Fund
Workflow management software provider ServiceNow anchored the first close of the debut fund for US-based, enterprise software-focused venture capital firm Smith Point Capital, Smith Point Capital Fund I. Hillman Company, Solamere Capital and David Tepper were among the other limited partners for the fund, which is on its way to a $400m cap.
M&A
US-based insurance product comparison marketplace Policygenius agreed to an acquisition of undisclosed size by digital insurance technology provider Zinnia, allowing insurers Aegon, Axa, Brighthouse Financial, Global Atlantic Financial, IA Financial, Lincoln Financial, Massachusetts Mutual Life and Pacific Life to exit. Policygenius had raised $276m as of its $125m series E round in March 2022.
BMC, a provider of digital enterprise software, purchased Model9 Software, a US-based developer of technology for mainframe cloud data management, for an undisclosed sum, allowing chipmaker Intel to exit. Corporate VC unit Intel Capital led a $9m series A round for Model9 in 2020.
Online services provider Yahoo bought Wagr, a US-based sports betting app provider that counts sports and entertainment group Harris Blitzer and conglomerate and sports franchise owner Kraft Group among its investors, for an undisclosed amount. Both corporates took part in a $12m series A round in January 2022 that pushed Wagr’s overall funding to $16m.
Funding
Insurance firm Axa co-led a $106.5m round for Vedanta Biosciences, a US-headquartered developer of therapeutics based on bacterial consortia, through its Axa IM Alts fund. The round was co-led by AMR Action Fund and also featured pharmaceutical firms PureTech Health and Pfizer as well as Bill & Melinda Gates Foundation, Skyviews Life Science, Reimagined Ventures, Fiscus Ventures, Peak6, Atlantic Neptune, K2 HealthVentures, Korea Investment Partners, Korea Investment & Securities Asia, Korea Investment & Securities US, Revelation Partners, Quad Investment Management, Seventure Partners and Hambro Perks.
| Company | Company description | Sectors | Countries | Round | Round size($m) | Deal date | Investors |
|---|---|---|---|---|---|---|---|
| Replit | Software development-focused generative AI technology provider | IT | US | B | 97.4 | 26/04/2023 | Bloomberg (Bloomberg Beta); Andreessen Horowitz (Andreessen Horowitz’s Growth Fund) (lead), Khosla Ventures, Coatue, SV Angel, Y Combinator, Naval Ravikant, Ark Ventures, Hamilton Helmer |
| Virta | Electric vehicle charging platform | Transport | Finland | N/A | 71.8 | 25/04/2023 | E.on (Future Energy Ventures) (co-lead), Helen (Helen Ventures), Lahti Energy, Vantaa Energy, Kotka Energy; Jolt Capital (co-lead), Vertex Growth Fund, Finnish Industry Investment, Business Finland |
| Veo Robotics | Developer of collaborative industrial robotics technology | Industrial | US | B | 29 | 25/04/2023 | Amazon (Amazon Industrial Innovation Fund), Yamaha Motor (Yamaha Motor Ventures); Safar Partners |
| Cyclic Materials | Metals recycling service | Industrial | Canada | A | 27 | 25/04/2023 | BMW (BMW i Ventures); Energy Impact Partners (lead), Fifth Wall, Bioindustrial Innovation Canada, Planetary Technologies |
| TopHat | Low-carbon modular home builder | Services | UK | N/A | 24.9 | 25/04/2023 | Aviva (Aviva Capital Partners) |
| PreAct Technologies | Collision avoidance system developer | Transport | US | B | 20 | 25/04/2023 | State Farm (State Farm Ventures); I Squared Capital (lead), Traylor Capital, NextXCorps (Luminate) |
| Ox | AI software provider for frontline operations management | Services | US | A | 12.6 | 25/04/2023 | Vuzix; BBG Ventures (co-lead), MaC Venture Capital (co-lead), Cortado Ventures, Revolution (Revolution’s Rise of the Rest Seed Fund), Florida Funders, KCRise, Tech Square Labs, Atento Capital, Agya Ventures |
| Reverion | Biogas power plant developer | Energy and Natural Resources | Germany | A | 9.3 | 25/04/2023 | Doral Group (Doral Energy-Tech Ventures), Landwärme; UVC Partners (lead), Green Generation Fund, Extantia Capital |
| TinyTap | Educational game subsidiary of Animoca Brands | Media | Israel | N/A | 8.5 | 25/04/2023 | Polygon; Sequoia (Sequoia China), Liberty City Ventures, Kingsway Capital, Shima Capital |
