WeFit and Leflair are among the corporate-backed companies that have shut down amid Covid-19 closures.
Month: May 2020
Understanding down-market venture deal structures
It has been quite some time since the venture market has seen regular usage of down-rounds, cram-downs, pay-to-plays and similar down-market financing structures, but it is likely that the road ahead will be paved from time to time with these more complicated deal structures as compared to the straight forward structures and terms of the long up-market of the last decade.
Kingsoft Cloud reigns over $510m IPO
Kingsoft’s cloud services subsidiary priced shares at the middle of the range but upsized the offering to raise $510m, with shares soaring 27% on the first day of trading.
SIP sides with Alphabet for $400m series A
Alphabet has contributed to a $400m for Sidewalk Infrastructure Partners, a spinoff from the conglomerate’s smart cities technology subsidiary Sidewalk Labs.
Lime jumps on $170m deal
Uber has led a $170m investment in Lime that also included GV and closed alongside Lime’s acquisition of Uber’s micromobility subsidiary Jump.
Market Kurly puts $160m in series E basket
SK Networks has contributed to a $160m series E round for Market Kurly, an online grocery platform that will use the money to open a larger fulfilment centre in Seoul.
Linear Capital scores $110m fund
The firm, whose previous backers have included Alibaba, Baidu and Tencent, has received an initial $110m for its fourth venture fund from a host of corporates.
Bought By Many procures $97.4m
CommerzVentures and Munich Re Ventures both returned for a $97.4m funding round that brought the pet insurance provider’s total funding to more than $132m.
Vazyme visualises $78m series C
China Life Insurance has led a $78m series C round for Vazyme Biotech following the regulatory approval of its Covid-19 detection kit.
Huisuanzhang books $60m series C-plus
Sunshine Insurance has led a $60m series C-plus round for the bookkeeping software developer that also attracted existing shareholder Xiaomi.
Wihardja wins control of MDI Ventures
Telkom’s investment division has recruited a former partner at AC Ventures, Donald Wihardja, as CEO with the role having been vacant for the past nine months.
Hummingbird settles on $25m series B
Cancer therapy developer Hummingbird Bioscience increased its series B haul to $25m after adding SK Group to a consortium that already included a division of Kooksoondang Brewery.
Capital One gets in Groove’s $12m series A
Sales engagement software provider Groove has raised funding from a consortium that includes one of its customers, Capital One.
Analysis: Chehaoduo receives $1.7bn in series D
The SoftBank Vision Fund I, the $100bn investment vehicle of telecoms conglomerate SoftBank, and VC firm Sequoia Capital China have committed an additional $200m to China-based automotive e-commerce platform Chehaoduo, bringing its series D round to $1.7bn