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Funds
SoftBank has for a few months discussed its intentions to launch a second $100bn Vision Fund, and it will have received a hefty incentive with news that Saudi Arabia’s Public Investment Fund intends to put up $45bn for the new fund.
Foxconn has formed a $545m investment fund that will invest in semiconductor ventures including the launch of five integrated-circuit design companies and one high-performance chip developer.
Tencent Investments, internet group Tencent’s corporate venturing unit, is meanwhile in talks with family offices and other potential limited partners for a $650m fund that will focus on follow-on investments in its portfolio companies.
Chrysalix takes corporates to RoboValley for new fund
Another interesting development in the past two or three years has been the increased entry of packaged food producers into corporate venturing. The likes of Kellogg, General Mills and Tyson Foods have been joined by Kraft Heinz, which is committing $100m to an investment initiative called Evolv Ventures.
University
Theodorus unveils $23m fund
Université libre de Bruxelles has added a fourth Theodorus fund to its arsenal with an initial close of $23m and a target of up to $33.5m.
Yissum fabricates $6m nanotech fund
HUJ’s tech transfer arm still hopes to raise a further $3m for the fund for a $9m close, and it has already invested in three technologies.
Deals
SoftBank has pumped billions of dollars into workspace provider WeWork to build up a stake of almost 20%, and the WSJ has reported that its Vision Fund is now considering an investment between $15bn and $20bn that will give it a majority stake in the company.
Xiaozhu, the short-term accommodation platform seen by many as China’s Airbnb, hasraised almost $300m in a round led by Yunfeng Capital.
Snowflake Computing has to be one of the fastest growing companies in the startup space right now. The data warehousing software provider raised $263m at a post-money valuation of $1.76bn in January and now, nine months later, has secured $450m in a round that valued it at $3.95bn post-money.
There’s been a lot about digital banking in recent months but much of the dealflow has been going on in Europe. Nubank however is showing that the model can be expanded to other markets, and the Brazilian company has raised $180m from Tencent at a reported $4bn valuation.
JFrog jumps to $165m series D
University
Glympse Bio engineers $22m series A
Exits
Redlock heads to Palo Alto in $173m acquisition
GV exits as Anju inhales Zephyr
Orchard Therapeutics has filed to raise almost $173m in an initial public offering, having secured more than $290m in equity funding in under three years. GlaxoSmithKline is the gene therapy developer’s second largest shareholder, with a 17.9% stake, while Medison and Sphera Global Health Care are also investors, having participated in its $150m series C round in August.
Synthetic DNA producer Twist Bioscience has filed to raise up to $86.3m in an initial public offering on the Nasdaq Global Market.
“Funky Chunk” Kevin MacLeod (incompetech.com)
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