11 May 2020 – Intel picks up Moovit for $900m

Big Stories

Korys, the family office behind the France and Belgium-based retailer Colruyt Group, and Mérieux Equity Partners, the asset management arm of the Institut Mérieux holding company, have set up joint funds targeting companies in the healthcare and nutrition sectors in Europe and North America.

OMX Europe Venture Fund has raised more than €60m from Korys and Mérieux and third party subscribers and is targeting a final close at €90m. OMX Europe will be managed by Mérieux Equity Partners in Europe, with the operational support of Korys’ Life Science team as a key advisor to the fund.

The value of Intel’s acquisition of Israel-based urban mobility app developer Moovit for a $900m enterprise value lies almost as much as what it says about the ecosystem developed there over the past 30 years since Russian immigration after the fall of the Soviet Union.

Israel had always battled its neighbours and developed a strong military but the influx of people needing jobs helped catalyse a startup ecosystem and funding of venture capitalists to enable it.

The integration of corporate research and development and venturing units has catalysed this trend even further over the past decade, as identified in the latest GCV Israelconference in February.

We have seen some big deals so far this year in the financial services sector, with Visa acquiring Plaid and Mastercard joining AvidXchange, but while payments remains localised in many cases the opportunities to join up the global commerce world beckons.

Hence the after-market performance of Australia-listed Afterpay, which surged following China-based Tencent’s acquisition of a 5% stake. Alibaba had its purchase of Western Union’s spinout MoneyGram turned down by US authorities but is also trying to become the global payments provider of choice given Chinese blocks on Visa and Mastercard’s expansion in the world’s second-largest economy.

We live in a world of seemingly the very large and the very small.
An exabyte of data is the equivalent of a stack of DVDs about 255.3 kilometres high. Each transistor in a state-of-the-art chip measures only 5 nanometres (nm) — the length a human fingernail grows in five seconds.
The world increasingly turns around data and processing power and if data is the new oil the 21st century wars could see as many wars fought over control of the ones and zeros as were fought over black gold in the last century. In which case Taiwan becomes an important centre to watch.
In last month’s Global China, Saif Khan and Carrick Flynn argued for maintaining China’s dependence on democracies for advanced computer chips through export controls. These democracies, particularly Taiwan, the US and South Korea, lead the development of the most advanced chips – those with transistors of between 5nm and 16nm.

Japan has struggled to keep up and so it was little surprise in the past week to seeDealStreetAsia report Japanese venture capital firm Jafco has made the final close of its debut Taiwan venture fund at NT$2bn ($67.1m) with limited partners including the National Development Fund of Taiwan.

Funds

Kurma sets the stage for $175m fund

Some areas may not be an obvious choice for investment in the time of lockdown but it seems the automotive sector is well and truly alive with Autotech Ventures announcing that it has closed its second fund at more than $150mthanks to a long list of corporate LPs – though only Lear, Stoneridge, Bridgestone and Volvo were identified. The firm now has more than $270m under management and will, apart from the obvious areas of connectivity, automation and electrification, also explore more niche investments, such as junkyard inventory management technologies.

University

Shift hits play on $70m fund

Fitz Gate seals second Princeton-focused fund

Edinburgh sparks food science incubator

Deals

It is easy enough to forget, with the world’s focus on coronavirus, that other diseases are costing countless more human lives. Chief among these is cancer, some forms of which have become easier to treat but prognoses are still significantly better the earlier the disease is caught. Illumina spun out Grail four years ago to make that early detection a reality through a blood test that can not only detect the presence of more than 50 different cancer indications but can also tell the oncologist where in the body the cancerous tissue is – all while boasting an almost negligible false positive rate of less than 1%. But developing such a test costs a lot of money, so it is heartening to see that Illumina and others have doubled down on the company and backed a $390m series D round that brought Grail’s total funding to some $2bn.

Another company that has done well out of people asked to stay at home is Byju’s, the online education provider backed by Prosus and Tencent, which is looking to add $400m to an ongoing funding round that reportedly already stands at $300m to $350m. Better news for the company still: it is set to push its valuation from $8bn just three months ago to more than $10bn. That seems fast, and it is, but consider that Byju’s added six million users in March alone and India’s lockdown was only implemented in the last week of that month.

