As we draw closer to Christmas, corporate venture deals are still getting done, and we’re keeping track.
Our weekly update gives you the total run-down of all the corporate venturing activity from last week, plus our monthly deals tables give you a detailed account of every corporate-backed funding deal that has occurred so far in 2023.
Browse all the corporate-backed deals here.
Funding
Paris-based startup Mistral AI has closed its series A funding round, raising approximately $415m at a valuation of around $2bn. Co-founded by former Google’s DeepMind and Meta employees, the company focuses on generative artificial intelligence with an open and decentralised approach. Mistral AI’s recent model, Mistral 7B, was released as a free download under the Apache 2.0 license. The round had corporate participants including software companies Salesforce and Nvidia, and delivery company CMA-CGM. The company plans to monetise its foundational models through a developer platform, allowing other companies to use Mistral AI’s models via APIs.
See the rest of December’s corporate activity so far.
Bankruptcy
Near Intelligence, a privacy-focused data intelligence company, and its subsidiaries have voluntarily initiated Chapter 11 bankruptcy proceedings in the United States. The company plans to sell its assets through a court-supervised process. Near has secured up to $16m in debtor-in-possession financing from existing lenders. Blue Torch Finance LLC has submitted a binding bid to acquire Near’s assets for at least $50m, serving as a “stalking horse” bidder. The company intends to continue operations during the bankruptcy process and seeks court approval for sale procedures. Investors in Near Intelligence included technology company Cisco and telecoms company Telstra.
Funds
Dutch investment firm Rockstart has launched its second agriculture and food-focused fund, EU-Startups reported last week. AgriFood Fund II will finance early-stage startups focused on the food supply system. Rockstart’s LPs include corporates such Arla Foods, the Denmark-based dairy company, and natural gas supplier Eneco. Read the full story.
Japan-headquartered personal care and beauty company Shiseido has announced the launch of a corporate venture fund. Shiseido Long Term Investments for the Future (LIFT) Ventures will invest in early stage startups in the beauty and wellness industry.
Climactic, a seed venture firm founded by Josh Felser and ex-Lyft executive Raj Kapoor, has raised $65m for its inaugural fund, with a focus on climate tech. The firm positions itself as a bridge between general tech and climate solutions, emphasising its partners’ startup founder background. Heritage Group, along with other investors, have backed Climactic. The firm, with 13 portfolio companies, aims to contribute to climate solutions through software innovation.
Accelerator
US pre-seed investor Techstars has partnered with Mitsui Fudosan, a Japan-based real estate corporation, and the governmental organisation Japan External Trade Organisation (JETRO) to launch an accelerator. Read the full story.
M&A
This table gives a summary of the M&As that have happened last week.
| Acquired company | Portfolio company description | Sector | Sub-sectos | Country | Acquirer | Deal size ($) | Deal date | Previous corporate investors | Previous other investors |
|---|---|---|---|---|---|---|---|---|---|
| Orion Labs (formerly | Voice-based collaboration platform | IT | Enterprise software | US | Modaxo (Vontas) | Undisclosed | 11 December 2023 | Dell (Dell Technologies Capital), Motorola Solutions (Motorola Solutions Venture Capital) | WRVI Capital, Avalon Ventures, Allen and Company, Argentum Capital Partners, Mathers Associates, Argentum, Avalon Ventures, Thermo Companies, Fuel Capital, David Recordon, James Lindenbaum |
| Waybeo | Cloud telephony analytics provider | IT | Big data & analytics (IT) | India | CareStack | Undisclosed | 12 December 2023 | Airtel | |
| 3Victors | Travel data analytics provider | Services | Accommodation & travel | US | ATPCO | Undisclosed | 12 December 2023 | Airlines Reporting Corporation, JetBlue (JetBlue Ventures) | |
| Goals101 | Transaction behavioural intelligence company that accelerates | Financial | Payment technology & cryptocurre | India | M2P Fintech | 30 | 13 December 2023 | Dentsu, Alphabet (Google for Startups Accelerator) | Nexus Venture Partners |
| Nash Renewables | Design software producer for renewable energy projects | Energy | Renewable energy | Germ | TotalEnergies | Undisclosed | 13 December 2023 | TGS | HEC Paris, Innovationsstarter Fonds |
| OhmConnect | Load balancing services provider | Energy | Energy software & analytics | US | Alphabet (Sidewalk I | 100 | 14 December 2023 | Alphabet (Sidewalk Infrastructure Partners), Telus (Telus Ventures), Carrier Global (Carrier Ventures), | Aspect Ventures, City Light Capital, Radicle Impact, AME Cloud Ventures, Cthulhu Ventures, Mark Pincus, Floodgate, ClearSky, Elemental Excelerator |
| Bux | Online brokerage | Financial | Personal finance & wealth manage | Nethe | ABN Amro Bank | Undisclosed | 14 December 2023 | ABN Amro (ABN Amro Ventures), Tencent, Prosus (Prosus Ventures), Optiver | Citius, Endeit Capital, HV Capital, Velocity Capital Fintech Ventures, Seeders, Orange Growth Capital, Initial Capital, Silicon Valley Bank, 5Square, Kreos Capital |
| Mojo Sports | Sports management software provider | Media | Sports & Gambling | US | TeamSnap | Undisclosed | 14 December 2023 | United Talent Agency (UTA Ventures) | Wise Ventures, Alpha Edison, Ironfire Ventures, LionTree, RndrCo, Spencer Rascoff, Brian Lee |
