Funding
CapitalG, the growth equity subsidiary of internet and technology group Alphabet, led a $140m series D round for US-based, application programming interface-focused cybersecurity software provider Salt Security yesterday. The round valued the company at $1.4bn and included all its existing investors: Sequoia Capital, Y Combinator, Tenaya Capital, S Capital VC, Advent International, Alkeon Capital Management and DFJ Growth.
US-based neurodegenerative disease drug developer Arkuda Therapeutics closed a $64m series B round yesterday co-led by real estate developer Nan Fung’s Pivotal BioVenture Partners fund. Hedge fund Cormorant Asset Management co-led the round, which included pharmaceutical firms Eli Lilly and Pfizer (through Pfizer Ventures), Surveyor Capital, Atlas Venture, Mission BioCapital and funds managed by Tekla Capital Management.
Multiverse real estate portal Republic Realm spun off from US-based digital asset investment marketplace Republic yesterday having rebranded to Everyrealm with $60m in series A funding from investors including blockchain entertainment providers Dapper Labs and Animoca Brands, digital sports media company OneFootball, mobile game developer The Sandbox and Coinbase Ventures, part of cryptocurrency exchange Coinbase. The round was led by Andreessen Horowitz and also backed by NGC Ventures, Dragonfly Capital, Hashed, Lightspeed Venture Partners, Griffin Gaming Partners, Liberty City Ventures, Brevan Howard, Flamingo DAO, Wilshire Lane Capital, Pillar Ventures, Valor Equity Partners, Foresight Ventures, Goldentree Asset Management, Everblue and various individuals.
US-headquartered vaccine developer Curevo Vaccine completed a $60m series A round yesterday featuring its founding investor, biopharmaceutical company GC Pharma. Investment firm RA Capital Management led the round, which included Adjuvant Capital, Janus Henderson Investors and EN Investment.
Leaps by Bayer, the corporate venturing arm of pharmaceutical and chemical group Bayer, co-led a series A round for cancer therapy developer Indapta Therapeutics sized above $50m yesterday with RA Capital Management and Vertex Ventures. They invested alongside biotech and chemicals group Lonza and Multiple Myeloma Research Foundation’s Myeloma Investment Fund.
Philippine Digital Asset Exchange (PDAX), the Philippines-based operator of a licensed cryptocurrency trading platform, raised over $50m in series B funding yesterday from investors including digital financial settlement service Ripple; UBX Ventures, which invests on behalf of online finance provider UBX; and DG Daiwa Ventures, the joint venture between internet company Digital Garage and brokerage Daiwa. The round was led by Tiger Global Management and included Kingsway Capital, Jump Capital, Draper Dragon and Oak Drive Ventures.
Micropsi Industries, a Germany-based provider of control systems for industrial robotics, completed a $30m series B round yesterday that included pharmaceutical firm Merck Group’s M Ventures unit. The round was co-led by Metaplanet, VSquared and Ahren Innovation Capital and also featured Project A Ventures.
Ethernity, the US-based operator of a digital platform which allows celebrities to issue their own non-fungible tokens, disclosed a $20m seed round yesterday featuring financial settlement service Ripple, smart contract technology producer Algorand and Polygon Studios, a subsidiary of decentralised app software provider Polygon. The round included Kenetic, Black Edge Capital, Morningstar Ventures, Banter Capital and various individuals. It was announced together with the launch of an incubator and technology studio called Ethernal Labs.
Credit rating provider Experian took part in a $19.5m series A round for Sardine, the US-based creator of a fraud and compliance software platform for financial technology companies, through strategic investment arm Experian Ventures yesterday. Venture capital firms Andreessen Horowitz and NYCA Partners also participated in the round.
Atommerce, the South Korea-based operator of a mobile app called MindCafe that links patients to mental health professionals, raised $16.7m today in a series B round featuring biopharmaceutical company GC Pharma and Samsung Next, a subsidiary of consumer electronics producer Samsung. The round was led by Hashed and also backed by E&Investment, K2 Investment and Insight Equity Partners.
US-based parametric insurance technology provider FloodFlash secured $15m yesterday in a series A round featuring reinsurance firm Munich Re, insurance group MS&AD and consumer electronics producer Sony, which invested through Munich Re Ventures, MS&AD Ventures and Sony Financial Ventures respectively. VC fund Buoyant Ventures led the round, which included PropTech1, Pentech, LocalGlobe and Insurtech Gateway.
US-based biomanufacturing digitisation technology developer QbDVision received $15m in series A funding yesterday from investors including Wanxiang Healthcare Investments, a vehicle for automotive component maker Wanxiang. VC firm Northpond Ventures led the round, which also featured S3 Ventures and Hudson Park Capital.
South Pole, a Switzerland-headquartered developer of carbon emission reduction projects, received an undisclosed amount of funding on Wednesday from investors including Salesforce Ventures, the corporate VC arm of enterprise software producer Salesforce. The corporate was joined by Singaporean state-owned investment firm Temasek.
Sateliot, the Spain-based developer of a 5G broadband system centred on low-Earth orbit satellites, has completed a €10m ($11.4m) series A round featuring IT and defence technology producer Indra, satellite software provider GateHouse and telecoms infrastructure owner Cellnex, SpaceNews reported on Wednesday. The corporates invested alongside Seraphim Capital.
FortePhest, a US-based developer of crop protection technology targeted at herbicide-resistant weeds and invasive plants, raised an undisclosed amount yesterday in a series B round featuring chemicals producer BASF and precision agriculture product maker Orbia. The corporates invested through subsidiaries BASF Venture Capital and Orbia Ventures and were joined by Sherpa InnoVentures, Southern Israel Bridging Fund II and unnamed other investors.
