It’s been 50 years since Venrock established itself to expose investors to venture capital opportunities. Today, the global venture capital industry tracks just south of $200 billion and continues to grow as new entrepreneurs, engineers, financiers, and thought leaders create the economy of tomorrow. The DailyAlts VC channel tracks the trends, opportunities, key thought leaders, and next-generation industries that will generate billions in returns.
Funds and accounts advised by T. Rowe Price Associates, Inc. led an investment round worth $2.5 billion in electric vehicle maker Rivian. Participants in this investment round include Soros Fund Management LLC, Coatue, Fidelity Management and Research Company, and Baron Capital Group. Existing shareholders Amazon (NASDAQ: AMZN) and funds managed by BlackRock (NYSE: BLK) also participated.
Get Daily Updates
Subscribe to DailyAlts Today to get Alternative Investment news, insight, and commentary delivered straight to your inbox every day.
More Stories on Venture Capital
The founders at Collab Capital want to change the diminutive amounts that flow to black entrepreneurs as venture capital – with a $50M fund.
Collab Capital calls it the “growing US racial wealth gap.” Founded by Jewel Solomon Burks, Justin Dawkins, and Barry Givens, the firm wants to address the problem by helping black founders build sustainable, technology-enabled businesses. It guides early-stage start-ups to higher revenue and profitability instead of building up valuations.
Israeli company Nanox wants to bring inexpensive and quick medical imaging services to the vast majority of the world’s population that currently has no access to these facilities. “Early detection via medical imaging may potentially save millions of lives annually for cancer patients alone,” says the company on its website. South Korean telecom major SK Telecom (NYSE: SKM) has invested $20 million in Nanox.
Yellow Messenger addresses a new trend – the shift of user engagement for enterprises to new age channels such as WhatsApp, Google Assistant and Alexa. Founders Raghu Ravinutala and Jaya Kishore Reddy Gollareddy were far-sighted enough in 2014 to see the potential of conversational AI as a conduit between enterprises and mobile customers.
Challenger bank Varo, raised a further $ 241 million in a series D funding round co-led by existing investor The Rise Fund, and new investor Gallatin Point Capital. Other investors included movie producer Jeff Skoll, HarbourVest Partners, Progressive Insurance and U2 lead singer Bono.
Venture Capital: Fintech and Healthtech Startups To Get a Leg Up From London Stock Exchange and Global Accelerated Ventures
ELITE, the London Stock Exchange Group’s (LON: LSE) international business support platform, and Global Accelerated Ventures have launched a post-Covid-19 fundraising program. It will help fintech and healthtech firms with additional capital needs that may arise after the end of the pandemic.
COVID-19 could do for healthcare what the 2008 GFC did for fintechs.
An article in Forbes by Stephanie MacConnell looks at areas in healthcare that are likely to be most attractive to startups for innovation.
Global early-stage venture capital firm Antler is dropping anchor in India. The VC firm will flag off its Indian operations from Bengaluru in the second half of 2020.
According to data from Chicago Inno, tech, and start-up companies in Chicago raised approximately $ 68 million of venture capital during the month of May. At the top of the heap were Higi, which nabbed $ 30 million, followed by Tock, which gained $ 10 million.
Venture Capital: Optimus Ride Driverless Cars in the U.S., and Cute Starship Robots in the U.K. Combat COVID
Driverless vehicles and delivery robots are serving a crucial need for consumables during lockdowns and shelter-in-place restrictions. More importantly, because they are autonomous there’s no risk of a driver spreading infection. However, the machines do need disinfection.
Emmanuel Bamfo and Erix Xu are founders of Globe, a startup that puts users looking for a day break in the city in touch with owners of empty homes. The USP of Globe is that users can book a break by the hour. However, San Francisco city authorities have taken a dim view of Globe’s activities.
Apeel Sciences scores $250M funding to combat food waste. The company has pioneered a high technology solution to reduce food waste. It created an edible spray-on coating made from plant materials that can be applied to perishable food such as avocados, lemons, and limes to double or triple their life.