Octopus Energy, a British renewable energy supplier that has steadily grown to more than 1.3 million customers since it was launched five years ago, has attracted its first external funding thanks to a $327m commitment from Origin Energy in return for a 20% stake. Origin made the investment specifically to secure a licence for Kraken, Octopus’ cloud-based software platform to interact with customers and enable functionality such as wholesale market trading and consumption forecasting. With Australia increasingly feeling the impact of global warming (even if the catastrophic fires earlier this year already seem like a distant memory), partnering with a green energy supplier is a welcome move.

Another sector that is doing well out of reduced human contact are financial services providers and N26 has wasted no time in adding $100m to a series D round that now stands at $570m. Notably, the additional capital was raised at a flat valuation of $3.5bn. That may not be too unusual for a third tranche, but the company had managed to increase its valuation by $800m between the first and second tranche, backed by Tencent and Allianz X. Consider, however, that N26 actually pulled out of market between the first and second extension, as the UK’s exit from the European Union just caused too much of a headache for the digital bank that relies on an EU-wide banking licence for its business.

Robinhood captures $280m series F

SoftBank and its Vision Fund may have been in the news for all the wrong reasons lately, but that doesn’t mean there is no support left for portfolio companies. Indeed, new and used car trading platform operator Chehaoduo has secured an additional $200m from the Vision Fund and Sequoia Capital to add to a $1.5bn initial series D tranche – supplied in full by the corporate – in February last year. It may not be an obvious candidate to raise money in the current climate, but with trouble brewing elsewhere in the fund’s portfolio, an automotive marketplace and after-sales services provider seems like a decent bet.

SoftBank also hasn’t had the best experience dealing with Mexico’s regulator the Federal Economic Competition Commission (Cofece), having been sanctioned recently because it failed to notify Cofece that it had acquired a larger stake in WeWork. You can understand then that the corporate treaded a bit more carefully with its lead investment in US-based digital lending platform AlphaCredit’s $125m series B round through the Vision Fund. AlphaCredit, which targets customers in Mexico and Colombia, had initially announced the deal in January, but it took until last week for Cofece to give the all-clear. That timing is good news not just for SoftBank and AlphaCredit, but also for the consumers and SMEs that are in desperate need of loans right now to weather the crisis.

Ninja Van picks up $279m in funding

Asapp accesses $185m series B

Flint Hills Resources, the chemicals and biofuel subsidiary of conglomerate Koch Industries, is not a corporate backer we come across often on GCV – in fact, it has seemingly only taken part in half a dozen deals since 2010 – but as the world battles an ever-increasing mountain of plastic polluting the environment, the need for a commercial-scale biodegradable alternative is becoming imperative. Enter RWDC Industries, which is working on just such a material and has secured $133m in a series B round backed by Flint Hills Resources to scale up its US operations by repurposing an idle factory in Athens, Georgia.

Back Market certifies $120m round

ASR processes $119m round

Praxis Precision was co-founded four years ago by faculty from Columbia University and University of Melbourne, but the gene therapy developer – targeting neurological and psychiatric disorders – remained quiet about its business until now, emerging from stealth with more than $100m in funding raised to date from investors including Novo Holdings. All of that money has clearly been put to good use: Praxis already has two assets in phase 2 clinical development, one for major depressive disorder and one for essential tremor.

Enflame lights up $98.7m series B

Exits

Kingsoft Cloud to claim IPO throne

University

Abiomed absorbs Breethe


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

20 April 2020 – Stripe Raises $600m in Series G Plus Audio from our Industrial Sector Webinar

The Big Ones

Digital payment processor Stripe is one of the companies that has seen demand for its product skyrocket in recent weeks as more and more commerce moves online. It has also raised another $600m from investors including GV to meet that demand, taking a series G round valuing it at $35bn pre-money to $850m. The company’s earlier backers include Visa and American Express- both of which invested at a $5bn valuation – and Sumitomo Mitsui Card Company.

There’s been no respite for SoftBank over Easter, as the telecoms giant revealed in its annual report that it expected to book a $16.8bn loss on investments from its Vision Fund in the fiscal year that just closed. That figure, which encompasses a huge loss in value for WeWork along with the disintegration of investments in the likes of OneWeb and Brandless, is staggering, and SoftBank has reportedly frozen its second Vision Fund, which was in the fundraising stage. But with most of its consumer-facing portfolio facing trouble right now, what will happen to that portfolio if those companies find their largest investor has suddenly closed their wallet?

