Funding
Thunes, the Singapore-based operator of a cross-border payment network backed by payment technology producer Checkout.com, has secured $60m in series C capital led by Insight Partners and featuring unnamed existing shareholders, according to TechCrunch. Checkout.com participated in a $60m series B round in September 2020 led by Africa-focused investment firm Helios Investment Partners. The series B round also featured GGV Capital and Future Shape, and followed a $10m series A round led by GGV in 2019.
Atonarp, a Japan-based manufacturer of molecular sensing and diagnostics products for the healthcare, pharmaceutical and semiconductor industries, has secured $50m in a series D round featuring electronics equipment producer Furukawa Electric, mail service Japan Post through its Japan Post Investment unit, semiconductor technology provider ATI Korea and industrial flow components manufacturer ATI Banner Industries. The round was led by WRVI Capital and also included Boscolo Intervest, and brought Atonarp’s total funding to $111m. Michael Marks, founding partner of WRVI Capital, has been appointed chairman of Atonarp. The company previously raised $33m in a series C round featuring Japan Post Investment, insurance firm Northwestern Mutual’s Northwestern Mutual Future Ventures and IT services provider NEC’s Innovative Venture Fund, public-private partnership INCJ and an unnamed medical equipment maker.
Bad Robot Games, the video game division of entertainment company Bad Robot Productions, closed a $40m series B round yesterday backed by internet company Tencent. The round was led by Galaxy Interactive and also featured Horizons Ventures and Iconiq Capital. Bad Robot Games was established by Tencent, Bad Robot Productions and a division of media group Time Warner in 2018. It does not appear to have disclosed details of its series A round, although it did identify Horizons and Iconiq as existing shareholders.
Thetaray, an Israel-based developer of an artificial intelligence-based cybersecurity platform for the financial industry, collected $31m in a funding round backed by financial services firm Bank Hapoalim yesterday. OurCrowd and SBT also took part in the round, which was co-led by private investor Eric Benhamou through Benhamou Global Ventures and Saints Fund. Unnamed backers also participated. Thetaray has now raised more than $90m in funding, it said, having previously collected an undisclosed amount from financial services firm ABN Amro’s Digital Impact Fund in 2019. Its earlier backers included industrial technology provider General Electric, Bank Hapoalim, Jerusalem Venture Partners, OurCrowd and SVB Investments.
Great Deals E-Commerce, a Philippines-based e-commerce services provider, has raised $30m in a series B round led by logistics company Fast Group, with participation from CVC Capital Partners and Navegar, according to DealStreetAsia. Navegar led a $12m series A round in January 2020, before CVC Capital Partners acquired a 40% stake in return for approximately $124m in December.
Artificial, a US-based lab automation software developer, completed a $21.5m series A round co-led by M12, software producer Microsoft’s corporate venture capital fund, together with Playground Global and AME Cloud Ventures yesterday. The money has been allocated to accelerated product development, recruitment and establishing additional partnerships with life science businesses.
Zoe Financial, a US-based platform to hire vetted financial advisors, closed a $10m series A round led by internet group SoftBank’s Opportunity Fund yesterday. Republic Labs and a range of private investors also took part in the round, which brought Zoe’s total financing to $16.3m. The company previously attracted $6.3m in a multi-tranche seed round in 2018 and 2019 backed by Third Stream Partners and assorted angel investors.
Japan-based electric kickboard sharing app Luup has raised ¥750m ($6.9m) in a round led by Spiral Capital and backed by fellow venture capital firm Anri, casual clothing vendor Adastria, Eneos Innovation Partners, a corporate venturing arm of petroleum supplier Eneos Group, and multiple unnamed private investors. The fundraising effort for the round is ongoing and is set to close in the summer. Luup previously secured an undisclosed size in December 2020.
Emocha Health, a US-based digital health company focused on improving medication adherence, completed a $6.2m series A round yesterday backed by Healthworx, the investment arm of health system CareFirst BlueCross BlueShield. The round was led by Claritas Health Ventures and also included Kapor Capital, PTX Capital and TCP Venture Capital. Theresa Sexton, managing partner of Claritas Health Ventures, will join the board of directors. Emocha raised $1m in a seed round in June 2017 backed by Propel Baltimore Fund, Kapor Capital, Sand Hill Angels, Baltimore Angels and Blue Jay Syndicate. The company had already obtained $50,000 in equity funding in May 2014, according to a regulatory filing.
StudentFinance, a Spain-based fintech developer that enables success-based financing to students, has secured $5.3m in a funding round backed by financial services firm Sabadell’s investment arm Sabadell Venture Capital, and co-led by Giant Ventures and Armilar Venture Partners, according to TechCrunch. Mustard Seed Maze and Seedcamp also took part in the round, after the two had supplied $1.3m in funding in November 2019.
Germany-based property technology developer Dabbel has closed a €3.6m ($4.4m) pre-series A round featuring financial services firm Commerzbank’s Main Incubator, SeedX and lead investor Target Global, TechCrunch reported yesterday. The round also included several individuals.
US-based social platform Somewhere Good has picked up $3.75m in seed funding led by True Ventures, with participation from media company 2PM, Dream Machine, Debut Capital, Canvas Ventures, Slauson & Co, NextView Ventures and angel investors. TechCrunch identified Dream Machine, Debut Capital and Canvas Ventures as returning backers, but details about Somewhere Good’s earlier financing could not be confirmed.
