investments and Financial Services.

Mobvoi looks to mobilise $100m

SoftBank feels out PharmEasy for $100m round

University

Hyalex extricates $33m in series A

Inivata invites investors to series B

Volta charges up $180m fund with corporate help


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

08 October 2018 – Grab Looking To Raise Another $1bn

Deals

Southeast Asian ride hailing platform Grab closed $2bn in funding just two months ago, but Reuters has reported that it’s looking to raise another $1bn, and that SoftBank is close to putting up half the funding.

SoftBank Vision Fund has also initiated talks to invest $500m in China-based online educational assistance platform Zuoyebang.

Traveloka, an Indonesian company that has grown into a leading holiday and travel services booking platform for Southeast Asia, is in talks with unnamed investors to raise $400m.

Elsewhere in Asia, SoftBank is reportedly in talks to invest between $200m and $250m in India-based Delhivery, one of several companies that have sprung up to feed the rapidly expanding e-commerce sector.

Enterprise cybersecurity software provider Tanium has secured $200m in a round led by Wellington Management that valued it at $6.5bn pre-money. Tanium, whose investors include Citi Ventures, has now raised about $780m altogether, and has amped up its valuation by some $1.5bn in just five months, the company having raised $175m from TPG Growth in a May round that valued it at $5bn.

Tencent and KKR’s KKR Asian Fund III have agreed to lead a $175m investment in Voyager Innovations, a fintech spinoff from telecommunications firm PLDT.

Fast fashion retailer Miniso was only founded in 2013 but has been growing at a rocket-like pace, currently standing at some 3,000 branches worldwide. Now Tencent is getting in on the act, joining Hillhouse Capital to provide $146m in funding for the company.

Education app developer Byju’s is now valued at $2bn following a $100m investment by General Atlantic India. Byju’s has raised a total of $344m from investors including Times Internet and Tencent, but the round is perhaps notable for not including SoftBank, which was said to be in talks with the company a couple of months back.

Call centre software provider Talkdesk closed a $21m series A round backed by Salesforce three years ago, but has taken a bug step forward with a $100m series B round that valued it at more than $1bn.

JHL Biotech has raised an undisclosed sum from investors including Sanoft at a $750m valuation and will put the cash toward further development of its biosimilar cancer therapies.

Drawbridge Health, a US-based medical diagnostics spinout of industrial conglomerate General Electric (GE), received an undisclosed amount of funding yesterday from Kyoto University’s venturing arm Innovation Capital (Kyoto-iCap).

Funds

Biopharmaceuticals-focused venture firm Forbion Capital Partners has closed its latest fund at $415m, a 44% upgrade on its initial target. The fund’s LPs include insurers ASR Insurances, KLP, the EU-backed European Investment Fund and the German government-owned bank KfW.

Excell Partners, a VC fund affiliated to University of Rochester, is to manage a $25m vehicle intended to spur tech activity around Rochester in upstate New York. The vehicle, dubbed Finger Lakes Forward Venture Capital (FLX) Fund, will be managed by Excell’s Technology Ventures division and funded by the New York State government.

Exits

Funding Circle has gone public in London, in a $576m initial public offering that included $184m of share sales by the online lending platform’s shareholders.

Guardant Health had a health first day as a public company, floating above its range to raise almost $238m in its IPO before seeing its share price rise by 69%.

SurveyMonkey has raised less but had a more successful IPO, floating above its range last week to raise an initial $180m.

Sutro Biopharma, a US-based cancer drug developer based on research at Stanford University and backed by pharmaceutical firms Amgen, Celgene, Eli Lilly and Merck & Co, raised $85m in its initial public offering.

NGM Biopharmaceuticals has filed to raise up to $75m in an initial public offering that will give Merck & Co and Takeda the chance to exit.

On GGV, French solar firm Neoen is aiming for a market capitalisation of €1.5bn ($1.7bn) in an initial public offering (IPO) on the Paris stock exchange.


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