2018 was the year supergiant VC deals became a nearly everyday occurrence. Equity funding rounds of $100 million or more dominated the global VC market, accounting for a vanishingly small percent of total deal volume, but accounting for 56 percent of the total dollar volume.
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Here’s the thing about these supergiant VC deals though. The New York Times headline from August 2018 said it simply: $100 million was once big money for a startup. Now, it’s common. In our Q4 and end-of-year analysis of the global VC market, Crunchbase News found that there were over 500 rounds in the “supergiant” size class throughout 2018, worldwide. Although we covered many of them last year, there were just too many to discuss individually.
“Supergiant” stars aren’t the absolute biggest, brightest things in the universe, though they loom larger than just about everything else. Supergiant VC rounds bent the curve of the venture market. But, there’s another size up. Hypergiant stars are many times the size of supergiant stars, and, so, it follows that hypergiant VC rounds would follow a similar pattern.
In a prior exploration of beyond-supergiant VC, Crunchbase News defined “hypergiant rounds” as any VC round of $250 million or more (at least 2.5x larger than the “supergiant” threshold). These are the deals that shine a bright and sometimes harsh light over a given market. And, at this point, there are sufficiently few of them that we can track a whole year’s worth of hypergiant deals.
So, below, you can find an ever-expanding list of hypergiant rounds from 2019, filed in reverse-chronological order based on announcement date. We’ll update this post on a weekly basis. If you’d like to check in on a more real-time basis, take a look at the query we’re using to surface these rounds.
Last updated on March 20, 2019.
Opendoor is based in San Francisco. Opendoor acquires residential real estate and sells them directly to home-buyers, aiming to streamline the purchase process to just a few days.
- The company raised $300 million in the latest tranche of its Series E round, formally announced on March 20. General Atlantic led the deal, in which a number of other institutional investors—including the SoftBank Vision Fund, Norwest Venture Partners, and New Enterprise Associates, among others—participated in the round. The deal values Opendoor at $3.8 billion, post-money.
- The company was founded in 2014 by Eric Wu, Ian Wong, Justin Ross, and Keith Rabois.
- Prior to the hypergiant round mentioned above, the company had raised over $1 billion in prior venture funding. In the various parts of its Series E round alone, Opendoor has raised $1.025 billion. The company announced a $325 million first tranche in June 2018, and a $400 million tranche from the SoftBank Vision Fund in September 2018.
In February, 2019, when reports of this deal first surfaced in regulatory filings by Opendoor, Mary Ann Azevedo covered the story for Crunchbase News.
Offerpad is a Phoenix, AZ-based residential real estate company in the business of acquiring houses and selling them directly to consumers, rather than simply brokering a transaction between buyers and sellers.
- The company raised $565 million in a Series C round formally announced on March 14th. The lead investor was not disclosed. According to coverage of the deal in FinSMEs, the company will use the new funding to “purchase houses, enhance the real estate experience for consumers, and introduce new tools” for its real estate agents.
- The company was founded in 2015 by co-CEOs Brian Bair and Jerry Coleman.
- Prior to the hypergiant round mentioned above, the company had raised at least $410 million in combined equity and debt financing, according to Crunchbase data. According to FinSMEs, Citi extended a warehouse line of credit to Offerpad in Q3 2018.
WM Motor (also known as 威马汽车技术有限公司) is an electric vehicle company based in Shanghai, China.
- The company raised CN¥3 billion (approximately $447.3 million USD at the time of transaction) in a C round formally announced on March 8. Chinese search giant Baidu led the deal. Linear Venture and Tailing Industrial Fund also participated. Baidu Capital, an expansion/growth-stage investment arm of Baidu, co-led WM Motor’s Series B round, alongside Tencent Holdings.
- The company was founded in 2015 by Freeman Shen and Napoleon Du.
- According to Crunchbase data, WM Motor had raised at least $1.15 billion prior to the round mentioned above. This includes a CN¥1 billion Series B round (linked above) and a $1 billion (USD) Series A round. Reports indicate WM Motor may have raised capital in December 2017, but funding amounts were not disclosed and Crunchbase News was not able to confirm whether that transaction actually occurred.
Delhivery is a supply chain services company based in Gurgaon, India.