Zomato acquired Uber Eats in a $350m all-share deal in January and now the restaurant listings and food delivery platform is reportedly in talks to buy online grocery delivery service Grofers in a similar deal that will value the latter at $750m. The transaction could hypothetically be sweetened by an investment of $100m to $200m from Grofers’ largest shareholder, SoftBank Vision Fund, though it’s unclear whether that will still stand in light of news SoftBank is freezing its second Vision Fund.

Identity verification seems to be a hot sector all of a sudden (we’ll have more in a minute for you). Onfido, which emerged out of the software incubator of University of Oxford’s tech transfer office Oxford University Innovation eight years ago, has raised $100m. The round featured M12 and Salesforce Ventures, as well as unnamed backers, and was led by TPG Growth. Onfido allows companies to biometrically verify a user’s identity by algorithmically comparing a picture of an ID document, such as a passport, with a selfie. It’s used by more than 1,500 organisations, such as digital bank Revolut. Its early backers include the Seed Fund of Oxford’s Saïd Business School Entrepreneurship Centre.

Deals

Despite suffering several outages in early March, share trading app developer Robinhood has emerged as one of the tech-based companies that have seen demand for their product intensify during the Covid-19 pandemic. Now, the company, whose backers include Alphabet units CapitalG and GV as well as Roc Nation’s Arrive vehicle, is reportedly closing in on $250m in funding. The round looks set to be led by existing backer Sequoia Capital, and to lift Robinhood’s valuation from $7.6bn to $8bn pre-money.

Elsewhere in the fintech world, cross-border remittance service Airwallex has closed a $160m series D round that included Tencent and corporate venturing units Salesforce Ventures and Anzi Ventures at a reported $1.8bn valuation. Airwallex is one of that rare breed of successful Australian startups that have elected to remain in their home country instead of moving to Silicon Valley, and it’s a useful example that you don’t necessarily have to move where the most action is in order to reach those high valuations.

China-based drug developer MabWorks has collected $160m in a two-tranche series C round featuring an investment vehicle for industrial park operator Beijing E-Town Biomedical Park. MabWorks has some 15 assets in clinical trials in China or the US, many of which are targeted at cancer, and is focusing on a monoclonal antibody approach.

As promised, more identity verification for you with BioBatch, which has netted $145m in a series C featuring CreditEase and American Express Ventures. Both corporates took part in BioBatch’s last round – a $30m series B two years ago – and that jump suggests demand for its behavioral biometrics technology has grown sharply during that time.

Consumer finance platform Paidy has raised another $48m from trading group and existing backer Itochu that it added on to the $143m in series D funding it closed in November, bringing the round to $191m. Itochu had contributed to that close, as did fellow corporate investors Visa and PayPal Ventures, and it has now committed a total of $91m to Paidy, which has received $281m in debt and equity financing to date.

Ninja Van has racked up $124m in series D funding over the past year, according to data sourced from DealStreetAsia. Corporates GeoPost, Grab, Carmenta and Intouch Holdings provided a total of $50m while GeoPost has supplied a further $79m in convertible note financing since September 2018. The series D reportedly valued the Southeast Asian last-mile delivery service at about $590m.

Cloud kitchen operator Rebel Foods also operates in India’s food delivery sector and has raised $50m from hedge fund manager Coatue Management. Rebel counts Gojek, Sistema and Northwest Industrial Logistics as early investors but while the Coatue deal may seem an endorsement, it’s worth noting that reports in February suggested it was going to come as part of a round sized at up to $150m, at a $1bn valuation. This is a space that could definitely see some more consolidation in the coming months.

Cerevance, a spinout of Rockefeller University, has created technology that helps it assess post-mortem brain tissue in order to develop treatments for brain diseases like Alzheimer’s. It has also secured $45m in a series B round that included corporate VC units GV and Takeda Ventures. The latter had already taken part in Cerevance’s 2016 series A round but its contribution to this one came in the wake of a December 2019 research agreement between Cerevance and its parent company, pharmaceutical firm Takeda.

