Funding
Internet and telecommunications group SoftBank has led a RMB300m ($46.3m) series B round for Mabang, a China-based provider of enterprise resource planning (ERP) software, through its SoftBank Ventures Asia unit, DealStreetAsia reported yesterday. E-commerce software provider Raycloud also took part in the round, having provided an undisclosed amount of series A funding for Mabang in 2020 that preceded about $23m in series A-plus financing from Meridian Capital China in March this year, according to DealStreetAsia. The company had previously raised an eight-digit yuan amount (RMB10m = $1.5m) from Plum Ventures, Dark Horse Ventures and angel investor Wu Xiaoguang in 2016.
HopSkipDrive, a US-based youth transportation service backed by insurer State Farm, secured $25m yesterday in a series C round that included Energy Impact Partners, Keyframe Capital, FirstMark Capital and 1776 Ventures. The company had previously raised $43.5m, $22m of which came from investors including State Farm subsidiary State Farm Ventures, Cyrus Capital Partners, FirstMark, Greycroft and Denis Gallagher in a February 2020 series B round. School bus operator Student Transportation of America is among its earlier backers.
Consumer electronics manufacturer Lenovo invested an undisclosed amount in China-based office equipment rental service Little Bear Rental yesterday through its Lenovo Capital subsidiary. Little Bear had raised a nine-figure yuan amount (RMB100m = $14.3m) in a series D1 round led by e-commerce group JD.com and backed by another existing investor, Fortune Venture Capital, in July 2020. Its earlier backers include internet group Tencent.
Car IQ, the US-based creator of a payment system for fleet vehicles, closed a $15m series B round yesterday featuring mobile device maker Blackberry as well as State Farm Ventures, Avanta Ventures, Telus Ventures and Citi Ventures, on behalf of insurers State Farm and CSAA, telecoms firm Telus and banking group Citi respectively. Venture capital firm Forté Ventures led the round, which included Ally Ventures, Alpana Ventures, Quest Venture Partners and Scrum Ventures. It followed a $5m series A round backed by Avanta Ventures and Citi Ventures in mid-2019.
Financial services firm CommerzBank has led a $13m funding round for Afilio, the Germany-based operator of an online platform that organises end-of-life planning, through its CommerzVentures investment vehicle, Tech.eu reported yesterday. The round also featured Speedinvest, Cherry Ventures and Cavalry Ventures, the last two of which were described as existing investors.
Mighty Jaxx International, the Singapore-based operator of an e-commerce platform focusing on collectibles and high-end toys, has received $10m in funding from investors including Tencent Cloud, the cloud services subsidiary of internet group Tencent. The corporate invested $7.2m through a vehicle called Aceville and was joined by KIP and KB Investment, according to a regulatory filing. Eight Mercatus and SGInnovate had provided $1.6m in pre-series A funding for Mighty Jaxx in July 2019, before KB Investment, SGInnovate and Greycroft’s GC VR Gaming Tracker Fund added $3.2m in April 2020.
Flow Neuroscience, the Sweden-based developer of a neurostimulation system and mobile therapy app for depression, has secured $9m in series A funding from investors including health insurer CSS Group’s Swiss Health Ventures subsidiary, EU-Startups reported on Tuesday. VC firm Khosla Ventures led the round, which also featured Zühlke Ventures. The company received $1.1m in seed capital from Khosla Ventures, SOSV and angel investor Daniel Andersson in 2018 and $1.5m in a Khosla Ventures-led round in July 2019.
Spiral Capital and Headline Asia co-led a round yesterday that increased Japan-based, corporate-backed digital bank Nudge’s overall funding to ¥1bn ($9m). Genesia Ventures also participated, having led a round of undisclosed size for Nudge in February this year that included DG Ventures and Saison Ventures – on behalf of internet company Digital Garage and payment services firm Credit Saison – in addition to printing service Toppan, financial services firm Seven Bank, D4V, Apricot Ventures and incubator FinoLab.
Insurance firm WR Berkley Corporation co-led an $8.5m series A round yesterday for Champ Titles, a US-based developer of vehicle title management software. Insurance-focused VC fund Eos Venture Partners co-led the round, which the company said lifted its overall funding to $17.5m. It secured $5m of that total in April 2020, from private investor John Benis and undisclosed family offices.
US-based blockchain technology developer Horizen Labs completed a $7m seed round on Tuesday that included cryptocurrency options exchange Deribit. The round was led by blockchain and crypto asset investment firm Kenetic Capital and also featured Digital Currency Group, Liberty City Ventures, Sound Ventures, Artist Capital, Deus and LionTree, the first two of which had provided the cash for the round’s $4m first tranche in April 2019.
