TIM is supplying $50m for SoftBank spinofft Upload Ventures’ $250m debut fund while UPMC chipped into Noema’s $112m series B round.
Fund
Upload Ventures, the Brazil-based venture capital firm spun off by Japanese telecommunications firm SoftBank, is raising $250m for a Mexico and Brazil-focused fund according to a securities filing. Telecommunications firm TIM Brasil is anchoring the fund with $50m set to be provided over the next two years, according to TechCrunch.
M&A
Online insurance comparison platform Insurify has acquired Compare.com, a US-based, car insurance-focused peer backed by auto insurance provider Admiral Group, for an undisclosed amount. The company received $10m in convertible note financing from Admiral through a $35m round in 2018.
Funding
Noema Pharma, a Switzerland-based developer of treatments for central nervous system disorders, secured CHF103m ($112m) in a series B round featuring healthcare provider University of Pittsburgh Medical Center’s UPMC Enterprises unit. The round was co-led by Forbion and Jeito Capital and included Sofinnova Partners, Polaris Partners, Gilde Healthcare and Invus.
| Company | Company description | Sector | Country | Round | Round size($m) | Deal date | Investors |
|---|---|---|---|---|---|---|---|
| Chaos Industries | Developer of defence and critical industry technology | IT | US | A | 70 | 06/03/2023 | Lerner Enterprises; 8VC (lead), Alpha Wave Global, Liquid 2 Ventures, Tamarack Global, Valar Ventures |
| Assured Allies | Ageing support provider | Healthcare | US | B | 42.5 | 07/03/2023 | Harel Insurance (co-lead), MS&AD (MS&AD Ventures), EquiTrust Life Insurance, Samsung (Samsung Next); FinTLV Ventures (co-lead), Lumir Ventures, Hamilton Lane, New Era Capital Partners, Core Innovation Capital, Poalim Equity, Akilia Partners |
| Droit | Legal and risk evaluation software provider | Financial | US | B | 23 | 07/03/2023 | UBS (UBS Next) (co-lead), Goldman Sachs; Pivot Partners (co-lead) |
| RangeForce | Cloud-based cyber defence training platform | IT | US | B | 20 | 06/03/2023 | KPN (KPN Ventures), Cisco (Cisco Investments); Energy Impact Partners (co-lead), Paladin Capital Group (co-lead), Lapa Capital Partners, Lanx Capital |
| Broom | Short-term automotive loan provider | Financial | Indonesia | A | 8 | 06/03/2023 | Mitsubishi UFJ Financial Group (MUFG Innovation Partners), Bank BRI (BRI Ventures); Openspace Ventures (lead), Singapore Accounting and Corporate Regulatory Authority, AC Ventures |
| Ryse Health | Virtual and in-person diabetes care provider | Healthcare | Canada | A | 6.5 | 02/03/2023 | CareFirst BlueCross BlueShield (Healthworx); Route 66 Ventures (lead), W Health |
| Happy Quality | AI-equipped plant cultivation technology developer | Industrial | Japan | A | 3.3 | 07/03/2023 | Akashi Yoshidaya Sangyo, NST; Society for Venture Investment & Consultation; Shoko Chukin Bank, unnamed financial institutions (debt) |
| AlphaFusion | Developer of astatine drug discovery technology | Healthcare | Japan | A1 | 3.3 | 07/03/2023 | Sumitomo Heavy Industries, JGC Holdings (JGC Mirai Innovation Fund); Osaka University (Osaka University Venture Capital), Japan Science and Technology Agency, D3 (D3 Bio Healthcare Fund) |
| Chimi | Direct-to-consumer eyewear brand | Consumer | Sweden | N/A | 1.9 | 06/03/2023 | Redgert Group; Ben Eliass, Bianca Ingrosso |
| Macrowing Pharma (Hongyi Medicine) | Life sciences data management platform | Healthcare | China | Pre-A | N/A | 07/03/2023 | Sinopharm-CICC |
| Bankjoy | Digital banking services provider | Financial | US | N/A | N/A | 06/03/2023 | CommunityWide Federal Credit Union, AEA Credit Union, Statewide Federal Credit Union; Curql Collective (lead) |
