04 May 2020 – FIS Commits $150m to its Corporate Venturing Unit

The Big Three

As highlighted in last week’s podcast, some sectors are flying high and, certainly relative to the global financial crisis a dozen years ago, banking and financial services is one of them.

New York-listed financial technology (fintech) provider FIS has committed $150m to its corporate venturing unit as part of a joined-up approach to open innovation including its FIS FinTech Accelerator and FIS Innovatein48 research and development competition in addition to innovation labs.

Under Joon Cho, FIS Ventures will invest up to $150m in fintech startups over the next three years targeting artificial intelligence and machine learning, digital enablement and automation, data and analytics, security and privacy, distributed ledger technology and financial inclusion.

The blurring of lines between corporate and independent venture capital is continuing apace as all parties consider how best they can support entrepreneurs while fulfilling their five needs: capital, customers, product development, hiring and an exit.

This naturally brings the best investors together with the corporations best able to scale startups and then potentially acquire them, so it is little surprise in many ways to see US-based coffee retailer Starbucks form a co-investment partnership with venture capital firm Sequoia Capital China.

Starbucks said it would also look to form “commercial partnerships with next-generation food and retail technology companies” in China through a statement announcing the agreement.

The average worldwide population increase is currently estimated at 81 million people per year – a figure at this stage fortunately unlikely to be dented much by the Covid-19 pandemic – and all those people require feeding.

As GCV’s agtech supplement in March noted, modern farming practices, such as the use of soil-based and aerial sensors as well as drones, data analytics, and pest and pathogen detection systems, are taking hold. When combined with advanced fertiliser formulations, digital farming technologies developed by startups can substantially reduce nitrogen and nutrient loss and mitigate water pollution.

Enter Pivot Bio, a US-based agriculture technology developer that is trying to harness the power of naturally occurring microbes to provide more nutrients to crops. It has raised $100m in its series C round from a consortium including Bunge Ventures and Continental Grain but is apparently missing one of its earlier corporate backers.

Deals

Fintech on the other hand does not seem to have been affected by the coronavirus to the same extent. Investment and financial advice app developer Stash has raised $112m in a series F round led by $80m from lending marketplace LendingTree. The funding was bagged at an $800m valuation and lifted Stash’s overall funding to more than $290m. CEO Brandon Krieg told Bloomberg it intends to grow its customer base along with brand awareness as finances constrict in the US.

Consumer and business lender DMI Finance likely won’t lack customers in the downturn, and it has just pulled in $123m from video game publisher Nexon at a reported valuation that topped $1bn. India-headquartered DMI secured $200m in non-convertible debenture financing just last month and its commercial partners include Samsung, which is based – like Nexon – in Korea.

And another is business-focused neobank Cross River Bank, which has raised $100m of its own. The series C round comes less than 18 months since Cross River received $100m from backers including corporate CreditEase. The latest round is being co-led by investment adviser V Capital, which will help Cross River expand in its home country of Malaysia.

Inceptio loads up $100m

Paytm is among India’s most valuable startups having been valued at $16bn in a November series G round featuring Ant Financial and SoftBank Vision Fund. The mobile financial services provider is reportedly in talks to raise $100m or more from Microsoft to add to the series G. The round was sized at $1bn but Paytm has only received $720m of the cash so far, and Ant Financial will reportedly need government clearance to supply its share due to new foreign investment regulations.

Although corporates have not been keen on joining in the rush to back cannabis-focused startups, an interesting test case for tech based on traditionally illicit drugs may be Compass Pathways, which is working on a treatment for depression that utilises psilocybin from mushrooms (magic mushrooms, to be precise). The company just pulled in $80mthrough a series B round featuring Otsuka Pharmaceutical’s McQuade Center for Strategic Research and Development, and has received breakthrough therapy designation for its lead product from the FDA. That should be as good a go-ahead sign as any, you’d think.

University

Taysha stakes out $30m seed round

LifeSprout bolts on series A funding

Exits/Losses

SoftBank’s woes continue, the corporate announcing this morning that it expects to booka mammoth loss of nearly $6.6bn on its investment in WeWork over the last financial year – a period when it pledged a $9.5bn financing package to make sure the workspace provider could continue operations. The value of that deal has been hit hard by the shutdowns of WeWork locations across the world in the face of the coronavirus, and it’s worth noting the $6.6bn figure is separate to SoftBank Vision Fund, which has announced a projected loss of more than $16bn over the same period.

