SoftBank Ventures Korea is now SoftBank Ventures Asia

SoftBank Ventures Asia, which will be renamed from SoftBank Ventures Korea, will increase early stage investments globally with an emphasis on Asia. SoftBank Ventures Asia is the early-stage investment vehicle of the SoftBank Group and will act as the bridge to the SoftBank ecosystem by sourcing and funding the best startups and entrepreneurs.

Currently operating teams in Seoul, Beijing, San Francisco, and Tel Aviv, SoftBank Ventures Asia is now looking to expand its presence by opening offices and hiring investment professionals in Singapore and Shanghai.

“I am excited by the opportunity to enhance our presence in the early stage and look forward to backing passionate entrepreneurs with the boldest, most life-changing ideas. Our vision is to support promising young entrepreneurs by offering unparalleled access to SoftBank’s community, resources, and network,” said JP Lee, CEO and Managing Partner of SoftBank Ventures Asia. “SoftBank Ventures Asia invests to accelerate the Information Revolution and is increasingly interested in the application of artificial intelligence across different industries.”

SoftBank Ventures Asia is a wholly-owned subsidiary of SoftBank Group Corp. and was established as SoftBank Ventures Korea in 2000. While initially focused on the Korean market, starting in 2011 it has expanded to make investments in startups globally. With over US$1.1B under management, SoftBank Ventures Asia has invested in over 250 companies across 10 countries with a focus on AI, IoT, and robotics startups.

Notable investments globally include Tokopedia, the leading technology company in Indonesia focused on commerce, logistics, payments and financial services; Mythic, a fast-growing AI chip company based in Silicon Valley; Hyperconnect, operator of video communication service “Azar” with over 200M downloads across 230 countries; and SNOW China, an augmented reality camera app that is #1 in terms of users in Asia.

“The SoftBank Ventures Asia team first invested in Tokopedia in 2013 and were an early believer in our mission to democratize commerce through technology. They have been supportive shareholders and partners, and we continue to build a close relationship with them,” said William Tanuwijaya, CEO and Co-Founder of Tokopedia.

The new name is effective immediately and SoftBank Ventures Asia is already actively investing in the US, China, EU, Israel, Southeast Asia, and Korea. – AsiaPEVC.com

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Malaysia’s AirAsia Selling Merah Aviation to US PE Firm Castlelake for $768m

Malaysia-headquartered low-cost carrier AirAsia Group Berhard is selling 25 planes owned by Merah Aviation Asset Holding Limited to US private equity firm Castlelake in a deal valued at $768 million, AirAsia announced on its website.

AirAsia, through its indirect wholly-owned subsidiary Asia Aviation Capital Limited, entered into agreements to sell Merah Aviation, which will comprise 25 existing aircraft, to AS Air Lease Holdings 5T DAC, an entity indirectly controlled by Castlelake.

Castlelake will also purchase four new aircraft that will be delivered to AirAsia in 2019, the airline said in a statement. The 29 planes – Airbus’ A320-200ceo and A320neo – will be leased back to AirAsia.

“This transaction is part of AirAsia’s ongoing transformation into something more than an airline. As we move towards becoming a travel technology company, the disposal of these aircraft will not only unlock significant value but also bring us closer to our goal of being a truly digital company,” said AirAsia Group CEO Tony Fernandes.

The buyer, Castlelake specializes in providing creative, flexible capital solutions for its airline partners. Since its inception in 2005, Castlelake has invested in and managed more than 500 aircraft on behalf of its funds.

With the closing of this transaction, Castlelake’s current fleet will comprise more than 250 aircraft.

“Castlelake is pleased to support AirAsia as it pursues its strategic goals by offering full-service leasing and capital solutions,” said Castlelake managing partner Evan Carruthers.

As of September 30, 2018, Castlelake manages private funds and debt vehicles with approximately $13 billion in assets, on behalf of its investors, including endowments, foundations, public and private pension plans, private funds, family offices, insurance companies and sovereign wealth funds.