Funds

China-based, Southeast Asia-focused venture capital firm ATM Capital has closed a fund backed by corporates Alibaba and 58.com at about $100m, DealStreetAsia reported citing sources privy to the development. Founded in 2017, ATM Capital aims to bring Chinese expertise to bare helping Southeast Asia-based startups grow. The fund is its first and it had set a $200m target for its final close, but sources told DealStreetAsia the Covid-19 crisis had impacted fundraising activities.

Corigin Ventures, the venture capital firm sponsored by US-based real estate developer Corigin, has closed its second fund at approximately $36m. The firm targets consumer and property technology developers in the US and Canada. It invests $100,000 at pre-seed stage and provides between $500,000 and $1.25m for seed-stage deals, with additional capital reserved for follow-on investments. Corigin Ventures began raising the capital in mid-2018 and the fund had a $50m target according to securities filings. It is the first to include contributions from external limited partners, according to TechCrunch.

China-based early-stage venture firm Qiming Venture Partners has closed its seventh fund at $1.1bn with investors including Princeton University Investment Company, the manager of the institution’s $26bn endowment. The fund’s other limited partners include unnamed endowments, foundations, family offices and private pensions. Princeton’s been an investor in Qiming funds since its very first US dollar-denominated vehicle.

Exits

Verizon has agreed to acquire video conferencing software provider BlueJeans for a price reported to be below (but reportedly not that far below) $500m, in a deal that will allow Deutsche Telekom’s DTCP subsidiary to exit. BlueJeans had raised about $175m, its most recent funding coming in a 2015 series E round.


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

04 November 2019 – Greensill Raises $655m from SoftBank

The Big Ones

Greensill, a UK-based company that taps the capital markets in order to provide working capital for businesses, received one of this year’s biggest investments in May when it secured $800m from SoftBank Vision Fund. Now it’s added a further $655m from the same investor at a valuation reportedly nearing $4bn.

Singapore-based venture capital firm Jungle Ventures has closed its latest fund at $240m, securing the capital from LPs including, according to DealStreetAsia, Cisco Investments and Bualuang Ventures, the corporate venture capital arm of Bangkok Bank, as well as Temasek, the World Bank’s International Finance Corporation, development finance institutions DEG and FMO, and Kuok Khoon Hong, chief executive of agribusiness Wilmar International.

Wag raised $300m from SoftBank Vision last year but the petsitting service has been among the vehicle’s less successful bets, after a series of management changes, layoffs and (perhaps we need a trigger warning here) reports that users’ dogs have died while in the custody of its walkers. The company is now pursuing a sale and is in talks with Petco, though things might be complicated by the fact the latter is an investor in Wag rival Rover. Any sale is also likely to be for less than the $650m valuation at which Vision Fund invested.

Finally, in a nice crossover story (and ongoing one, since several of the corporates were returning investors) we have Tmunity Therapeutic, a developer of T-cell immunotherapy treatments for cancer and autoimmune diseases, has boosted its overall funding to $231m with a $75m series B round featuring Gilead Sciences and Be The Match BioTherapies as well as University of Pennsylvania, of which Tmunity is a spinout.

Deals

Trading app developer RobinHood has added $50m to a series E round that now stands at $373m, and which values it at $7.6bn. The extra cash came from existing investor DST Global and it increased the total raised by RobinHood, which also counts Roc Nation’s Arrive unit and Alphabet subsidiaries CapitalG and GV among its past investors, to more than $910m.

Vacasa has notched up its own nine-figure round, raising $319m from investors led by Silver Lake. It operates a peer-to-peer holiday accommodation booking platform that incorporates property management services, allowing owners of properties where they are often not present to garner extra income with minimal effort.

Mobile game publisher Scopely is on the growth trail and plans to follow up its acquisition of collaborator Digit Games earlier this year with additional M&A deals. They will be financed with $200m of series D funding the company just raised at a reported $1.7bn valuation, with NewView Capital leading the round.

Japanese online consumer credit provider Paidy has raised $143m in debt and equity financing that included an $83m extension to its series C round. That extension included PayPal Ventures and followed on from a $55m first tranche featuring corporates Itochu and Visa.

And after-sales automotive services provider CassTime has secured $80m in a series C1 round co-led by Sequoia Capital China and Source Code Capital that boosted its overall funding to some $175m.

