Funding
McKesson Ventures, the investment arm of medical product distributor McKesson, has co-led a round of undisclosed size for RxVantage, the US-based creator of a software platform which helps life sciences companies connect with physicians. The round was co-led by growth equity firm Spectrum Equity and included pharmaceutical firms Novartis and Merck & Co, through dRx Capital and Merck Global Health Innovation Fund respectively, as well as Javelin Venture Partners and Slater Technology Fund.
France-headquartered digital mortgage broker Pretto has received €30m ($33.8m) in series B funding from investors including Orange Ventures, the corporate venture capital arm of telecommunications firm Orange. The round was co-led by BlackFin Capital Partners and Alven and also backed by Serena and Eurazeo.
Egypt-headquartered social commerce platform developer Brimore secured $25m today in a series A round that included digital transformation and payment software provider Fawry. The round was co-led by World Bank’s International Finance Corporation vehicle and Endure Capital with backing from Flourish, Endeavor Catalyst Fund and existing investors including Algebra Ventures, Disruptech, Khawarizmi Ventures and Vision Ventures.
Astar Network, the Singapore-based creator of a parallel chain for the Polkadot blockchain network, raised $22m on Friday from investors including Crypto.com Capital, the investment arm of digital currency exchange Crypto.com, as well as crypto trading firms GSR and Alameda Research. They were joined by Polychain, Alchemy Ventures, Animal Ventures, Digital Finance Group, Injective Protocol and Scytale Ventures.
Online food delivery and restaurant listing service Zomato has agreed to pay approximately Rs 1.12bn ($15m) for a 19.5% stake in AdOnMo, an India-based provider of digital outdoor advertising services, VCCircle reported on Friday. The deal was disclosed in a regulatory filing alongside news the corporate is investing Rs 374m ($5m) in India-headquartered integration software developer UrbanPiper Technology at a $100m valuation.
Tabas, the Brazil-based operator of a short-term apartment rental service, has received R$80m ($14.6m) in equity and debt financing, with US-based peer Blueground leading the equity portion, Brazil Journal has reported. Echo Capital and private investor Nelson Queiroz Tanure also contributed to the equity portion.
Automotive component manufacturer Hyundai Mobis has added an undisclosed amount to US-headquartered automotive radar technology developer Zendar’s series B round, which stood at $8m as of June 2021 according to a regulatory filing. That capital was supplied by a single unnamed investor for a round expected to close at $12m.
Unblocked, the US-headquartered operator of an non-fungible token (NFT) issuing platform, has secured $10m in seed funding from investors including blockchain entertainment app developer Dapper Labs at a $90m valuation, Forbes reported on Friday. The round was led by investment firm Tiger Global Management and included Marcy Ventures Partners, Oaktree Capital Management and various individuals. The company’s website lists music publisher Primary Wave, M13, B Capital, BAM Ventures, Defy Partners and GFT Ventures as additional investors.
Payment services firm American Express has led a $6.5m second tranche of US-based financial modelling software developer Finmark’s seed round through its American Express Ventures unit, increasing it to $11.5m. Draper and Associates, Bessemer Venture Partners and Idea Fund Partners also took part in the second close having backed the October 2020 first tranche alongside 30 unnamed angel investors.
Media group Bertelsmann has led an $8m series A round for US-based podcast network Lemonada Media through corporate venturing subsidiary BDMI. The round also featured diversified entertainment studio Madison Wells, Blue Collective, Greycroft Partners, Spring Point Partners, Intuition Capital, Owl Capital and angel investors including Wenda Millard and Stephanie Hannon.
Dropp GG, the US-headquartered creator of a social minting platform for NFTs, has secured $8m in a series A round featuring blockchain entertainment producer Animoca Brands and quantitative cryptocurrency trading firm Alameda Research. They participated in the round together with Three Arrows Capital, DeFiance Capital, Spartan Capital, Genblock Capital and Anti Fund VC.
SmileGate Investment, an affiliate of video game publisher SmileGate, has co-led a $6.6m pre-series A round for Earable, the US-based creator of a wearable device intended to increase the wearer’s intelligence. The round was co-led by VC firm Founders Fund.
US-headquartered chatbot technology developer NLX has received $5m in seed capital from investors including JetBlue Technology Ventures, the corporate VC subsidiary of air carrier JetBlue. Investment management firm Aquila Capital Partners led the round, which was also backed by Flying Fish Partners and Sage Venture Partners.
MContent, the United Arab Emirates-headquartered operator of an online platform which uses cryptocurrency and NFTs, to facilitate the crowdfunding of creative projects such as films, has raised nearly $5m from investors including conglomerate Gargash Group. It was joined by Daman Investments, which led the round, as well as Fiducia Capital and Planet N Investments.
US-based data risk intelligence provider NVisionX has completed a $4.6m seed round that included investment banking firm Morgan Stanley’s Next Level Fund. The round was led by Companyon Ventures and also featured SixThirty Ventures, Gaingels, Gutbrain Ventures, PBJ Capital and CreativeCo Capital.
Mass media company iHeartMedia has led a $3m funding round for Gimme Radio, the US-headquartered creator of a digital radio offering where listeners can support artists financially. Music distributor The Orchard, music publisher Concord and record labels Metal Blade, Quartz Hill Records and Riser House Entertainment also participated.
Cryptocurrency scaling software provider Polygon has invested an undisclosed amount in Rush, a play-to-earn gaming metaverse developed by India-headquartered messaging app developer Hike. The deal came after Hike entered the gaming sector in early 2021.