D2iQ has raised a touch over $250m from investors including Microsoft, Hewlett Packard Enterprise and Koch Disruptive Technologies since being founded as Mesosphere in 2013, but the cloud software and services provider is reportedly in talks with Google to be acquired. In a sign of the effect the Covid-19 shutdown is having, D2iQ reportedly laid off 34 team members recently, and the prospective purchase would likely value it at more than that $250m, but less than the $775m valuation in its last round two years ago.

To IPO or not to IPO? Right now it seems less of a question than a foregone conclusion for many companies but interestingly, the ones that are opting to go public in this economic downturn seem to be benefitting from the lack of competition. Oncology therapy developer Oric Pharmaceuticals has done so in a $120m initial public offering, floating at the top of its range having increased the number of shares by 50% and then seeing them open more than 60% higher. It had previously raised more than $175m in funding from investors including Taiho, Hartford HealthCare and Memorial Sloan Kettering Cancer Center.

Acacia circles over Woodford assets

Funds

Michigan State to administer $3m pre-seed fund


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

02 December 2019 – SoftBank Leads Oyo’s $1.5bn Funding Round

The Big Ones

SoftBank Vision Fund is putting up $807m to lead a $1.5bn funding round for one of its most notable portfolio companies, India-based short term accommodation platform Oyo. The round values Oyo at $10bn and the extra cash will fund expansion in the US, a prime market in the company’s ongoing international expansion. Its other investors include Didi Chuxing, Hero Enterprise and Huazhu Hotels Group.

Alibaba affiliate Ant Financial is putting together a $1bn fund that will focus on emerging markets such as India or Southeast Asia. Its name can be translated as Ant Unicorn Fund and it will concentrate on strategic investments in areas such as blockchain, artificial intelligence, security, the internet of things and computing as well as digital financial services platforms.

Aporeto’s investors, which include Comcast Ventures, National Grid Partners, Symantec and Telia Ventures, are in line for exits, through a $150m acquisition by Palo Alto Networks. The machine identity-based cybersecurity software provider had raised almost $35m, and its pending acquisition marks the third corporate-backed company to be bought by Palo Alto in the past six months, following Zingbox and Twistlock.

In crossover news with Global University Venturing, Heartseed, a Japan-based developer of treatments for heart failure based on research at Keio University, has secured ¥2.8bn ($25.8m) in series B funding from investors including medical data technology provider JMDC.

Deals

Another of Vision Fund’s key Indian investments is mobile financial services provider Paytm, and it has contributed to a $1bn series G round for the company that also featured fellow corporate investor Ant Financial.

Elsewhere in Asia, Indonesia-based Tokopedia is seeking what will likely be its last VC funding before its own flotation, and is reportedly in talks to raise $1bn to $1.5bn in a round that will probably include existing backers and unnamed US internet companies.

Impossible Foods is looking to raise $300m to $400m in a round expected to value it in the $3bn to $5bn range. The plant-based burger provider was most recently valued at $2bn and is reportedly eyeing 2020 for its initial public offering.

Online supermarket Picnic has raised $275m in funding, chiefly from the same investors that backed its last round, when it secured $108m in early 2017.

Online pharmacy operator PharmEasy has raised $220m at a $700m valuation, in a round led by the Singaporean government-owned Temasek. India-based PharmEasy has now secured more than $320m altogether, its earlier investors including corporates Ascent Health and Wellness, Medi Assist and Manipal Education and Medical Group.

Ferring Pharmaceuticals has spun off a new company to manage the late-stage development and eventual commercialisation of a gene therapy intended to treat bladder cancer.

Lithuania-headquartered fashion e-commerce marketplace Vinted has meanwhile received $141m from investors including Burda Principal Investments at a valuation of about $1.1bn.

We’ve been through the ride hailing gold rush and the bicycle rental frenzy but neither sector has even approached profitability yet. Despite that, electric scooter rental platforms are continuing to raise big money, the latest being India-based Bounce, which has bumped its series D round up to $150m.

Online job listings and recruitment portal Boss Zhipin has received a seven-figure dollar amount in a series E round featuring Tencent, which reportedly led one tranche of the round while participating in another.

Enterprise AI software provider Appier has bagged $80m in series D funding from investors including UMC Capital and Hopu-Arm Innovation Fund, nearly doubling its overall funding to $162m in the process.