Pollinate has officially launched its digital banking technology offering having secured $77.8m in funding from investors including Mastercard and Royal Bank of Scotland (RBS) as well as Motive Partners and EFM Asset Management.

Funds

Qualcomm Ventures has announced an investment vehicle called the 5G Ecosystem Fund which will fund developers of 5G technologies as parent company Qualcomm looks to move more significantly into the area. The unit will look to invest up to $200m through the vehicle, the launch of which follows the formation of a $100m AI Fund almost a year ago.

Exits

Phathom Pharmaceuticals has gone public, securing nearly $182m in an initial public offering in which the gastrointestinal disease therapy developer floated in the middle of its range. Phathom has licensed its core product from pharmaceutical firm Takeda, which has already successfully marketed the drug in its home country of Japan, and which has seen its stake rise from 9.1% to 24.7% in connection with the IPO as part of the licensing agreement.

Fertility benefits management platform Progyny has also floated, in a $130m offering in which Merck Group sold almost $4.9m of shares. That divestment was made as part of nearly $43m of sales from existing shareholders, while Progyny reaped more than $87m. Its other investors include GlaxoSmithKline’s corporate venturing unit, SR One.

Xiaomi-backed podcasting platform Lizhi has filed for an initial public offering in the US and is targeting $100m. Lizhi is yet to finalise its choice of a market for its listing (it’s a choice between NYSE and Nasdaq Global Market) and it’s going to be interesting to see the timeline of the proposed offering, considering the IPO market is slowing down and relations between its home country and the US continue to be, well, let’s just say uneven.

Chinese apartment rental platform Danke Apartment has also filed for an initial public offering in the US, having raised $875m from investors including Ant Financial, UCommune and Bertelsmann Asia Investments. The company was valued at more than $2bn as of a $500m round led by Ant Financial in March, and has set a placeholder amount of $100m for the IPO. Expect that to rise substantially.

And another one: I-Mab Biopharma has also opted for the US, having filed for a $100m initial public offering on the Nasdaq Global Market. The company is developing several drug candidates to treat cancer or autoimmune diseases and its largest investors include Tasly and Genexine.


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

29 July 2019 – SoftBank Secures $108bn for Second Vision Fund

Big ones

SoftBank confirmed on Friday morning that it has secured a total of $108bn for its second Vision Fund, providing $38bn of the cash itself. That’s slightly less than the $50bn rumoured earlier in the week, but still a significant increase on the $28bn the telco giant put into the first fund.

Short-term accommodation platform developer Oyo has raised a total of about $1.6bn from investors including SoftBank, Airbnb, Didi Chuxing, Grab, Hero Enterprise and China Lodging Group, and two of its other investors – Sequoia Capital and Lightspeed Venture Partners – are reportedly divesting about $1.5bn of shares through a buyback scheme led by Oyo CEO Ritesh Agarwa.

Ke.com, a spinoff of online real estate portal Lianjia that utilises technologies such as virtual reality and 3D modelling, has secured nearly $1.2bn in a series D round led by an $800m investment by Tencent.

And in an interesting cross-over deal, X-Vax Technology, a US-based herpes vaccine developer based on research at Albert Einstein College of Medicine, received $56m in a series A round featuring Johnson & Johnson Innovation – JJDC, the corporate venturing vehicle for medical products group Johnson & Johnson.

Deals

Microsoft is making its own big capital outlay, investing $1bn in artificial intelligence research organisation OpenAI. Formed as an entity that would seek to steer AI research away from malevolent or even dystopian uses toward more universally beneficial areas, OpenAI is run by a non-profit organisation and had not revealed details of any prior financing.

Toyota has invested $600m in Didi Chuxing at a reported $62bn valuation, as part of a joint venture agreement that will involve the companies partnering to provide additional services to the latter’s drivers. Didi Chuxing isn’t the only ride hailing service to get funding from Toyota either.

Hellobike has entered discussions to raise $400m in a round led by existing corporate investor Ant Financial. The bicycle sharing service will reportedly be valued at about $5bn and the news comes three months after backers including WM Motor, Fosun and Bertelsmann Asia Investments exited the company.

