Walmart Inc WMT.N is in talks with Tata Group for an investment of up to $25 billion in the Indian conglomerate's planned "super app", Mint reported
September 29, 2020
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U.S. & Canada
Walmart in Talks for up to $25 Billion Investment in Tata's 'Super App': Mint
Walmart Inc is in talks with Tata Group for an investment of up to $25 billion in the Indian conglomerate's planned "super app", the Mint newspaper reported on Tuesday. Walmart has hired Goldman Sachs as the banker for the proposed deal that could be run as a joint venture managed by Tata and include offerings from Walmart’s Flipkart
Read more on Reuters.com
Image: Michael Vi / Shutterstock.com
IPO Market is Headed For Busiest Third Quarter Since Dot.com Years
The U.S. initial public offering market is expected to see 11 deals and two direct listings this week, adding fuel to what will be the biggest third quarter since the dot.com era. The IPO market is ending the busiest third quarter for deals since 2000, with 81 IPOs expected to raise $28.5 billion.
Read more on Marketwatch.com Image: MaxyM / Shutterstock.com
$300 Million IPO Will Target Travel Company Acquisitions and Investments
Tesla Inc Chief Executive Officer Elon Musk plans to list SpaceX’s space internet venture, Starlink, several years in the future when revenue growth is smooth and predictable. SpaceX is racing to build out its Starlink satellite constellation to offer broadband internet commercially by the end of 2020.
Read more on Reuters.com
Image: AleksandrMorrisovich / Shutterstock.com
Cannabis Vape Companies Experiencing Sales Boom
The global pandemic is driving interest towards cannabis, and device makers are recording record sales. From startups to major players, several leading manufacturers told TechCrunch that their companies are seeing a boom in sales since the start of the crisis.
Read more on Techcrunch.com Image: Shannon L.Price / Shutterstock.com
Mayfield's Navin Chaddha: It's For Venture Investors to Become 'Conscious Capitalists'
As a firm with a 50-year history of investing that is almost as long as the venture capital industry itself, our response to the state of our world today is to operate as conscious capitalists...going beyond statements of support on diversity, equity and inclusion, to allocating substantial funds ... to create equity.
Read more on Crunchbase.com Image: elenabsl / Shutterstock.com
Devon Acquires WPX, as Permian Investors Push for M&A
Devon Energy Corp. agreed to acquire WPX Energy Inc. in a $2.56 billion all-stock deal, creating one of the largest independent U.S. shale producers and answering investor calls for consolidation at a time of crisis for the sector. U.S. shale investors are frustrated after years of poor returns and missed targets. Many have called for the sector to consolidate in order to slash costs.
Financial technology, has also improved many lives. Thanks to fintech, we’ve got more convenience than ever before. Although modern technology has been used for economic purposes for years, the sector is growing rapidly. While nobody can infallibly predict the future, we’re confident that the following trends will soon become widespread movements in fintech.
Read more on finsmes.com
Image: Rawpixe.com / Shutterstock.com
U.S. Funding & Capital Raising Round Up
The following capital raises were reported yesterday and this morning:
Noyo, an API platform for improving the speed and accuracy of health insurance data exchange, today announced that it has closed $12.5M in Series A funding from Costanoa Ventures and Spark Capital. VCnewsdaily.com
ShipBob, an ecommerce enablement technology company that provides fulfillment by bringing fast shipping options to ecommerce businesses, today announced $68 million in Series D financing led by SoftBank Vision Fund. VCnewsdaily.com
BookClub, a Salt Lake City, UT-based platform created to scale author-led book clubs, raised $6m in seed funding. Maveron led the round. Finsmes.com
Allbirds, a maker of shoes and flats made with natural materials, raised $100M in Series E funding. The round was led by Franklin Templeton. Finsmes.com
UPshow, which develops interactive digital signage for brick-and-mortar brands, added $4.8 million in funding led by 4490 Ventures to close out its $14 million Series A funding round. Crunchbase.com
Cogniac, a startup developing technology for visual task automation, today raised $10 million. Autotech Ventures led the series B round announced this week. Venturebeat.com
MadaLuxe Group, a Seal Beach, CA and NYC-based distributor of luxury fashion, launched an investment arm called SLS Journey,will focus on high-potential emerging companies at the intersection of wellness, beauty, fashion and technology that align with the company’s vision in the luxury sector. Finsmes.com
Airwallex today announced that the company has closed its extended Series D fundraising with an additional US$40M from new and existing investors. This builds on Airwallex’s US$160M Series D round announced in April 2020, bringing its total Series D funding to US$200M. fintechf.com
McAfee Corp, the Cyber security firm filed for a U.S. initial public offering on Monday, as the company carved out of Intel Corp INTC.O four years ago looks to take advantage of a rebound in capital markets from a coronavirus-led slump in March. McAfee did not disclose the size of the offering and set a placeholder amount of $100 million. Reuters.com
