Turkish online grocery delivery startup Getir acquired its German counterpart Gorillas for $1.2B, less than half its peak valuation of $3B from September last year. The acquisition amount is less than the total venture funding raised by Gorillas to date. Gorillas financiers Coatue Management, Tencent, Delivery Hero, and DST will be given $40M in cash along with equity in Getir. FT estimates that the investors stand to make little to no profit. More: - The merged entity is valued at $10B, per FT.
- The duo has raised over $3B in venture funding to date, with Getir nabbing $1.8B and Gorillas raking in $1.3B so far.
- Sources told FT that Getir is planning to raise new funding next year.
- Gorillas burned through the entire $1.3B it had raised, losing an estimated €1.5 on every €1 it generated, according to people familiar with the matter.
- Getir and Gorillas will likely consolidate its warehouses and dark stores, and further reduce its workforce.
Zoom out: - Quick-delivery startups have been heavily impacted due to unfavorable macroeconomic conditions and venture funding pullback this year.
- Getir slashed its own valuation by a quarter, with FT estimating the new valuation to be $8.8B.
- It was valued at $11.8B at its $768M funding round in March.
- The consolidation in the quick commerce space will likely ramp up next year as more startups start running low on cash.
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Global venture capital funding registered a 66.7% YoY drop in November, according to S&P Global. The total value of deals in the month was $20.5B, a third of the $61.6B worth of deals closed in November 2021.
More: - 1,289 funding rounds closed in the month, down 38.5% YoY and 4.3% MoM.
- The technology, media, and telecommunications sector nabbed 42% of the total funding, followed by the healthcare and industrial sectors with 18.5% and 10.7%, respectively.
- The biggest fundraisers in the month include Rubicon Carbon Services' $1B funding round, Voyah Motor Science and Technology's $702M round, and Sinoma Lithium Battery's $697.3M funding.
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In the third quarter of this year, industrial conglomerates invested $10.7B into climate tech businesses, toppling venture capital firms as the most active investors in the domain, per BloombergNEF. Investments by industrial conglomerates are aimed at acquiring or partnering with climate tech startups in the future, in addition to reaping "VC-like returns." More: - Swedish conglomerate ABB's investment arm, ABB Technology Ventures, invested $100M into 10 startups this year, more than a third of its total $250M invested across all sectors in the past 11 years.
- The firm initially invested in robotics and industrial automation but pivoted to climate tech investments in a bid to deal with the stringent emission standards implemented by the EU.
- Recent investments include energy management analytics firm Tallarna, battery maker Northvolt, and electrolyzer maker Hydrogen Optimized.
- Schneider Electric's venture arm, SE Ventures, raised a €500M fund in November to back industrial automation and climate tech startups.
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According to Pitchbook, venture capital investments into the crypto sector this year may cross 2021's totals despite a retrenchment in deal activity of late. In the first three quarters of this year, crypto firms nabbed $19.9B in funding from 616 deals. Last year, crypto startups raked in $21.2B in venture funding. More: - Crypto funding in the first half of the year was up 41% compared to last year before registering a 38.3% QoQ decline in the third quarter.
- The contagion from the FTX fallout is expected to further slow investments into the sector in the last quarter of the year.
- Struck Capital founder Adam Struck said, "This bearish sentiment will continue for all of next year, and you're going to notice that the pace of investment and the amount of capital deployed is going to get lower and lower on concerns over contagion risk."
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Indian digital payments platform PhonePe is looking to raise $1B in equity funding at a $13B valuation. The Walmart-owned firm has already lined up investors, including General Atlantic, Tiger Global Management, Qatar Investment Authority, and Microsoft, per Bloomberg. More: - Indian e-commerce organization Flipkart acquired PhonePe in December 2015.
- Walmart became PhonePe’s parent organization when the American retail organization acquired Flipkart for $16B in 2018.
- PhonePe has raised $1.8B in funding to date, mostly from parent organizations Flipkart and Walmart.
- Walmart is poised to remain a top investor in the new round.
- PhonePe is in talks with SoftBank Vision Fund as well.
- PhonePe reported $200M in revenue in March this year, up 140% from the previous year.
- According to sources, the firm is planning an IPO in the next 18 to 24 months.
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New York-based venture firm Union Square Ventures (USV) has received $200M in capital commitments toward its second fund. The firm intends to back early-stage climate tech startups. The firm closed its first climate tech-focused fund at $162M in early 2021. More: - Albert Wenger, a managing partner at USV, said, "There's a huge amount of capital rotating out of software into climate."
- The firm is known to be an early backer of Twitter, Coinbase, and Etsy.
- Notable climate tech investments in USV's portfolio include carbon capture startup Lithos Carbon, flood forecasting startup FloodMapp, new battery technology developer Anthro Energy, and battery manufacturer Shift EV.
Zoom out: - Climate tech venture funding touched $40B in 2021 and followed the same pace into this year, amassing $20B by mid-2022.
- Investors are keen to invest in the field due to new incentives and emission targets set by governments and corporations worldwide.
- Lowercarbon Capital raised a $350M fund to back carbon removal startups, Fifth Wall secured $500M for its debut climate fund, and Kleiner Perkins nabbed $500M for a green growth fund.
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- Debt capital markets analytics platform, 9fin, secured $23M in Series A+ funding led by Spark Capital.
- Sonde Health, a biotech firm founded by PureTech Health, nabbed $19.25M in Series B funding led by Partners Investment.
- Nexus Venture Partners led a $12.5M Series A round into ESG and accounting consulting firm Uniqus Consultech.
- Cacheflow doubled its valuation at its latest $10M funding round led by GV.
- Healthtech firm Juno Medical raised a new $12M funding. Julian Eison and Serena Williams led the Series A round.
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 |  | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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