Digital brokerage RobinHood has received $323m in a series E round that valued it at $7.6bn. The round was led by DST Global and it took the total raised by the company, which counts Alphabet and Roc Nation as investors, to more than $860m.

Vietnamese payment technology and services provider VNPay is reportedly in talks to raise $300m at a $1bn+ valuation, with SoftBank Vision Fund in line to provide up to $200m.

Bicycle and electric scooter rental service Lime raised $310m in February, and now its key rival, Bird, is reportedly seeking up to $300m of series D funding at a $2.5bn valuation.

Gusto is proving there are still some big enterprise software exits to come, the human resources platform developer having raised $200m in a Fidelity-led round at a $3.8bn valuation.

Funds

Financial services firm Industrial Bank and insurance group Ping An’s Real Estate Investment unit have backed the inaugural healthcare-focused fund raised by China-based venture capital firm Shenzhen Capital.

VR hardware and software developer Moiin is putting together a $100m fund that will back startups working on small-scale tech that would boost VR gaming.

On GUV, life sciences incubator Pennsylvania Biotechnology Center of Bucks County is to establish a $50m fund that will take equity in resident businesses including those exploiting academic research.

Exits

Livongo Health has had one of the year’s more successful IPOs, securing more than $355m and floating well above its range while adding 2 million shares to the offering.

Healthcare data analytics platform Health Catalyst operates in a broadly similar area to Livongo and guess what – it’s also had a bumper IPO. It too increased the number of shares in the offering and priced them above its range to raise $182m.

On GUV, Jukedeck, a UK-based digital music production software developer spun out of University of Cambridge, has been acquired by  TikTok, a video-based social media platform owned by internet technology producer Bytedance, for an undisclosed sum. Jukedeck had developed an online software platform that exploited artificial intelligence to automatically compose original, royalty-free music based on certain parameters, such as genre and tempo, set by the user.


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

03 June 2019 – Possible PhonePe Spinout from Flipkart in $1bn Deal

Big Ones

Right now it feels like we’re gearing up for another period of significant funding, if the rumour mill is anything to go by. Mobile payment platform PhonePe was acquired by Flipkart in 2016, the year after it was founded, but could now be spun back out in a round that could reportedly reach $1bn.

Life insurance firm Northwestern Mutual launched its $50m Northwestern Mutual Future Ventures unit in early 2017 and has since built up one of the more notable CVC portfolios for an insurer, adding the likes of Chime, Ojo Labs and Ladder to existing investments such as Betterment.

Investment firm Insight Partners was already an investor in threat intelligence provider Recorded Future but has taken a step further, acquiring a controlling stake at a valuation of $780m.

Thrive Earlier Detection, a US-based developer of a blood test for cancer, was spun out of Johns Hopkins University on Thursday with $110m in series A funding from investors led by venture capital firm Third Rock Ventures. BlueCross BlueShield Venture Partners, the corporate venturing subsidiary of health insurer Blue Cross and Blue Shield Association, participated in the round, as did molecular diagnostics company Exact Sciences.

UK-based investment firm Woodford Investment Management has sold its entire shareholding in Oxford Sciences Innovation (OSI), the university venture fund of University of Oxford. The stake, worth £55m ($69.6m), has seemingly been sold to family offices and international investors.

Morningstar downgraded the Equity Income fund from bronze to neutral last week after its value shrunk from £10.2bn in 2017 to just £4.4bn, while St James’ Place, the largest wealth manager in the UK, put the firm on its watchlist after a prolonged poor performance.

Deals

SpaceX has added $1.02bn in new funding according to two separate securities filings, though it hasn’t disclosed details of the investors.

Toyota already has Uber and Grab in its portfolio but it is said to be mulling over an investment of about $550m in fellow ride hailing service Didi Chuxing.

SoFi has expanded from its core business of online lending and student loan refinancing to take in services such as online investments and digital banking, and it has also raised a further $500m in funding, this time in a round led by Qatar Investment Authority.

Lenskart has been one of Asia’s most successful proponents of the consumer goods business model involving an expansion from e-commerce to the offline world, and the eyewear retailer is reportedly in discussions to raise $350m from SoftBank Vision Fund at a $1.3bn valuation.

Oncology data platform developer Tempus has raised $200m in series F funding from investors including Novo at a $3.1bn valuation.

