Corporate venturing deal net: 18-22 March 2019
Each Friday the Global Corporate Venturing Deal Net rounds up the week’s smaller deals and tracks the emerging companies accessing corporate funds.
Fundraising
Corporate-backed NewMargin edges to $187m
The investment firm, which counts several corporates as backers, has completed the first close for a fund with a $1.48bn target, following commitments from China Everbright Trust and two state-backed funds.
Starbucks pours $100m into Valor fund
Valor Siren Ventures I has signed up Starbucks as a cornerstone investor as it seeks to close its fund at $400m to back food and retail technology developers.
OSF Ventures coasts to LRVHealth fund
OSF Ventures, OSF Healthcare’s corporate venturing unit, has backed healthcare-focused VC firm LRVHealth’s fourth fund, which had set a $100m target for close.
True Incube and Line Games back gaming fund
Subsidiaries of True Corporation and Line are among the founders that have provided $22.7m in capital for a private equity fund that will invest in gaming technology startups.
Axeleo flexes muscle with $51m corporate-backed fund
The enterprise technology accelerator operator has amassed $51m for its debut fund, from limited partners including Vinci Energies, Crédit Agricole and BNP Paribas.
Hanwha goes through Golden Gate for $200m fund
Hanwha’s investment management arm has joined VC firm Golden Gate Ventures for a series B-stage fund that has already raised $80m.
Line allocates $20m to ScaleUp
Line’s corporate venturing unit, Line Ventures, will invest $20m through its ScaleUp post-accelerator, which targets Thailand-based startups.
Schumacher seeks results from 55 Catalyst
BCG Digital founder Jeff Schumacher has formed a decentralised technology investment vehicle that also counts ex-GM Ventures partner Jason Nolte as a founder.
People
Hana Ventures chooses KIP’s Choi
Henry Choi has left Korea Investment Partners to lead global investment endeavours for Hana Ventures, the first corporate venture capital vehicle launched by a South Korea-based financial services firm.
Google hires ex-JetBlue principal Heggie
Google has taken on Christina Heggie, a former investment principal at JetBlue Technology Ventures who was part of GCV’s 2019 Rising Stars class, to manage its partnerships with the travel industry.
Exits
The Alibaba, Foxconn, Legend Holdings and SK Group-backed image recognition software provider is reportedly weighing up New York and Hong Kong for an $800m initial public offering.
Fastly to deliver initial public offering
Edge cloud platform Fastly has hired Bank of America to oversee an IPO valuing it at $1bn which would provide exits for Swisscom, Deutsche Telekom and O’Reilly Media.
Tiger Brokers catches $104m in IPO
The Xiaomi-backed online brokerage floated above its range while its other corporate investor, International Brokers, bought more than $13m of shares.
Pine Labs to swipe Qwikcilver for $110m
The gift card services provider is set be acquired by Pine Labs in a $110m deal, after raising more than $21m from investors including Amazon and Sistema.
Innogy finds exit hatch at Airec
Innogy’s corporate venturing unit has offloaded its stake in heat exchanger producer Airec to Alfa Laval and Sveper Heat Transfer.
Stryker gathers OrthoSpace in $220m deal
Smith & Nephew and Johnson & Johnson have exited the shoulder implant developer in an all-cash acquisition by Stryker that could reach $220m.
36Kr seeks lowdown in $100m IPO
36Kr Media is considering an initial public offering in the US that would be sized at about $100m, providing exits for Baidu Video and Focus Media Information Technology.
Alcon sees way to $285m PowerVision acquisition
Alcon acquired the intraocular lens developer in a $285m deal that follows $106m in funding from investors including its parent company Novartis as well as Johnson & Johnson and Medtronic.
Minute Media takes on The Big Lead
Minute Media has purchased the sports blogging and media platform for an undisclosed amount, allowing Gannett to exit.
Lyft accelerates towards $2.1bn IPO target
Lyft has set the range for an IPO that would allow Alphabet, Rakuten, GM, Jaguar Land Rover, Alibaba, Didi Chuxing, Magna and Icahn Enterprises to exit, valuing it at up to $22.9bn.
IT
UiPath searches for $400m in new round
CapitalG-backed UiPath is in the process of raising $400m in a round that will be led by an unnamed public institutional investor at a $7bn valuation.
AT&T and Deutsche Telekom-backed wireless internet system developer Tarana added $60m from investors including EchoStar to close the round.
Insta360 records $30m in funding
The mobile camera developer is reportedly planning a 2020 IPO after raising $30m in a funding round backed by Suning and Xunlei.
The real estate-focused chatbot developer has now raised more than $71m in total, having secured series C funding from investors including Realogy, Royal Bank of Canada and Northwestern Mutual.
Peerfit works out $18m investment
Virgo Investment Group has invested $18m in the PAR-backed online fitness platform in the form of series C funding, bringing its overall equity financing to $41m.
Mojo Vision moves to $58m series B
LG, HP Tech Ventures, Motorola Solutions Venture Capital, Kakao Ventures and Gradient Ventures all invested, four months after the AR startup’s $50m series A.
UKCloud gets $33m funding upgrade
The public sector cloud services provider has landed $33m in funding from Digital Alpha Advisors, an investment partner of Cisco.
GV supports Determined AI in $11m round
The deep learning technology startup will put the proceeds from the GV-led round into recruitment and the expansion of its core product.