Real estate developer Daito Trust Construction has provided $50m in equity funding for co-working space operator JustCo, and is pumping a further $24m into a joint venture that will enable the Sinagporean company to expand into Daito’s home market of Japan.

Despite its name, Jybd is not a recruitment platform but an aftermarket services platform for truckers. The China-based company has received $50m in a series B round led by Sino-Ocean Capital, a subsidiary of Sino-Ocean Group, the transaction coming after trucking services marketplace Manbang Group supplied $46m in series A funding for it last year.

Funds

Now this isn’t really a new fund but it is an interesting development: Thailand-based financial services firm Siam Commercial Bank (SCB) is looking to spin off some of its financial technology entities, potentially including venture capital subsidiary SCB Digital Ventures. Digital Ventures was launched in 2016 with $50m in capital and its early investments focused on limited partner commitments, including funds being raised by Nyca Partners and Dymon Asia Ventures.

Exits

There weren’t too many exits last week, but another notable one was insurance provider Maif’s exit from France-based voice technology developer Snips in a $37.5m acquisition by speaker system producer Sonos. Snips is the creator of a full-stack software platform that can be used to develop custom voice-based digital assistants.


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

21 October 2019 – SoftBank Prepares We Company Restructuring Deal

The Big Ones

The latest twist in the We Company/WeWork saga is that SoftBank, the largest shareholder in the workspace operator and also the investor that provided most of its late-stage funding, is preparing a restructuring deal that will involve it acquiring a majority stake while ensuring it has enough money to make it through the next 12 months.

Vice Media is dealing with a valuation cut of its own, having raised money from Lupa Systems, the investment holding vehicle for ex-21st Century Fox exec James Murdoch, at a $4bn valuation.

Fund-wise, Lakala Payment may have found itself forced to operate in the shadow of Ant Financial and Tencent’s WePay app, but the payment services firm floated in April, and is now looking to establish its own fintech investment fund.

And talking of new funds, we need to give a shoutout to Wendell Brooks of Intel Capital, who’s donated personal money to seed an up-to $20m philanthropic venture fund being raised by U-M Tech Transfer, the tech transfer office of University of Michigan, for its early-stage spinouts.

On GUV, Neil Woodford has had the worst week of his career yet as he was forced to admit the end is nigh for his fund management firm Woodford Investment Management. He also intends to leave the spinout-focused Woodford Patient Capital Trust (WPCT) and the recently-suspended Woodford Income Focus Fund – having been sacked from the flagship Equity Income Fund by its administrator Link Fund Solutions earlier last week.

Deals

Paytm is looking to cement its position near the top of Asia’s highest valued VC-backed companies and is close to raising $2bn in equity and debt financing at a reported $16bn valuation.

We’re likely to see edge computing turn up increasingly often on this site, and the latest startup to break out in the sector is Pensando Systems, which has emerged from stealth having raised a total of $278m. Pensando has just nabbed $145m in a series C round led by HPE at a reported $645m post-money valuation.

Digital invoicing technology developer and services provider Hainan Golden Technology has closed a $141m series B round led by Tencent that will fund research and development work, in areas such as big data, blockchain and cloud computing technology.

Algolia, a developer of online search software, has raised $110m in series C funding from investors including Salesforce Ventures to boost its total funding to approximately $184m.

Ant Financial has co-led a $100m series C round for Tsign, whose offering can probably be most easily described as ‘the Chinese DocuSign’. Gobi Capital and Eminence Ventures also participated in the round, which reportedly took the total raised by Tsign to at least $131m since it was founded in 2002.

Midu, a spinoff from Chinese news aggregation app developer Qutoutiao, has secured $100m in a CMC Capital-led series B round that included its parent company. Midu oversees online literature platforms Midu Novels and Midu Novels Lite, and is aiming to hit 10 million daily active users before the end of the year.

Pendo has raised its own nine-figure sum, securing $100m in a series E round that valued it at $1bn. The company’s technology helps developers build customer-friendly software, and the round boosted its overall funding to $206m in under five years.

Provivi is working on pesticides designed to prevent certain kinds of pests from mating without affecting the surrounding ecosystem, and has received $85m in series C funding from investors including BASF Venture Capital.

Small molecule cancer drug developer Cyteir Therapeutics, spun out of Jackson Laboratory, has added $40.2m to a series B round led by Novo that now totals $75.2m. Celgene also contributed to the extension, though neither corporate had been named as an investor when Cyteir closed the $29m first tranche early last year.