- Delhivery raised $395 million in a Series F round that values the company at approximately $1.6 billion, post-money. SoftBank led the deal. Note that SoftBank sometimes invests its own capital directly, and then moves its stake to the SoftBank Vision Fund (its $100 billion pooled investment vehicle) at a later date. Global private equity firm Carlyle Group and Shanghai-based Fosun Group participated in the transaction.
- The company was founded in 2011 by Bhavesh Manglani, Kapil Bharati, Mohit Tandon, Sahil Barua, and Suraj Saharan, according to its Crunchbase profile.
- Prior to the hypergiant round mentioned above, the company had raised $257.6 million in combined USD and Rupee-denominated funding prior to the Series F deal detailed above. The company’s last round—a two–tranched Series E—was announced throughout the first half of 2017.
Grab is a Singapore-based ride-hailing platform offering booking services for taxis, private cars, and motorbikes through a mobile application.
- As part of its seemingly endless Series H round, Grab raised $1.46 billion from the SoftBank Vision Fund in a deal announced on March 6th. Grab is valued at approximately $14 billion, post-money. In total, Grab has raised approximately $4.5 billion across multiple tranches of its Series H fundraise, which began in June 2018. This is the second hypergiant (>$250M) Series H tranche Grab announced this year, following $350 million from Tokyo Century announced in January.
- The company was founded in June 2012 by Anthony Tan and Tan Hooi Ling.
- Prior to the hypergiant round mentioned above, the company had raised roughly $4.3 billion before embarking on its Series H fundraise.
Chehaoduo (also known as Guazi.com and 瓜子二手车直卖网) is a consumer-to-consumer used car marketplace company based in Beijing, China.
- Chehaoduo raised $1.5 billion in a Series D round, announced on February 28, which valued the company at $9 billion, post-money. The SoftBank Vision Fund was the sole reported investor in the transaction.
- The company was founded in 2015.
- Prior to the hypergiant round mentioned above, the company had raised approximately $1.87 billion in prior venture funding. Chehaoduo’s last round, Series C, topped out at $980 million, which was closed in two tranches. The last Series C tranche was announced in October 2018, valuing Chehaoduo at approximately $6.5 billion, post-money, five months prior to its Series D round.
- Crunchbase News covered the deal as it was announced.
Danke Apartment is a technology-enabled apartment management company based in Beijing, China.
- The company raised $500 million in a Series C deal which was announced on February 28. Danke Apartment is valued at $2 billion, post-money, following the transaction. Tiger Global Management and Ant Financial co-led the deal, which saw participation by Joy Capital, Primavera Capital Group, Gaorong Capital, and CMC Capital Group.
- The company was founded in January 2015.
- Prior to the hypergiant round mentioned above, the company had raised $184.7 million in combined prior CNY and USD-denominated venture funding.
Horizon Robotics (also known as 地平线 and Dipingxian) is an AI semiconductor manufacturer operating in the robotics industry. The company is headquartered in Beijing, China.
- The company raised $600 million in a Series B round announced on February 27. RAM-maker SK Hynix and petrochemical industry technology provider SK China—branches of globally-scoped Korea-based conglomerate SK Group—co-led the deal. V Fund Management, Oceanwide Holdings, Oceanpine Capital, Morningside Venture Capital, Linear Venture, Hillhouse Capital Group, CMBC Capital Holdings, and CITIC Securities One-Belt One-Road (CSOBOR) participated in the transaction, which valued Horizon Robotics at $3 billion, post-money.
- Horizon Robotics was founded in 2015.
- Prior to the hypergiant round mentioned above, the company had raised at least $100 million in its Series A round, which was led by Intel Capital back in October 2017. An earlier Series A tranche, announced in June 2016, doesn’t have a dollar value attached to it in Crunchbase’s dataset at time of writing, meaning Horizon has likely raised more than the $700 million in total funding listed on its profile.
- Alex Wilhelm and Mary Ann Azevedo covered the round for Crunchbase News when it was announced.
Based in San Francisco, DoorDash is an on-demand restaurant delivery service.
- The company raised $400 million in a Series F round formally announced on February 21. Singapore government-backed firm Temasek Holdings and growth equity firm Dragoneer Investment Group co-led the deal. The SoftBank Vision Fund, Sequoia Capital, GIC (another Singaporean sovereign wealth investor), DST Global (Russian entrepreneur Yuri Milner’s Hong Kong-domiciled investment group), and Coatue Management participated in the deal, which valued DoorDash at $7 billion, post-money.
- The company was founded in 2013 by Andy Fang, Evan Moore, Stanley Tang, and Tony Xu.
