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| Hey Insiders, Today's newsletter covers: - Dip in share prices of several SoftBank-backed IPOs
- Verdane's €1.1B fund
- SHS Capital's new fund crosses fundraising target
We have also rounded up the top late-stage funding rounds of this week. If you find this newsletter useful, please share it with your friends and colleagues. Thank you. Karan
p/karan-chafekar | |
| 1 | | Several SoftBank-backed technology startups that went public have seen steep plunges in their share prices after their debut. Share values of SenseTime Group, DiDi Global, and Exscientia are down by 61%, 75%, and 74% compared to their respective debut prices. Investors are closely watching SoftBank-backed Arm's upcoming public debut, which is shaping up to be the biggest IPO of the year. More: - Arm predicts its revenue will increase by 11% in the current fiscal year and by mid-20% in fiscal 2025.
- SoftBank is expected to sell 9% shares of Arm in the upcoming IPO transaction.
- The company's share prices at the higher end would give the firm a valuation of $54.5B, giving SoftBank a 70% return since taking the British chip design firm private in 2016.
- Per IPOX Schuster's co-founder and CEO, Josef Schuster, the upcoming IPO transaction is "manufactured" to have a strong opening.
Q: Do you think SoftBank's recent track record of poor investment returns has dented investors' confidence in them? Join the conversation here. |     | |
| 2 | | VCs deployed $4B in late-stage and beyond global startups this week between Sept. 9 and 15, per Crunchbase data. Battery startups raked in 54% of the funding this week. Analytics, biotech, and fintech startups nabbed 14%, 8%, and 6% of the financing, respectively. 
Here are the top five largest rounds announced this week: - French low-carbon battery manufacturer Verkor secured €2B ($2.1B) in Series C funding to launch its gigafactory. The funding includes a €500M ($534M) loan from EIB and €650M ($694M) in subsidies given by the French government.
- Data analytics and AI software developer Databricks secured over $500M in Series I funding at a valuation of $43B. T. Rowe Price, Morgan Stanley, Fidelity, and Franklin Templeton participated in the round.
- Clinical-stage biotherapeutics firm Generate Biomedicines raised $273M in Series C funding from Amgen, NVentures, MAPS Capital, and Pictet Alternative Advisors.
- Perfios, an Indian fintech startup offering credit underwriting solutions to banks, bagged $229M in fresh funding at an over $900M valuation. Kedaara Capital led the Series D funding round.
- Adtech data and software solutions firm VideoAmp raised $150M in Series G funding led by Vista Credit Partners.
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| 3 | | Norwegian PE and VC firm Verdane closed its Capital XI fund at €1.1B ($1.17B). The fund's size is double that of its predecessor, which closed at €610M ($650M). The firm intends to take minority or majority stakes in digitization startups, writing checks ranging from €20M ($21.3M) to €150M ($159.8M). More: - The firm received backing from institutional investors from 21 countries.
- All the investors in the previous fund backed the new fund.
- The firm has made 300+ investments to date, including in Dublin's UrbanVolt, EasyPark Group, and Sweden's Assently.
- Verdane emerged from the Norwegian VC firm Four Seasons Venture in 2003.
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| 4 | | SHS Capital secured €270M ($287M) in capital commitments for its SHS VI fund, exceeding the initial target of €200M ($213M). The fund intends to support European healthcare startups that have already begun generating revenue and are eager to expand their operations. More: - The fund has backed four startups, including life sciences robotics firm Essert and CAM Bioceramics.
- SHS aims to make 10 to 15 investments from the new fund, with individual investment amounts ranging from €10M ($10.6M) to €40M ($42.6M).
- Furthermore, the company is open to securing up to €150M ($160M) from limited partners and other investors to provide promising startups with the necessary resources for growth.
- SHS Capital's managing director, Manfred Ulmer-Weber, said, "The healthcare sector is an indispensable sector and therefore offers numerous exciting opportunities for investments. With us, investors have the chance to participate in the development of this growth market."
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| 5 | | Nagraj Kashyap, Priya Saiprasad, and Samir Kumar are launching a new VC firm called Touring Capital. Touring Capital will invest in early-stage AI-powered SaaS startups. The firm is in the process of raising its first fund with a target corpus of $300M. Per Fortune, the firm already had $53M in assets by the end of August. More: - Touring Capital's investment will center on the Series B and Series C stages.
- The firm is partnering with Oakley Capital, a British investment firm with $10B in assets under management.
- Oakley's partner Steven Tredget said it partnered with Touring to capitalize on the AI boom, which it had no expertise in.
- In return, Touring will be able to leverage Oakley's existing infrastructure, relationships in Europe, and assistance in raising the new fund.
- The founding partners previously led Microsoft's independent VC fund, M12.
- The firm intends to invest globally, particularly across the U.S., Europe, India, Israel, and Australia.
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| 6 | | Today's Funding: AI - Codeless AI infrastructure startup Pixis secured $85M in Series C1 funding led by Touring Capital. Grupo Carso, General Atlantic, Celesta Capital, and Chiratae Ventures participated in the funding round.
- AI-powered personal assistant Duckbill bagged $33M in seed and Series A funding. Forerunner Ventures led the funding round with participation from Greycroft Ventures, Inspired Capital, General Catalyst, g9 Ventures, Bain & Company, Offline Ventures, and others.
Energy - Solar PV module maker Heliene raised $170M in fresh funding, consisting of $150M in debt provided by Orion Infrastructure Capital and $20M in equity funding from OIC, 2Shores Capital, Valta Energy, and Bullrock Renewables.
Fintech - British digital payments and personalized rewards platform Hyperjar raised $24M in Series A funding from Susquehanna Private Equity Investments and the Healthcare of Ontario Pension Plan.
Transportation - QED Investors and Bicycle Capital co-led a $50M Series C funding round into Brazilian motorcycle rental startup Mottu.
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- British neobank fintech Revolut has reportedly withdrawn its application for a U.S. banking license submitted to the FDIC in January 2021. The firm currently provides services in the U.S. through its partner, Metropolitan Commercial Bank.
- Andreessen Horowitz and SoftBank-backed logistics startup Flexport raked in $700M in revenue in the first half of this year, down 70% YoY.
- Indonesian VC firms ARISE and Centauri launched their successor called Ascent Venture Group, which aims to raise a new fund worth $200M.
- Indian early-stage VC firm Kae Capital closed its Winners Fund II at $50M.
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INSIDE VENTURE CAPITAL LEADERBOARD (7 DAYS) |
 | Analyst | | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot. | | This newsletter was edited by Aaron Crutchfield | |
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