Level Home has emerged from stealth, making its invisible smart lock available for order and revealing $71m in funding from investors including Walmart, with which it also has a delivery partnership in place, and Lennar. Although the Level Lock is the company’s flagship product, it bills itself as a home automation technology provider, so expect to see its product range extended in future.

There hasn’t been a great deal going on in the electric vehicle sector of late, but electric chassis producer Motiv Power Systems has raised some money, in a $60m series B round co-led by RV producer Winnebago Industries.

Funds

China-based clinical development services provider Hangzhou Tigermed Consulting has committed up to $12m for a $62m biotech-focused fund dubbed TG Sino-Dragon Fund. The dollar-denominated vehicle will be co-sponsored by Singaporean government-owned investment firm Temasek and will target early to growth-stage opportunities in the biotech and contract research spaces.

Japan-based payment services firm Credit Saison is putting together a $55m corporate venturing fund called Saison Capital. The vehicle will invest at seed and series A stage and will concentrate on India and Southeast Asia-based developers of platforms or economic ecosystems that could potentially provide financial services for underbanked citizens, though it is officially sector-agnostic.

Cogna Educação, the Brazil-based educational services provider formerly known as Kroton Educacional, will launch a corporate venture capital arm in 2020 called Cogna Ventures.

Exits

Phathom Pharmaceuticals has licensed a gastrointestinal disease drug from Takeda and is advancing it towards regulatory approval in the US market. It also plans to float, and has set the terms for an initial public offering set to raise $158m if it floats at the top of its range.


“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

11 September 2017 – Judging Purchase Versus Investment

Exits

Johnson & Johnson is celebrating an exit with the acquisition of its portfolio company NeoTract by Teleflex for a total consideration of $1.1bn.

Intel Capital also celebrated an exit as its portfolio company StarCash, a digital gift card service, was acquired by fintech company Blackhawk Network for $175m in cash.

Madsack hails CleverShuttle

Paytm to make Little acquisition

Juicero breaks down

It seems as though Roku is serious about an initial public offering this time. The company was rumoured to be seeking a flotation all the way back in 2014 but those plans never materialised. Fast forward to last July and reports emerged that Roku was hoping to go public this year. On Friday then, the media streaming software and device maker finally made its regulatory filing that revealed it is aiming for $100m in its IPO.

Matrimony.com, a matchmaking service aimed at the Indian market backed by Yahoo, is gearing up for an initial public offering that will launch next week and is expected to bring in $78m in proceeds (though part of that will be existing stockholders selling some of their shares).

Government

RedOwl reaches Forcepoint

Compositence puts acquisition deal together

Investments

Via, the operator of a shuttle-based carpooling service, has collected a reported $250m in funding from a consortium led by Daimler.

LeddarTech, which was spun out of Canada’s National Optics Institute in 2007, has raised $101m in fresh funding.

Innoviz appears on corporates’ radar

23andMe is seeking to top up its capital resources with another $200m – which would nearly double the amount of equity and debt it has raised so far to approximately $445m.

Gritstone Oncology, which is working on personalised cancer immunotherapies, has collected $92.7m in a series B round led by Lilly Asia Ventures with participation from investors including GV.

Entasis restructures $81.9m series B

If you are one of those people who dream about owning a flying car, you may be excited to hear that Lilium Aviation, a company that is working on precisely such technology, today secured $90m in series B funding from a consortium of investors that included Tencent.

Lendingkart shops around for $80m series C

MapR outlines $56m funding round

University

Amal develops $9.6m series B

Minnesota embraces CoreBiome

Prowler.io sneaks into $13m series A

Funds

Investors have long taken note and Fidelity International, which already has dozens of portfolio companies in the area, hopes that a $250m fund set up by its investment arm Eight Roads Ventures will help it grab a bigger piece of the pie.

Qingsong attracts $130m for third fund

Government

Corporate venturing news from Poland are a rarity, but that could be about to change withthe government’s launch of a $225m fund of funds that is expected to back both domestic and international companies hoping to establish investment subsidiaries that support Polish startups.

Ireland sows $24m agtech fund

University

Melbourne gains $64m incubator


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

06 March 2017 – British Business Bank’s $500m fund and Much More

Funds

Foxconn, the contract manufacturer that’s already backed the $100bn SoftBank Vision Fund, has now also dropped $600m on a majority stake in the telecoms group’s Asia-based tech-focused investment arm SoftBank Asia Capital.