- Before the hypergiant round mentioned above, the company had raised approximately $971 million in prior venture funding. Since its March 1, 2018 Series D (barely more than one year before the above-mentioned Series F round) DoorDash has raised just under $1.2 billion in equity funding.
- Savannah Dowling covered the Series F round for Crunchbase News when it was announced.
Flexport is a San Francisco-based, full-service, software-driven global freight forwarder and logistics platform company.
- On February 21, the company announced it raised $1 billion in a venture round which values Flexport at $3.2 billion, post-money. The SoftBank Vision Fund led the massive deal. Susa Ventures, S.F. Express, Cherubic Ventures, Peter Thiel’s Founders Fund, and Yuri Milner’s DST Global participated in the private securities offering.
- The company was founded in 2013 by Ryan Petersen.
- Prior to the hypergiant round mentioned above, the company had raised $304 million in prior venture funding.
- Mary Ann Azevedo and Jason D. Rowley covered the transaction for Crunchbase News when it was announced.
Lalamove (货拉拉) is a Hong Kong-based delivery and logistics service marketplace company
- The company raised $300 million in a Series D round co-led by Sequoia Capital China and Hillhouse Capital Group. Shunwei Capital, PV Seed Fund, MindWorks Ventures, and Eastern Bell Venture Capital participated in the deal, which was announced on February 21.
- The company was founded in 2013 by Chow “Shing”-Yuk, Gary Hui, and Santit Jirawongkraisorn. It was originally called EasyVan.
Before the hypergiant round mentioned above, the company had raised $161.5 million in prior venture funding.
Shiheng is an online catering management service provider based in Beijing, China.
- The company raised $300 million in a Series B round announced on February 18. SoftBank (not the Vision Fund) and TPG co-led the deal. CEO Fang ShiHun told DealStreetAsia that “ShiHeng is now valued at more than 1 billion yuan ($150 million), and is the leader of the takeaway/catering industry,” adding that “Our current GMV (gross merchandise value) is over 400 million yuan ($59 million).”
- The company was founded in 2017.
- DealStreetAsia reports that Shiheng has “raised three funding rounds in the last 12 months.” The report says that over the course of 2018, Shiheng raised over ¥200 million (approximately $30 million USD) between its Series A and “Series B-1” round. (The round above is being reported as a “Series B-2” deal.) Sequoia Capital China, Gaorong Capital, and Vision Plus Capital invested in those prior rounds.
Nuro is a Mountain View, CA-based designer and manufacturer of autonomous delivery robotics.
- The company raised $940 million in a Series B round that valued the company at $1.8 billion, pre-money. The SoftBank Vision Fund was the sole named investor in the deal, which was announced on February 11th.
- The company was founded in 2016.
- Prior to the hypergiant round mentioned above, the company had raised $92 million in a Series A round co-led by Gaorong Capital and Greylock Partners.
- Crunchbase News’s Mary Ann Azevedo and Holden Page covered the transaction as it was announced.
Reddit is a social media and community platform company headquartered in San Francisco, CA.
- In a Series D round, Reddit raised $300 million in a deal formally announced on February 11th. The transaction transaction was led by Chinese tech and media conglomerate Tencent Holdings. Sequoia Capital, Fidelity Investments, and Andreessen Horowitz participated in the deal, which valued the company at $3 billion, post-money.
- The company was founded in 2005 by Alexis Ohanian and Steve Huffman. Reddit was acquired by Condé Nast in 2006, but it was spun out as an independent company once again in September 2011.
- Prior to the hypergiant round mentioned above, the company had raised at least $250 million in prior venture funding. Y Combinator backed Reddit’s seed round and led its $50 million Series B round in 2014. Reddit raised $200 million in a Series C round announced in August 2017.
Based in Manchester, U.K., OakNorth is a commercial bank focused on serving the capital needs of small and medium-sized businesses.
- On February 8th, OakNorth announced it raised $440 million in a venture funding round led by the SoftBank Vision Fund. Singapore-based Clermont Group participated in the deal, which values the financial services company at over $2.8 billion, post-money. The round is earmarked for funding expansion into North America and other international markets.
- The company was founded in 2013 by Joel Perlman and Rishi Khosla.
- Prior to the deal mentioned above, OakNorth had raised $100 million (USD) and £367.5 million (GBP) across its seed, Series A, and multi-tranched Series B rounds.
