Financial

Gene sequencing corporate spinoff MGI Tech closed a $1bn series B round backed by IDG Capital and CPE Capital. The company offers an array of products, some of which have been used for Covid-19 detection and forms part of the promising space of genetics tech.

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

Existing backer Experian Ventures was among the investors as the text message-based financial education provider raised $12.6m.

An undisclosed investor provided the funding at a $4.3bn valuation, Marqeta having previously raised nearly $370m from backers including Commerzbank, Visa and CreditEase.

Existing investor Sirius was among the investors as the worker's compensation provider received a total of $127m, with $100m allocated to the launch of an affiliate called Pie Carrier.

Asia-facing loan and insurance comparison service GoBear has now assembled $97m altogether, having lured existing investor Aegon to its latest round.

Ride hailing service Ola has pulled in $26.7m for its financial services offshoot from Falcon Edge, Matrix Partners and Apoletto Managers at a $250m valuation.

CMFG Ventures and Northwestern Mutual Future Ventures co-led a $12.3m round having previously invested in the student loan refinancer a year ago.

Mitsubishi UFJ Financial Group helped the supply chain finance provider increase a round already featuring several corporates to almost $200m.

Swisscom Ventures has exited invoice financing services provider Advanon in an acquisition of undisclosed size by peer Creditgate24.

Truework, which provides software to run employment and income background checks, secured the return of Sequoia Capital and Khosla Ventures to bring its total to $45m.