Coverance Insurance Solutions is pleased to announce a $10.5 million financing led by CUNA Mutual Group, with participation from existing investor Strandview Capital. Coverance is an independent insurance agency that helps seniors navigate the complex Medicare insurance market to obtain the optimal policy and save money. VCAOnline.com
Hags, a New York City-based company building creative and fun digital experiences for Gen-Z students, raised $1M in seed funding. The round was led by GV, with participation from BoxGroup and several angel investors. Finsmes.com
Thinkific, has built a platform where anyone can create their own courses, then sell them on their own websites. The Vancouver-based startup is announcing that it has raised $22 million in new funding. The funding was led by Rhino Ventures. Techcrunch.com
Cognoptix, a healthcare company developing the Sapphire II System, for early detection of Alzheimer's disease, closed of an over-subscribed Series R round, led by Launchpad Venture Group, Harvard Business School Alumni Angels of NY, and the NY Angels.VCnewsdaily.com
XtalPi, an American-Chinese biotech firm that focuses on AI-assisted drug discovery, has raised a $319 million round C from a slate of enthusiastic investors led by SoftBank’s Vision Fund. Techcrunch.com
PayCargo, which has built a suite of cloud-based payment and financing services for the cargo industry, announced $35 million in funding from a single investor, Insight Partners. Techcrunch.com
LARQ, the self-cleaning water bottle company, announced a $10 million Series A lead by Seventure, with participation from DCM. Techcrunch.com
U.S. & Canada
Deals of the Day: M&A and Strategic Investments
Ivanti, Inc., an IT management and security software solutions company, is to acquire MobileIron, mobile-centric security platform. Ivanti will acquire all outstanding shares of MobileIron for approximately $872m in cash. Finsmes.com
Trilantic North America, a leading private equity firm, announced today that it has closed a substantial minority investment in Rarebreed Veterinary Partners, a technology-enabled veterinary services platform. VCAonline.com
Vista Outdoor Inc said on Monday it would buy some parts of U.S. gunmaker Remington Outdoor Co Inc’s ammunition and accessories businesses for about $81 million. Reuters.com
Bloomberg reports that Uber (NYSE:UBER) is weighing an acquisition of BMW-Daimler's (OTCPK:BMWYY)(OTCPK:DDAIF) ride-hailing ride-hail venture, FreeNow. Seekingalpha.com
Devon Energy Corp DVN.N , a U.S. oil and gas producer said on Monday it will buy Permian basin peer WPX Energy IncWPX.N for $2.56 billion as it looks to scale up its presence in the Delaware portion of the prolific shale field. Reuters.com
Lightyear Capital LLC, a New York-based private equity firm, announced today it has established ProfitSolv to acquire integrated billing, payments, and software solutions for legal, accounting, and other professional services firms. VCAonline.com
Cyndx International News - Europe & Asia
Japan's NTT Launches $40 Billion Buyout of Wireless Unit Docomo
NTT will launch Japan's largest-ever tender offer for the 34% of NTT Docomo Inc 9437.T stock that it does not own, the firm said in a statement. The telecoms firm will offer 3,900 yen per share, a premium of 40.5% to Monday's closing price.
Read more on Reuters.com Image: Ned Snowman / Shutterstock.com
Battle of the European e-Scooter Startups: Dott, Tier, Voi, Wind
When US-based e-scooter startups Lime and Bird were clearly gaining ground in Europe, with Bird acquiring EU e-scooter startup Circ in January of this year, European e-scooters were poised to defend their home turf and take on these “300-pound gorillas”.
Read more on Eu-Startups.com Image: Lauren T / Shutterstock.com
Energy Giant to Acquire London's 'Largest EV Charging Network'
Global oil & gas specialist Total has agreed to acquire Blue Point London from the Bolloré Group, which will see the multinational firm take over the management and operation of electric vehicle charging network Source London.
Read more on bdaily.co.uk
Image: nrqemi / Shutterstock.com
UK Mortgage Approvals Highest Since 2007
The number of mortgages approved for house purchases increased sharply to 84,700 in August from 66,300 in July. This was the highest number since October 2007 and above economists' forecast of 73,000, data published by the Bank of England showed Tuesday.
Nokia Wins 5G Radio Equipment Contract From Britain's BT
Nokia NOKIA.HE has clinched a deal with Britain's biggest mobile operator BT BT.L to supply 5G radio equipment, the Finnish company said on Tuesday, in one of the first major wins under new CEO Pekka Lundmark. Nokia has won 63% of the BT contract, or about 11,600 radio sites.
Read more on UK.Reuters.com
Image: Melinda Nagy / Shutterstock.com
Euro Zone Sentiment Improves More Than Expected in September
Euro zone economic sentiment improved more than expected in September. The European Commission’s monthly survey showed sentiment in the 19 countries sharing the euro rising to 91.1 points this month from 87.5 in August, beating market expectations of an improvement to 89.0 points.