Aurora is a Palo Alto-based self-driving vehicle company.
- Aurora raised $530 million in a Series B round, which was announced on February 7th. Sequoia Capital led the deal, in which T. Rowe Price, and Amazon participated in the deal. Aurora is valued at $2.53 billion, post-money.
- The company was founded in 2016 by Chris Urmson, J. Andrew Bagnell, Sterling Anderson.
- Prior to the hypergiant round mentioned above, the company had raised $90 million in a Series A round, which was co-led by Greylock Partners and Index Ventures.
- Crunchbase News’s Mary Ann Azevedo covered the transaction when it was announced.
Lime is an on-demand point-to-point transportation company that offers electric scooters and bicycles for metered rental enabled through its mobile application. The Silicon Valley company is situated in San Mateo, California.
- Lime raised $310 million in a Series D round announced on February 6, 2018. The company announced it is now valued at $2.4 billion, post-money. Andreessen Horowitz, Bain Capital Ventures, Fidelity Investments, GV, and IVP co-led the round. Existing investors including Alphabet (parent organization to GV) and Singapore’s GIC fund, among others, participated. Additional, new investors joined in in what looks like quite the party round.
- The company was founded in June 2017.
- Crunchbase does not have information about Lime’s Series A round, or how much was raised in its seed round, at time of writing. Lime raised $120 million across two separate tranches in its Series B round. The company subsequently raised $335 million in its Series C round, announced in July 2018.
- Crunchbase News has covered Lime and other scooter companies in the past.
Databricks offers big data and analytics software as a service, built on top of Apache Spark. The company is based in San Francisco, California.
- The company raised $250 million in a Series E round formally announced on February 5th. Andreessen Horowitz, a longtime investor in the company, led the deal, which valued the company at $2.75 billion, post-money. Prior investors New Enterprise Associates, Battery Ventures, and Green Bay Ventures participated, as did new investors Coatue Management and Microsoft.
- The company was founded in 2013, though its founding team had worked together on Apache Spark since 2009.
- Prior to the hypergiant round mentioned above, the company had raised just over $247 million in prior venture funding.
- Crunchbase News covered the transaction.
Clover Health is a Medicare benefits company based in San Francisco, California.
- The company raised $500 million in a Series E round that was announced on January 29th. Greenoaks Capital led the deal.
- The company was founded in 2013 by Kris Gale and Vivek Garipalli.
- Prior to the hypergiant round mentioned above, the company had raised at least $425 million in prior venture funding.
Based in Shenzhen, China, Jusda (准时达) is a B2B supply chain management (SCM) company.
- The company raised CN¥2.4 billion ($356 million USD) in a Series A round announced on January 29th. A triumvirate of state-backed investors—IDG Capital, CICC, and China Life Insurance—co-led the deal; TI Capital, Oriza Holdings, and China Railway Supply Chain Group participated in the offering.
- The company was founded in 2010.
- This is the first publicly disclosed funding round that Crunchbase or Crunchbase News was able to find for the company. It’s unclear how the company has financed its operations and growth to date.
BridgeBio is a clinical-stage biopharmaceutical company focused on treating genetic diseases. It is based in Palo Alto, California.
- The company raised $299.2 million in a round formally announced on January 23. Late-stage private equity investors Viking Global Investors and KKR & Co co-led the deal. A number of BridgeBio’s prior investors, including Sequoia Capital, Cormorant Capital, Aisling Capital, AIG Investments, Perspective Advisors, and Hercules Capital, among others.
- The company was founded in 2015 by Dr. Neil Kumar.
- At time of writing, Crunchbase does not have a complete history of BridgeBio’s prior rounds in its dataset. Apart from the $299.2 million round mentioned above, Crunchbase data shows that BridgeBio raised $135 million in a Series C round, which was also co-led by KKR and Viking. (Note: Crunchbase News may update this paragraph as more data is added to Crunchbase.)
Zhangmen is a K-12 personalized online tutoring company based in Shanghai, China.
- The company raised $350 million in a Series E round announced on January 23rd. The deal was co-led by China Media Capital and CICC Alpha.
- The company was founded in 2015.
- Crunchbase does not have a complete funding history for Zhangmen at time of writing. The first round listed on Zhangmen’s Crunchbase profile is a CN¥200 million Series C deal, led by Huaxing Growth Capital and announced in December 2016. Zhangmen’s $120 million Series D round was co-led by Warburg Pincus and Genesis Capital. The Series D deal was announced in January 2018.
