25 October 2021 – Gorillas Roars to $1bn Series C, Instacart Pulls Off $350m

Gorillas roars to $1bn series C

Germany-based on-demand grocery shopping platform Gorillas raised a series C round sized at almost $1bn, led by food delivery service provider Delivery Hero, which itself made a $235m contribution into the round.

Instacart pulls off $350m Caper AI purchase

Grocery delivery service Instacart is acquiring Caper AI, a US-based smart retail technology producer backed by supermarket chain Red Apple Group, for is $350m.

N26 deposits $900m of series E funding

N26, the Germany-based digital bank that is backed by Tencent and insurance provider Allianz, raised over $900m in series E funding at a post-money valuation in excess in $9bn.

FTX trades on $420m series B-1 round

FTX Trading, the Bahamas-based cryptocurrency exchange backed by internet and communications group SoftBank, crypto exchanges Coinbase and Binance and payment technology provider Circle raised over $460m in a series B-1 round

WBA expands presence in VillageMD in $5.2bn deal

Pharmacy operator Walgreens Boots Alliance (WBA) has paid $5.2bn to increase its stake in US-based primary care provider VillageMD from 30% to 63%.

HT Aero lands $500m

China-headquartered electric vehicle (EV) producer XPeng agreed yesterday to co-lead a series A round for its air taxi developer affiliate, HT Aero, set to be sized at over $500m

Spin Master turns to corporate venturing

Canada-headquartered toy children’s entertainment producer Spin Master launched a strategic investment vehicle called Spin Master Ventures yesterday with $100m of capital.

Alaska Airlines announces $230m investment fund

US-headquartered air carrier Alaska Airlines unveiled a corporate venture capital subsidiary called Alaska Star Ventures yesterday that is equipped with $230m in capital

More corporates dock at Motion Ventures fund

Shipping groups Mitsui OSK Lines (MOL), IMC Group and Signal Group have committed capital to a S$30m ($22.7m) fund run by Singapore-based venture capital firm Motion Ventures.


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

29 March 2021 – GoPuff Secures $1.15bn in Round Including SoftBank

The Big Ones

On-demand consumer product delivery service GoPuff has experienced some major league growth of late, and has secured $1.15bn from investors including SoftBank Vision Fund 1 in a round lifting its valuation from $3.9bn to $8.9bn. The $3.9bn valuation had been achieved just five months ago, in a $380m round that also featured Vision Fund 1.

We’re still seeing a good amount of reverse merger deals being agreed but one of the biggest in recent times has just been announced by content monetisation software provider IronSource. The Access Industries-backed company has agreed to join forces with special purpose acquisition company Thoma Bravo Advantage at an $11.1bn pro forma equity. IronSource’s valuation was reportedly not much larger than $1bn in its last round, less than 18 months ago.

Japan-based medical supplies vendor Medipal Holdings has partnered SBI Investment, an investment subsidiary of financial services firm SBI Holdings, to form a ¥10bn ($92m) corporate venture capital vehicle. Medipal Innovation Fund is intended to operate for 10 years and will mainly target domestic and international startups developing technologies strategically relevant to Medipal’s business lines.

Crossover Deal

Evidation Health, a US-based health data analysis provider, has picked up $153m in a series E round co-led by healthcare consortium Kaiser Permanente’s Group Trust. The round was co-led by Omers Growth Equity, a fund managed by pension fund Ontario Municipal Employees Retirement System, and included McKesson Ventures, the corporate venturing arm of medical supplies distributor McKesson, as well as venture capital firm B Capital Group. The round valued it at $1bn, according to Bloomberg. So far, so normal. Evidation’s technology platform, Achievement, records raw behaviour data such as speech and video from patients’ electronic devices and analyses it to provide insights on health and disease. But its origin is where it gets unusual: the company was founded in 2012 through a partnership between Stanford Health Care, the academic health system of Stanford University, and GE Ventures, a corporate venturing subsidiary of General Electric. It’s not a type of story we see often, but with now $259m in capital, the model is clearly working out for Evidation.

Deals

Dataminr has closed a $475m funding round that hiked its valuation to $4.1bn. The company, which counts Credit Suisse Next Investors as an earlier backer, provides software that pools information from a range of public sources to detect events and track trends in real time, and will put the proceeds from the round into international customer acquisition.

