Funding
Video game producer Nexon has paid $400m for a 38% stake in Agbo, the US-based film and television production studio formed by film directors Anthony and Joe Russo. Agbo has the option to raise a further $100m from Nexon, which will take board seats for chief strategy officer Nick van Dyk and Tim Connors, senior vice-president of operations and business and legal affairs.
Petal, the US-based provider a credit card that helps users spend responsibly and build their credit, received $140m in series D funding from investors including boutique bank Encore Bank and mutual insurer Cuna Mutual yesterday. Family office Tarsadia Investments led the round, which also featured Valar Ventures, Volery Capital Partners, Gopher Asset Management, RiverPark Ventures, Afore Capital, Gaingels and unnamed new and existing investors.
China-based in vitro diagnostic technology developer Virtue Diagnostics completed a $100m series B round today featuring Lilly Asia Ventures and PerkinElmer Ventures, which invested on behalf of pharmaceutical firm Eli Lilly and diagnostics equipment producer PerkinElmer. The round was co-led by Sequoia China and Morningside and also backed by Oriza Holdings.
Sygnum, the Switzerland-headquartered operator of an online bank and trading platform for digital assets, has raised $90m from investors including blockchain entertainment app publisher Animoca Brands at an $800m valuation, Bloomberg reported today, citing a company statement. The round was led by alternative investment firm Sun Hung Kai & Co and also backed by Meta Investments.
Singapore-based payment software developer Spenmo has secured $75.5m in primary funding and $9.9m in secondary investment through a series B round including $9.8m from e-commerce holding company Rocket Internet and $500,000 from Salesforce Ventures, the investment arm of enterprise software producer Salesforce, DealStreetAsia reported yesterday, citing a regulatory filing. Tiger Global Management led the round, which also featured Insight Partners, Addition, Global Founders Capital and Alpha JWC Ventures.
Metals provider Korea Zinc has committed $50m to the private investment in public equity (PIPE) financing backing US-based energy storage technology provider Energy Vault’s reverse merger with special purpose acquisition company Novus Capital Corporation II. The initial deal was agreed in September 2021 when the size of the PIPE stood at $100m, and the investment will give Korea Zinc a 4.3% stake in the combined business.
China-based inflammatory and metabolic disease drug developer Jiangsu Atom Bioscience and Pharmaceutical completed a $45m series C round yesterday featuring pharmaceutical group Livzon. The round was co-led by Xicheng Jinrui Equity Investment Fund and ShenZen GTJA Investment Group and also backed by Efung Capital, Suzhou Oriza Holdings, Unifortune Investment Holdings Group, Kaitai Capital and Sequoia Capital China.
Oil and gas producer Saudi Aramco participated in a $30m series B round for US-based zero trust cybersecurity software provider Xage yesterday through its Saudi Aramco Energy Ventures unit. VC firm Piva led the round, which was also backed by Momenta Partners, Valor Equity Partners, OurCrowd, March Capital, City Light Capital and Saints Capital.
Singapore-headquartered open finance technology provider Brankas raised $20m yesterday in a series B round that included payment services firm Visa. The round was led by Insignia Ventures Partners and also featured Beenext and Integra Partners.
YourMyStar, the Japan-based operator of an online cleaning and repair services platform, raised ¥2.3bn ($20m) in equity and debt financing today from investors including Z Venture Capital, SMBC Venture Capital and Mizuho Capital, on behalf of internet group Z Holdings and financial services firms Sumitomo Mitsui Banking Corporation and Mizuho Bank. They were joined by education provider Globis University’s Graduate School of Management, Ariake Secondary Fund 2, Axiom Asia 6, ForStartups Capital, Incubate Fund, Jafco and three unnamed companies.
Formant, a US-based provider of data and operations management software, secured $18m yesterday in a series A round featuring communications equipment manufacturer Ericsson as well as Holman Strategic Ventures and Goodyear Ventures, on behalf of car dealership owner Holman Enterprises and tyre producer Goodyear. VC firm SignalFire led the round, which included Hillsven, Pelion, Thursday Ventures and Picus Capital.
Ockam, the US-headquartered developer of a mutual authentication and encrypted messaging software tool, received $12.5m in series A funding yesterday from investors including Okta Ventures, the corporate VC arm of identity verification technology provider Okta. It was joined in the round by Craft Ventures, Future Ventures, SineWave Ventures and OCV.
Blockchain app developer Animoca Brands led a $9m seed round for non-fungible token data provider CryptoSlam yesterday. The round included digital currency exchanges OKEx and Binance – through OKEx Blockdream Ventures and Binance Smart Chain respectively – as well as crypto data supplier Polygon, investment community operator Stocktwits, blockchain gaming platform developer Forte, KCRise Fund, PKO Investments, Twenty5Twenty, Red Beard Ventures, Sound Ventures and various angel investors.
Blockchain technology provider Bots invested an undisclosed amount in XR Casino, a Puerto Rico-registered developer of extended reality-based gambling technology, on Tuesday. The deal represents the first corporate funding for XR, which is preparing to launch its own metaverse.
Japan-based deferred payment service provider Payment Technology secured ¥400m ($3.5m) today from IT human resources provider Branding Engineer and beautician recruitment group Yamano Beauty Mate. It had raised $10.7m from financial services firms Tokyo Star Bank, Chiba Bank, Resona Bank and Internet bank in April 2019 and $2.3m from Tokyo Star Bank and Mizuho Bank three months later.
Cryptocurrency exchange Binance provided an undisclosed amount for Vietnam-based decentralised finance platform developer Coin98 yesterday. The cash was invested through corporate venturing vehicle Binance Labs.
Japan-based dementia prevention software developer CogSmart raised ¥350m ($3m) in series A funding today from investors including DG Daiwa Ventures, a vehicle for internet company Digital Garage and investment bank Daiwa Securities; advanced medical services group I’Rom; Omron Ventures, the corporate venturing arm of automation equipment manufacturer Omron; and Makoto Capital, part of consulting firm Makoto. VC firm IT-Farm and unnamed private investors filled out the round, which took CogSmart’s total funding to about $3.5m.
M&A
Telehealth technology producer Babylon Health revealed yesterday it completed the purchase of Higi SH Holdings last week in a deal of undisclosed size that also allowed academic healthcare provider Rush University Medical Center for Health and Blue Venture Fund – financed by health insurer Blue Cross Blue Shield Association – to exit. Babylon had led a $30m series B round for Higi in mid-2020, pushing its overall funding past $91m.
Private equity firm Symphony Technology Group has bought Onclusive, a US-based marketing data software producer backed by enterprise software provider Salesforce, for an undisclosed sum. Formerly known as AirPR, it raised $8m from Pereg Ventures, Wildcat Ventures, Storm Ventures and Correlation Ventures in a 2018 series C round that followed a $5m series B in 2016 featuring Salesforce subsidiary Salesforce Ventures.
Digital commerce group Good Glamm Group has acquired India-based video analytics software provider Vidooly for an undisclosed amount, enabling e-commerce firm Alibaba and media group Bennett, Coleman & Co to exit. Both took part in a $2.1m round for the company in 2019 that took its total funding to $4.5m.
Public Markets
Affinia Therapeutics filed on Tuesday to raise up to $100m in an initial public offering on the Nasdaq Global Market that would represent an exit for chemical producer Lonza, internet and technology group Alphabet and care provider Mass General Brigham. The company, a Harvard University spinout, had raised $170m as of a $110m series B round in May 2021 featuring Lonza and corporate venturing units GV and Mass General Brigham Ventures.
Additional reporting by Liwen-Edison Fu.
