Sanabil Investments, the venture arm of Saudi Arabia's sovereign wealth fund, disclosed that it had invested in over 50 global VC and PE funds, including funds raised by Andreessen Horowitz, General Atlantic, Coatue Management, and Insight Partners. Sanabil, the wholly owned subsidiary of Public Investment Fund, invests around $2B into venture, growth, and buyout firms every year. More: - More than half the funds are invested in VC funds, with another 30% in PE funds and a fifth in "liquid portfolio."
- In addition, Sanabil makes direct investments in startups, such as scooter rental platform Bird and social media platform Caffeine.
- Parent group PIF has over $620B worth of assets under management (AUM).
- Sanabil's website lists that it has backed Dragoneer Investment Group, Greenoaks Capital Partners, TCV, B Capital Group, Polychain Capital, Iconiq Capital, and others.
Zoom out: - VC firms rarely disclose their limited partners and are especially guarded about revealing their ties to capital from Saudi Arabia following the 2018 murder of Washington Post columnist Jamal Khashoggi in a Saudi consulate in Turkey.
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Brazilian venture firm Kaszek Ventures secured $975M in capital commitments towards two funds. $540M is earmarked for early-stage fund Kaszek Ventures IV, with the remaining $435M for the late-stage fund Opportunity -III. More: - The early-stage Fund IV will invest in 20 to 30 startups between seed to Series B stages, with individual check sizes ranging from $500,000 to $25M.
- Opportunity-III fund will back 10 to 15 late-stage startups, with ticket sizes ranging from $10M to $50M.
- Kaszek invests in fintech, SaaS, proptech, insuretech, health tech, edtech, e-commerce, food tech, climate tech, biotech, and blockchain startups across Latin America.
- Kaszek has backed 120 startups to date, most notably Nubank, QuintoAndar, Creditas, Bitso, Loggi, and Cora.
- To date, Kaszek has raised $15.5B in capital toward its funds.
Zoom out: - VCs deployed $15.9B and $7.8B in Latin American startups in 2021 and 2022, respectively.
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Marketing automation platform Klaviyo roped in Goldman Sachs as the lead underwriter for its upcoming public listing, tentatively scheduled for around September. Klaviyo's launch this year is not guaranteed, as many other firms have started their IPO processes only to abandon them later. More: - Klaviyo was last valued at $9.5B when it raised $320M in May 2021.
- To date, the firm has raised over $775M from investors, the last of which came through a $100M investment from Shopify in August 2022.
- Sources informed the WSJ that it posted over $575M in annual recurring revenue (ARR) last year.
- Last month, the firm laid off 140 employees to reduce costs.
Zoom out: - Klaviyo could be the first significant IPO listing of the year, paving the way for grocery delivery startup Instacart, peer-to-peer car rental service Turo, big-data company Databricks, and chip manufacturer Arm, all of which are patiently waiting for the IPO window to open up.
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Boston-based life sciences VC firm Cure Ventures closed its debut fund with $350M in capital commitments from limited partners. The firm has a three-step investment thesis consisting of making smaller seed-stage bets, embedding Cure management as C-suite executives in portfolio companies, and prioritizing genetic validation to increase clinical success. More: - Cure Ventures intends to make around 20 seed-stage bets, of which between 12 and 15 will receive Series A funding later.
- Richard Lim, David Fallace, and Lou Tartaglia establish the firm.
- The trio previously worked with Polaris and Third Rock Ventures.
Zoom out: - So far this year, VCs have invested $4.1B in biotech and pharmaceutical startups across 208 deals.
- VCs invested $39.3B and $32.1B in the sector in 2021 and 2022, respectively.
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British payments infrastructure startup TerraPay raised $100M (€91.74M) in equity and debt funding through its Series B round led by IFC. Incoming funds will be used to advance its payments infrastructure, develop additional features, bolster its payment network to 150 countries by 2024, and fuel expansion across LATAM and MENA regions. More: - Part of the funds will also be deployed to boost the marketing of its alternate payment method Request-to-Pay, a mobile wallet solution.
- Prime Ventures, Partech Africa, U.S. International Development Finance Corporation, and others participated in the funding round.
- Before the current round, TerraPay had raised $37.7M in equity and debt funding from investors.
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Texas-based VC firm Ensemble secured $100M for its debut fund. The firm uses a data-driven approach to evaluate the strength of the founding team of potential investment opportunities. Ensemble is an industry-agnostic investor. More: - The Ensemble team, according to West, developed a data algorithm that evaluates employees at a company and aids in identifying businesses with investment potential based on the strength of their workforce.
- The data-driven approach also helps them identify areas of improvement in portfolio startups.
- Ensemble undertakes due diligence before making final investment decisions.
- The firm was founded by Collin West, Conrad Shang, and Gopinath Sundaramurthy.
- Shang was formerly a limited partner at UTIMCO.
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- Global data and analytics software maker Quantexa raised $129M in Series E funding at a $1.8B valuation. GIC led the funding round with participation from Warburg Pincus, British Patient Capital, HSBC, BNY Mellon, and others.
- Bio-fabricated silk protein materials maker AMSilk raised €25M ($27.2M) through a Series C extension round led by ATHOS. The funding brings the total raised under the Series C round to €54M ($58.5M).
- The U.S. International Development Finance Corporation (DFC) contributed $25M to Novastar Ventures' new venture fund, Africa People + Planet Fund. The Pan-African VC firm expects to close the fund over $200M.
- Oversubscribed Ventures is raising a $20M debut fund to invest in consumer brands.
- British digital pharmacy startup Phlo acquired the U.K. division of healthcare infrastructure provider Truepill for an undisclosed sum.
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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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