Multiple finance-focused corporates helped supply $200m for Illuminate Financial's third fund while Reebelo’s Naver-backed series A round now stands at $50m.

Fund UK-based, financial technology-focused venture capital firm Illuminate Financial has secured about $200m in limited partnership commitments for its third fund, from limited partners including banks Jefferies Group, JP Morgan and Citi, financial data provider S&P Global and financial exchange operators Deutsche Borse and Singapore Exchange, DealStreetAsia reported. The firm intends to reach a final close sized between $220m and $250m by May this year and will focus on Asia. M&A IT services firm Hewlett Packard Enterprise (HPE) agreed to acquire portfolio company OpsRamp, the US-based developer of an IT infrastructure monitoring and automation platform, for an undisclosed amount. HPE participated in the company’s last round, when it raised $37.5m in 2020 to hike its total funding to $57.5m. Automotive conglomerate Mahindra & Mahindra paid an undisclosed sum to buy portfolio company Mitra Agro Equipments, an India-based irrigation system producer. The corporate provided $1.25m in series B funding for Mitra in 2018. Funding Reebelo, a US-based provider of refurbished consumer electronics, increased its series A round to $50m with a $29m tranche led by Cathay Innovation, a subsidiary of investment firm Cathay Capital. The second tranche included Moore Strategic Ventures, Gandel Invest and Antler while the $20m first close in February 2022 featured internet group Naver’s Kream affiliate as well as FJ Labs, French Partners, Maximilian Bittner and Michael Cassau. CompanyCompany descriptionSectorCountryRoundRound size($m)Deal dateInvestorsQlubQR code-based restaurant payment appFinancialUAEA2516/03/2023Almajdouie Holding (Raed Ventures), Saudi Telecom (STV); Cherry Ventures (co-lead), Point Nine (co-lead), Heartcore, Shorooq Partners, FinTech Collective, Al Dhabi CapitalXXIIVideo analysis software providerMediaFranceA23.721/03/2023SNCF Group (574 Invest), Duval Group; Fonds Innovation Défense, CIB Développement, Techmind, Kima VenturesIllumixAugmented reality technology providerMediaUSA1820/03/2023Sony (Sony Innovation Fund); LightShed Ventures, Raptor Group (RW3 Ventures), Henry Kravis, Matthew Ball, Maveron, Lightspeed, Mark Cuban, OpenView, Visible Ventures, Xavier NielPull SystemsDeveloper of electric vehicle automation technologyTransportUSSeed514/03/2023Porsche; UP.Partners (UP.Labs) (lead)Metasense B88Metaverse-focused entrepreneurial project builderFinancialPortugalN/A520/03/2023Luduson Entertainment (lead)Soul WalletSmart crypto wallet operatorFinancialUAESeed316/03/2023Alchemy, Ankr; Struck Crypto, Game7DAO, NGC Ventures, Dispersion Capital, Signum Capital, David Hoffman, Ryan Sean Adams, Kristof Gazso, Marc Zeller, Scott Moore, Terence Tsao, Tim BeikoAicaDeveloper of manufacturing automation technology IndustrialSwitzerlandN/A1.321/03/2023Schaeffler Group; Spicehaus Partners, High-Tech GründerfondsSense Neuro DiagnosticsNon-invasive brain scanner developerHealthcareUSN/A<1 ($250,000)20/03/2023St Elizabeth HealthcareProxteraCross-border wholesale trade marketplaceConsumerSingaporeSeedN/A17/03/2023Ant Group; Singapore Economic Development Board (EDBI), CerraCap VenturesGaspackNFT-equipped artwork trading platformFinancialIndonesiaPre-SeedN/A20/03/2023Telkom Indonesia (MDI Ventures’ Emerge and Arise funds) (lead), Tokoin; 500 GlobalCovaloProduct and services marketplace for consumer goods brands ServicesSwitzerlandN/AN/A20/03/2023Gekko Group; High-Tech Gründerfonds (lead), seed + speed VenturesBe GroupElectric vehicle-focused ride hailing serviceTransportVietnam N/AN/A21/03/2023Vingroup (Green and Smart Mobility)

Subscribe to go deeper

GCV subscribers get access to all our proprietary data and deep-dive articles, as well as the global directory of CVC investors.



Not sure if you have a subscription?
Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.