Baloise has committed $50m to an investment vehicle operated by Anthemis to identify opportunities in insurance technology startups based in Europe and the US.

Symantec, which previously backed Appthority via its subsidiary Blue Coat Systems, has decided to join the corporate venturing world and launched Symantec Ventures.

MFEC sets aside $20m to invest in startups and will move some of its human resources staff to manage the new corporate venturing subsidiary.

Kore, which provides business management software for entertainment companies and sports franchises, has formed a strategic investment arm and closed its first deal.

The Mobile World Congress might be making headlines because Nokia’s iconic 3310 handset is being resurrected, but Facebook is certain to also draw attention with the launch of a $170m investment collaboration through its Telecoms Infrastructure Project that will target startups operating in that very telecoms sector.

University Corner

University venturing: the view from Cornell – an interview with Alice Li

Virginia Tech and Carilion launch $15m fund

Government Department

Big deal: British Business Bank launches $500m fund

Mercia is allocated Northern Powerhouse money

Vanedge points at $122m fund

Hatteras to manage $60m NC fund

Exits

Snap’s long-awaited initial public offering is upon us today, as the company priced 200 million shares at $17 a piece last night, resulting in a $3.4bn windfall.

As the news flow shows no intention of slowing down, today’s lead story is an initial public offering by Alteryx, a data analytics provider that counts Thomson Reuters and Sapphire Ventures among its shareholders. The company, which last raised $85m in a series C round in 2015, is targeting $75m in proceeds with a flotation on the New York Stock Exchange but is yet to decide on a price range for its shares.

In Finland, Next Games stands to be the country’s first games developer to complete an initial public offering if it goes ahead with plans to list on the Nasdaq First North Finland.

Another IPO: the week stays busy with Ecovacs Robotics, a China-based vacuum and household robotics producer, filing for a flotation on the Shanghai Stock Exchange.

Mozilla acquires Pocket and provides an exit to shareholders including Axel Springer, Digital Garage and Alphabet.

Yelp has acquired its portfolio company Nowait, a restaurant booking app that it backed last August.

Deals

Our lead story last Monday is a Big Deal piece by reporter Kaloyan Andonov, in which he looks at what Ant Financial’s decision to provide $200m to Kakao Pay the previous week means.

Satellite operator OneWeb is making headlines with a $13bn all-stock merger with its peer Intelsat to produce a new entity that is set to attract $1.7bn in funding from SoftBank, the same investor that previously led a $1.2bn round with a $1bn cash injection in late December.

Oyo Rooms books up to $500m

Ola moves forward with $330m

Back in January, Grail, the oncology diagnostics company spun out of Illumina, was reported to be seeking $1bn for its series B round. Fast-forward to today and the startup has revealed that it has secured $900m – which may seem like it’s missed its target, but in fact that’s a first tranche and Grail is seeking up to an additional $900m to take the round all the way to $1.8bn.

Ride sharing might be in the news for all the wrong reasons these days as Uber is faced with scandal after scandal, but Didi Chuxing, the China-based ride hailing service that swallowed up Uber China, remains in good spirits: the company just backed a $450m series D round for Ofo, a bike sharing app provider.

A month ago, we reported on Paytm E-Commerce reportedly seeking a round of $180m to $200m and it appears the company has now secured the upper amount, getting $177m from Alibaba and another $23m from Saif Partners.

CloudMinds, an AI technology developer that previously obtained a stunning $31m in angel and seed capital from investors such as SoftBank, has received a similarly impressive $100m series A round from unnamed backers.

Delhivery coordinates $100m round

ChargePoint, which operates a network of independently managed charging stations for electric vehicles, has added $82m to its coffers thanks to a funding round led by Daimler.

University Corner

PMV diagnoses $74m series B

Urjanet raises $20m series C

Government Department:

Omeicos is treated to $8.7m


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

27 February 2017 – Westpac Supplies A$100m to Reinventure for Disruptive FinTech and Much More

Deals

SoFi is reportedly close to completing a $500m funding round backed by existing investor SoftBank.

Speaking of SoftBank, editor-in-chief James Mawson has taken a deep look at its $3.3bn acquisition of Fortress Investment Group a week ago.

Internet group Baidu has invested $300m in iQiyi, an online video streaming platform in which it is majority shareholder, as part of a convertible note round sized at $1.53bn, that will support the company’s subscription service.

