Financial

Corporates Tencent and SoftBank invested in a $2.41bn round raised by real estate platform Beike Zhaofang at a reported $14bn valuation. The transaction is part of the broader real estate tech space which has seen a surge in 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.

Personalised finance management service Albert secured $50m in a CapitalG-led round that included fellow corporate venturing vehicle American Express Ventures.

The wages advance service has been acquired by working capital financing supplier Greensill after raising $2.5m from investors including NAB in early 2019.

Expense management software provider Fenbeitong has closed a series B-plus round co-led by Fidelity's Eight Roads firm, pushing its total funding to more than $58m.

Alphabet’s self-driving car developer Waymo raised its first external funding in a round backed by its parent company and two other corporates.

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

Jasan Fitzpatrick, previously general counsel at L&G’s investment unit, has been appointed managing director of principal investment to focus on build-to-rent and affordable housing segments.

ING Ventures and Uniqa Ventures co-led a second tranche of the business finance provider's series A round, which has closed at $24.9m.

Venture firm Innovestor has raised $32.6m from LPs including existing backer Mandatum Life for the first close of an industrial tech fund.

Zhonghan Insurance's online health insurance services spinoff Zuanwa almost doubled its total funding to nearly $29m with a $14.1m round featuring Longfor Properties.