Galaxy Digital called off its $1.2bn purchase of BitFury-backed crypto wallet developer BitGo while SK Group helped nuclear technology developer TerraPower raise $750m.
M&A
Diversified holding company Kadi Group has exited United Arab Emirates-based online second-hand goods marketplace Melltoo in an acquisition of undisclosed size by reverse logistics provider Cartlow. Kadi subsisidary Khwarizmi Ventures was among Melltoo’s investors, as was Raed Ventures, the venture capital arm of investment holding company Almajdouie.
Digital investment manager Galaxy Digital has withdrawn from the $1.2bn acquisition of US-headquartered cryptocurrency wallet developer BitGo originally agreed in May 2021. The terms of the cash-and-stock deal, which would have allowed Bitcoin mining technology provider BitFury to exit, were renegotiated in April, but Galaxy said it cancelled the transaction after BitGo failed to provide audited financial statements.
| Company name | Company description | Sector | Country | Round | Round size ($) | Deal date | Investors |
|---|---|---|---|---|---|---|---|
| TerraPower | Nuclear energy technology developer | Energy and Natural Resources | US | N/A | 750 | 15/08/2022 | SK Group (SK Inc) (co-lead), SK Group (SK Innovation) (co-lead); Bill Gates (co-lead), undisclosed others |
| Xiangdao Chuxin | Ride-hailing service | Transport | China | N/A | 148 | 16/08/2022 | SAIC Motor (co-lead), Momenta (co-lead), Gaohang (Tianjin) Management Consulting (co-lead) |
| Dianxiaomi | Ecommerce software provider | IT | China | D | 110 | 16/08/2022 | SoftBank (SoftBank Vision Fund 2) (co-lead); Sequoia Capital (Sequoia China) (co-lead), China Renaissance (Huaxing Growth Capital), Tiger Global Management, GGV Capital |
| Gorgias | Customer experience platform for ecommerce | IT | US | C | 30 | 15/08/2022 | Shopify (lead); Transpose Platform, SaaStr, Sapphire Ventures, CRV, Alven |
| .bit | Open source blockchain protocol developer | IT | Singapore | A | 13 | 15/08/2022 | Wanxiang (HashKey Capital); CMB International (lead), QingSong Fund, GSR Ventures, GGV Capital, SNZ |
| Mycel | Fungal-based leather substitute developer | Industrial | South Korea | Pre-A | 10 | 16/08/2022 | Hyundai Motor Group (Zero 1 Fund); Korea Development Bank, Industrial Bank of Korea, Stonebridge Ventures, We Ventures, Spring Camp |
| Gradyent | Heating efficiency software provider | Energy and Natural Resources | Netherlands | N/A | 10 | 16/08/2022 | Helen (Helen Ventures), Eneco; Capricorn Partners, Energiiq |
| Kupu | Skills profiling app developer | Services | Indonesia | Stake purc | 5 | 12/08/2022 | Smartfren Telecom |
| RootAnt | Digital financial product developer | Financial | Singapore | A2 | 4.5 | 16/08/2022 | SBI Group (SBI Ven Capital) (lead), R3, Sumitomo Mitsui Banking Corporation; HuaAn Funds, Sixtwo Capital, CMPL Angel Seed Fund |
| Remedium Bio | Gene therapy developer | Healthcare | US | Seed | 2.3 | 15/08/2022 | Primo Medical Group; Sherwood Ventures (lead), LongevityTech.Fund, Angel Star Ventures, Apis Health Angels, MicroVentures, Guindy Alumni Angels. |
| Take App | Whatsapp ecommerce facilitator | Consumer | Singapore | Seed | 1 | 16/08/2022 | Meta; Y Combinator, unnamed angel investors |
| Lori Systems | Haulage management software producer | Services | Kenya | A | N/A | 16/08/2022 | Google (Africa Investment Fund) |