BNP Paribas is acting as financial advisor to AAGB while Stephenson Harwood LLP and Tay & Partners are acting as legal counsels to AAGB. Castlelake retained Vedder Price PC as legal counsel. – AsiaPEVC.com

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Philippines: Filinvest, JG Summit, Changi Consortium Win O&M Deal For Clark Airport

The North Luzon Airport Consortium (NLAC), comprising Filinvest Development Corporation, JG Summit Holdings Inc., Philippine Airport Ground Support Solutions Inc. and Changi Airport Philippines, a wholly owned subsidiary of Changi Airports International, was awarded the operations and maintenance (O&M) contract of the Clark International Airport.

According to a disclosure to the Philippine Stock Exchange, the Notice of Award was given to NLAC for the project, dubbed a hybrid Public Private Partnership project with a 25-year concession, by the Bases Conversion Development Authority (BCDA).

“We are thankful for this opportunity. The consortium envisions to create a new identity for Clark Airport as the Northern and Central Luzon’s gateway that will provide fast, efficient, and hassle-free travel experience,” said Josephine Gotianun-Yap, President& CEO of Filinvest Development Corporation, the lead consortium member.

The improved Clark International Airport will facilitate and enhance connectivity between Central and North Luzon, and the rest of the Philippines, and the world.

The project includes the operations and maintenance of the existing terminal and the new terminal. The consortium is also set to develop the commercial assets, operate and maintain project facilities and fit-out the new terminal.

“We are confident that with the vast experience of each member of the consortium in terms of property development, air transportation and airport operations, NLAC will be able to reinvent Clark International Airport to a world-class airport, meet the continued growth of international and domestic air travel, and deliver its commitment to the government and the public,” Gotianun-Yap added.

NLAC aims to establish a new reputation for Philippine international gateway airports to ensure ease and seamless travel in the Philippine airports with the consortium’s technical partner, Changi Airport Philippines (I) Pte. Ltd., a wholly-owned subsidiary of Changi Airports International which in turn, is a wholly owned subsidiary of Changi Airport Group, the operator of the most awarded airport in the world, Singapore Changi Airport.

The operations and maintenance of the Clark International Airport by NLAC will spur economic development of the Central and North Luzon corridor and support the New Clark City initiatives. – AsiaPEVC.com

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SoftBank Vision Fund Leads $400m Funding in Biotech Firm Relay Therapeutics

SoftBank Vision Fund, a subsidiary of Japan’s SoftBank Group Co, has led the $400-million Series C funding round in US-based biotechnology firm Relay Therapeutics, according to a statement Thursday.

The financing round was also participated by Foresite Capital, Perceptive Advisors, and Tavistock Group. Existing GV, Casdin Capital, BVF Partners, EcoR1 Capital, Alexandria Venture Investments, and an affiliate of D.E. Shaw Research also backed the round.

Proceeds from this financing are anticipated to be used to accelerate the implementation of Relay Therapeutics’ long-term strategy. Relay said the fresh funds will support the expansion of the company’s discovery efforts, advance existing programs into the clinic and bolster its broad platform and diverse team.

Relay Therapeutics said it combines “unprecedented computational power” with leading-edge experimental approaches across the fields of structural biology, biophysics, chemistry and biology.

The integration of these disparate disciplines, tools and cultures enables Relay Therapeutics to overcome challenges that prior attempts have failed to solve and to design therapies against validated but previously intractable targets.

The company’s initial discovery programs in cancer have led to the development of highly selective inhibitors of disease-causing proteins in genomically defined patient populations.

“We are at a unique moment in the evolution of drug discovery where we can realize the promise of integrating ever more powerful experimental and computational discovery tools to tackle previously undruggable protein targets. The success of our early programs validates the potential of our platform to create breakthrough therapies that address a broad range of diseases,” said Sanjiv Patel, M.D., President and Chief Executive Officer of Relay Therapeutics.

The latest funding round brings the company’s total funding amount to $520 million. It first raised $57 million in September 2016 for its Series A. In December 2017, the company raised another $63 million for its Series B.

“A financing of this magnitude allows Relay Therapeutics to significantly scale and advance both its platform and its pipeline. We are thrilled by the strong support of our investors for our mission, vision and strategy,” said Alexis Borisy, Chairman of Relay Therapeutics and Partner at Third Rock Ventures.

