Financial

Winner of the CVC Investment in a Spinout of the Year: Ribon Therapeutics - Novartis Venture Fund, Johnson & Johnson Innovation–JJDC, Takeda Ventures, Celgene

Power Corporation's Portag3 Ventures unit has anchored the venture capital investor and incubator's second vehicle, which will focus on financial and insurance technology.

Peer-to-peer lending platform PeopleFund has added $5m of equity and $30m of debt to a series B round that already included contributions from KakaoPay and Dayli Financial.

Iyzico has agreed to an acquisition by Naspers-owned PayU sized at $165m, after raising $24m in equity funding between 2013 and 2017 from investors including Beenos.

Cardworks and GM Ventures both signed up to back financial security platform developer Spring Labs in a round that brought the latter’s funding to nearly $38m in total.

WR Berkley Corporation led a $12.5m round for the online insurance portal, which counts Fosun, Assurant, AmTrust and Nationwide as existing investors.

The telecoms firm SoftBank has backed a substantial $300m round of gym membership provider Gympass, which is part of the beauty and fitness space, which has seen stable corporate-backed deal flow with rising valuations in recent years.

Each Friday the Global Corporate Venturing Deal Net rounds up the week’s smaller deals and tracks the emerging companies accessing corporate funds.

General Electric had considered spinning out its corporate venturing operation, but has now shifted its focus to finding a buyer for a portfolio consisting of stakes in more than 100 companies.

Tencent returned for a $145m series C round, three months after leading a $74.5m series B round for the healthcare-focused crowdfunding service.

Wave Financial, the financial management software developer backed by National Australia Bank, Royal Bank of Canada and Power Corporation, has been bought by H&R Block for $405m in cash.