Industrial

It is, as these deals in the past week show, a remarkable time in sports and content as the change in distribution routes also affects the $40bn advertising industry.

The pharmaceutical company's acquisition of Novartis-backed IFM Therapeutics, consisting of $300m upfront and up to $2bn in milestone payments, is its fourth purchase of a CVC-backed company in under four years.

More value and focus should be on the investors scaling up the business rather than those coming up with the idea and helping the entrepreneur set up a business.

Closed Loop Ventures, which manages a $100m social impact fund backed by several retail and consumer goods companies, has invested $3m in GreenMantra.

ST Engineering Ventures will focus on startups developing technologies relevant to its parent company, such as robotics, data analytics and cybersecurity.

Existing investors SoftBank and Didi Chuxing invested $2bn at a $6bn post-money valuation, and Grab aims to use the money to expand its services far beyond ride hailing.

The spinout of Heriot-Watt University has secured $1.3m in its latest funding round, which featured a mix of existing and new investors.

Bitflux, a spinout of Technical University of Munich, has acquired for research at the institution relating to electric motors.