Enabled Robotics, a Denmark-based developer of flexible collaborative robots, has raised DKK18.2m ($2.7m) in funding from undisclosed corporates and individual investors including a range of the company’s own employees, Fyens has reported. The company was spun out of University of Southern Denmark in 2016.
CRG Investment, a subsidiary of recruitment agency CRG Holdings, invested an undisclosed amount in Mama Square, the Japan-based provider of a flexible job portal aimed at mothers, on Friday. The company had raised an undisclosed sum from printing services firm Dai Nippon in January 2020 and its earlier backers include corporates Kaga Electronics, Daiwa Lease, S&C Group, Will Group, Xymax, Phil Company, Tsunagu Solutions and Relia.
Caeli Energie, a France-based developer of low environmental-impact air conditioning technology, secured €2.1m ($2.3m) on Friday in a pre-seed round featuring construction firm Vinci. The company was set up by regional tech transfer office Satt Linksium in 2019.
Matters Lab, the Taiwan-headquartered developer of a Web3-focused social media platform, has raised $2m in pre-series A funding from investors including decentralised storage technology provider Crust Network, technology consulting firm Infinity Labs and crypto transfer software developer Mask Network. They were joined by Longling Capital, Protocol Labs, Infinity Labs, Assembly Partners and Incuba Alpha.
Transport equipment manufacturer Musashi Seimitsu Industry supplied $2m in series A funding for Tanaak, a Japan-based provider of software products tailored for startups, on Friday.
Veneno Technologies, a Japan-based creator of technology designed to convert functional peptides into medicines, has closed a ¥200m ($1.8m) funding round that included financial services provider SBI, which took part through its SBI Investment vehicle as well as a regional activation support company. The round was filled out by Tsukuba Institute of Research.
Broadcaster TV Asahi’s Mediaplex production company provided an undisclosed amount of funding for Japan-based digitalisation technology developer M-Field on Friday. The company had received a similarly undisclosed sum from accounting software producer Money Forward in March 2021.
CameLove, the Japan-based owner of camera equipment subscription service GooPass, raised over ¥100m ($870,000) today in a series B round featuring Bic Innovation Capital, part of electronics retailer Bic Camera, as well as design technology developer Goodpatch’s Design Fund, extended warranty service Japan Living Warranty, consulting and investment firm Skylight and e-commerce support service Temona. They were joined by Chugin Infinity Fund, Mitsui Sumitomo Insurance Venture Capital, Mizuho Capital, Oita Venture Capital and Yamaguchi Capital – vehicles for leasing services firm Chugin Lease, insurer Mitsui Sumitomo Insurance and financial services firms Mizuho Bank, Oita Bank and Yamaguchi Bank respectively – as well as Noto SDG Fund, All-Japan Kanko Rikkoku Fund and Nippon Venture Capital while Hokkoku Bank, Shizuoka Bank and Bank of Yokohama supplied debt financing.
FinnoValley, a financial technology subsidiary of Japan-based corporate services app developer iRidge, secured an undisclosed amount of funding from electronics manufacturer Mitsubishi Electric on Friday through a strategic smart city agreement. Kimitsu Credit Union had invested an undisclosed amount in the spinoff in February 2020.
M&A
Educational publisher Pearson purchased portfolio company Credly, the US-based developer of a digital credentialing service, today at a $200m valuation. Pearson joined badging product manufacturer Lion Brothers, Strada Education Network, Zoma Capital, New Markets Venture Partners, University Ventures and Lumina Foundation in an $11.1m round in 2019 that took its total funding past $18m.
Payment services firm Visa and MassMutual Ventures, the strategic investment arm of insurance firm Massachusetts Mutual Life, exited Neat, the China-headquartered operator of an online platform for cross-border trade facilitation, yesterday in an acquisition by payment software provider Rapyd. Both investors took part in the company’s series A round, which closed at $15m in 2020 to take its total funding to $20m.
IT product maker NEC agreed on Friday to buy US-headquartered 5G technology provider Blue Danube Systems on Friday for an undisclosed sum in a deal that would enable telecommunications firm AT&T to exit. Blue Danube had disclosed nearly $24m in funding as of a $16m series B round in 2015 that included AT&T, Sequoia Capital and Northgate Capital.
Curefoods, the cloud kitchen subsidiary of digital fitness and health subscription service Cure.fit, has acquired Maverix Platforms, the India-based owner of ready-to-cook food brand Fingerlix, for an undisclosed amount. Maverix had raised a total of $20.3m as of February 2021 when food delivery service Swiggy, packaged food producer Frigerio Conserva Allana and lift and escalator technology manufacturer Horizon Techno joined Rhodium Trust, Accel and undisclosed individuals to supply $2.8m in series C funding.
Public Markets
Kin Insurance, the US-based digital home insurance provider backed by insurance firm CSAA, has cancelled the $1.03bn reverse merger it had agreed with special purpose acquisition company Omnichannel Acquisition Corp in July 2021. The company, which has disclosed about $150m in equity funding, cited unfavourable market conditions for the decision.
Funds
The Sandbox, a gaming metaverse subsidiary of blockchain entertainment producer Animoca Brands, has supplied $50m for a vehicle dubbed Sandbox Metaverse Accelerator Program that will be run by accelerator operator Brinc. Between 30 and 40 startups are expected to pass through the accelerator each year.
Indonesia-headquartered financial services firm Bank Central Asia has allocated Rp 400bn ($27.8m) to corporate venturing vehicle Central Capital Ventura, president director Jahja Setiaatmadja has told reporters. The unit was reported in September 2021 to be seeking a partnership with firm Finch Capital to set up a $200m fund.
Additional reporting by Liwen-Edison Fu and Thierry Heles.
