Venture Capital
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.
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Matrix Partners India, a venture capital firm focused on investments in India, has announced the closure of its latest fund, securing over $550 million in commitments. This new fund from Matrix Partners is their largest dedicated to India so far.
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Chinese Investors Pump In $120 Million Into Nigerian Fintech OPay
Chinese Investors Pump In $120 Million Into Nigerian Fintech OPay. Nigerian fintech OPay is an arm of Opera, which is based in Norway and majority-owned by Chinese. Opera founded OPay in 2018, leveraging its success as a browser of choice on the African continent. OPay’s Series B round of $120 million was subscribed by investors that included Meituan-Dianping, GaoRong, Source Code Capital, Softbank Asia, BAI, Redpoint, IDG Capital, Sequoia China, and GSR Ventures.
OPay previously raised $50 million in June.
WeWork Layoffs to Total 4,000 to 6,000 Over Five Years
WeWork layoffs are coming, and the number could range between 4,000 and 6,000 employees. The WeWork layoffs are set to start this week. According to International Business Times, the company will make an announcement on Tuesday. The New York Times says that the firm will lay off about one-third of its workforce by June 2020.
Lazard to Launch Venture and Growth Banking Unit in London
The firm hires two key executives to lead European initiatives Lazard has hired two Numis executives to launch a new group in Europe. The team will focus on European private companies looking for venture capital and growth equity. The firm hired Garri Jones and Nick James to head a new division called Lazard Venture and…
Guild Education Hits $1 Billion Valuation
Guild Education is the latest company to join the exclusive unicorn club this year. The firm announced it has closed its Series D round, pulling in $157 million in the process.
Northgate Capital Announces New $120 Million VC Fund
Northgate Capital announced it has closed Northgate Venture Partners VIII (NVP VIII) fund at $120 million. NVP VIII invests primarily in marquee venture capital firms and a select number of emerging managers. Brent Jones and Tommy Vardell founded Northgate Capital in 2000. The firm and its global affiliates jointly manage $4.9 billion in assets.
HCM Capital to Launch Second, Larger Venture Fund
HCM Capital is reportedly exploring a new fund to invest in early tech startups. HCM Capital receives funding and support from Foxconn Technology Group. A report in Reuters notes that the group is looking to invest in Silicon Valley and other tech hubs around the globe.
US VC Funding and Fintech Deals Dip In Q3
US venture capital and fintech funding both declined in Q3 of 2019 compared to the previous quarter.
According to a CB Insights MoneyTree report US VC capital funding declined 15% while Fintech funding declined by 27%.
Saudi Arabian Venture Shop Aims for a Second $500 Million Fund
A Saudi Arabian venture capital firm is looking to raise money for a second $500 million fund. STV, which backed Careem Networks, is exploring options for its second fund.
Is a WeWork Bailout on Tap?
A WeWork bailout could be coming from JPMorgan or Softbank. Two weeks after the office-sharing giant pulled its IPO, its cash position has deteriorated. CNBC reports that the two banks are examining a plan to offer debt and equity to WeWork.
Baker McKenzie: Prepare for a Downturn in M&A
The Chicago-based law firm issues its key projections for 2020 Baker McKenzie released its latest report, Global Transactions Forecast 2020: Powering Through the Downturn. The report addresses topics around M&A trends, IPO growth, and global GDP in 2020. This report examines M&A markets around the world and lays out the firm’s projections for 2020. Baker…
PitchBook-NVCA Venture Monitor: VC Investing Declined in Third Quarter
PitchBook-NVCA Venture Monitor released its examination of venture capital flows for the third quarter of 2019. The report says that American VC shops invested $28.2 billion in 2,265 transactions during the quarter. This figure suggested a continued decline in deal flow among venture capitalists.
Peter Thiel’s VC Firm is Suing “Winnie Cooper’s” Sister
Crystal McKellar played Becky Slater on The Wonder Years. Her older sister is Danica McKellar, who played Winnie Cooper. And today, she faces a breach of contract lawsuit from Peter Thiel’s Mithril Capital Management. Put on your seatbelt…
Sports Gambling Meets Venture Capital
The Sports Gambling Investment Fund has announced the formation of its first fund. The group aims to discover, fund, and mentor startups entering the casino and gaming business.