Innomost, a Finland-based company which develops bioactive products from forestry waste, raised €5m ($5.9m) on Tuesday from investors including Metsä Spring, a subsidiary of wood supplier Metsä Group. The round included Business Finland, ELY Centre for Central Finland, Innovestor Technology Fund and undisclosed private investors.
Australia-headquartered plant-based food brand Fable Food has received A$6.5m ($4.8m) from fresh food importer Ban Choon Marketing and media, data and investment firm AgFunder, TechCrunch reported today. The round was led by VC firm Blackbird Ventures and also featured Aera VC, Better Bite Ventures and angel investor Warren Hogarth.
Aviron, the Canada-based developer of an internet-connected rowing machine, secured $4.5m in funding yesterday from Samsung Next, a corporate venturing subsidiary of consumer electronics manufacturer Samsung, as well as Formic Ventures, Global Founders Capital and Y Combinator. The company had raised a total of $750,000 as of January this year, according to TechCrunch, and it said this week its backers include Esas Ventures, part of investment firm Esas Holding, in addition to Bloom Venture Partners, Pioneer Fund, Atlas Asset Management, Behind Genius Ventures, Beluga Capital and Rebel Fund.
Insurance provider Tangerine Insurance co-led a $3m seed round for Omnibiz, the Nigeria-based developer of a digitisation service for fast-moving consumer goods providers, TechCrunch reported on Tuesday. The round was co-led with V&R Africa and Timon Capital, and also featured LoftyInc Capital Management, Musha Ventures, Sunu Capital, Launch Africa and Rising Tide Africa.
Power producer RattanIndia Enterprises has agreed to invest an undisclosed amount in Matternet, the US-headquartered operator of a drone-based delivery service, Business Standard reported on Tuesday. The company had received an undisclosed amount from healthcare product distributor McKesson’s investment arm, McKesson Ventures, in January 2020, following a $16m series A round in 2018 led by aerospace manufacturer Boeing’s HorizonX Ventures unit and backed by electronics producer Sony’s Innovation Fund, postal service Swiss Post and Levitate Capital, taking its total funding to at least $25.5m.
Forefront RF, a UK-based startup developing fabless semiconductor technology based on University of Bristol research, emerged from stealth yesterday with £1.5m ($2.1m) in funding from investors including Foresight Williams Technology, the VC fund backed by engineering services provider Williams Advanced Engineering. The round was led by Science Creates Ventures and also featured BGF and The Cambridge Angels.
Japan-based over-the-counter drugstore owner Good Aid raised ¥200m ($1.8m) yesterday in a series B round featuring JR East Start Up, Mitsubishi UFJ Capital and SMBC Venture Capital, on behalf of rail operator JR East and financial services firms Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation respectively, as well as management consultancy Nagoya Small and Medium Business Investment & Consultation and various unnamed individuals. The company had received $470,000 from Shizuoka Capital’s Aigin Future Creation Fund in July 2020 and an undisclosed amount from JR East Start Up in May this year.
Huobi Ventures, the VC arm of digital currency exchange Huobi, has invested an undisclosed amount in Torum, the Malaysia-headquartered developer of a social media platform for cryptocurrency users. The cash was provided through its Heco Fund and the deal followed $1.45m from crypto trading platform developer Hotbit, AU21 Capital, N7 Labs, Momentum 6, Lotus Capital, Consensus Lab, Redline Blockchain Capital, Waterdrip Capital, Angel One, Oasis Capital, Skywater Capital, IDC and Worshipper Capital in April this year.
M&A
Electric vehicle network operator ChargePoint purchased ViriCiti, a Netherlands-based developer of electrification technology, in a €75m ($88m) deal yesterday that allowed corporate joint venture Mainport Innovation Fund to exit. ViriCiti had raised $770,000 from Mainport (formed by corporates KLM, Schiphol Group, Port of Amsterdam and NS Dutch Railways with Delft University of Technology) and Breesaap Green Link in 2016, and $5.7m from Energy Impact Partners in early 2019.
Real estate services provider JLL agreed yesterday to buy portfolio company Skyline AI, a US-based developer of analytics software for real estate pricing, for an undisclosed amount. VC firm Sequoia Capital had supplied $3m in seed funding for Skyline in March 2018 and returned five months later to co-lead an $18m series A round with TLV Partners, investing alongside JLL subsidiary JLL Spark, Nyca Partners, Arbor Ventures and iAngels.
Payment technology producer Synqa Group has agreed to buy a majority stake in Eventpop, the Thailand-based developer of an event planning software platform, for an amount a source told e27 yesterday was in the eight-digit range. KK Fund led a $500,000 seed round for the company in 2016 that included Opt SEA, a subsidiary of marketing agency Opt, as well as Hirokazu Mashita, and it added over $2m in series A funding from telecoms firm Intouch Holdings’ InVent unit and financial services firm Kasikorn Bank’s Beacon Fund the following year.
Additional reporting by Liwen-Edison Fu.