Baidu authorises more funding for Automation Hero
Baidu Ventures was among the investors in a $14.5m round led by Atomico, after contributing to the business automation software provider’s series A round last year.
CesiumAstro seizes series A cash
The satellite antenna technology developer secured $12.5m in an Airbus Ventures-led round, with subsidiaries of Honeywell and Analog Devices also investing.
Tetrate sets down corporate funding
Dell led a $12.5m round for the app management technology startup that included commitments from Samsung Next and Intel Capital.
Cisco helps Whatfix cement series B funding
Whatfix’s $12.5m Cisco Investments-backed series B will fund recruitment as well as the digital adoption platform developer’s international expansion.
Health
Imara imports $63m in series B funding
The sickle cell disease therapy developer boosted its overall funding to $94m in a round backed by Lundbeck, Pfizer and Alexandria Real Estate Equities.
Karuna collects $68m in series B round
The central nervous system disorder drug developer has now raised more than $118m, with PureTech Health and Pivotal BioVenture Partners among the investors in its latest round.
Artemis Health arcs to $25m series C
Hearst Health Ventures contributed to a BVP-led round that boosted the health benefits data platform’s total funding to about $51m.
Media
Splice tunes into series C funding
The WME and AM Only-backed music production platform has now raised approximately $100m in total, following a $57.5m round co-led by True Ventures and USV.
Star India and Star US have injected $153m into Hotstar, a video streaming subsidiary of the former that is set to debut its first slate of original programming this month.
Consumer
Rent the Runway models $125m investment
The Advance Publications-backed clothing rental service is now valued at $1bn, having received $125m from a consortium co-led by Franklin Templeton Investments and Bain Capital Ventures.
Wish yearns for $300m in new round
General Atlantic and a range of unidentified backers are exploring a $300m investment in Wish that would value the Legend Capital-backed e-commerce marketplace at $11bn pre-money.
Oyo to host nine-figure Airbnb investment
Airbnb is considering an investment in Oyo sized at $100m to $200m, which would drive the India-based company’s international expansion efforts.
Glossier gleans $100m in series D round
The WME-backed beauty product brand raised the funding in a Sequoia Capital-led round, at a $1.2bn valuation.
Royole flexes $1bn funding muscles
Flexible display manufacturer Royole is seeking $1bn in funding as it prepares for an initial public offering that could provide an exit to Yuexiu Group.
Yijiupi drinks in another $100m
Tencent and Meituan Dianping-backed consumer goods trading platform Yijiupi has added $100m from Warburg Pincus to its coffers in a series D-plus round.
Financial
Marqeta marks out terms for $250m round
The payment card services provider, which counts Visa, Commerzbank and CreditEase as investors, will seek a valuation of almost $1.9bn in the round.
Prudential makes Point in $122m round
Home equity investment service Point has raised $22m in series B funding from investors including Prudential and Bloomberg, and $100m in platform financing.
IBC’s Steager makes strides to Anthem
Eric Steager, formerly managing director at Independence Blue Cross’ Strategic Innovation Portfolio unit, has taken a vice-president of corporate venture capital position at Anthem.
Instarem increases series C round to $41m
The financial remittance service has added $21m to more than double a series C round that included Telkom Indonesia, Kasikorn Bank, Rocket Internet and SBI.
Mswipe collects series E funding
The Ola-backed point-of-sale technology developer has received a further $31.5m from some of its existing investors, according to regulatory filings.
Energy and Natural Resources
Tibber tips to series A with $12m
The AI-powered energy management app provider has secured $12m in series A funding from investors including BKK.
Oxford PV captures $41m for series D
Goldwind, Legal & General and Equinor have all taken part in the $41m first close of the solar power technology provider’s series D round, taking its total equity and debt financing to more than $118m.
Industrial
Markforged assembles $82m in series D funding
Microsoft subsidiary M12, Siemens’ Next47 fund and Porsche all invested in the industrial 3D printer producer’s latest round, which lifted its overall funding to $139m.
The satellite-based internet network developer has now raised $3.4bn in total, with existing investors SoftBank, Grupo Salinas and Qualcomm all backing its latest round.
Transport
Corporates drive $1.46bn ride hailing venture
Alibaba, Chongqing Changan Automobile, Dongfeng Motor, FAW, Suning and Tencent have joined forces to form a $1.46bn vehicle that will invest in the on-demand ride space.
Hyundai and Kia mobilise $300m Ola investment
Hyundai and Kia Motors have committed a combined $300m in funding to Ola as part of a strategic partnership that will drive an expansion of the latter’s electric vehicle fleet.
Carro drives series B round to $90m
SoftBank Ventures Asia was among the returning investors that helped add $30m to a $60m first tranche that included Singtel Innov8.
Services
OpenDoor closes $300m in funding
The real estate services platform secured the cash at a $3.8bn valuation, with Lennar, SoftBank Vision Fund, Access Technology Ventures and new investor GV all participating.
Little Bear paws pre-series B cash
The JD.com-backed office equipment leasing service has increased its overall funding to nearly $60m in a $22.3m pre-series B round.
Propel smooths Ease’s way to $19m
Ease, the HR enrolment and benefits software provider formerly known as EaseCentral, took its total funding to almost $28m in a Propel Venture Partners-backed series B round.
Go1 recruits Microsoft for series B round
Microsoft subsidiary M12 and existing backer Seek both chipped in to a $21.3m round for the corporate training services provider.