Preqin and Vertex VC Report Shows $1 Trillion Market on Tap
A new Preqin and Vertex VC Report indicates robust growth ahead for the venture capital markets. Preqin and Vertex launched the joint research report called the Global Venture Capital Perspectives report on Wednesday.
Burning Through Cash, WeWork Turns to Goldman
Is WeWork running out of money? According to Bloomberg, WeWork (or We Co.) burning through the green stuff at a torrid pace.
Salad Chain sweetgreen Raises $150 Million
Salad restaurant chain sweetgreen, which has a cult-like following, raised $150 million at a valuation of $1.6 billion.
The funding round was co-led by Lone Pine Capital and D1 Capital Partners. Existing investors also participated.
WeWork CEO Adam Neumann Steps Down; Company May Cut 5,000 Jobs
WeWork’s founder and chief executive officer has stepped down as CEO but will continue as non-executive chairman.
WeWork’s Adam Neumann said he had decided it was in the best interest of the company to step down as chief executive.
Neumann said the business was strong but that he was distracted by the intense media scrutiny directed at him.
WeWork CEO Neumann facing boardroom coup?
WeWork CEO Adam Neumann may be forced out if some members of his company’s board have their way, reports Bloomberg.
According to unnamed sources, SoftBank Group head honcho Masayoshi Son was pushing for Neumann’s exit.
Stripe Valued at $35 billion in Latest Funding Round
Payments start-up Stripe raised $250 million in additional funding at a new pre-money valuation of $35 billion.
Investors in the latest funding round of payments start-up Stripe included General Catalyst, Sequoia, and Andreessen Horowitz, among others. The latest valuation makes it one of the most highly valued start-ups in the world.
DevOps giant GitLab raises $268 million in a Series E round
DevOps giant GitLab raises $268 million in a Series E round. The software-cum-ops company said it was valued at $2.75 billion in the funding round
GitLab’s $268 million funding was led by Goldman Sachs and IconiQ Capital. It attracted investments from both existing and nine new investors, including Y Combinator Continuity Fund.
Ori Living gets $20 million funding led by Alphabet’s Sidewalk Labs
Ori’s robotic furniture and interiors can be moved around to optimize a small living space
In the picture above, a bed that concealed in the ceiling is lowering itself down to the floor. At night, the living room space easily converts to a bedroom.
Optimization of living space in smaller dwellings will be crucial in increasingly overcrowded cities. According to UN estimates, by 2050, two-thirds of the world population of 10 billion people will live in cities.
Ori, a Boston-based start-up, makes furniture that is compact, portable, and concealable within a small living area. Its space optimization solutions are useful to homeowners, builders, and interior decorators.
Softbank Having Second Thoughts About the WeWork IPO
SoftBank, a significant investor in WeWork, wants the shared workspace company to postpone its IPO
What a comedown. WeWork was last valued at $47 billion earlier this year when SoftBank invested $2 billion. But investors are unlikely to give the company a valuation of more than $15 billion to $20 billion, sources said.
Alternative Investment Fund Launches and Updates – September 3, 2019
Investment fund launches for September 3, 2019. First up, venture capital firm Golden Gate Ventures has filed to launch a $200 million fund in partnership with South Korea’s Hanwha Asset Management. The Singapore-based VC fund also said it will focus on Series B startups in the Southeast Asian region. Next, Hosen Capital is seeking $750…
Indian B2B online marketplace Udaan raises $373.5 million in Series D
Altimeter Capital, GGV Capital, and Hillhouse Capital, besides existing investors DST Global and Lightspeed Venture Partners, participated in the funding.
The funding round places Udaan’s valuation at $2.3 billion.
Udaan holds the record for being the fastest Indian startup to make it to the prized ‘unicorn’ status. It achieved that mark in September 2018 when it raised $225 million.