SoftBank Vision Fund, according to its latest amended SEC filing, raised a total of approximately $98.58 billion from 14 investors since its first sale on May 20, 2017. The fund has become one of the primary funding vehicles for technology companies around the world. Saudi Arabia provided $45 billion for the fund. – AsiaPEVC.com

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Lightspeed Venture Raising $560 Million For Two Chinese Funds

Lightspeed Venture Raising $560 Million For Two Chinese Funds

Lighstpeed Venture Partners, an American venture capital firm focusing on early stage investments in the enterprise technology and consumer space, is raising a total of $560 million for VC funds focused on China.

In its pair of filings with the US Securities and Exchange Commission, Lightspeed Venture said it is raising $360 million for a fourth Chinese venture capital fund and $200 million for a Chinese select fund.

The two funds – Lightspeed China Partners IV and Lightspeed China Partners Select I GP – add to Lightspeed’s 15 funds that have raised a combined $7.6 billion, according to Crunchbase data.

For this year, the firm raised $3.8 billion for its four funds – Lightspeed Venture Partners Select III, Lightspeed India Partners II, Lightspeed Venture Partners XII, and Lightspeed Venture Partners Select III.

Founded in 2000, Lightspeed Venture Partners invests in various sectors: enterprise, consumer, big data, bitcoin, enterprise technology, cleantech, mobile, internet, financial technology, cloud solutions, e-commerce, storage, media, networking, energy, and software, software-as-a-service, information technology, biotechnology, and social.

It mainly invests in countries such as the United States, Europe, Israel, China, and India.

Since its inception, the firm has made 678 investments, with 203 of them as lead investor. Its most recent investment was on December 14, 2018, when it invested $60 million Faire, a startup that helps retailers fund and buy wholesale merchandise for their stores.

Lightspeed-backed companies have held 17 initial public offerings in the last five years, about half of which have occurred since the start of 2017, including messaging app Snap, personal stylist company Stitch Fix Inc, and data storage provider Nutanix Inc.

It also reaped windfalls when Cisco Systems Inc acquired AppDynamics Inc and when Salesforce.com Inc bought MuleSoft for multiple billions of dollars.

According to a Reuters report, Lightspeed is eyeing a business expansion to Southeast Asia and wants to add investments in cryptocurrency, biotechnology, new TV streaming services and even cosmetics companies. – AsiaPEVC.com 

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Philippines: Jollibee Takes 100% Ownership of US Burger Chain Smashburger

Philippine-based Jollibee Foods Corporation (JFC), the largest Asian food service company, announced that it has completely acquired US burger chain Smashburger by acquiring the 15 percent stake it does not own in SJBF LLC, the parent company the entities comprising the Smashburger business for $10 million.

Jollibee paid Smashburger Master LLC in cash through its wholly-owned subsidiary Bee Good! Inc (BGI), according to its disclosure to the Philippine Stock Exchange.

Bee Good! Inc previously held 85-per cent stake in the burger chain after acquiring an additional 45-per cent stake for $100 million, paid in cash, last February.

Smashburger has 351 stores, mostly in the US, and has presence in Canada, Costa Rica, Egypt, El Salvador, Kuwait, Panama, Saudi Arabia, and the United Kingdom. It accounts for 7 per cent of JFC’s consolidated system-wide sales.

JFC further disclosed that it will inject more capital into the Smashburger business by converting $80 million loan held by Bee Good! Inc on Smashburger into equity before the end of this year in order to strongly support its growth in 2019 and in the years ahead.

“We look forward to the development of Smashburger into a very strong brand and business in the United States,” said JFC chairman Tony Tan Caktiong.

Additionally, JFC disclosed that Smashburger co-founder and chief executive officer Thomas Ryan will remain as the CEO of the burger chain. He has also been appointed JFC’s chief product development advisor effective immediately.

JFC’s country head for North America, Jose A. Minana, will also assume additional responsibility as president of Smashburger. His new responsibilities include introducing JFC’s business management system into Smashburger and prepare it for a strong sustained growth in the US.

