Corporate venturing deal net: 8-12 April 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
Tyson meets Big Idea on way to $100m
Big Idea Ventures will invest in alternative protein and plant-based food developers, and has secured about a third of its $100m Tyson Foods-backed fund.
Pearson Ventures appears with $50m
Pearson has launched a $50m fund called Pearson Ventures to invest in innovative educational technology, as a successor to its Affordable Learning Fund.
RMG enlarges FutuRx fund to $64m
RMGP Biopharma Investment Fund has added $34m to reach a final close for a vehicle that will back startups developed by the Johnson & Johnson and Takeda-backed FutuRx incubator.
Taikang takes reins with healthcare fund
The insurance provider has teamed with the city of Wuhan to form a healthcare fund sized at approximately $3bn, with LPs including WeDoctor and Jointown Pharmaceutical.
Mitsubishi UFJ mints $180m fund
Mitsubishi UFJ Financial Group’s MUFG Innovation Partners unit will target Japanese and Southeast Asian fintech startups, and its first portfolio company is Moneytree.
Fatima helps fertilise $20m Pakistan-focused fund
Fatima Ventures, Fatima Group’s corporate venturing unit, has joined VC firm Gobi Partners for a $20m fund intended to boost Pakistan’s startup scene.
South Africa sets up $95m investment fund
South Africa’s government has launched a corporate-backed vehicle focused on small and medium-sized businesses in a bid to tackle unemployment and fuel the economy.
Chipotle wraps up Aluminaries Project bootcamp
The fast food chain has completed a five-day bootcamp which forms part of Chipotle Aluminaries Project, its food and agriculture-focused accelerator.
Informa reveals corporate venturing plans
The content publisher and events planner has launched Informa Ventures to invest in startups focused on information services.
People
Ruggeri rocks up to Kamay Ventures
Gabriela Ruggeri, a managing partner of Overboost who was selected as one of GCV’s 2016 Rising Stars, joined Arcor and Coca-Cola Argentina’s joint corporate venturing endeavour, Kamay Ventures, in March.
SoftBank builds Latin American investment team
SoftBank has tapped three executives to help run its $5bn Latin America-focused fund, with Paulo Passoni and Shu Nyatta to work alongside managing partner André Maciel.
Levine leaps to Samsung Catalyst
Scott Levine, a GCV Rising Star in 2018, has departed WarnerMedia Investments in order to set up an office in New York City for Samsung Catalyst Fund.
Exits
Vista Global swoops for JetSmarter
The aviation company is set to buy the JetEdge-backed private-flight booking platform, which was valued at more than $1.6bn in 2016, in an all-share transaction.
The corporate-backed ride hailing service intends to seek a valuation of up to $100bn in its initial public offering and plans to officially file tomorrow.
The cosmetic surgery booking and reviews platform, which counts Tencent among its investors, has filed to go public in the US.
Trevi Therapeutics tries for public markets
Lundbeckfonden Ventures-backed Trevi has filed for an $86.2m IPO to fund clinical trials for pruritus-focused drug treatments.
The Reliance Industries subsidiary has paid about $34m to buy out the conversational AI company’s investors, including BCC, and will invest the rest in the business.
Corporate investors get off Hellobike
WM Motor, Fosun and Bertelsmann Asia Investments have reportedly exited app-based bicycle rental platform Hellobike as it gears up to raise money.
WeWork has paid an undisclosed sum to acquire the office service provider, which is backed by GV, DivCo West and Oxford Properties.
The Shea Ventures-backed social fashion marketplace has hired underwriters for an initial public offering that would follow almost $150m in funding.
FT to fit in DealStreetAsia acquisition
Hindustan Times and Singapore Press Holdings could both exit the business media platform in a purchase by Financial Times expected to close this month.
IT
HPE, Cisco Investments, Ericsson and Robert Bosch all contributed to a series D round that increased the data streaming technology provider’s overall funding to $70m.
The innovation challenge platform, which counts Bouygues Telecom as an investor, has received $14.5m in a round that featured the Sipa-Ouest‑France-backed Sofiouest.
Tibit connects with Intel for $20m round
Intel Capital led a series B round that took Tibit’s total funding to almost $34m and which will fund the commercial deployment of its pluggable ethernet device.
Proceeds from the series round, which was co-led by Intel Capital and National Grid Partners, will fund the development of Pixeom’s edge computing software platform.
Singtel helps pour $70m into Bitglass
The cloud security technology provider increased its overall funding to $150m in a Quadrille Capital-led round that included existing investor Singtel Innov8.
