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

12 August 2019 – Didi Chuxing Spins Off Autonomous Driving Division

Big Ones

SoftBank Vision Fund recently announced that it has secured memoranda of understanding for $108bn in capital for its second investment vehicle, and SoftBank CEO Masayoshi Son has now said it will begin investing as soon as next month.

Didi Chuxing is spinning off its autonomous driving division and will likely seek funding at a multi-billion-dollar valuation. The ride hailing service has raised more than $18bn in debt and equity financing but is keen to gain external investors for a part of the company that may prove invaluable in future, but which is a cash drain right now.

Pharmaceutical and chemical producer Bayer acquired US-based stem cell treatment developer and portfolio company BlueRock Therapeutics in a deal that could value it at up to $1bn. The terms of the transaction involve Bayer paying a total of up to $600m to acquire the shares in BlueRock it did not already own, investing $240m upfront that will be followed by preclinical and clinical milestone payments that could reach $360m.

In this week’s GCV and GUV crossover news, the biggest deal was a $70m series B round for HawkEye 360, a US-based radio-frequency data satellite developer based on Virginia Tech research. The round included commercialisation firm Allied Minds (Hawkeye’s parent company) as well as aerospace manufacturer Airbus and mapping software developer Esri.

Deals

FlixMobility, a Germany-based travel services provider backed by carmaker Daimler, has added a “substantial” amount of funding to its series F round, which attracted $561m last month. The additional funding, seemingly worth hundreds of millions of dollars, was supplied by Baillie Gifford, Luxor Capital, Odyssey 44 and certain funds managed by BlackRock.

Tencent invested $350m in Kuaishou in early 2017 at a reported $2.5bn valuation, and as the short-form video sector has grown as a whole, the company has expanded its presence to the point it now has some 200 million daily active users.

E-commerce payment services provider Klarna has raised $460m from investors including new strategic partner Commonwealth Bank of Australia at a $5.5bn post-money valuation.

Existing backer SoftBank has invested a further $200m in endpoint cybersecurity software provider Cybereason together with several undisclosed affiliates, at a reported $900m valuation.

Online business finance marketplace C2FO has pulled in $200m in a round led by SoftBank Vision Fund that, according to Bloomberg, also featured existing backer Allianz X. The round roughly doubled the company’s overall funding to about $400m and it will put the money toward boosting international growth.

Wickedride Adventure Services, the owner of India-based electric vehicle rental service Bounce backed by mobile chipmaker Qualcomm, is raising $200m in fresh funding. Bounce has already received an initial $120m, people familiar with the matter told TechCircle.

Automotive e-commerce marketplace CarDekho has added $19m from investors including Emtek subsidiary Kreatif Media Karya to a series C round that has reached $129m. CapitalG, Dentsu, Bennett, Coleman & Co and Axis Bank contributed to the round’s earlier tranches, and the funding was reportedly secured at a $500m valuation.

Keyless lock technology provider Latch has also beefed up its latest round, closing a series B at $126m. RxR Realty, Tishman Speyer and the Berman Enterprises-backed Camber Creek all participated in the round, which was pumped up with a $56m second tranche.

Rakuten has increased its stake in cancer therapy developer Rakuten Medical to more than 22% with a $100m investment made in the shape of a series C-1 round. The e-commerce firm had joined SBI Group for the $284m series C the company closed in December, back when it was still known as Rakuten Aspyrian (and a while after it was founded as Aspyrian Therapeutics).

Rakuten Ventures has contributed to a $93.9m round for Japanese digital marketing software provider From Scratch that also featured Link and Motivation and Japan Post Investment. The unit has been an investor in From Scratch since its 2017 series C round, and the company’s other backers include Dentsu Digital Holdings and Itochu Technology Ventures.

Ibotta, the creator of a rewards app that gives consumers money back on selected purchases, has secured an undisclosed amount in a series D round that hiked its valuation to $1bn. Koch Disruptive Technologies led the round, which followed about $95m of earlier funding, and which will support an expansion of Ibotta’s Denver headquarters as it prepares to increase recruitment.

Funds

American Family Ventures, the corporate venture capital arm of US-based insurance firm American Family, has raised more than $162m for a venture capital fund, according to a securities filing. The fund, dubbed AmFam VC Fund III LP, has taken in $162.5m from four investors and has set a $200m target for its close.

Exits

Delivery services provider Glovo has raised at least $340m in funding from investors including AmRest, Drake, Delivery Hero and Rakuten, and was reportedly valued at $950m in its last round. It has also begun discussions to raise money from – guess who – SoftBank, and is in talks with Uber and Deliveroo who have approached the company over a possible acquisition.

And here’s an exit… from an exit. Rapt Therapeutics, a US-based small molecule drug developer backed by internet and technology conglomerate Alphabet and pharmaceutical firm Celgene, has postponed its initial public offering without offering a new timeline. The company set its price range at $14 to $16 two weeks ago and hoped to issue 5 million shares on the Nasdaq Global Market to raise between $70m and $80m. Rapt is working on small molecule drugs that it hopes will boost a patient’s immune response to cancer and inflammatory conditions.


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