Health

An economic downturn is a great time to back startups on better terms. But investors should be careful of the tricky politics of down rounds.

Sanofi, Access Industries and Alphabet helped Areteia Therapeutics raise $350m, and Nordisk Games acquires Supermassive Games.

The exit comes as Trenkle accepts his new position at Novo Ventures, the venture capital arm of Novo Holdings.

Klarna's 83% drop in valuation to $6.7bn is the most visible harbinger of a buy now, pay later sector suffering from defaults and competition - some from the same corporates investing there.

DeNA and Seibu Holdings helped Allm raise $180m, while several corporates are exiting ViaCyte in a $320m acquisition.

The number of crypto and token funding rounds is still climbing but the overall volume of capital in these deals has fallen sharply.

Allianz X helped digital insurance provider Coalition raise $250m while protein synthesis technology developer Nuclera hiked an E Ink-backed series B round to $58m.

Corporates are still investing in startups but valuations have fallen dramatically. Some areas such as China and healthcare have been hit hard.

Volkswagen and Ingka Group helped Northvolt secure over $1bn while Dai-ichi Life has led a $120m series C for YuLife.

Being an early customer for startups — rather than investing in them — can increase the amount of technology a corporate can bring in 10x.

Cambridge Enterprise has put cash into CardiaTec Biosciences in a pre-seed round that marks the inaugural deal for Laidlaw Scholars Ventures.