15 April 2019 – Uber Files for IPO

Big ones

As you all surely know by now, Uber filed for its long awaited initial public offering on Thursday, confirming that its largest investor is SoftBank Vision Fund, which owns more than 16% of its shares, while Alphabet, which has increasingly been rivalling the ride hailing company in the autonomous driving technology space, holds a stake sized at just over 5%.

Grab had raised a mammoth $4.5bn for its series H round as of last month, but it said it hadn’t closed the round and now revealed that it is shooting for a $6.5bn final close. Our frequent listeners may remember that the ride hailing platform had originally set a $3bn target for the round, but Vision Fund invested a further $1.46bn and is expected to return for the extension.

Taikang Insurance is not one of China’s most fervent corporate venturers but it has managed to score three IPO exits in the past year, and is now linking up with the city of Wuhan to form a $3bn healthcare-focused fund.

And on the university side, we have Inozyme Pharma, a developer of drugs that will combat the calcification of the body’s kidneys and vascular system. The Yale University spinout has secured $67m in a series A2 round featuring two corporates – Novo and Sanofi Ventures.

Deals

Traveloka has reportedly secured $420m in funding from Singapore’s GIC and existing investors that were undisclosed but which probably included Expedia and JD.com.

The digital insurance sector continues to go from strength to strength, with Lemonade the latest to raise money, netting $300m in series D funding at a reported valuation in excess of $2bn.

Tourism activities booking platform Klook has secured $225m in a series D-plus round led by SoftBank Vision Fund that has been added to the $200m in series D financing it closed in October.

Branch International has created a mobile-first financial services platform tailored for use in emerging markets, and it has raised $170m in a series C round that was co-led by Visa.

Funds

Japanese bank Mitsubishi UFJ Financial Group already operates a venture capital firm, Mitsubishi UFJ Capital, but is now getting further into strategic investing, setting up a $180m fund called MUFG Innovation Partners.

Exits

Fashion-focused social commerce platform Poshmark has raised almost $160m in funding and was reportedly valued at about $600m when it last raised money, nearly 18 months ago.

SoYoung, a Chinese booking and reviews platform for cosmetic procedures, has already filed for an IPO in the US and is looking to raise $150m.

Private equity firm Bridgepoint has sealed the acquisition of a majority stake in cloud accounting software provider Kyriba, paying $160m. The transaction valued Kyriba at $1.2bn according to the company, but it has not revealed whether BridgePoint was an existing backer or whether the $160m constituted a separate investment to a secondary share purchase.

Private jet provider Vista Global has agreed to acquire customised charter jet service JetSmarter for an undisclosed amount in an all-share deal that will allow JetEdge to exit.


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

19 December 2016 – $225m for BlueRock Therapeutics, Microsoft Ventures Invests from its AI Fund and Much More

Deals

Bayer and investment firm Versant Ventures have jointly provided $225m in series A funding for a regenerative medicine startup called BlueRock Therapeutics.

Symphony emerged two years ago with $66m from 14 banks and followed that funding up with a $100m Google-backed round last year. Now the company, which offers a secure messaging platform for use in the financial services industry, is in the process of raising between $125m and $200m at a pre-money valuation north of $1bn.

SenseTime, which provides deep learning technology to Chinese corporates, has secured $120m in a round that included Dalian Wanda Group and existing backer IDG Capital.

Podotree, the Kakao affiliate that deals with the social media company’s online publishing offerings, has raised $107m in funding from investors including Anchor Equity Partners and GIC at a reported valuation of about $428m.

JetSmarter has big ambitions to become the Uber of private jet travel, and has just raised $105m in series C funding at a $1.5bn pre-money valuation.

Virtual reality gaming company Survios has raised $50m across two rounds, the latter of which was led by MGM.

Sonendo, the developer of a teeth cleaning system for use in root canals, has secured $35m from investors including Henry Crown and Company affiliate CVF, bringing its overall funding to near $110m.

BillFront, a provider of finance for media companies that may face delays in recouping advertising revenue, has raised $35m in a series A round consisting of debt and equity.

Holiday accommodation rental aggregator Tripping.com has received $35m in series C funding, with investment firm Princeville Global leading the round.

Oxford Nanopore has raised additional funding after announcing earlier this month that it had become the first company to sequence multiple human genomes using portable technology.

Edotco, a Malaysia-based telecoms infrastructure services provider, has amassed $600m from investors including Malaysia’s sovereign wealth fund Khazanah Nasional. Khazanah Nasional made the investment via a secondary equity private placement offering of $200m, while public-private partnership Innovation Network Corporation of Japan (INCJ) contributed through a $400m primary offering.

Funds

Microsoft Ventures only resumed making direct investments in May but has already racked up 19 deals since, including contributions to rounds for Tact, Dynamic Signals (see below for both) and Element AI, the last of which is the first investment to be made from a dedicated artificial intelligence fund which the unit has just formed.

Not long after it confirmed that its $100bn Vision Fund would be headquartered in London, news emerged that SoftBank is in talks with Apple over a $1bn investment in the vehicle.

Oxford Sciences Innovation (OSI), the university venturing fund of Oxford University, on Friday raised an additional £230m ($290m) from investors including the institution’s endowment fund to bring its total to £580m.

IP Group takes Parkwalk for $12m. The intellectual property investor could pay an extra $12m to buy Parkwalk if the spinout-focused fund manager meets certain key targets.

Sigmar Gabriel, minister of economy for Germany, and his French peer Michel Sapin yesterday revealed a €1bn ($1.1bn) fund aimed at startups in the two countries.

Exits

2016 has been a bad year for a lot of people but in the venture capital space it’s been a worse year than most for Rocket Internet, which is continuing to consolidate its holdings.

Meitu, the Chinese creator of a photo modification app for social media, has raised just over $600m in one of the year’s biggest tech IPOs, giving exits to Sina Weibo, Foxconn and IDG Capital Partners.

Garena, the most highly valued startup in Southeast Asia as of a $170m round in April that valued it at $3.75bn, has reportedly begun talks with banks over a prospective IPO in the US in 2018 that could raise around $1bn.

Germany-based medical device manufacturer Gilupi was acquired yesterday by its investor and strategic partner Viroad, a China-based biotechnology company, for an undisclosed sum.

People

Maryland University at College Park (UMD) has appointed Julie Lenzer, former senior advisor to US Secretary of Commerce Penny Pritzker, to two key roles as part of its efforts to bolster innovation.

State-owned investment firm Finnish Industry Investment (FII) announced the promotion of Jan Sasse, head of FII’s Growth Investments team since June 2015, to president and CEO yesterday.


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