Funding
Media and communications group Cox Enterprises has provided an undisclosed amount of series D funding for US-headquartered digital media company Axios at a $430m valuation, the latter reported reported yesterday. Axios had raised $10m from media group NBC Universal, Lerer Hippeau, Greycroft Partners, Emerson Collective and various angel investors as of its January 2017 launch, adding $20m from Greycroft, Lerer Hippeau, WndrCo, E.ventures and Greg Penner 10 months later.
US-based enzyme therapeutics developer Nitrome Biosciences rebranded to Nitrase Therapeutics yesterday having added $7m from pharmaceutical firm Bristol Myers Squibb to a series A round now sized at $45m. The first $38m was provided by AbbVie Ventures, the strategic investment arm of pharmaceutical company AbbVie, as well as life sciences real estate investment trust Alexandria Real Estate Equities’ Alexandria Venture Investments unit, Sofinnova Partners, Dementia Discovery Fund and Mission Bay Capital in April 2020.
Mineral supplier Compass Minerals invested $40m in Fortress, a US-headquartered developer of carbon-neutral fire retardants, yesterday. Compass had previously supplied $5m in series A funding for the company, it said this week, and the latest deal boosted its stake to 45%. Fortress’s retardants are made using minerals derived from a Compass solar evaporation site in the state of Utah.
Laika, a US-based provider of enterprise compliance software, completed a $35m series B round yesterday featuring digital payment processor PayPal’s corporate venturing unit, PayPal Ventures. The round was led by investment bank JP Morgan’s Growth Equity Partners subsidiary and included Bain Capital Ventures, Canapi Ventures, Dash Fund, Nyca Partners and Third Prime. The company had received $10m in series A funding in September 2020 from Canapi Ventures and existing investors Bain Capital, Nyca Partners and Third Prime as well as unnamed individuals.
Antiva Biosciences, a US-based developer of treatments for human papilloma virus, secured $31m yesterday in a series D round backed by internet and technology group Alphabet and pharmaceutical firms EMS and Dong-A, the first two through GV and Brace Pharma Capital respectively. The round was led by Adjuvant Capital and also featured Alexandria Venture Investments, HBM Healthcare Investments, Avestria Ventures, Gaingels, Mana Ventures, Canaan Partners, Sofinnova Ventures, Lumira Ventures, Sirona Capital and Osage University Partners. The company had raised a total of $57m as of its $15m series C1 round in 2018.
US-based clinical genomics data producer PierianDx raised $30m from investors including healthcare provider Inova Health System yesterday. OrbiMed led the round, which included research institute RTI, Health Catalyst Capital, ATW Partners and SJF Ventures, all four of which had joined Inova in the company’s $27m series B round in late 2019. That round pushed PierianDx’s total funding to over $39m, and the latest round gives it the option to access a further $17.5m in capital from the latest investors should it choose.
Pharmaceutical firm Novartis provided $24m for UK-based protein degradation drug developer Dunad Therapeuics yesterday in the form of equity funding and an upfront payment linked to a strategic collaboration and licensing agreement. Dunad had launched in May this year with $7m in funding from venture capital firm Epidarex Capital.
Blockchain entertainment app developer Animoca Brands led an $18m series A round for Upland, the US-headquartered developer of a mobile game which lets users trade digital assets based on real-world landmarks, CoinDesk reported yesterday. The round valued Upland at $300m and included blockchain software provider Block.one, C3 Management, OneTeam Partners, Alumni Ventures’ Blockchain Fund and Global Founders Capital. It came after Upland (then known as Uplandme) raised a reported $2m from FinLab EOS VC Fund and unnamed angel investors in June 2019.
US-based online management training provider Hone received $16m in series A funding yesterday from investors including enterprise communications app developer Slack’s corporate VC vehicle, Slack Fund. Investment and financial services group Fidelity’s F-Prime Capital subsidiary led the round, which also featured Cowboy Ventures, NextGen Venture Partners, Gaingels, SemperVirens and Swift Ventures. The company had closed a $6.35m seed round featuring Slack Fund, Firework Ventures, NextGen Venture Partners, Cowboy Ventures, Harrison Metal, Rethink Education, Day One Ventures, Reach Capital, Entangled Ventures and various individuals in April 2020.
