23 December 2019 – SoftBank invests $231m in Lenskart at $1.5bn Valuation

The Big Ones

India-based eyewear e-commerce platform Lenskart has been growing steadily in recent years, expanding its retail footprint to more than 530 stores and further commercialising its own brand. That work has been reflected in a $231m investment by SoftBank Vision Fund, made at a $1.5bn valuation – more than three times its reported valuation in May.

Insurance group Ping An has raised $786m for the second consumer-focused fund to be operated by its Ping An Capital subsidiary. Ping An Capital makes large-scale investments in both private and publicly-traded companies and has built a portfolio that includes Grab and Fullerton Financial.

Delivery Hero is pressing on with its international expansion, having agreed to pay $4bn to acquire Korea-based food delivery app developer Woowa Brothers. The price represents a premium from the $2.6bn valuation at which the company last raised money a year ago, and CyberAgent and Naver are both set to exit through the transaction, the former having backed Woowa Brothers at seed stage five years ago.

Italian energy utility A2A has formed a strategic investment fund called A2A Horizon that has been launched with some $78m in capital. What’s noteworthy here however is that the fund has been backed by Poli360 – the university venture fund of Polytechnic University of Milan – (yes, you heard right: a university venture fund helped a corporate put together a CVC unit). LPs also include 360 Capital Partners, the VC firm that already manages Poli360.

Deals

Glovo has become Spain’s second unicorn, after Cabify, the on-demand delivery services platform having pulled in $167m through a series E round that included existing backer Drake Enterprises. The company’s other investors include Rakuten, Delivery Hero and AmRest but the latest round was led by Abu Dhabi state-owned investment vehicle Mubadala.

Original design manufacturer Huaqin Communication Technology has received $143m in series B funding from investors including Intel Capital, Qualcomm Ventures and Zhangjiang Hi-Tech at a valuation that topped $2bn.

Forma Therapeutics has completed a $100m series D round led by RA Capital Management that will fund the advancement of drug candidates for sickle cell disease and cancer.

Chinese mother and babycare product retailer Hipac has closed its own $100m series D round and will use the cash for recruitment, enhancing its supply chain and making strategic M&A deals.

Short-term managed apartment provider Domio has secured $100m, half of which consisted of a series B equity round featuring SoftBank Capital NY. The other $50m was provided in the form of debt financing and the capital will support expansion efforts as the company looks to double the 12 US cities in which it currently operates to 25 worldwide.

Fusion power technology developer General Fusion has completed a $65m series E round led by Temasek that, together with a further $38m in government funding from Canada’s Strategic Innovation Fund, will support construction of a pilot plant.

Healthcare analytics platform developer OM1 has received $50m in funding in a round led by venture firm Scale Venture Partners that was also backed by existing investors that may have included corporate venturing unit Wanxiang Healthcare Investments.

Funds

Chemicals producer Sinochem is putting together a $143m fund that will invest in the new materials, energy and electronics chemicals spaces. The corporate will provide about 20% of its capital, with the rest set to come from a group of limited partners that will include another China-based chemicals company.

Exits

In the second huge corporate venturing-related M&A deal in the past week, following Delivery Hero’s $4bn purchase of Woowa Brothers, Intel has paid $2bn to acquire AI training processor developer Habana Labs. Intel Capital had led Habana’s $75m series B round in November last year, two months after it emerged from stealth, taking the company’s overall funding to $120m.

Beike Zhaofang, the online-focused spinoff of real estate brokerage Lianjia, has hired an adviser to help it prepare an initial public offering that could raise upwards of $1bn and take place as early as next year.

OneConnect has generated its own exit, in a $312m initial public offering in the US. Formed as Chinese insurer Ping An’s financial technology platform and spun off in 2017, OneConnect subsequently raised $750m from investors including SoftBank Vision Fund and SBI early last year.


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

07 January 2019 – Bristol-Myers Squibb Agrees Celgene Acquisition

Three biggest stories

In this week’s biggest deal, pharmaceutical firm Bristol-Myers Squibb has agreed to acquire peer Celgene in a buyout made up of cash and shares that will create a $74bn business.

Singapore-based on-demand ride service Grab has increased the potential size of a series H round already backed by several corporate investors to $5bn.

Medical device manufacturer Boston Scientific has acquired the rest of the shares in one of its portfolio companies, US-based mitral regurgitation system developer Millipede Medical, for $325m.

The rest

Deals

Verily was spun off from Alphabet’s Google X division in 2015 to apply data science technology to healthcare data in order to create innovative life sciences and care management products.

Ant Financial, e-commerce group Alibaba’s financial services affiliate, has co-led a funding round sized at almost $582m for Hello TransTech, the China-based operator of bicycle rental service Hellobike.

Woowa Brothers, a South Korea-based food delivery app owner backed by internet company CyberAgent and financial services firm Goldman Sachs, has raised $320m at a $2.6bn valuation.

Internet group Tencent has led a $300m round for China-based online education platform developer Yuanfudao.

US-based oncology drug developer Rakuten Aspyrian has completed a $284m series C round featuring e-commerce firm Rakuten and financial services provider SBI Group.

AR game developer Niantic, has secured $190m in funding in a round that could have included Samsung and Axiomatic.

The year’s first big crypto round has been raised by Bakkt, a cryptocurrency trading platform that secured approximately $183m in its first funding round.

Cancer therapy developer Antengene has completed a $120m series B round featuring insurer Taikang and pharmaceutical companies Celgene and WuXi AppTec.

On GUV, Annexon Biosciences, a US-based immunotherapy developer spun out of Stanford University, closed a $75m series C round backed by Novartis Venture Fund, the corporate venturing vehicle for pharmaceutical firm Novartis.

Exits

One of the IPOs set to take place in early 2019 will likely involve Futu, the China-based digital brokerage operator that has filed to raise up to $300m in a US offering.

Funds

E-commerce group Alibaba’s Electronic World Trade Platform and online listings platform 58.com have co-anchored a $200m first close for a fund launched by China-based venture capital firm ATM Capital.

Oil and gas supplier Saudi Aramco and IT services provider Saudi Information Technology Company have teamed up to form a corporate venturing vehicle that will back emerging information and communication technologies.

Egypt-based financial services firm Commercial Investment Bank (CIB) has launched a corporate venturing unit called CVentures to help drive emerging technologies in the fintech sector.

Ben-Gurion University of the Negev is to put $1m into a university venture fund called Cactus Capital to back emerging projects led by university students, recent graduates and other academic entrepreneurs.


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