The consolidation of Smashburger into JFC increases the Philippine-headquartered fast-food chain’s worldwide store network by 365 stores to a total of 4,162. This also expands JFC’s geographical presence from 16 countries to 21 adding Costa Rica, Egypt, El Salvador, United Kingdom (England and Scotland), and Panama. – AsiaPEVC.com

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Gaw Capital Consortium Buys HK Shopping Centers for $1.4bn

Gaw Capital Partners today announced that the firm, through a fund under its management, and consortium partners, including Goldman Sachs, have won a bid to acquire a retail portfolio comprising 12 shopping centers in Hong Kong from Link Asset Management Limited at HK$12.01 billion ($1.4 billion).

The portfolio is comprised of a number of strategically-located properties across Hong Kong Island, Kowloon and the New Territories that sit in the heart of densely-populated communities.

The GFA of the portfolio totals 1.1 million sq. ft. of prime retail space and comes with over 4,700 parking spaces that are connected to highly-convenient transport links.

“Their excellent accessibility and holistic shopping environments have made them attractive destinations for retailers and hubs of community life for residents,” Gaw said.

The shopping centers included in the portfolio are: Retail and Car Park within Ap Lei Chau Estate, Chun Shek Shopping Centre, Fortune Shopping Centre, King Lam Shopping Centre, Lei Tung Commercial Centre, Ming Tak Shopping Centre, Shan King Commercial Centre, Siu Hei Commercial Centre, Retail and Car Park within Tai Ping Estate, Wah Ming Shopping Centre, Wah Sum Shopping Centre, Wang Tau Hom (Wang Fai Centre).

“We and our partners are confident about Hong Kong’s future, and believe these malls will continue to serve important functions in the community. Followed by the bid we won together with our consortium partners to acquire 17 shopping malls in 2017, we will further leverage our experience to evolve these malls into refreshed and renewed centers of local life and collaborate with the local NGOs and existing tenants to build a better neighborhood for themselves,” Goodwin Gaw, Chairman and Managing Principal of Gaw Capital Partners, said.

It was not the first time for the Gaw Capital-led consortium to acquire assets from Link Reit. In November 2017, the same consortium bought 17 Hong Kong malls for HK$23 billion ($2.9 billion) from Link Reit.

“We worked closely with the community over the past 12 months and implemented a series of initiatives to better make use of these malls for the community. We look forward to applying our expertise in repositioning commercial property to add significant strategic value to this additional portfolio,” Kenneth Gaw, President and Managing Principal of Gaw Capital Partners, commented.

Gaw Capital has over 13 years of experience investing in and/or turning around commercial properties in Greater China, including Hong Kong. – AsiaPEVC.com

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Singapore Proptech Startup Propseller Raises $731K in Seed Funding

Singaporean startup Propseller has closed a S$1-million ($731,000) seed funding round from industry entrepreneurs and senior executives, the company said in a statement.

Propseller helps prospective property sellers and landlords find and compare the best property agents. It will use the fresh funds to accelerate its growth and further develop its technology focused on a “transparent approach” to select an agent using
independent reviews and agents’ track records.

The startup’s model and progress have attracted investments from prestigious business angels. Local entrepreneurs Yang Bin Kwok and Erwan Mace, founders of two of Singapore’s most successful startups, Zopim and Muslim Pro respectively, were in the round.

They were joined by some industry senior executives. Most notably PJ Vandepitte (global COO of Foodpanda), and real estate industry veteran Yvan de Rham (former Chairman of Sotheby’s International Realty for Switzerland) who commented “Propseller is doing at scale something that the industry needed for a long time: to make agents accountable for their work, from the very first phone call until after the contract is signed.”

Only 12 months after its launch, Propseller said owners using the platform have already put up for sale or rent S$500 million in combined property value. On the agent side, the traction is just as high, with 500 handpicked agents – from estate agencies such as PropNex, ERA and Sotheby’s – embracing the transparency route, joining Propseller and allowing client to rate their services.

“We invite only the best agents to join, then we have a very clear game play with them: delivering the highest level of service is the only way for them to build and maintain a reputation on Propseller,” the startup said.

The startup sees its service as “complementary” to the property listing portals. “PropertyGuru or 99.co are presenting properties to buyers and tenants. – AsiaPEVC.com

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Singapore’s Helpling Secures Funding from Tamedia AG, Enters Switzerland

Helpling, a Singapore-based online marketplace for household services has expanded into Switzerland after receiving a seven-figure investment from Tamedia AG.

