18 September 2017 – ZhongAn Lines up $1.5bn IPO

Exits

All eyes will be on Chinese online property and casualty insurance platform ZhongAn next week as it is lining up a Hong Kong IPO that could net it as much as $1.5bn.

Advanced data centre developer and builder Switch is looking at its fifth straight profitable year, and has filed to raise up to $100m on the NYSE, in an offering that will allow Intel Capital to exit.

Volvo has closed the acquisition of on-demand valet parking service Luxe, which was valued at $140m as of its last funding round, for an amount reckoned by TechCrunch to represent pennies on the dollar.

Perhaps showing that there’s still plenty of room for offline consumer brands to emerge, as long as they appear sufficiently high-quality, Nestlé has agreed to buy a 68% majority stake in Blue Bottle Coffee, an upscale coffee brand that as of the start of 2017 had only 29 branches across four US and Japanese cities.

Investments

Alphabet is already an investor in Uber, its GV unit (then known as Google Ventures) having made a big bet in its 2013 series C round. Now however, the corporate is reportedly in talks to invest $1bn in its main US rival, Lyft.

Uber is reportedly in line for a mammoth investment by SoftBank, Didi Chuxing and Dragoneer that will involve the firms investing between $8bn and $10bn in the company in the form of primary and secondary share purchases.

Augmented reality technology developer Magic Leap remains in stealth and is yet to release a product, but that doesn’t mean investors aren’t still interested. The company is looking to raise $500m in a series D round that could include Singapore’s Temasek, and which would follow a $794m Alibaba-led series C round in early 2016.

United Imaging Healthcare collects $505m series A

Wish aspires to $250m in funding

Genomic testing and research service 23andMe has raised $250m in a Sequoia Capital-led round that reportedly valued it at $1.5bn pre-money, taking its total funding to about $490m.

Goldman Sachs has supplied approximately $133m in debt and equity financing for Neyber, a UK-based online lender that takes repayments directly from a borrower’s salary.

Government

Foodee serves up $8.2m series A

Funds

Samsung meanwhile is making a big play in connected and autonomous car technology,putting together a $300m fund to make strategic investments in the sector.

Asus finds Fenox VC for $50m fund

Madasamy moves from Qualcomm to $50m fund

University

Mars Innovation sets up Lab150 experiment

Austria boosts spinout support

Government

Ireland acts on $120m fund

Kerala accepts $78m mission

ScaleUp grows to $82m with BC Tech Fund


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

10 April 2017 – Lyft Raises $500m & Unusual IPO for Spotify Plus Much More

Deals

It feels like the whole Flipkart/Snapdeal funding/merger saga’s been going on forever by this point but news continues to flow out of the respective camps, the latest being that Flipkart could well close between $1.2bn and $1.5bn in funding from eBay, Tencent and Microsoft next week.

On-demand ride platform Lyft has added almost 100 US cities to its network already this year and has now added another $500m of equity funding to its coffers.

Automotive trading software provider Souche.com has raised $180m in a series D round that included CreditEase’s New Financial Industrial Fund.

Alphabet-backed brokerage app developer Robinhood has pulled in new funding in a DST Global-led round that reportedly values it at $1.3bn.

India-based e-grocer BigBasket has reportedly entered talks with Tencent, Fosun and Amazon for a round that would be sized between $110m and $150m, and which would value it at $1bn, more than twice the valuation of its last funding, a $150m series D round that closed a year ago.

Existing investors GV and Sequoia Capital have co-led a series C round that provided more than $90m for secondary storage technology developer Cohesity, and which valued it at more than $500m.

Another Alphabet investment subsidiary, CapitalG, meanwhile has led an $81.5m series D round for Looker, a data analytics platform capable of curating large amounts of data to provide enterprise users with valuable insight into their organisation.

China-based Wecash has raised $80m in a series C round co-led by SIG that will enable it to add an online lending facility to its credit scoring platform, which has some 80 million users.

Fresh off the high that was Intel’s $15bn offer to acquire autonomous driving technology developer Mobileye, the company’s co-founders are now setting their sights on an initial public offering of another one of their ventures – OrCam Technologies, which has developed smart glasses that are able to identify street signs and read text and dictate it into the user’s ear.

Northwestern Mutual’s corporate venturing arm has participated in a $25m series C round for healthcare booking and billing platform Amino that took the company’s total equity financing to almost $45m.

SoftBank has reportedly rescinded between $150m and $200m in debt financing it was set to provide to portfolio company Snapdeal.

On Global University Venturing, US-based marketing technology developer ActionIQ has attracted $13m in a series A round that included Stanford University, through its Stanford Engineering Venture Fund.

And on Global Government venturing, Singapore Technologies Telemedia, a wholly-owned investment subsidiary of Singapore state-owned investment firm Temasek, invested $89m in US-based cybersecurity company Armor. Armor was previously majority owned by investment firm Stephens.

Funds

Clean vehicle technology producer BorgWarner has provided $10m for US-based venture capital firm Autotech Ventures as part of an overall strategic investment plan. Autotech supplies VC funding to startups developing software, services or electronics technology for use in connected, autonomous and energy-efficient vehicles and mobility services.

Legend Capital, the venture capital firm formed by China-based conglomerate Legend Holdings, has raised more than $400m for its seventh fund. The $400m represents the fund’s hard cap, according to Private Equity International.

Southern New Hampshire University has partnered venture firm Rethink Education to create a $15m seed fund targeting early-stage edtech enterprises.

South Korea’s Ministry of Science, ICT and Future Planning will set up a 113.5bn won ($102m) fund for startups and VC firms in the biotechnology sector.

Enterprise Ireland, the export credit agency of the Irish government, is set to make up to €44m ($47m) in additional funding available to seed and early-stage companies.

Iran’s sovereign wealth fund Iran Foreign Investment Company will invest an undisclosed amount into the healthcare and technology sectors.

The government of Canada has outlined the next steps for its Innovation and Skills Plan, including an additional C$200m ($149m) for the Strategic Innovation Fund over a three year period, bringing it to C$1.26bn.

The BC Tech Fund, managed by Kensington Capital Partners invested an undisclosed amount into Lumira Capital IV, a new healthcare and life sciences venture capital fund managed by Lumira Capital.

Exits

Sucampo Pharmaceuticals has bought rare disease therapy developer Vtesse for $200m in cash and stock, allowing Pfizer Venture Investments and Lundbeckfond Ventures to exit.

Data management software provider Cloudera has finally publicly filed for its IPO, setting an initial target of $200m.

Speculation about a Spotify IPO has been ongoing for years but reports now suggest it might take an unusual route to the public markets, listing its stock but not actually issuing any new shares or raising money.

Pharmaceutical firm Astellas Pharma is set to acquire Belgium-based drug discovery company Ogeda for €800m ($853m), providing an exit to Société Régionale d’Investissement de Wallonie, the state-owned investment company for the Wallonia government in Belgium that took part in a €16m series B round in 2015 and a $12.8m series A round in 2012.

Regulation

The UK government is set to announce tax break reforms to ensure that entrepreneurs benefit from the tax incentives, rather than property investors.

An amendment to Germany’s law on competition restrictions proposed by the Federal Ministry for Economic Affairs and Energy has been approved by the federal council, known as Bundesrat.


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