29 January 2018 – Ping An Insurance On a Roll

Deals

Ping An Insurance is on a roll. At the end of November, the insurance provider was gearing up for a $1bn IPO of Ping An Good Doctor, and now it has raised nearly $1bn for its medical data collection and analysis subsidiary Ping An Healthcare Management at a $8.8bn valuation.

Tencent continues to go from strength to strength in its corporate venturing activities, and is set to lead a $1bn round for Kuaishou, a photo and video sharing app that’s now become one of the key players in China’s livestreaming sector.

Mobike, the bike-sharing company, has raised $1bn in its latest funding round, according to press reports.

Another company that’s growing at a rapid pace is Katerra, the creator of an end-to-end construction services business. It was only founded around three years ago but has just raised $865m in a series D round led by SoftBank Vision Fund that valued it at a little over $3bn.

Orix has provided $60m of a $70m extension to peer-to-peer lending platform Dianrong’s series D round, which has been increased to $290m.

Snowflake Computing, a cloud data storage technology developer, has raised $263m in series E funding at a pre-money valuation of $1.5bn. Capital One Growth Ventures, which previously backed a $105m series D round in September 2017, returned for the round co-led by Sequoia, Iconiq Capital and Altimeter Capital.

Maxi Mobility, the on-demand ride provider that oversees Cabify and EasyTaxi in Iberia and Latin America, has raised $160m in a Rakuten Ventures-backed round that values it at $1.4bn.

Ring, the maker of a smart doorbell video system, is raising $160m at a valuation of nearly $1bn, according to a securities filing. The company most recently closed a $109m debt and equity round a year ago, with backers including mobile semiconductor producer Qualcomm, insurance firm American Family and real estate firm JF Shea and other prominent investors, such as Richard Branson.

Canada Pension Plan Investment Board has paid $144m for a 6.3% stake in Indian renewable energy developer ReNew Power, valuing it at almost $2.3bn.

Immunotherapy developer Tmunity Therapeutics, a spinout from University of Pennsylvania, has closed a $100m series A round that added Gilead Sciences, Ping An, Ventures and Be The Match BioTherapies to existing backers including Lilly Asia Ventures as well as Penn itself.

Stem, a producer of scalable energy storage systems, has raised $80m from Activate Capital, Temasek and another Canadian pension investor, Ontario Teachers’ Pension Plan, for the first close of its series D round.

Constellation Technology Ventures has also participated in a $75m round for PrecisionHawk, the developer of a drone control system for enterprises.

Funds

Cybersecurity software provider and internet company Qihoo 360 has formed a $156m venture fund in partnership with Beijing Cultural Center Fund that will invest in internet and media-focused companies.

ING, the Dutch financial services firm, has set its sights on sustainable businesses and launched a $123m fund specifically aimed at startups developing products and services with a positive environmental impact.

Orange, Edenred and JCDecaux meanwhile are recognising Africa as the next big market and have put their weight behind the $70m first close of a $123m fund that is being raised by Partech Ventures.

On GUV, University of Tokyo Edge Capital, a venture capital affiliate of University of Tokyo, has raised an initial ¥15.6bn ($143m) of a ¥25bn spinout-focused investment fund. The capital has been provided by unnamed, domestic financial services firms.

Exits

Figs, a US-based medical apparel producer backed by footwear brand Crocs, has raised $65m from diversified holding company Tulco and will use the capital to buy out existing investors, making Tulco the only external investor.

Digital media company Gree has exited Indonesia-based property listings portal UrbanIndo in an acquisition of undisclosed size by real estate portal 99.co. UrbanIndo received an undisclosed amount of seed funding from venture capital firm East Ventures in 2012 before adding an undisclosed sum in a 2013 series A round led by Gree’s corporate venturing unit, Gree Ventures.

Primary Data, a US-based data virtualisation software producer backed by computer technology provider Dell Technologies, is shutting down after failing to attract enough clients.

Home24, a Germany-based online home and living product retailer backed by e-commerce holding group Rocket Internet, is gearing up for an initial public offering.

Entertainment company Modern Times Group MTG (MTG) secured an exit from France-based media group Trace as TPG Growth, part of private equity group TPG, acquired a majority stake.


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

25 April 2016 – Arvind Sodhani, Alibaba, JD.com, Baidu, Gensights Biologics, Gree, Mars Petcare, Birmingham University and more

VC Creation

Arvind Sodhani, former president of Intel Capital, has formed a new VC firm called Silver Trail Ventures and, ahead of a keynote speech at the Global Corporate Venturing/DLA Piper Corporate Venture Capital Strategy Seminar in Tokyo, warned that for corporate venturers, innovation and disruption is more important than business development.

Deals

Digital medicine developer Proteus Digital Health has added $50m of series H financing to an equity cash pile.

GV finds happy Medium for $50m series C.

Alibaba sealed two huge deals last week, making billion-dollar investments in Ele.me and Lazada, and in this week’s Big Deal we take a look at the firm’s investment strategy and what those those transactions might mean going forward.

UCWeb presses start on $20m Indian gaming fund.

JD.com has paid $200m for a 47.7% stake in logistics service company Dada Nexus in a deal that will involve merging its own e-commerce subsidiary, JD Daojia, into the company, which operates across 37 Chinese cities.

Baidu has raised $155m in a round led by TV and film production company Shanghai New Culture Media,

Cabify has become the latest ride hailing service to raise significant funding, pulling in $120m from a Rakuten-led round that values it at $320m post-money.

China-based Yaochufa spcialises in short haul holidays and local breaks but is planning to expand its range of destinations after closing an $85m series D round.

Exits

GenSight Biologics filed for an IPO back in July 2015 but a few months later the Novartis-backed eye disease therapy developer has withdrawn citing market conditions. The decision, made at roughly the same time as another biotech company, Bavarian Nordic, did the same, is a worrying omen for the IPO market, which is still yet to recover from a considerable lull, meaning CVC exits will likely be harder to come by this year.

Tencent-backed eJiaJie completes Neeq listing.

Hearst follows up its initial investment in Complex by agreeing to jointly acquire the company with telecom firm and partner Verizon.

Asahi Shimbun goes native with Somewrite acquisition.

Oracle draws up $50m Crosswise acquisition.

Nielsen-backed VC firm Pereg Ventures is set to exit device data provider Crosswise in a $50m deal.

Mars Petcare acquires Whistle from Nokia Growth Partners.

Funds

Gree forms $12m virtual reality fund.

The social media company’s GVR Fund features Colopl and Mixi as limited partners.

CincyTech receives healthy interest for fourth fund.

Care providers Cincinnati Children’s Hospital Medical Center and UC Health are among the limited partners.

Global University Venturing

Alta Innovations: the future of success: In the second part of our series, GUV editor Thierry Heles takes a closer look at how Birmingham University is building a complete ecosystem for spinouts, startups and late-stage companies.

GUV supporting a survey of 80 university venturing funds sponsored by one of our subscribers, Kaust.

Global Government Venturing

EIF and PPM Oost initiate $227.5m fund.

Dutch regional development agency PPM Oost and the European Investment Fund have launched a $227.5m second Dutch Venture Initiative fund of funds.


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