Corporate venturing deal net: 21-25 January 2019
Each Friday the Global Corporate Venturing Deal Net rounds up the week’s smaller deals and tracks the emerging companies accessing corporate funds.
Fundraising
General Electric weighs up GE Ventures divestment
GE Ventures is reportedly being considered for a spinoff as part of an ongoing, wide-ranging reorganisation of General Electric.
JG Summit makes commitment to Ascent
The conglomerate joined fellow limited partners Temasek and Asian Development Bank to back a $50m fund raised by Ascent Capital Partners.
Axa Venture Partners accepts $150m for second fund
Insurance group Axa has provided $150m for the second early-stage fund to be run by its corporate venturing subsidiary, following its $110m AVP Early Stage I fund in 2015.
Bridgestone tracks Iris Capital for partnership deal
Bridgestone will target mobility investments with the venture firm, whose corporate backers include Valeo, Orange and Publicis as limited partners.
SAP declares No Boundaries for investments
SAP will commit 40% of the investable capital in its SAP.io Fund to support startups led by women and minorities, with a goal of backing at least 200 such companies within five years.
People
Menlo Ventures hires Qualcomm’s Haghighi
Houman Haghighi has followed seven years at corporate venturing unit Qualcomm Ventures by joining Menlo Ventures as a business development partner.
Shrestha seeks out Atrium Health
Rasu Shrestha, who had been UPMC’s chief innovation officer since 2014, has taken on chief strategy officer and executive vice-president positions at peer Atrium Health.
Finn marches on to March Capital
Meredith Finn, a former senior director at Salesforce Ventures who helped launch its Impact Fund in 2017, will leverage her expertise in enterprise software at March Capital.
Parfett finds Scentre on departure from Qantas
David Parfett, who helped Qantas form a CVC unit as head of its Innovation and Ventures team, will do the same for Westfield owner Scentre.
Exits
Beleaguered Blippar finds a buyer
Candy Ventures has reportedly agreed to buy the he Qualcomm-backed AR technology developer just weeks after it fell into administration.
Urban Airship pushes through Accengage purchase
The company has acquired the Mobile First Alliance-backed push notification technology developer for an undisclosed amount.
Avedro heads to public markets
Eli Lilly-backed ophthalmic technology developer Avedro has filed for an $86.3m initial public offering having previously raised $220m in debt and equity financing.
CM Group savours Sailthru acquisition
Marketing technology firm CM Group has snapped up digital marketing software creator Sailthru, which had raised $48.5m from investors including defunct corporate unit AOL Ventures.
Alzheon withdraws second IPO attempt
Aptus-backed neurodegenerative-focused company Alzheon has withdrawn its second attempt at initial public offering, less than year after cancelling its first bid.
The RealReal to live it up in IPO
The Novel-backed second-hand luxury goods marketplace, valued at $745m in its last round, has approached investment banks about underwriting an initial public offering this year.
Lionbridge snaps up corporate-backed Gengo
Lionbridge has acquired the online translation platform, which counts Intel, SBI Group, Mistubishi, Allied Architects, Recruit and Libertad as investors, for an undisclosed sum.
Viacom purchases Pluto TV in $340m acquisition
A raft of corporates are set to exit free online television streaming platform Pluto TV after Viacom agreed to buy it for $340m.
Viacom vies for Pluto TV in $500m deal
Viacom could potentially pay between $300m and $500m to acquire the online streaming platform, whose investors include Sky, Samsung, Scripps, ProSiebenSat.1, UTA, Universal Music Group and Windsor Media.
IT
Baidu chips in as Qingwei Intelligent raises money
Baidu Ventures, Focus Media Information Technology and Xizi United Holding have all taken part in a $14.7m round for the AI chipmaker that closed in September.
The LinkedIn-backed data streaming platform has increased its total funding to $206m with a series D round that valued it at $2.5bn.
Andela recruits GV for $100m series D
The African IT recruitment platform has closed a series D round featuring existing investor GV that boosted its total funding to $180m.
Nexiot checks in series B funding
ETH Zurich-founded smart logistics spinout Nexiot has won backing from Credit Suisse and Die Mobiliar Versicherungen as it aims to secure additional international business for its products.
Zipwhip drums up $51m series D
Business texting provider Zipwhip has collected $51.5m in a Goldman Sachs-led series D round, which included existing investors Microsoft, OpenView and Voyager Capital.
HyperScience hits series B round with $30m
QBE and TD Ameritrade have taken part in a series B round that will be used to develop the company’s artificial intelligence-based data entry technology.
Boeing flies into Isotropic’s $14m series A
Boeing HorizonX Ventures has led a series A round for the satellite terminal developer, which plans to work with the corporate’s other portfolio companies in developing its technology.
Health
BridgeBio holds up $299m in funding
AIG made its second investment in genetic disease drug developer BridgeBio Pharma having also backed a $135m round less than 18 months ago.
GV joins The Pill Club for $51m round
The birth control and contraceptive delivery service has increased its funding to $67m altogether in a series B round backed by Alphabet subsidiary GV.