This step strengthens Helpling’s position as Singapore’s leading brand in the household services space, the company said in a statement.

Helpling.ch enables customers in Switzerland to find their perfect cleaner and to book cleaning services with just a few clicks. The service is available in twelve cities across Switzerland including Zurich, Geneva, Basel, Bern, and Lausanne. Helpling is now active in 10 countries on three continents.

As part of the expansion, Helpling acquired the Swiss business from its former competitor Book a Tiger, who has decided to focus on B2B customers in Germany.

The company already serves thousands of regular customers. Helpling and Tamedia AG, Switzerland’s leading Media Group, see great potential in the Swiss market and will focus on the rapid expansion of the business. To support the envisaged growth, Tamedia AG has invested a seven-figure amount.

“We have acquired a well-established business and won a great local partner with Tamedia. Helpling has made great progress over the last years and we are looking ahead from a position of strength. Further expansion to more markets and additional services are on our roadmap,” Benedikt Franke, Co-founder of Helpling, said.

Helpling was founded in 2014 and has helped hundreds of thousands of households find their perfect cleaner and has supported tens of thousands of service providers in their business.

Also Read: SoftBank Ventures Korea Co-Leads $20M Series C in Gauss Surgical

On the Helping platform, service providers are able to set their own prices and present their services through an online profile. Customers can select their cleaner based on various criteria, such as experiences from other customers, ratings or price.

Customers and cleaners both benefit from the automatic invoicing, secure online payment, customer service and a insurance against damages.

Helpling was founded in 2014 by Benedikt Franke and Philip Huffmann. Among its investors are Mangrove Capital, Lakestar, Rocket Internet, Accel, and Unilever Ventures. Helpling is active in 10 Countries on three continents: Australia, France, Germany, Ireland, Italy, Netherlands, Singapore, Switzerland, United Arab Emirates (UAE), and the United Kingdom (UK). – AsiaPEVC.com

SoftBank Ventures Korea Co-Leads $20M Series C in Gauss Surgical

SoftBank Ventures Korea, the global early-stage venture capital arm of SoftBank Group, has co-led the $20-million Series C funding round in Silicon Valley-based AI healthcare technology firm Gauss Surgical.

Also co-leading the round is Northwell Health, with LS Polaris Innovation Fund and seven other leading US health systems chipping in.

The proceeds of the round will be used to accelerate the adoption of its Triton platform in hospitals and to develop new AI-driven applications for the operating room.

The company’s flagship product, Triton, monitors surgical blood loss in real time using digital imaging and machine learning on the iPad.

It has received de novo approval from the U.S. Food and Drug Administration and a European CE mark. It is in increasingly widespread use in hospitals across the United States; so far, Triton has been adopted by 50 hospitals which perform more than 200,000 infant deliveries each year.

Over the last 15 years, preventable maternal deaths and harmful postpartum health complications for mothers have increased precipitously in the U.S. due to undetected hemorrhaging, particularly in cesarean deliveries.

According to a recent study of 2,781 caesarean section patients published in the American Journal of Perinatology, implementing Triton was associated with significant increases in recognition of maternal hemorrhage and significant decreases in blood product transfusions and hospital length of stay.

“The practical application of AI in hospitals will be a major growth driver in the medical technology industry, especially in addressing high-cost, high-impact unmet clinical needs,” said Siddarth Satish, founder and Chief Executive Officer of Gauss. “We are pleased to be strategically aligned with investors who bring significant operational experience both in AI-enabled services and in healthcare as we scale our platform.”

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The investors contributing to the Series C funding include the LS Polaris Innovation Fund of Polaris Partners, a Boston-based venture capital firm with more than $4.3 billion under management. It also includes the strategic venture arms of several leading healthcare systems including UNC/REX Healthcare, OSF Healthcare, Providence Healthcare, Orlando Health, Spectrum Health, Mount Sinai Health System, and the Memorial Hermann Health System.

“As a leader in the AI-driven healthcare technology field, Gauss is profoundly altering the delivery model for medical devices and services in hospitals. We are excited to back the company and its founder’s vision to fundamentally transform the way operating and delivery rooms work,” said J.P. Lee, CEO and managing director of SoftBank Ventures Korea. – AsiaPEVC.com