US-based self-employed business banking account provider Lance has closed a $2.8m seed round backed by financial services firm Barclays and Bertelsmann Digital Media Investments, a vehicle for media conglomerate Bertelsmann. The round also included Great Oaks Capital, Imagination Capital, Techstars and DFJ Frontier, as well as individual investors. Lance received $1.4m towards a $2.3m target in September 2020, according to a regulatory filing, though it is unclear whether that was a first tranche for the seed round.
Labot, the Japan-based operator of online programmning education service CodeGym, has secured ¥310m ($2.8m) from CyberAgent Capital, Persol Innovation Fund and Shinsei Corporate Investment, respective subsidiaries of internet company Cyber, recruitment group Persol and financial services firm Shinsei Bank, as well as VC firms F Ventures, Mistletoe Japan and Now as well as unnamed individual investors.
China-based blockchain-focused media platform Forkast has obtained $1.7m in funding from e-commerce group Alibaba’s Hong Kong Entrepreneurs Fund and game developer Animoca Brands, according to Tech in Asia. The round also featured AMTD Group, Fenbushi Capital, Longling Capital, CMCC Global, Sora Ventures, Loma Ventures and private investor Dan Tapscott.
Icon Source, a US-based marketplace connecting brands with athletes, closed a $1.6m seed round yesterday backed by Hawke Ventures, the investment arm of marketing consultancy Hawke Media. The round also included unnamed new and existing backers, but Icon Source does not appear to have disclosed prior funding. The money will allow Icon Source to grow its sales team and expand its platform as it plans to start facilitating deals for college athletes from July 2021.
Malaysia-based e-commerce aggregator iPrice has attracted $1.5m in funding from foodtech developer Woowa Brothers. The company said it raised the money as it works towards a series C round, but it was unclear whether Woowa’s commitment formed part of that round or served as bridge financing. Conglomerate JG Summit Holdings invested an undisclosed amount of series B funding in September 2020, following $10m raised six months earlier from Line Ventures, the corporate venturing arm of online messaging platform Line, as well as ACA Investments, Daiwa PI Partners and Mirae Asset-Naver Asia Growth Fund, backed by internet group Naver. It had obtained $9.7m altogether before Line Ventures invested an undisclosed amount in 2018.
India-based homeschooling edtech developer ClassMonitor has raised $477,700 in pre-series A financing from construction firm Path, family office Calega and syndicate Sarvann, VCCircle reported yesterday. ClassMonitor, the brand name of Riseom Solutions, will use the cash to bolster its content and marketing activities. ClassMonitor secured an undisclosed amount from angel investors in February 2020.
Japan-based drone-equipped infrastructure inspection service Japan Infra Waymark has secured an undisclosed amount of funding from electric utility Kyushu Electric Power, consulting firms Eight-Japan Engineering Consultants and Yachiyo Engineering, as well as JR West Innovations, a corporate venturing unit of rail operator JR West. The company had raised a similarly undisclosed amount in April 2020 from engineering group Toyo Engineering, electric utilities Tokyo Electric Power and Hokuriku Electric Power Company, gas utilities Saibugas Group and Osaka Gas, NTT Data, a subsidiary of telecommunications firm NTT, and VC firm Drone Fund. The company was incubated by NTT’s regional subsidiary, Nippon Telegraph And Telephone West Corporation, in early 2019.
TreasurUp, a Netherlands-based white-label online treasury services provider, has been spun off from financial services firm Rabobank with a series A round of undisclosed size also backed by cross-border payments company OFX, software developer Coera and TreasurUp’s management. The company will now seek to expand its offering as it seeks to enter additional markets across Europe.
M&A
Additive manufacturing technology producer Desktop Metal has paid an undisclosed amount to acquired US-based photopolymer resin provider Adaptive3D, providing exits to advanced materials producer Arkema, nutrition product manufacturer Royal DSM and semiconductor manufacturing equipment producer Applied Materials, polycarbonate-based raw materials producer Covestro and drug packaging manufacturer West Pharmaceuticals. Arkema supplied an undisclosed amount of series B funding in October 2020. Royal DSM and Applied Materials had co-led a series A round of undisclosed size in 2019 through DSM Venturing and Applied Ventures respectively, investing with adhesives and sealants manufacturer Chemence and existing private backers.
FinTecSystems, a Germany-based financial services data provider backed by e-commerce group MenschDanke, has been bought out by open banking platform Tink for an undisclosed amount. FinTecSystems scored a €4.5m ($5.4m) series B round led by family office Reimann Investors, with participation from Ventech and Littlerock in November 2017. MenschDanke Capital, the corporate venturing arm of MenschDanke, had backed a seven-figure euro series A round in 2016, co-led by Littlerock and Ventech. The series A round also included Heilemann Ventures.
Alkemics, the France-based developer of a retail data-sharing product, has been acquired by commerce experience management platform Salsify for an undisclosed amount, according to Tech.eu. Alkemics will continue to offer its product and will be led by the existing team. The purchase provided an exit to SEB Alliance, the corporate venture capital unit for appliance manufacturer Groupe SEB, which backed a $23.9m series C round in June 2020 together with Highland Europe, Cathay Innovation, Index Ventures and Serena Capital. The series C round had brought Alkemics’ total funding to more than $52m and SEB Alliance was a repeat investor.
– Additional reporting by Liwen-Edison Fu