RobinHood was valued at $5.6bn back when it last raised money, early last year, but the Alphabet and Roc Nation-backed trading app developer is seeking $200m from existing investors at a reported valuation of up to $8bn.

Funds

Growth equity vehicle EV Growth was formed by East Ventures and corporate VC units SMDV and YJ Capital early last year with a $150m target for its first fund. It’s ended up overshooting that by a food amount, closing the fund at $200m having received commitments from limited partners including SoftBank. The fund has invested in 12 portfolio companies to date.

Exits

Palo Alto Networks has agreed to pay $410m to acquire container security software developer Twistlock, which had raised $63m from investors including Dell Technologies Capital.

BridgeBio Pharma is developing drugs to treat genetic diseases including forms of cancer linked to genetic causes. It has filed for a $225m initial public offering that will follow more than $480m in venture funding from investors including AIG, though only KKR and Viking Global Investors hold stakes of 5% or more.


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

14 May 2018 – China About to Finalise $47bn Semiconductor and Chip Investment Fund

Deals

Online medical booking and healthcare services portal WeDoctor has raised $500m at a $5.5bn valuation, securing the cash in a round co-led by insurer AIA, which is now the company’s life and health insurance partner, and conglomerate NWS Holdings.

Commission-free online trading platform Robinhood is on a tear, having raised $363m in a series D round that more than quadrupled its valuation to $5.6bn in just over a year, during which it added options and cryptocurrency trading features.

Hybrid cloud software provider Mesosphere has raised $125m in a series D round co-led by Koch Industries subsidiary Koch Disruptive Technologies that also featured Hewlett Packard Enterprise and the Qatar Investment Authority.

Moderna Therapeutics first formed a strategic collaboration agreement with Merck & Co two years ago, and now the RNA therapeutics developer has received $125m from Merck as part of a deal to enhance that agreement.

Intel Capital’s annual Global Summit has revealed its latest batch of portfolio companies, which received a total of $72m from the corporate, which was spread across 12 companies.

On GUV, Escient Pharmaceuticals, a US-based biotechnology spinout from Johns Hopkins University, launched last week with a $40m series A round backed by spinout-focused investment firm Osage University Partners.

Funds

Logistics firm GLP has set up a $1.6bn investment fund that will target technology-focused companies in the logistics sector.

China is about to finalise a $47bn investment fund focusing on semiconductor research and chip development.

US-based life sciences investment firm Foresite Capital has closed a $668m fund that included several unnamed university endowments among the limited partners.

On GUV, Yale University received a $15m grant from philanthropic organisation Blavatnik Family Foundation yesterday to expand the Blavatnik Fund for Innovation to $25m.

Exits

Walmart has confirmed its $16bn purchase of a 77% stake in India-based e-commerce company Flipkart, in what is the biggest M&A exit of a VC-backed company since Facebook’s $19bn purchase of WhatsApp in 2014.

Recruit has agreed to acquire employment listings and employee review platform Glassdoor for $1.2bn in cash, enabling Alphabet’s CapitalG to exit.

Huya, livestreaming platform YY’s game-themed spinoff, secured $180m on Friday in a US IPO in which it floated at the top of its range.

Meili, the Chinese fashion e-commerce platform formed by the merger of Meilishuo and Mogujie, has hired underwriters for an initial public offering in the US that is expected to raise about $500m.

Indian renewable power producer ReNew Power, which counts Japan-based utilities Tokyo Electric and Chubu Electric as well as a subsidiary of sovereign wealth fund Abu Dhabi Investment Authority as backers, has filed for an IPO in its home country that it expects will raise up to $386m.

Mobile POS technology producer iZettle announced plans to go public in its home country of Sweden, in an IPO slated to raise approximately $226m.

On GUV, Benevir Biopharm, a US-based immunotherapy developer based on research at New York University (NYU), is set to be acquired by biotechnology firm Janssen Biotech for up to $1.04bn.

Autolus, a UK-based cancer-focused biopharmaceutical spinout from University College London (UCL), filed for a $100m initial public offering on Nasdaq.

And one exit that has collapsed is StretchSense, a New Zealand-based wearable sensor manufacturer spun out from University of Auckland, which has had to let go 140 staff after e-commerce firm StartToday terminated an acquisition deal.


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