Morning Report:Welcome back from the weekend. This morning we’re going to take a quick look at some of the biggest rounds from the last few days.
The following three companies have raised $100 million or more since roughly Friday, making them the latest firms in the world to pick up a new nine-figures. The scale of their fresh capital makes these companies interesting, so let’s explore each briefly.
- GoGoVan: According to Crunchbase, GoGoVan is an “app-based platform providing delivery service for different countries in Asia.” Inclusive of its new $250 million in capital, the delivery startup has raised a little over $276 million. Notably, GoGoVan hadn’t raised since 2015. That’s a long time to go between venture rounds. (In this case, it’s a bullish sign for GoGoVan. It implies healthy growth in between the two events.)
- Greensill Capital: Crunchbase has this $250 million round tagged as private equity (fair enough), but it makes our list this morning as it’s interesting. Per its own website, Greensill provides what it calls “supply chain finance” (providing working capital to companies who ship goods they won’t be paid for until after a certain interval) and is worth $1.64 billion after the new round.
- ASR Microelectronics: Notably this is ASR’s second known round, and its second $100 million round. The Shanghai-based hardware company makes routers and smartphone components. Alibaba put money into the firm’s Series A. News spent some time reading through the company’s Chinese-language website and found it a bit light on details.
Amidst the late-stage boom that we find ourselves in, today’s pace of mega-rounds has become boring. Another $100 million round just doesn’t register at a time when Softbank can put billions to work with a single check. However, this is not normal and could end at any moment. For now, however, the good times continue.
From The Crunchbase Daily:
- Late state deals dominated the global venture capital market in Q2 of 2018, accounting for nearly two-thirds of total investment. Overall, investors put an estimated $57 billion to work in later stage rounds in the just-ended quarter, according to Crunchbase data, more than double year-ago levels.
- Tintri, a heavily funded flash storage company that limped across the finish and became a public company last year, has filed for bankruptcy and will sell most of what’s left of itself to DataDirect Networks.
- Greensill Capital, a UK-based online lending platform for supply chain finance, has raised $250 million in a new round backed by General Atlantic. The financing values the seven-year-old company at $1.64 billion.
- That’s not the only large U.K. fintech startup funding today. PPRO, a London-based startup focused on cross-border payment tools for merchants, has raised $50 million in a new round led by PayPal.