The Tyco-backed securities analytics provider has received approximately $60m in funding from Symphony Technology Group, representing a majority investment.
Health
Banks enliven EdiGene’s series B round
FujiFilm-backed genetic disorder drug developer EdiGene has secured $14.3m from investors including SBI Investment, SMBC Capital and Mizuho Capital.
Novo and Sanofi Ventures returned to reinvest in Inozyme Pharma as it looks to advance its lead mineralisation disorder drug towards the clinic.
Varian Medical Systems co-led the series B round, which will fund the development of ABK Biomedical’s embolic therapies.
HistoSonics sounds out corporates to raise $54m
Varian Medical Systems led the robotic-assisted ultrasound device developer’s series C round, which also included Johnson & Johnson Innovation – JJDC.
Kakao stakes Standigm in series B round
Existing backer Kakao Ventures reinvested in the AI-based drug discovery technology developer as part of an $11.5m round led by Mirae Asset Capital.
Corporates star in Chordia’s $27m series B
SMBC, Shinsei Bank, Mitsubishi UFJ and Kyoto Chuo Shinkin all backed cancer therapy developer Chordia Therapeutics’ latest round, which follows a Takeda-backed series A.
Consumer
Awok stocks $30m in series A round
Al Faisaliah Ventures has invested in e-commerce marketplace Awok as part of a round that will support its growth in the Middle East and North Africa.
The e-commerce loyalty platform has now raised approximately $85m in total, after Rakuten Capital co-led a round that will fund technology development.
Green Tank inhales series A funding
The cannabis-focused vaping product maker has increased its overall funding to approximately $14.7m with a $10.4m round backed by Newstrike Brands.
The Max Group and TVS-backed beauty product retail platform has reportedly increased its valuation to $724m in an investment by TPG Growth.
The smart gym equipment producer doubled its total funding to $90m following a round that included the CAA-backed Evolution Media.
MakeSpace to make room for $30m
Self-storage service MakeSpace is targeting $30m for its latest round having already secured funding from new strategic partner Iron Mountain.
Financial
Monzo to put $130m on its books
The deal will double the Orange and Stripe-backed digital bank’s valuation to $2.6bn, making it the second most valuable fintech developer in the UK.
Progressive helps provide $50m for Upstart
The Alphabet and Rakuten-backed lending platform increased its total funding to more than $160m in a round featuring Progressive Investment Company.
Branch International breaches series C with $170m
The emerging markets finance provider secured $170m in a round that was co-led by Visa, which is also collaborating with it on a virtual credit card scheme.
Vestwell gets $30m in series B funding
Goldman Sachs led the pension platform developer’s latest round, which included Allianz Life Ventures, Nationwide and BNY Mellon.
Industrial
QD Laser has raised $33m in funding from more than 20 investors, including Tokyo Century, Axa, NTT Docomo, MTG, Dai-ichi Life Insurance and Nikon-SBI Innovation Fund.
Transport
Kunlun takes $50m ride on Pony AI
Kunlun Tech invested the money at a $1.65bn valuation, a big jump from the series A round the autonomous driving technology developer closed last July.
AutoX motors on with series A3 round
Dongfeng Motor has led a nine-figure series A3 round for AutoX, adding to at least $43m in capital previously raised from investors including MediaTek and SAIC Motor.
Grab grasps for $6.5bn in latest round
The Southeast Asian ride hailing service aims to add $2bn to a $4.5bn round that includes SoftBank Vision Fund, Toyota, Hyundai, Ping An and Microsoft.
Services
Traveloka has followed a $500m Expedia and JD.com-backed round two years ago by reportedly adding $420m from GIC and unnamed existing investors.
Fliit fits in series A funding
AP Moller – Maersk took part in an $11.2m round that will accelerate the international expansion of the food logistics marketplace.
BlackBuck builds up D round to $112m
BlackBuck has collected another $36m for a series D round that now stands at $112m, valuing the Flipkart-backed freight services marketplace at more than $900m.
Klook looks up SoftBank for $225m
The travel activities booking platform raised the cash in a series D-plus round led by SoftBank Vision Fund, eight months after a $200m series D.
Digital Garage goes to GrubMarket in $25m round
Fosun, Arancia and the Kraft Heinz-backed Evolv Ventures all took part in the agricultural produce supplier’s latest round, which was co-led by Digital Garage.
Xingpai increases Ucommune commitment
Beijing Xingpai Group has returned a second time to invest $29.8m in Ucommune through a real estate affiliate, two months after reports the co-working space provider was preparing an IPO.