Funding
Vark, the Japan-based virtual live event platform owner formerly known as ActEvolve, has raised ¥600m ($5.5m) in a series B round from investors including video game publisher Sega Sammy, broadcaster TBS, marketing firms Dentsu and Hakuhodo DY and venture capital firm Jafco. TBS and Hakuhodo DY were represented by TBS Innovation Partners and Hakuhodo DY Ventures respectively. VC firm Anri previously invested $1.9m in Vark in May 2020, at least doubling the company’s overall financing. Its earlier backers also include e-commerce platform Crooz and video game publishers KLab and Gumi.
Marubeni Ventures, the corporate venturing subsidiary of conglomerate Marubeni, has led a pre-series A round for Willbox, the Japan-based operator of international logistics platform Giho, investing alongside Anobaka, SMBC Venture Capital and Mitsubishi UFJ Capital, on behalf of mobile game producer KLab and financial services firms Sumitomo Mitsui Banking Corporation and Mitsubishi UFJ, as well as VC firm Headline Asia (formerly Infinity Ventures)’s LaunchPad Fund and angel investor Minoru Moriya. LaunchPad provided ¥5m ($45,800) but the total round size was undisclosed. The company had secured $137,000 in pre-seed funding from undisclosed investors in December 2019.
M&A
Kenna Security, a US-based developer of cybersecurity risk prediction software, has agreed to an acquisition by networking equipment manufacturer Cisco for an undisclosed amount, providing an exit to financial services firm Citi. The bank had backed Kenna’s last round, a $48m series D in October 2019, when Sorenson Capital, Bessemer Venture Partners, US Venture Partners, Costanoa Ventures, Hyde Park Angels, OurCrowd and undisclosed existing backers also participated. The acquisition is expected to close in Cisco’s fourth fiscal quarter of 2021.
Oval Money, a UK-based finance and expenses tracking app developer backed by financial services firm Intesa SanPaolo and mobile network NTT Docomo, is due to be purchased by private equity firm Guru Capital for an undisclosed amount. Guru will integrate Oval’s business into another of its portfolio companies, online brokerage CFD Broker ETX Capital. Guru is additionally negotiating the purchase of Oval Marketplace, a regulated investment subsidiary based in Spain. Eurizon, the asset management arm of Intesa Sanpaolo, injected $5.2m in October 2019, after the bank’s Neva Finventures arm had supplied an undisclosed sum in June 2018. Unnamed backers invested $1.9m in April 2018, following a $1.3m round featuring Intesa, NTT Docomo subsidiary B-ventures and Gruppo Bertoldi in 2016.
– Additional reporting by Liwen-Edison Fu
