Tag: “Siam Commercial Bank”

27 September 2021 – Toast and Freshworks Make Strong Public Market Debuts

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The Big Ones

US-based restaurant organisation technology provider Toast is floating on the New York Stock Exchange today in an $870m initial public offering representing an exit for internet and technology group Alphabet. Toast, a US-based restaurant management software provider backed by Alphabet’s subsidiary GV, floated on the New York Stock Exchange in an $870m IPO, pricing its shares at $40 each, with an implied market capitalisation of around $20bn. The shares closed at around $62, equating to a market capitalisation of approximately $31bn, which made Toast’s IPO one of the largest US listings of the year.

Freshworks, a customer relationship management (CRM) software developer, backed by internet and technology group Alphabet, raised $1.03bn in Nasdaq IPO. Its shares closed at almost $48, equating to a market capitalisation of $13.5bn. Freshworks produces a variety of software used by companies for improving customer experience and optimising IT service management processes.

Mexico-based used car marketplace Kavak raised $700m in a series E round featuring telecommunications and internet group SoftBank and consumer internet company Sea, Reuters reported today. The round, which more than doubled the company’s valuation to $8.7bn, included General Catalyst, Founders Fund, Tiger Global Management, D1 Capital Partners, Ribbit Capital and Spruce House.

Telecommunications and internet group SoftBank led a $680m series B round for Sorare, the France-headquartered creator of a fantasy football game focused on non-fungible tokens (NFTs). Atomico, Bessemer Ventures, D1 Capital, Eurazeo, IVP, Liontree, Benchmark, Accel and Partech also participated in the round along with private investors Alexis Ohanian, Gerard Piqué, Rio Ferdinand, Antoine Griezmann and César Azpilicueta.
Canada-based virtual trading card developer Dapper Labs received $250m from investors including GV, a corporate venturing arm of internet and technology conglomerate Alphabet. Investment manager Coatue Management led the round, which included Andreessen Horowitz, Bond, Version One Ventures and Singapore’s sovereign wealth fund, GIC. The round reportedly valued the company at $7.6bn.

Crossover

US-based lithium mining technology producer Lilac Solutions raised $150m in a series B round featuring commodity trading firm Mercuria Energy Trading. Lowercarbon Capital co-led the round with funds and accounts advised by T Rowe Price, while The Engine, Valor Equity Partners and Breakthrough Energy Ventures also participated. Lilac has created an ion exchange technology which makes the extraction of lithium from brine resources – naturally occurring sources of saltwater – more efficient than current methods.

Funds

Thailand-based financial services group Siam Commercial Bank (SCB) and conglomerate Charoen Pokphan Group (CP Group) launched a venture capital fund with an $800m target. The vehicle, dubbed Global Disruptive Technology Venture Capital Fund, will focus on investments in emerging technology areas such as digital assets, the blockchain and general fintech.

France-based, biotech-focused private equity firm Jeito Capital has closed its Jeito I fund, which is backed by pharmaceutical company Sanofi and insurers Axa, Aviva, Pro BTP and CNP Assurances, at $632m. The latest batch of limited partners for the fund include pension fund Teacher Retirement System of Texas (TRS), the Singaporean government owned Temasek and the multilateral European Investment Fund (EIF).

Japan-headquartered consumer electronics producer Sony has formed a $200m corporate venturing fund which will concentrate on India-based investments.

US-based venture capital firm Fifth Wall raised over $140m for its Climate Tech Fund which targets $500m, from investors including housing provider Invitation Homes and property manager Ivanhoé Cambridge.

Illumina Ventures, the venture capital firm sponsored by US-headquartered genomics technology producer Illumina, closed its second fund at $325m.

HSBC Group launched a $100m dollars US-based venture capital vehicle named HSBC Ventures which will back climate and net-zero emission technology developers. Its portfolio companies will have access to the parent firm’s resources, including its global network, commercial and investment banking offering and experience in supporting startups and public companies.

“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

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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 May 2018 – NewTV Raises $800m in Funding

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Deals

Last week’s Big Deal on Global Corporate Venturing looked at a reported $800m in funding raised by NewTV, a stealthy video content producer formed by entertainment mogul Jeffrey Katzenberg that has secured corporates such as 21st Century Fox and Warner Bros as investors.

Reports earlier this year suggested Chinese smart car developer Byton was looking to raise $300m to $400m for its series B round at a $1.2bn valuation.

JD Logistics, the logistics provider spun off by Chinese e-commerce firm JD.com, has invested $306m in ESR Cayman as part of a strategic partnership agreement.

Tanium, an enterprise cybersecurity software provider backed by Citi Ventures, has received $175m from TPG Growth at a valuation of about $5bn, up from the $3.75bn at which it last raised funding a year ago.

Cryptofinance company Circle has secured $110m in a series E round led by new strategic investor Bitmain, at a reported valuation near to $3bn. Bitmain invested as part of an agreement that will involve it supporting USDC, a stablecoin currency Circle is releasing.

Unisound, a Chinese company developing AI technology for use in internet-of-things products, has raised $100m in a round led by China Electronics Health Fund, a corporate venturing subsidiary of telecoms equipment maker China Electronics Corporation Data.