DaDa is a Shanghai-based online education service for English language learners.
- The company raised $255 million in Series D funding led by global private equity and growth-stage investment firm Warburg Pincus. Yonghua Capital and TAL Education Group participated in the deal, which was announced on January 16th.
- The company was founded in April 2013, according to Crunchbase data.
- Prior to its Series D round, DaDa raised over $600 million in prior funding. That includes a $500 million Series B round raised from undisclosed investors back in April 2016.
Hailing from Palo Alto, Rubrik is a provider of enterprise-focused data backup, management, and recovery services.
- Rubrik raised $261 million in a Series E round announced on January 15. Bain Capital Ventures led the deal, which reportedly valued the company at $3.26 billion, post-money. Lightspeed Venture Partners, Greylock Partners, Institutional Venture Partners, and Khosla Ventures—a veritable who’s who of old school Silicon Valley VC—participated in the round.
- The company was founded in 2014.
- Before its hypergiant Series E round, Rubrik had raised $292 million in prior venture funding, according to Crunchbase data.
Launched by the founding team members of real estate listing site Trulia, Knock is a “home trade-in” platform for existing homeowners. The company is based in Atlanta, Georgia.
- Almost exactly two years after closing a $32.5 million Series A round, Knock announced it had raised $400 million, led by Foundry Group, in a Series B round disclosed on January 15th. An undisclosed portion of that total was debt financing. Prior investors RRE Ventures, FJ Labs, WTI, and Corazon Capital participated in the round; Company Ventures joined the Series B as a new investor.
- The company was founded in 2015.
- Besides the Series B round announced in January 2019 and the Series A from January 2017, Knock’s only other known funding was a $2 million seed round announced in May 2016. Knock also received an unspecified amount of non-equity assistance from NY-based Grand Central Tech.
- Crunchbase News covered the news of Knock’s Series B round as it was publicly announced.
Shanghai-based Yimidada develops logistics management systems.
- Yimidada raised a CN¥1.8 billion ($266.2 million) Series D round led by private equity firm Boyu Capital. HOPU Investment Management Company and Source Code Capital participated in the deal, which was announced on January 14th.
- The company was founded in March 2015.
- Prior to raising its Series D round, Yimidada had raised $137.4 million in known venture funding, which includes a $79 million Series C announced in April 2018.
German fintech company N26 is a provider of mobile banking and international money transfer infrastructure and services.
- N26 raised $300 million in a Series D round led by Insight Venture Partners. Greyhound Capital and Singapore’s government-backed fund GIC participated in the deal. It was announced on January 9th and valued the company at $2.7 billion, post-money.
- The company was founded in February 2013.
- Prior to its Series D round, N26 had raised nearly $213 million in prior venture capital funding.
- Crunchbase News covered N26’s Series D round, as well as the $160 million the firm raised back in a Series C round from March 2018.
The We Company
Née “WeWork,” the recently re-christened The We Company is a New York City-based commercial real estate company that offers temporary, shared, and private workspace options to clientele ranging from individuals to corporations.
- The company raised $1 billion in a Series H round formally announced on January 9th. SoftBank (not the Vision Fund) invested $2 billion total in the transaction: $1 billion from the de novo equity financing, and an additional $1 billion in equity acquired through a secondary stock sale from prior shareholders. These were the final parts of a transaction that ultimately netted The We Company $6 billion.
- The company was founded in 2010.
- Prior to the $6 billion deal (which included debt and warrant issuance was announced in several parts between August 2018 and January 2019), The We Company had raised nearly $6.8 billion in prior equity and debt funding.
- Crunchbase News covered the deal when it was announced.
Grab, a ride-hailing platform offering transportation in shared and private car rides, as well as motorbikes, is based in Singapore.
- The company raised $350 million in the latest tranche of an extended Series H round, formally announced on January 7th. Tokyo Century led the deal.
- Grab was founded in June of 2012. Prior to the company’s multi-part Series H round (the first part of which closed in June 2018) Grab had raised at least $4.135 billion in VC, PE, and debt financing.
- Crunchbase News covered Grab’s never-ending Series H round back in December 2018. Between the first tranche from June 2018 and the last (for now?) $350 million raised in January, Grab has raised at least $3 billion in its Series H round.
Illustration: Li-Anne Dias