US-based microgrid and energy storage technology developer Yotta Energy secured $13m yesterday in a funding round led by forestry and energy group Copec’s Wind Ventures unit. It was joined by EDP Ventures and Doral Energy-Tech Ventures, on behalf of energy utility EDP and renewable energy plant developer Doral, in addition to Riverstone Ventures and Swan Impact Network. Yotta said it has now raised $20m altogether, $5m having come from EDP Ventures, Fiftysix Investments, Skyview Ventures and unnamed others in a November 2020 seed round.
US-based neurodegenerative disease drug developer Valted Seq closed a $10.5m seed round yesterday led by pharmaceutical firm Dongkoo Bio&Pharma. The round also featured OV Principal Investments and undisclosed independent investors, and it came after $7m in pre-seed funding from biotech company and founding investor D&D Pharmatech, Valted Seq said this week.
US-headquartered game management platform developer Beamable said yesterday it has increased its 2021 funding round to over $10m, adding cash from Gutbrain Ventures to a round co-led by Companyon Ventures and GrandBanks Capital that also featured existing investors including Defy and Oyster Funds. The company – then known as Disruptor Beam – received $8.5m in a 2017 series B round co-led by GrandBanks Capital and Romulus Capital that took its overall financing to $15.4m, and its earlier backers include internet and technology conglomerate Alphabet’s GV subsidiary.
Insurance software provider Guidewire invested an undisclosed amount in Shift Technology, a France-based developer of decision automation software for insurers, yesterday as part of its series D round. That round stood at $220m as of May this year, the cash supplied by private equity firm Advent International’s Advent Tech subsidiary, Avenir, Accel, Bessemer Venture Partners, General Catalyst and Iris Capital at a $1bn valuation, hiking its overall funding to $320m.
New View Surgical, a US-based developer of minimally invasive surgical technology, completed a $9m series B round yesterday that included medical device maker Corza Medical. The round was led by New York Angels and also featured IAG Capital Partners, Charleston Angels Partners, Ariel Savannah Angel Partners, Keiretsu Forum, Mid Atlantic Bio Angels and SSIP. New View had received $1m from unnamed investors in 2017, $2.5m in series A funding from investors including New York Angels, Mid-Atlantic Bio-Angels, Keiretsu Forum and Ariel Southeast Angel Partners in June 2019 and $2.1m from undisclosed investors in April this year.
Messenger RNA drug and vaccine developer Moderna provided an undisclosed amount of funding for US-based genetic medicine developer Metagenomi yesterday through a collaboration agreement. Metagenomi had previously closed a series A round featuring Leaps by Bayer, a subsidiary of chemical and pharmaceutical group Bayer, as well as RA Capital Management, Humboldt Fund, Sozo Ventures, Agent Capital, InCube Ventures and HOF Capital, at $75m in April this year.
Media group Bennett Coleman & Co’s Brand Capital subsidiary has led a $5.3m seed round for India-based cloud kitchen operator TTSF Cloud One, Inc42 reported yesterday. The funding will support the expansion of the company’s brand through strategic acquisitions and its growth in tier-one and two cities.
US-based nodeless container software developer Elotl secured $5m in seed capital yesterday from investors including HearstLab, a vehicle for media group Hearst. The round was led by VC firm Vertex Ventures US and also backed by Essence Venture Capital, Telescopic Ventures, XYZ Venture Capital and angel investors Dan Scheinman and Edith Harbaugh.
Pronto Housing, a US-based developer of compliance software for affordable housing, completed a $2.5m seed round yesterday featuring property developer Essence Development and affordable housing developer Lemor Development Group. VC firm Wilshire Lane Partners led the round, which was also backed by Nine Four Ventures, principals of Housing Trust Group and angel investor Sara Shank.
M&A
Freelance services marketplace Fiverr paid $95m to purchase Stoke Talent, a US-based provider of freelance labour management technology, yesterday, enabling human resources firm Edenred to exit. TLV Partners joined individuals including Bogomil Balkansky and Zach Weinberg to invest $4.5m in Stoke in September 2019, and it added $15.5m in series A funding from investors including Battery Ventures, TLV Partners and Dynamic Loop Capital in June this year. It is identified as a portfolio company on the website of Edenred’s corporate venturing unit, Edenred Capital Partners.
Prosthetics and orthopaedic equipment producer Ottobock acquired SuitX, a US-based exoskeleton technology developer backed by electronics manufacturer Wistron, for an undisclosed amount yesterday. SuitX had secured an undisclosed amount of series B funding from Wistron in 2018 and has not revealed details of any earlier or subsequent funding.
Additional reporting by Liwen-Edison Fu.