Daphne Koller raises $143M for Insitro, her AI-Bio startup. Insitro combines cutting-edge biopharma with machine learning.
As this is being written, the Dow is up nearly 600 points and the S&P 500 is above the psychological 3,000 mark. The markets are up as investors cheer the reopening of the economy and look forward to a vaccine that could mark an end to the suffering from the virus. Favorable and positive sentiments in the capital markets augur well for new capital issues, of which there are quite a few in the pipeline. These had been put on a forced hold amidst the market plunge and lockdowns from the coronavirus outbreak.
Swiss banking giant UBS Group AG (NYSE: UBS) is planning to invest hundreds of millions of dollars in upstart fintechs through a proposed corporate venture capital fund. According to a Bloomberg report, the bank is seeking to jump-start its digitization by investing in high tech startups that are threatening banking incumbents.
The Covid-19 has boosted the fortunes of online grocery delivery start-up Missfresh. Locked-in families have stepped up their demand for groceries and fresh foods to be delivered at home amidst shelter-in-place restrictions. The online grocery sector, somewhat of an also-ran in the burgeoning e-commerce space, has now come into its own. According to a Bloomberg report, fundraising of $500 million by Missfresh is imminent.
Brex, the fintech which sells credit cards to startups, eCommerce companies, and life sciences companies, raised $150 million from Lone Pine Capital and a group of existing investors led by DST.
British fintech startup Fly No Pay Later’s innovative and quite literally “grab your bags and go” product allows travelers to pay for their trip over up to 12 months. Once travel restrictions ease, travelers eyeing mouth-watering flight and hotel offers, therefore, have no excuse. Unsurprisingly, Fly Now Pay Later found investors out there who were willing to bet $43 million on its product for the virus-battered, given-up-for-dead travel industry.
Swiggy, an Indian startup that delivers food, groceries and operates a courier-like service, has just issued pink slips to 1,100 employees. In a blog to employees, Swiggy cited a “severely impacted” core food delivery business and disclosed intentions to jettison non-core and volatile businesses in the ensuing 18 months. Meanwhile, the food-delivery app Zomato laid-off 13% of its employees, or 520 positions, according to a media report. It cited the large number of restaurants that have shut down, with more to come.
Contentsquare has raised $190 million in a Series D round led by BlackRock (NYSE: BLK). The startup previously raised $60 million in a Series C in January 2019. Cumulatively, it has raised $310 million since its formation in 2012.
Michele Romanow, the co-founder and president of venture capitalist firm Clearbanc, says VCs are in “triage mode.”
Triage: “Decide the order of treatment of patients of casualties.” That’s a comment on the grim funding conditions that start-ups face in the current environment. Venture capitalists are “thinking about triage mode, and how to save certain companies within their portfolio,” said Romanow. She was speaking in an interview with “On the Move.”
After 13 years, Jack Ma, the founder of Alibaba Group Holding (NYSE: BABA) will be relinquishing his position on the SoftBank board at his own request. Ma retired from Alibaba last year.
A holdover from last week. But technology-focused private equity firm Vista Equity Partners has invested in Reliance Jio Platforms, India’s low-cost telecommunication company.
Vista is investing $1.5 billion for a 2.32% stake in Reliance Jio Platforms. Fellow tech-centric private equity firm Silver Lake and Facebook (FB) have also made significant investments in the company recently.
2019 was a banner year for the Indian VC industry, says the IVCA-Bain India Venture Capital Report. Investors deployed a record-breaking $10 billion, up 55% from 2018, with deal volume surging 30%. The average deal size rose by 20% in 2019. Further, average deal ticket sizes surged across all stages of investment.
Anyfin is a fintech that refinances consumers’ loans and is regulated by the Swedish Financial Supervisory Authority. It refinances consumer credit loans up to 200 000 kr, such as unsecured debt, payments, credit cards, installments or other credits. However, mortgages are not included. The firm raised $30 million in a Series B funding round led by EQT Ventures.