| Summer | Student debt navigation platform | Financial | US | A | 6 | 25/04/2023 | Bertelsmann (BDMI), Avidbank; General Catalyst, QED Investors, Flourish Ventures, Greycroft, Story Ventures, Gaingels, Calm VC, Partnership Fund for NYC, Fenway Summer |
| Credora | Lending infrastructure software provider | Financial | US | N/A | 6 | 25/04/2023 | Coinbase (Coinbase Ventures), Wanxiang (Hashkey), KuCoin (KuCoin Ventures), S&P Global, GSR, Capital Markets Trading (CMT Digital), Paradigm.co; Spartan, Amber Group, Pirata Capital, Breed VC, Wagmi Ventures. |
| Dflow | Decentralised finance protocol provider | Financial | US | N/A | 5.5 | 25/04/2023 | Coinbase (Coinbase Ventures), Circle (Circle Ventures), Cumberland, Wintermute (Wintermute Ventures); Framework Ventures (lead), ZeePrime, Spartan Group, Stephane Gosselin, Evgeny Yurtaev, Stepan Simkin, Jay Jog, Neel Somani, Maghnus Mareneck, Benedict Brady, Paul Burlage, John Lantz, Gabriel Tan, Samuel Berman |
| UniSieve | Developer of molecular separation membrane technology | Healthcare | Switzerland | Seed | 5.5 | 26/04/2023 | Ciech Group (Ciech Ventures); Wingman Venture, Zürcher Kantonalbank, Amadeus Apex Technology Fund |
| Vivid Machines | Farming sensor technology developer | Industrial | Canada | Seed | 4.3 | 20/04/2023 | Algoma Orchards, Conexus Credit Union (Conexus Venture Capital); BDC Capital Thrive Venture Fund (lead), StandUp Ventures, Tall Grass Ventures, Entrepreneur First, BoxOne Ventures, W Fund, Cornell, Freycinet Ventures, N49P, MaRS IAF |
| Rydes | Employee mobility budgeting platform | Transport | Germany | Seed | 3.8 | 24/04/2023 | Lufthansa Group, Porsche (Forward31); Assembly Ventures (lead), Rethink Ventures, Futury Capital, Jens Krüger, Arabella Venture Capital |
| Springbok | Muscle assessment technology developer | Healthcare | US | Seed | 3 | 25/04/2023 | Chicago Blackhawks; Transition Equity Partners (lead), FSHD Global Research Foundation, Titletown Tech, CAV Angels |
| DevX | Workspace and accelerator operator | Financial | India | N/A | 3 | 24/04/2023 | Navneet Publications, Ducon, Venus Infrastructure & Developers; Urmin Family Office, Bidiwala Family Office |
| Libraro | Blockchain book publishing platform | Media | UK | N/A | 2.5 | 25/04/2023 | nChain |
| Shield | Online scam prevention platform | IT | US | Pre-Seed | 2.1 | 20/04/2023 | MoonPay, Kraken (Kraken Ventures); Eterna Capital, Alchemy, Rob Behnke |
| BioMed Technology | Microbiome researcher and product developer | Healthcare | Hong Kong | Seed | 2 | 20/04/2023 | Alibaba (Alibaba Hong Kong Entrepreneurs Fund), The International Medical; Gobi Partners |
| SuperDuperSecret | Multiplayer chess game developer | Media | US | Pre-Seed | 1 | 21/04/2023 | Polygon, Solana, Overwolf; Round13 Capital, Digital Asset Fund, Merit Circle, Big Brain Holdings, LD Capital, Sebastien Borget, Gabby Dizon, Cristian Manea |
| Elevate Security | Provider of data loss and breach prevention technology | IT | US | N/A | N/A | 24/04/2023 | CrowdStrike (CrowdStrike Falcon Fund) |
| SynSense | Neuromorphic processor technology developer | IT | Switzerland | Pre-B | N/A | 18/04/2023 | Maxvision; Ausvic Capital (lead), RunWoo |
| Roibos | Hotelier and travel agency connection platform | Services | Spain | N/A | N/A | 21/04/2023 | Constellation Software (VMS Ventures) |
| Kan Biosys | Plant nutrition and pest management technology developer | Industrial | India | N/A | N/A | 24/04/2023 | De Sangosse |
| Baseus | Living experience-focused digital brand owner | Media | China | A | N/A | 20/04/2023 | Yuexiu Enterprises (Yuexiu Industrial Fund); Shenzhen Capital Group (lead), CICC Capital, Gaorong Capital |
| CorrActions | Driver monitoring technology developer | Transport | Israel | N/A | N/A | 25/04/2023 | Geely (Volvo Cars) |
| H Cycle | Low-carbon hydrogen production technology developer | Energy and Natural Resources | US | A | N/A | 25/04/2023 | Eneos (Eneos Innovation Partners); Azimuth Capital Management (Azimuth V Energy Evolution Fund) (lead) |
