Funding
Japan-based earth observation technology developer Axelspace closed a ¥2.58bn ($23.6m) series C round today featuring ceramics and electronics producer Kyocera, real estate developer Mitsui Fudosan and postal service Japan Post, the last two through 31 Ventures and Japan Post Investment respectively. They joined financial services firm Mitsubishi UFJ Group’s Mitsubishi UFJ Capital unit, asset manager Sparx’s Space Frontier Fund and Sumitomo Mitsui Trust Investment. The company had raised a total of $37.9m as of a $22.9m series B round featuring 31Ventures, conglomerate Mitsui and insurer Dai-ichi Life in 2018.
Authomize, the Israel-based creator of a software platform for identity management and security, completed a $16m series B round yesterday that included software producer Microsoft’s corporate venturing unit, M12. The round was led by venture capital firm Innovation Endeavors and also featured Blumberg Capital and Entree Capital, the two investors that joined M12 to provide $6m in seed capital for Authomize disclosed when it emerged from stealth in June 2020.
US-headquartered bottled water brand Liquid Death has received $15m in a series C round featuring live event promoter Live Nation, Built in LA reported yesterday. Private investors Wiz Khalifa, Tony Hawk, Machine Gun Kelly, Steve Aoki, Michael Dubin and Kelly Campbell also took part in the round. It followed $1.6m in a May 2019 seed round that took Liquid Death’s total funding to $2.25m; $9m in a February 2020 series A led by Velvet Sea Ventures and backed by existing investor Science Inc and several individuals; and $23m in series B funding from Velvet Sea Ventures, alcoholic beverage producer Pernod Ricard’s Convivialité Ventures unit, an undisclosed family office and angel investor Fat Mike in October 2020.
Worksome, the UK-headquartered operator of an online platform that helps businesses find and manage freelancers, has secured $13m in series A funding from investors including architectural and construction firm Lind & Risør, TechCrunch reported yesterday. The corporate was joined by angel investors Løvens Hule and Tommy Ahlers, the latter among a group who had supplied an undisclosed amount for Worksome in 2018. It had previously received $530,000 from individuals including Gorm Rasmussen and Anders Fauerskov the previous year.
US-based smart homebuilder Homma raised $8m for the first close of its series A round today, from NTT Docomo Ventures, part of mobile network operator NTT Docomo, as well as gas utility Lemon Gas, homebuilder Joto Techno, construction materials provider Nohara Holdings, stationery and furniture producer Kokuyo, real estate developer Property Agent, water purification company Aqua Clara, public relations firm Sunny Side Up, Goldengate Investment Club, B Dash Ventures, Mistletoe, D4V and various individuals. Homma had raised $6.5m in convertible note financing which is being converted to series A shares, and it last raised capital, from e-commerce company Sanwa, in mid-2019.
Amino acid product manufacturer Ajinomoto, insurer Mitsui Sumitomo and curry producer House Foods contributed to a ¥830m ($7.6m) round for On the Slope, a Japan-based developer of agricultural sustainability technology, today, the last two through their Mitsui Sumitomo Insurance Venture Capital and House Foods Group Innovation Fund units. The round included debt financing from Japan Finance Corporation and unnamed others. The company had received a total of $7.7m as of a $5.5m round featuring IT equipment provider NEC in mid-2019.
US-based food preparation technology startup Chef Robotics has received a total of $7m across seed and pre-seed rounds, from investors including Bloomberg Beta, the VC firm sponsored by media group Bloomberg, and Schox Venture Capital, which is anchored by patent firm Schox, TechCrunch reported yesterday. Kleiner Perkins, Promus Ventures, Construct, Bold Capital Partners, Red and Blue Ventures, Gaingels, Tau Ventures and Stewart Alsop also provided funding through one or both of the rounds.
Legionfarm, the US-based operator of a gaming platform that allows users to play alongside professionals, which counts media and technology company XRM Media as an investor, has completed a $6m series A round, TechCrunch reported yesterday. Silicon Valley Bank, Y Combinator, Scrum VC, Altair Capital and private investors Kevin Lin and Ankur Nagp put up the cash. TMT Investments and angel investor Denis Smetnev had provided $1.5m in September 2019 to double Legionfarm’s total funding to $3m, and both XRM and Ace & Company list it as a portfolio company.
Multiply Marketing Consultancy, a subsidiary of diversified holding group PAL Group of Companies, has invested an undisclosed amount in US-based vehicular advertising service Firefly, Arab News has reported. GV, a subsidiary of internet technology conglomerate Alphabet, led its $30m series A round in mid-2019, investing with digital signage provider Ballantyne Strong’s Strong Outdoor subsidiary and NFX to boost its overall funding to more than $51m.
Cross-border payment services provider MFS Africa has supplied $3m in funding for Maviance, the Cameroon-based operator of Smobil, a product that integrates payment services from providers such as banks, mobile payment apps and telecoms firms, TechCabal has reported. Maviance will use the capital to expand in its home country and move into neighbouring Gabon and Congo.
Refcome, the Japan-based developer of a visualisation system for human resources referrals, secured an undisclosed amount of funding today from AG Capital, an investment vehicle for consumer finance provider Aiful Corporation. The company rebranded from Combinator in 2017 with $1.8m from Itochu Technology Ventures, a subsidiary of trading group Itochu, in addition to existing investors Draper Nexus Venture Partners II, Beenext and Anri. It added an undisclosed amount from design studio Takram in February 2020.
Industrial technology producer Fortive and startup studio Pioneer Square Labs spun off Genba, a US-based developer of workforce management technology for the industrial space, yesterday with $1m of seed capital from Fortive. Genba is the third startup to come out of their joint innovation studio since it was formed in May 2020.
Cartwheel, the US-based creator of an on-demand delivery management system for restaurants and retailers, raised $1m in seed funding yesterday from investors including fast food chain Portillo’s. TenOneTen Ventures led the round, which also featured fellow VC firm Act One Ventures.
M&A
Digital payment processor PayPal agreed yesterday to acquire one of its portfolio companies, US-based consumer goods returns service Happy Returns, for an undisclosed amount. Happy Returns had raised $11m from PayPal and existing investors US Venture Partners and Upfront Ventures in a 2019 round that increased its overall funding to $25m. It took part in advertising agency R/GA’s Connected Commerce accelerator in 2016 and its other investors included Lowercase Capital, Maveron and Brian Spaly.
Energy consulting firm Resource Innovations is acquiring US-based energy services and software provider Nexant for an undisclosed amount, enabling semiconductor and data technology producer Intel to exit, it revealed on Wednesday. Intel subsidiary Intel Capital had joined Symphony Technology Group, Oak Investment Partners, Beacon Group and TeleSoft Partners in a $50m round for Nexant in 2010, 11 years after it was spun off by engineering and construction firm Bechtel.
Software testing service provider Digital Hearts Holdings has agreed to purchase Identity, a Japan-based IT support service backed by internet company Digital Garage, for an undisclosed amount, according to a stock exchange filing on Wednesday. Digital Garage subsidiary DG Incubation had joined VC firm Spiral Ventures Japan and SMBC Venture Capital, the VC arm of financial services firm Sumitomo Mitsui Banking Corporation, to invest $3.6m in Identity in 2018.
Additional reporting by Thierry Heles and Liwen-Edison Fu.