Indian e-commerce company Flipkart could be in line for a $1.5bn round of its own, having reportedly entered talks with a host of investors including Microsoft, Tencent, eBay, PayPal and Alphabet.

Mobike has been operating its bike rental network less than a year but has already raised well over $400m, $300m of which has come this year.

Having made investments in India-based Paytm and Thailand-based Ascend Money in the past few months, Chinese financial services provider Ant Financial is moving into Korea.

China-based mobile game publisher Shinezone Network has secured $58m in series B funding that will be used to build out its international distribution and homegrown incubator activities.

Chinese peer-to-peer car sharing platform Atzuche has secured $58m in a series C round that included existing backers Hearst Media and China Pacific Insurance.

Cloud services provider Rackspace has spun out Mailgun, the email automation tools provider it acquired in 2012.

Media group Bennett, Coleman & Co has invested $38.8m in India-based e-commerce firm Flipkart, providing both capital and advertising services.

GV-backed microfinance provider Tala has raised $30m in an IVP-led series B round that took its overall funding to $44m.

Anxin Doctor, the developer of an app that connects users to medical specialists such as paediatricians, gynaecologists and obstetrics doctors, has raised $28m in funding.

On GlobalGovernmentVenturing.com, IDS Medical Systems Group, an Indonesia-based medical device supplier, is set to receive up to $60m from International Finance Corporation (IFC), the private sector-focused arm of multilateral financial institution World Bank, DealStreetAsia wrote yesterday.

We’ve also had a nice cross-over piece of news from Finland, where TactoTek, a three-dimensional moulded plastic electronics manufacturer, has increased its total funding to more than $20m following a round that featured Faurecia Ventures, the investment arm of automotive parts maker Faurecia.

And another cross-over: on GlobalUniversityVenturing.com, C3Nano, a spinout of Stanford University that produces conductive inks and films for bendable touch sensors, closed a $15m series D round co-led by GSR Ventures, conglomerate Nissha Printing and diversified holding group Xinjiang Guoli Minsheng Equity Investment.

Funds

Artificial intelligence was one of the cutting edge technologies on the menu when Samsung launched its $150m Next fund last month, but reports coming out of Korea suggest the company is considering the formation of a $1bn fund that will focus exclusively on AI.

Meituan-Dianping, the Chinese local services operator formed by a $15bn merger in late 2015, is set to join rivals in the online services sector by forming a dedicated corporate venturing fund, for which it aims to raise approximately $435m.

Project A, a Germany-based venture capital firm, closed a €140m ($148m) early-stage fund today with a cornerstone investment from the European Investment Fund (EIF), the EU-owned financing agency.

BioMedPartners, a Switzerland-based healthcare-focused venture capital firm, has achieved the first close of its BioMedInvest III fund at SFr75m ($75m) with a cornerstone investment from the European Investment Fund (EIF).

The biggest fund on GGV came from Singapore, where Heliconia Capital Management, a wholly-owned investment subsidiary of Singapore’s sovereign wealth fund Temasek, has announced a S$600m ($422m) fund.

EduGrowth, a non-profit platform founded by Deakin University, La Trobe University, Monash University, Charles Sturt University and Griffith University as well as education company Navitas, has launched an accelerator, that will put A$50,000 into participating startups in return for 6% equity stake.

Exits

Zawatt, a Japan-based operator of an online auction platform, is set to be acquired by marketplace app provider Mercari today (that is February 27, for those of you listening to this later in the week).

Zhenai, a China-based online dating platform backed by internet company IAC, is planning a listing via a reverse merger with aircraft parts manufacturer DEA General Aviation, China Money Network has reported.

US-based software integration technology provider MuleSoft has filed to raise $100m in an initial public offering that will give exits to networking technology producer Cisco and enterprise software firms Salesforce.com and ServiceNow.

Here’s some rather depressing news for investors: Groupon has revealed in a securities filing that it paid the grand total of zero for corporate-backed competitor Living Social when it acquired the company in October 2016.

On GlobalUniversityVenturing.com meanwhile, Wrapidity, an artificial intelligence (AI) spinout of Oxford University, was acquired by data science company Meltwater.


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

5 September 2016 – A look at Lidar, $1bn fund for UK Ministry of Defence and more

People

Renard heads west after SanDisk merger

Wang heads Tsinghua fund

Funds

Reliance pledges $750m for digital startup funding

Elevator advertising firm Focus Media prefers partnerships when it comes to corporate venturing and has agreed to put together a $750m fund with state-owned investment holding group China Everbright.