Carousell, the Asia Pacific-focused owner of an e-commerce app for second-hand items, has received $85m in a series C round co-led by Rakuten Ventures and EDBI, the investment arm of state-owned Singapore Economic Development Board. Rakuten has been an investor in Carousell since its 2013 seed round, and also led its $35m series B.

Ansun Biopharma has also secured $85m, in a series A round co-led by corporate venturing units Sinopharm Healthcare Fund and Lilly Asia Ventures, both of which are also taking board seats.

FogPharma, which is developing miniprotein treatments for diseases including cancer, has closed a $66m series B round that included Nan Fung Group, GV and WuXi AppTec Corporate Ventures.

Funds

SoftBank still hasn’t officially closed its first Vision Fund, but is reportedly already in discussions with potential investors for a second Vision Fund that would also be sized at about $100bn, and which would source capital from a wider range of investors.

Southeast Asia has been a notable growth area in terms of VC funding over the past year or two, but it isn’t just foreign investors taking part. Siam Commercial Bank has doubled the size of Digital Ventures, the corporate venturing fund it set up in 2016, to $100m, making it the largest VC fund in Thailand according to the bank. It will also move away from its core fund-of-funds strategy toward more direct investments in startups.

Exits

Japanese e-commerce app Mercari has had a circuitous route to the public markets, but it’s finally succeeded in filing for a $1.1bn IPO in its home country, at a projected valuation of $3.3bn.

M17 Entertainment, formed by the merger or Paktor and 17 Media almost 18 months ago, has filed for its own IPO in the US.

Home furnishings e-commerce platform Home24 has filed for an offering in Frankfurt that is set to raise up to $235m.

Enough about IPOs though – despite the recent boom, the public markets aren’t the only exit route for investors. Case in point: PayPal has agreed to acquire mobile payment technology provider iZettle for $2.2bn in cash, days after Glassdoor was also bought for a billion-dollar sum.

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

01 August 2016 – Asian Funds, MyTaxi hails Hailo, University Record Breaking and more

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People

Intel Capital has chosen Christine Herron and Trina Van Pelt to manage its $125m Intel Capital Diversity Fund.

A former startup CEO, Herron joined Intel Capital in 2010 after a combined five years as a venture investor at First Round Capital and Omidyar Network.

Funds

Rozenfeld’s new firm targets $30m fund

Alibaba Pictures is set to go into corporate venturing, providing $75m for a $300m fund that will target strategic investments in companies in partnership with asset manager Gopher Asset.

Another Chinese media player, outdoor advertising company Focus Media, is initiating its own strategic investment activities, raising four $75m funds, each of which will be a collaboration with a different investment firm.

Pharmaceutical company Astellas has formed a joint venture called DigiTx Partners with life sciences venture firm MPM Capital in order to invest in digital health technology.

My Home looks to construct $75m fund

Siam Commercial Bank forwards corporate venturing plans

Corporates okay second KK Fund

University

NYU computes AI accelerator

SNÉ attracts $2.5m

New Zealand researches $150m Australian fund

Government

Taiwan upgrades economy with $3.1bn

Big deal: German startups to benefit from $1.1bn

Flanders helps expand IoT fund

Exits

India-based online fashion retailer Jabong was said to be in talks for a $1.2bn acquisition by Amazon less than two years ago, but how times have changed for the e-commerce sector since then. The company, part of Rocket Internet’s Global Fashion Group stable, is set to be acquired by Flipkart for only $70m in a bid to stem GFG’s losses.

Chinese internet, media and electronics group LeEco has grown at an astounding rate over the past two years through some large-sized investments, and now it is looking to expand into the US through the $2bn acquisition of consumer electronics producer Vizio.

Unilever is set to exit social marketing platform Olapic in a $130m acquisition by Monotype.

Platfora gets up for Workday acquisition

MyTaxi gets a friendly Hailo in merger deal

Government

Talend recruits $94.5m for IPO

Investments

Mitsui already holds stakes in numerous Asian healthcare companies, and now it has invested $101m in Columbia Asia, the Asian branch of US-based care provider Columbia Pacific Management.

UBtech interacts with investors for $100m

Hero Sports, the eSports company spun out by Chinese game publisher Hero Entertainment in May, has raised $96m in a round led by outdoor advertising group Focus Media, which invested $45m.

Upthere launched its personal cloud storage service yesterday, at the same time revealing it has raised $77m in a round led by strategic investor Western Digital and venture firm KPCB.

Mobile gaming company Scopely has taken its total funding to just short of $100m in a $55m series B round that included game developer and publisher Take-Two Interactive.

EverFi, the operator of a critical skills and compliance learning platform with more than 14 million users certified, has raised $40m in capital from investors including Advanced Publications.

Wonder Workshop, an Alphabet-backed developer of educational robots that can help teach kids about coding and fundamental computer skills, has secured $20m in a series B round that will enable it to enter Asia.

Government

Byju’s to educate itself with $50m

University

Big deal: Universities keep breaking records

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