As the final week of September drew to a close, the corporate-backed deals showed no signs of slowing. You can now browse the full list of September deals, and the rest of the year so far.
Read on for the full summary of last weeks corporate venturing action.
Funding
The generative AI boom continued this week, as Anthropic received $1.25bn in equity funding from ecommerce group Amazon this week. Read the full story.
Chinese electric vehicle startup Rox Motor Tech has successfully completed a $1bn fundraising round, with funding from aluminum producer Weiqiao Pioneering Group. Rox plans to use the funds to develop all-aluminum body vehicles and establish a new gigacasting die-cast process. Weiqiao has previously invested in electric truck maker Deepway and acquired a production facility in Qingdao, where Rox’s first model will be manufactured.
In energy and natural resources, Saudi Arabia’s Aramco acquired a strategic minority stake in liquefied natural gas company MidOcean Energy for $500m, with an option to increase the size of the shareholding.
M&A
Seattle-based startup Unearth Technologies, which develops mapping software for the construction industry, has been acquired by construction software company Procore Technologies. Unearth’s software, OnePlace, uses geographic information system technology to consolidate construction project data into comprehensive maps. Notable investors in Unearth Technologies included software developers Bentley Systems.
South Korean firm LG H&H acquired a 75% stake in Vivawave, owner of the premium makeup brand Hince. Founded in 2019, Hince gained popularity among young consumers in South Korea and Japan. LG H&H aims to bolster its makeup portfolio, enhance its presence in the Japanese market, and target young consumers with this acquisition. Previous investors in Vivawave included video game company Smilegate, and health and beauty company CJ Olive Young.
Contentsquare, a leader in digital experience analytics, is acquiring Heap, a product analytics platform, in its largest acquisition to date. This strategic move aims to create a comprehensive analytics platform, challenging traditional analytics tools. With previous investors in Heap including Salesforce and Deutsche Telekom, the acquisition is expected to be completed in Q4 2023.
TotalEnergies has completed its acquisition of Ombrea, a leader in agrivoltaics in France. Ombrea has developed innovative solutions for combining agricultural production with green electricity generation. By integrating Ombrea’s expertise, TotalEnergies aims to accelerate its agrivoltaics development, offering solutions that protect against weather events, improve yields, and address climate change. Notable investors in Ombrea include logistics company CMA CGM.
Funds
Tokyo-based VC firm Nextblue has launched its second fund, aiming to raise around $33.6m for projects improving women’s wellbeing in Japan through diversity, equity, inclusion, and belonging initiatives. Electric power firm Jera, PR firm Sunny Side Up Group, and other undisclosed individual investors are among the fund’s backers.
Luge Capital, a fintech-focused venture capital fund, has raised an initial $71m for its second fund aimed at investing in early-stage startups in Canada and the US. The firm aims for a total fund size of $100m and has garnered support from investors including financial services company Sun Life. Luge is expanding its focus to include fintech startups at the intersection of financial services and other industries.
IPO
Tuhu Car, China’s leading car service platform, has successfully gone public on the Hong Kong Stock Exchange with an issue price of HK$28 per share and a market capitalisation of approximately HK$22.75 billion. Sales financing company Legend Holdings and multinational conglomerate Tencent, among others, were investors in Tuhu Car. The company boasts over 100 million registered online users and aims to expand its product and service offerings following the IPO.