European insurance firms have been pretty active in the VC space, and ASR seems to be no exception, providing approximately $5.6m for Dutch impact investor Social Impact Ventures, which has closed its first fund at about $45m.

Rev1 fires up $22m Ohio fund

UK Ministry of Defence arms Iris with $1bn

Exits

Caterpillar and Volvo Construction Equipment are set to record decent sized exits from IronPlanet, an online machinery and equipment trading platform that Ritchie Bros Auctioneers has agreed to buy for about $758m.

Phagenesis, developer of a medical device to treat dysphagia, had raised about $20m from investors including Nestlé’s Inventages Venture Capital unit.

Nokia exits Citymaps as it folds into TripAdvisor

IT business management technology provider Apptio has filed for a $75m IPO, after raising more than $135m in venture funding.

Khan Academy catches Duck Duck Moose

Investments

Immuno-oncology startup Arcus Biosciences has revealed it has raised $120m across two rounds.

Yi Technology records $90m series A

Compass, the Advanced Publications-backed operator of an upscale real estate listings platform, has secured $75m in a Wellington Management-led round that took its total funding to $210m.

There have been several reports recently that One97 Communications, operator of online payment platform Paytm, is raising money, and now founder and CEO Vijay Sharma has confirmed that MediaTek subsidiary Mountain Capital has invested $60m at a $4.8bn valuation.

Shyft keys in $12.5m

Helix Sleep gets in bed with Simon Property

BBoxx packages $20m series C

NephroPlus cleans up $15m series C

Blackwood Seven broadcasts $15m round


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

15 February 2016 – Chinese new year, fintech investor BBVA, Innogy Venture Capital, triple French biotech fund, Unicef, Shanghai reimburses venture capital firms and more

Funds

Financial services provider BBVA has been a notable fintech investor since early 2013 when it formed a $100m fund that has since backed companies including DocuSign, Taulia and Prosper. The bank has now elected to upgrade its participation, committing another $150m and spinning out its investments into a new VC firm called Propel Venture Partners. Propel is already operational in San Francisco and is actively recruiting for a London office.

RWE’s Innogy Venture Capital may have been quiet of late but that doesn’t mean the utility has given up on corporate venturing. Chief executive Peter Terium reiterated its commitment to innovation on Friday and revealed plans for another investment unit which will be sized at $145m.

In addition to that fund, RWE is also set to invest $15m in a so far unnamed greentech-focused venture capital fund.

France triples its biotech fund.

Unicef’s $9m Innovation Fund opens for expressions of interest from entrepreneurs, inventors and companies with working prototypes of open source technology that can improve the lives of vulnerable children.

The government of Shanghai’s plans to compensate venture capital firms that fail to make back their initial investment in startups has drawn criticism.

Investments

Uber has targeted $2.1bn in new equity funding at a jawdropping $62.5bn valuation in spite of a fundraising climate generally agreed to be cooling. Today it came a step closer, raising $200m from investment firm LetterOne, which joins a range of backers including corporates Alphabet, Baidu, Times Group, Ping An and China Life Insurance.

One of the biggest areas for VC funding last year was India’s e-commerce sector, and One97 Communications was one of the biggest recipients, securing $680m from Alibaba and Ant Financial. One97 is now looking to raise another $400m by the end of June to fund the spinning out of its flagship brand, Paytm, into a separate mobile banking and payment company.

A possible partnership with e-commerce marketplace Flipkart could also be on the cards. Africa Internet Group (AIG), the collection of African businesses overseen by Rocket Internet that is also backed by telecom companies MTN and Millicom, has welcomed a new backer. AXA paid $83m for an 8% stake in AIG as part of a strategic partnership that will allow it to sell insurance products through AIG’s companies, and in particular e-commerce marketplace Jumia.

Cambridge University breaks its own seed funding record for the third year in a row, investing $5.5m last year.

Exits

Proteostasis raised $50m (see below) while AveXis secured $95m, floating in the middle of its $19 to $21 range. AveXis, which is backed by Roche’s corporate venturing fund, will use the proceeds to steer its lead candidate, a gene therapy treatment for spinal muscular atrophy, through phase 1 trials.

Good analysis recommendation: Bruce Booth at Life Sci VC 

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