Helmerich & Payne and Liberty Energy backed a $138m round for Fervo Energy, and Shandong Weigao helped Jinjiang Electron raise $103m.

Funds

Mexico-headquartered building materials provider Cemex and its Cemex Ventures unit have invested an undisclosed amount in Zacua Ventures, an early-stage venture capital fund focusing on sustainable construction and urban technology developers.

Public markets

API Holdings, the India-based operator of online pharmacy PharmEasy, which counts consumer internet group Prosus, education firm Manipal Education and Medical Group, insurer Medi Assist Healthcare Services and healthcare supply chain company Ascent Health as investors, is delaying its proposed $842m initial public offering to 2023, people privy to the matter told the Economic Times.

M&A

At-Bay has acquired Relay, the Canada-based digital insurance platform backed by fellow insurer American Family Insurance and insurance brokerage NFP, for an undisclosed sum. Corporate VC unit NFP Ventures led a $3m seed round for Relay in March 2020 that included American Family, before the company added $5.2m in May 2021.

Health insurance provider Nib Holdings has paid $12m to increase its stake in portfolio company, Midnight Health, the Australia-based creator of telehealth apps Stagger and Youly, to 63%. Nib had invested $2.9m in Midnight in November 2021 in return for a 50% stake.

Funding

Company Company description Sector Country Round Round size($m) Deal date Investors
Fervo Energy Geothermal energy provider Energy and Natural Resources US N/A 138 22/08/2022 Helmerich & Payne, Liberty Energy; Capricorn Investment Group (Capricorn Technology Impact Fund), Congruent Ventures, Canada Pension Plan Investment Board, Macquarie
Jinjiang Electron Cardiac condition-focused medical device maker Healthcare China N/A 103 22/08/2022 Shandong Weigao Group; Hillhouse Capital Group, HM Capital, Guanghua Wutong
Tamara Financial inclusion-payment app provider Financial UAE B 100 22/08/2022 Checkout.com; Endeavor (Endeavor Catalyst), Public Investment Fund (Sanabil Investments), Coatue, Shorooq Partners
Porton Advanced Solutions Contract gene and cell therapy developer and manufacturer Healthcare China B 80 21/08/2022 China Merchants Group (Merchant Health)(China Merchants Capital) (China Merchants Securities Investments) (lead), Fosun (Fosun Health Capital), Porton Pharma Solutions; Gortune Investment, SDICTK, CS Capital, HM Capital, Ruilian Investment, Momentum Venture
DeepWay Smart and heavy-duty truck developer Services  Japan A 67.1 23/08/2022 Baidu, Lenovo Capital (Incubator Group), China Construction Bank (CCB Trust); Qiming Venture Partner (lead), Vlight Capital
Kasisto Finance industry-focused digital experience platform developer Financial US C 31 (updated) 22/08/2022 Westpac, FIS, BankSouth, NCR Corporation; Naples Technology Vendors
Ubie AI healthcare guide provider Healthcare Japan C 26.2 22/08/2022 NEC (NEC Capital’s NVenture Capital), Dai-ichi Life, Suzuken, Norin Chukin Bank (Norinchukin Capital); Egg Forward
Airgram Audio transcription tool developer IT Singapore A 10 19/08/2022 Pksha (Pksha Sparx Algorithm Fund); Hillhouse (GL Ventures), Linear Capital, CDH Capital
Safeheron Self-custody service for Web3 companies IT Singapore Pre-A 7 19/08/2022 Web3Vision (co-lead), Cobo (Cobo Ventures); Yunqi Partners (co-lead), Kryptos, PrimeBlock Ventures, M77 Ventures, ShataCapital, Antalpha Ventures, Waterdrip Capital, 7 O’clock Capital, Fan Zhang
Direct-C Oil leak detection technology provider Energy and Natural Resources Canada A 3 19/08/2022 Henkel (Henkel Adhesive Technologies) (co-lead); GreenSky Capital (co-lead)
Stratosphere Games Video game publisher Media Germany N/A 2.9 22/08/2022 Riot Games (lead); 1Up Ventures, Skycatcher, German Games Fund
Obniz IoT platform provider IT Japan B 2.6 23/08/2022 Kajima (Kajima Ventures), Seibu Shinkin Bank (Seibu Shinkin Capital), Mizuho Bank (Mizuho Capital); University of Tokyo (Edge Capital Partners); Shoko Chukin Bank (debt)
Avium Web3 content creator Media Singapore Pre-seed 2 23/08/2022 Credit Saison (Saison Capital), Hepmil Media Group; East Ventures, Mirana Ventures, Quest Ventures, Ricky Ow
Ethical Spirits Distillation technology provider Industrial Japan B 1.5 23/08/2022 Suntory, Vector, Sumitomo Mitsui Banking Corporation (SMBC Venture Capital); Beyond Next Ventures
Reversso Ecommerce returns and exchange software developer IT Chile Seed 1.1 11/08/2022 Grupo Prisma; Genesis Venture Funds (lead), Hero Capital, Matt Brown, Alan Weschler
Yours Bank Financial intelligence platform Financial Brazil N/A <1 (970,000) 11/08/2022 Banco do Brasil; MSW Capital 
Tech4Humans Customer service technology developer Services  Brazil N/A N/A 15/08/2022 Porto 
Cando Drones Drone fleet management service Industrial Israel N/A N/A 22/08/2022 Rami Levy
Hirotsu Bioscience Urine-based cancer detection technology developer Healthcare Japan N/A N/A 23/08/2022 Tokyu Agency
Added Creator of carbon dioxide measurement system Camotsu Energy and Natural Resources Japan Pre-A N/A 23/08/2022 Mitsui Sumitomo Insurance (Mitsui Sumitomo Insurance Venture Capital), Mitsubishi UFJ (Mitsubishi UFJ Capital); Finolab (lead)
Edison Fu

Edison Fu is head of Asia development at Global Corporate Venturing.