Immunochina imports series C funding
The Legend Capital-backed cancer technology developer has closed a $20.4 round featuring Shougang to increase its total funding to more than $27m.
Novo’s Repair Impact Fund reports investments
Novo Holdings has invested more than $22m of its $165m fund across four companies developing drugs meant to combat antimicrobial resistance.
GV-backed care management platform Aledade has closed its latest round at nearly $56.2m after raising a second extension that followed two tranches of $23m each in 2017 and 2018.
The LivaNova-backed mitral valve replacement system developer has collected $36.3m in a round that increased its funding to almost $57m altogether.
Innovaccer gets $35m funding injection
Microsoft’s M12 subsidiary led an extension that brought Innovaccer’s series B round to a $35m close, and the company’s overall funding to $51m.
Bolder Surgical performs $27m funding operation
Formerly known as JustRight, Bolder has raised fresh funding in a Providence Ventures-backed round and rebranded to expand beyond paediatric equipment.
Ciitizen records $17m series A round
Healthcare record management platform Ciitzen has received $17m in an Andreessen Horowitz-led round that included participation from Alphabet subsidiary Verily.
Consumer
Johnson & Johnson Innovation – JJDC has delved into the cosmetics market, leading a series D round for K-Beauty product supplier Memebox, which has raised $190m altogether.
Warung Pintar installs series B
Line Ventures, SMDV, Digital Garage, Triputra Group and Ovo all taken part in the retail technology developer’s series B round.
FirstCry breaks down $400m round
Brainbees Solutions, the owner of mothercare store FirstCry, has received an initial $150m from SoftBank Vision Fund as part of a previously revealed $400m funding round.
Drums Food scoops up series C funding
The yoghurt producer has completed a $25.6m co-led by Danone’s Manifesto Ventures subsidiary that increased its overall debt and equity financing to more than $46m.
Financial
Hearst helps Geophy to $33m series B
Hearst Ventures invested in Geophy as the commercial real estate appraisal platform eyes expansion in the US, Europe and Asia Pacific.
Goldman Sachs gets a taste of Nutmeg
Online investment adviser Nutmeg has secured $58.3m in a round co-led by Goldman Sachs Principal Strategic Investments and existing backer Convoy.
Zwipe authenticates $14m share offering
The Kuang-Chi Group-backed payment card technology provider has raised $14m in an oversubscribed share offering ahead of a planned public listing at the end of this month.
Wynd picks up with help from Natixis
Orange and Sodexo-backed cash management platform Wynd has secured $81.8m in funding from investors including new strategic partner Natixis.
Dosh takes up PayPal offer in $40m round
PayPal has returned to reinvest in Dosh as part of the series B equity portion of a $40m round that reportedly valued it at $300m.
Clearcover breaks out $43m series B
The conglomerate has led the automotive insurance provider’s series B round, which included corporate venturing unit American Family Ventures.
The cryptocurrency wallet developer has received a $15m investment from SBI’s digital asset venturing unit that will be used to transfer its technology into adjacent areas.
MarketInvoice itemises $72m deal
Santander and Barclays have co-led MarketInvoice’s $33.6m series B round, which the fintech developer raised in addition to a $38.8m in debt financing.
Principal Life gets in Limelight for series C
Axa, Mutual Life, Aflac, Transamerica, Wanxiang and Wells Fargo took part in a $33.5m Principal Life-led round that will fund new features to the employee benefits platform.
ScaleFactor to grow with $30m series B
The Citi Ventures-backed bookkeeping software provider has increased its total funding to almost $43m in a Bessemer Venture Partners-led round.
Industrial
Desktop Metal forges $160m series E
Koch Disruptive Technologies led a $160m round for the 3D metal printer provider that also featured GV, Panasonic and Techtronic Industries.
Desktop Metal directs itself towards $150m
An undisclosed industrial company is reportedly set to lead a series E round for the 3D metal printer producer, which is backed by Ford, GV, Stratasys, Saudi Aramco, GE, Techtronic and Lowe’s.
Transport
Google, Tencent and JD.com are among the existing backers that have contributed to the first tranche of a round expected to close at $2bn that valued Go-Jek at $9.5bn.
Corporates drive $104m series A for AutoAI
Robert Bosch has joined MediaTek, Tencent, Didi Chuxing, Advantech and Nio Capital to invest in Navinfo’s smart in-car system developer.
Services
GLP makes Next investment in $97m series C
The JF Shea-backed trucking services platform has increased its total funding to more than $125m with a series C round that included Global Logistic Properties.
SoftBank serves up $100m for Globality
The service provider marketplace operator has increased its total funding to $172m with an investment from SoftBank Vision Fund that valued it at almost $1bn.
AccorHotels reserves a place in $17m OnePark round
The parking space provider has raised $17m in a round led by AccorHotels that included existing backer Keolis and fellow corporate Groupe ADP.
Pro.com fixes up $33m series B
The home renovation software developer has raised $33m in a round co-led by Redfin, Goldman Sachs and WestRiver, taking its total funding to more than $50m.