China-based CasiCloud provides production automation software for the aerospace industry, and has secured $404m in funding, becoming the latest automation technology provider to raise big money, in the wake of several robotic process automation-focused companies over the past year. Its earlier investors include China Aerospace Science and Industry Corporation but the latest round was co-led by China Merchants Capital, ICBC Capital and Shenzhen Capital.

Sports memorabilia retailer Fanatics has pulled in $320m through a round that doubled its valuation to $12.8bn in the space of seven months. SoftBank is also among Fanatics’ investors, as is Alibaba, and the latest round included Major League Baseball, Fidelity Investments, Franklin Templeton, Neuberger Berman, Silver Lake and Thrive Capital. It came as the company undertakes a growth push centred on China.

Crypto wallet and exchange operator Blockchain.com is growing even faster, and has secured $300m in series C funding at a $5.2bn valuation, roughly five weeks after a $120m series B round valuing it at $3bn. GV and Access Industries were among the participants in the latter round, with GV having been an investor in the company since 2017.

Airwallex is the creator of a cloud software platform that helps businesses expand globally by coordinating finance activities across multiple currencies. It has raised $100m from investors including ANZ Bank’s ANZi Ventures vehicle to increase its series D round to $300m. The extension represents the third tranche of the round, with Tencent and Salesforce Ventures among the earlier backers. Airwallex is now valued at $2.6bn.

If grocery delivery services like Instacart have experienced considerable growth during the coronavirus pandemic, Germany-based Gorillas almost makes that growth look lazy. The company was founded less than a year ago but has just secured $290m in a series B round featuring Tencent that valued it above $1bn. That makes Gorillas, by its reckoning, the quickest European startup ever to exceed a $1bn valuation. And its service is currently available in just 13 European cities.

Komodo Health, the developer of a healthcare tracking software platform, has meanwhile raised $220m at a $3.3bn valuation, in its series E round only two months after notching up $44m in series D funding. The series D round included long-term corporate investor McKesson Ventures, and it has now secured a total of $314m in just 14 months.

Funds

Japan-based financial services firm Juroku Bank has formed a venture capital unit dubbed Nobunaga Capital Village and a startup accelerator called Juroku Bank Accelerator 2021. Nobunaga Capital Village will be launched in April 2021 with ¥4.5bn ($41.2m) of capital across two vehicles, and will target developers of financial technology and local economy revitalisation projects, focusing on the Chūbu region where the bank is headquartered.

Exits

Supply chain finance provider Linklogis has filed for an initial public offering on the Hong Kong Stock Exchange and set terms that will see it raise $1.06bn if it floats at the top of its range. Bertelsmann Asia Investments, Tencent, GLP, Skyworth and Standard Chartered are all among the company’s investors, and the offering will be anchored by $365m from institutional investors including BlackRock and Fidelity.

Another Chinese company, online Q+A platform developer Zhihu, is going public in the US today in a $523m initial public offering that scores exits for Kuaishou, Tencent, Baidu, Sogou and Sunshine Insurance. The company priced the shares at the foot of the IPO’s range, but it will be buoyed by a $250m private placement being provided by Tencent and fellow corporates Alibaba, JD.com and Lilith Games.

Olo has closed its initial public offering at approximately $518m after the underwriters took up the option to buy an additional $67.5m shares. The PayPal-backed restaurant ordering software provider floated above its range on the New York Stock Exchange last week and its share price subsequently increased by upwards of 20%.

Online automotive marketplace ACV Auctions raised $5m for a series A round five years ago, and now it’s gone public in an initial public offering sized at about $416m. The SoftBank-backed company priced its shares above an already increased range, and the price rose again yesterday, giving ACV a market cap around the $4.8bn mark at close of trading.

Rockley Photonics, a silicon photonic chipmaker that counts Applied Materials and Hengtong Optic-Electric among its investors, is set to list through a reverse takeover with special purpose acquisition company SC Health Corp at a $1.2bn post-merger valuation. Medtronic is among the investors supplying $150m in PIPE financing to support the deal, announced as Rockley prepares to commercially launch its unique sensing platform.

Autonomous truck developer TuSimple is still pre-revenue but has filed for an initial public offering in the United States. The China-based company has raised roughly $650m in funding and its investors include corporates Sina, Navistar, Traton, Nvidia, Mando, UPS, Goodyear, Union Pacific, CN, Kroger and US Xpress. Media reports in August 2020 suggested it could target a valuation of up to $7bn in the IPO.


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