Read more on UK.Reuters.com
Image: Marian Weyo / Shutterstock.com
Europe & Asia Funds & Capital Raising Round Up
The following capital raises were reported yesterday and this morning:
Lyre’s Non-Alcoholic Spirit Co., an Australia-based-based provider of a line of non-alcoholic spirits, secured a total of $11.5m (USD) in growth capital at the close of seed round funding. Backers included VRD Investment, Doehler Ventures, DLF Venture, and Maropost Ventures. Finsmes.com
Bitpanda, a leading European digital investment platform making it possible for everyone to take ownership of their financial future, announces it has closed Europe’s largest Series A funding round of 2020 by securing around €44.5 million in a round led by Valar Ventures. Eu-startups.com
Koneksa, a NYC-based developer of patient-centric digital biomarkers for drug development, closed a $16M Series B financing round. The round was led by Spring Mountain Capital. Finsmes.com
Ma Bonne Etoile, a French foodtech startuphas raised €1.8 million namely from One Creation investment cooperative, and the Maif Social and Solidarity Investment fund. Eu-startups.com
Psykhe, a London, UK-based fashion recommendation and personalization platform, raised $1.7m in seed funding. The round was led by SLS Journey, the new investment arm of MadaLuxe Group. Finsmes.com
Exotec, a French robotics startup which develops autonomous industrial robots called Skypods that can move horizontally and vertically has raised $90 million in a round of funding led by London-based VC firm 83North. Venturebeat.com
InventisBio, a Shangai, China-based clinical stage biotech company dedicated to the research and development of innovative small molecule drugs, closed a $147m series D financing. The was led by Hillhouse affiliate GL Ventures. Finsmes.com
Galecto, Inc., a Copenhagen, Denmark-based biotechnology company focused on the development of novel treatments for fibrosis and cancer, completed a USD 64m equity financing. The round was led by Soleus Capital and co-led by Eir Venture. Finsmes.com
Huboo, the U.K.-headquartered startup that offers an end-to-end fulfilment service for online retailers of all sizes, has raised £14 million in Series A funding. The round is led by Stride.VC, with participation from Hearst Ventures. Techcrunch.com
KKday, a Taipei-based tourism and 'staycation' company, which announced today that it has closed a $75 million Series C led by Cool Japan Fund and the National Development Fund of Taiwan. Techcrunch.com
Multis, a French startup that is building business bank accounts, except that it lets you store, send and receive cryptocurrencies. The startup just raised a $2.2 million seed round. Investors in today’s funding round include White Star Capital, Y Combinator, Coinbase Ventures, eFounders, Greenfield One and Digital Currency Group. Techcrunch.com
BukuWarung, an financial tech startup that serves small businesses in Indonesia, announced it has raised new funding from a roster of high-profile investors, including partners of DST Global, Soma Capital and 20VC. The amount of the funding was undisclosed, but a source told TechCrunch that it was between $10 million to $15 million. Techcrunch.com
Riskbook Ltd, an independent provider of reinsurance technology, has today announced that it had received new investment of £2m to further develop its Lloyd’s-recognised digital placement platform. Through Seed funding from leading private venture capital firms Episode 1 Ventures, MMC Ventures and Seedcamp. UKtech.news
Dublin-based ID-Pal, whose tech enables businesses to verify the identity of customers in real-time, easily and securely, has raised €1 million in additional funding to fuel the company’s continuing expansion on the domestic and international stage. The funding round includes investment from Act Venture Capital. Eu-startups.com
Appnovation, a global digital consultancy, received £6.8M in follow-on equity financing. Backers include a partnership between UK-based BGF, the Canadian Business Growth Fund and Export Development Canada. Finsmes.com
Europe & Asia
Deals of the Day: M&A and Strategic Investments
Reckitt Benckiser GroupRB.L consumer goods group is preparing to sell some of its non-core personal care brands, including Veet hair removal cream and Clearasil acne cream, four sources familiar with the matter said on Monday. Reuters.com
PGGM, the Dutch pension fund manager, said its infrastructure fund had purchased a minority stake in Eurofiber, an operator of fibre optic cables and data centres in the Netherlands and France, from investor Antin. Reuters.com
Cerberus and a rival investment firm have told HSBCthey would buy its French retail arm for a symbolic one euro provided the British bank ploughs more than 500 million euros ($582.70 million) into the business, sources told Reuters. Reuters.com
ValmetVALMT.HE, of Finland has approached valves maker NelesNELES.HE with a merger proposal, challenging a $2 billion bid that Neles agreed with Swedish engineering group Alfa Laval ALFA.ST in July. Reuters.com
AltiaALTIA.HE, the Finnish alcoholic drinks maker and distributor has agreed to buy Norwegian rival Arcus ARCUS.OL in an all-share deal, the two companies said on Tuesday. Reuters.com
Making the News
The following stories have made financial news:
Walmart IncWMT.N has picked the founders of UK petrol station operator EG Group and private equity firm TDR Capital as preferred bidders for Asda, valuing the British supermarket chain at more than 6.5 billion pounds ($8.39 billion), Sky News reported on Monday. Reuters.com
Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany’s Allianz, one of the world’s top asset managers, for failing to safeguard their investments during the coronavirus market meltdown. Reuters.com
The head of Lufthansa-owned <LHAG.DE> airline Swiss International will step down at the end of 2020, Swiss said on Tuesday, with a successor yet to be determined. Financialnewsletter.com
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