UK-based online credit provider Fintern received £8m ($10.9m) in series A funding on Wednesday from investors including financial services firm Varengold Bank. The round was led by investment firm Hambro Perks and also featured unnamed angel investors.
Sports car manufacturer Porsche invested an undisclosed amount in Fazua, a Germany-based producer of electric bicycle drive units, last month, current Fazua shareholder UVC Partners revealed yesterday. The deal additionally gives Porsche the option to fully acquire Fazua, which also counts High Tech Gründerfonds, Bayern Kapital and various private investors as existing backers.
Epicore Biosystems, a US-based wearable microfluidic product developer spun out of Northwestern University’s Querrey Simpson Institute for Bioelectronics, completed a $10m series A round yesterday featuring oil and gas supplier Chevron’s investment arm, Chevron Technology Ventures. The round was also backed by Alumni Ventures and existing investor Joyance Partners.
US-based virtual healthcare provider VisuWell closed a $10m series B round on Wednesday that included rural healthcare services firm UltraGroup. Growth equity firm Fulcrum Equity Partners led the round, which included Longmeadow Capital and PJC.
US-based tax automation software developer Neo.Tax raised $10m yesterday in a series A round backed by GV, the subsidiary of internet and technology group Alphabet formerly known as Google Ventures. Infinity Ventures led the round, which included Acrew Capital, Fin Venture Capital and existing investors Uncork Capital, Floodgate, Liquid 2 Ventures and Lux Capital.
Ingredient provider Ingredion invested an undisclosed amount in InnovoPro, an Israel-headquartered developer of plant-based protein ingredients, on Wednesday. The company had previously raised $15m in a 2020 round led by JVP and backed by retail group Migros and CPT Capital, boosting its overall funding to over $19m.
Redkik, the US-based developer of an analytics and administration software platform for marine cargo transportation, completed a $3.3m seed round on Wednesday co-led by reinsurance firm Greenlight Capital Re and insurance group MS&AD, through Greenlight Re Innovations and MS&AD Ventures respectively. They were joined by Fintech Ventures Fund, Plug and Play and the Redstone-managed North Karelia Growth Fund.
Vietnam-based Rino secured $3m in pre-seed funding from investors including Saison Capital, a subsidiary of payment services firm Credit Saison, yesterday as it prepares to launch its rapid grocery delivery service. Global Founders Capital, Sequoia Capital India and Venturra Discovery also participated.
Bitcoin services provider Nydig led a $2.5m series A round on Wednesday for Digital Power Optimization, a US-headquartered provider of energy services which utilise cryptocurrency mining. Blockchain infrastructure developer Luxor Technologies also contributed to the round, as did Wakestream Ventures, NBDR Ventures and undisclosed angel investors.
IT equipment producer NEC Corporation supplied an undisclosed amount of funding for CropX, an Israel-based developer of digital farm management software, on Wednesday. CropX had raised $20.5m as of a $10m round in 2019 featuring Sumitomo Corporation Europe, a subsidiary of conglomerate Sumitomo, and its earlier investors include vehicles for industrial product and appliance manufacturer Robert Bosch and supply chain services firm Flex.
Sēkr, the US-based creator of an outdoor activity booking app, has completed a $2.25m seed round led by recreational vehicle manufacturer Storyteller Overland, TechCrunch reported on Wednesday. Backstage Capital, Techstars, Ad Astra Ventures, Crescent Ridge Ventures and angel investor Andy Ballester also took part.
Cashi Cake, the US-headquartered owner of a range of Japanese confectionary brands including Misaky Tokyo, has raised ¥120m ($1m) in seed funding from investors including Coconala Skill Partners, the newly formed (see below) investment arm of recruitment marketplace Coconala. The round also featured Chiba Dojo Fund, Headline Asia and individuals including Hiromi Okuda and Shin Murakami.
M&A
Thirty Madison, a US-based specialist healthcare provider backed by medical products group Johnson & Johnson, agreed on Wednesday to merge with Nurx, a US-headquartered female medical care specialist that counts mass media group Comcast as an investor. Thirty Madison was valued above $1bn in a $140m series C round in June 2021 featuring corporate VC unit Johnson & Johnson Innovation – JJDC to take its total funding to $210m. Comcast vehicle Comcast Ventures took part in Nurx’s last round, a $22.5m series C in August 2020 boosting its overall funding to $113m.
Telecoms and internet group SoftBank, advertising agency KBS and telecoms and media conglomerate Verizon exited US-based social marketing software provider SocialFlow yesterday in an acquisition of undisclosed size by customer data provider Piano. SocialFlow’s overall funding stood at approximately $30.5m as of 2019.
Public Markets
Japan-based free insurance provider Warrantee has filed for an initial public offering on the Nasdaq Global Market that would represent an exit for online recipe service Cookpad, The Bridge reported today, citing a source close to the company. Cookpad paid an undisclosed sum for a 16% stake in Warrantee in 2014, the year after it received an undisclosed amount of seed funding from VC firm Nippon Venture Capital.
Funds
US-headquartered location data software provider XYO formed a $20m strategic investment vehicle with research foundation and VC organisation Outliers Fund yesterday to back projects in XYO’s blockchain geospatial oracle network. They will each provide up to $10m in equity funding and tokens through the scheme.
Japan-based specialised online recruitment marketplace Coconala has formed a corporate VC unit called Coconala Skill Partners and aims to raise ¥1bn to ¥1.5bn ($8.5m to $13m) according to The Bridge. The fund will invest between ¥10m and ¥100m per deal and Coconala will serve as its general partner of the fund alongside limited partners that will including private investor Kotaro Chiba.
Additional reporting by Liwen-Edison Fu.
