London-based global communications company OneWeb raises funding from SoftBank and Hughes to fund its satellite fleet

OneWeb

In a recent move, Japan’s SoftBank Group and Hughes Network Systems LLC have invested $ 400M (approx €331M) in OneWeb, a London-based global communications company. This brings OneWeb’s total funding to $ 1.4B (approx €1.1B).

It’s worth mentioning that Hughes is an investor through its parent company EchoStar, and also an ecosystem partner, developing essential ground network technology for the OneWeb system.

Neil Masterson, CEO of OneWeb, adds, “We have made rapid progress to re-start the business since emerging from Chapter 11 in November. We welcome the investments by SoftBank and Hughes as further proof of progress towards delivering our goal.”

Fully funded for its first-gen satellite fleet

The capital raised to date positions the Company to be fully funded for its first-generation satellite fleet, totaling 648 satellites, by the end of 2022. With this funding, SoftBank will gain a seat on the OneWeb Board of Directors.

Founded by Greg Wyler, OneWeb’s mission is to deliver broadband connectivity worldwide by offering everyone, everywhere access including to the Internet of Things (IoT) future and a pathway to 5G.

The company’s LEO (Low Earth Orbit ) satellite system includes a network of global gateway stations and a range of user terminals for different customer markets capable of delivering affordable, fast, high-bandwidth, and low-latency communications services. 

Launched 36 satellites

Back in December 2020, OneWeb launched 36 new satellites, built at its Airbus Joint Venture assembly plant in Florida, USA, bringing the Company’s total fleet to 110 satellites, all fully-functioning and benefitting from the International Telecommunication Union spectrum priority.

Filed Chapter 11 bankruptcy

Back in March 2020, the UK company filed for Chapter 11 bankruptcy after failing to secure $ 2B (approx €1.65B) financing from SoftBank. However, a consortium of the UK Government (through the UK Secretary of State for Business, Energy and Industrial Strategy) and Bharti Global invested $ 1B (approx €828M) of new equity as a part of the resurrecting process. 

Pradman Kaul, President of Hughes, remarked, “OneWeb continues to inspire the industry and attract the best players in the business to come together to bring its LEO constellation to fruition. The investments made today by Hughes and SoftBank will help realise the full potential of OneWeb in connecting enterprise, government, and mobility customers, especially with multi-transport services that complement our own geostationary offerings in meeting and accelerating demand for broadband around the world.”

Startups – Silicon Canals

Delivery Hero launches venture capital fund DX Ventures to drive innovation in food, delivery and beyond – Yahoo Finance UK

Delivery Hero launches venture capital fund DX Ventures to drive innovation in food, delivery and beyond  Yahoo Finance UK
“nigeria startups when:7d” – Google News

Tiger Global is raising a new $3.75 billion venture fund, one year after closing its last

According to a recent letter sent to its investors, Tiger Global Management, the New York-based investing powerhouse, is raising a new $ 3.75 billion venture fund called Tiger Private Investment Partners XIV that it expects to close in March.

The fund is Tiger Global’s 13th venture fund, despite its title — the partners might be superstitious — and it comes hot on the heels of the firm’s 12th venture fund, closed exactly a year ago, also with $ 3.75 billion in capital commitments.

A spokesperson for the firm declined to comment on the letter or Tiger Global’s broader fundraising strategy when reached this morning.

It’s a lot of capital to target, even amid a sea of enormous new venture vehicles. New Enterprise Associates closed its newest fund with $ 3.6 billion last year. Lightspeed Venture Partners soon after announced $ 4 billion across three funds. Andreessen Horowitz, the youngest of the three firms, announced in November it had closed a pair of funds totaling $ 4.5 billion.

At the same time, Tiger Global has seemingly has a strong case to potential limited partners. Last year alone, numerous of its portfolio companies either went public or was acquired.

Yatsen Holding, the nearly five-year-old parent company of China-based cosmetics giant Perfect Diary, went public in November and is now valued at $ 14 billion. (Tiger Global’s ownership stake didn’t merit a mention on the company’s regulatory filing.)

Tiger Global also quietly invested in the cloud-based data warehousing outfit Snowflake and, while again, it didn’t have a big enough stake to be included in the company’s S-1, even a tiny ownership percentage would be valuable, given that Snowflake is now valued at $ 85 billion.

And Tiger Global backed Root insurance, a nearly six-year-old, Columbus, Oh.-based insurance company that went public in November and currently boasts a market cap of $ 5.3 billion. Tiger owned 10.3% sailing into the offering.

As for M&A, Tiger Global saw at least three of its companies swallowed by bigger tech companies during 2020, including Postmates’s all-stock sale to Uber for $ 2.65 billion; Credit Karma’s $ 7 billion sale in cash and stock to Intuit; and the sale of Kustomer, which focused on customer service platforms and chatbots, for $ 1 billion to Facebook.

Tiger Global, whose roots are in hedge fund management, launched its private equity business in 2003, spearheaded by Chase Coleman, who’d previously worked for hedge-fund pioneer Julian Robertson at Tiger Management; Scott Shleifer, who joined the firm in 2002 after spending three years with the Blackstone Group; and, soon after, Lee Fixel, who joined the firm in 2006.

Shleifer focused on China; Fixel focused on India, and the rest of the firm’s support team (it now has 22 investing professionals on staff) helped find deals in Brazil and Russia  before beginning to focus more aggressively on opportunities in the U.S.

Every investing decision was eventually made by each of the three. Fixel left in 2019 to launch his own investment firm, Addition. Now Shleifer and Coleman are the firm’s sole decision-makers.

Whether the firm replaces Fixel is an open question. Tiger Global is known for grooming investors within its operations rather than hiring outsiders, so a new top lieutenant would almost surely come from its current team.

In the meantime, the firm’s private equity arm — which has written everything from Series A checks (Warby Parker) to checks in the multiple hundreds of millions of dollars — is currently managing assets of $ 30 million, compared with the $ 49 billion that Tiger Global is managing more broadly.

A year ago, Tiger Global, which employs 100 people altogether, was reportedly managing $ 36.2 billion in assets.

According to the outfit’s investor letter, the firm’s gross internal rate of return across its 12 previous funds is 32%, while its net IRR is 24%.

Tiger Global’s investors include a mix of sovereign wealth funds, foundations, endowments, pensions, and its own employees, who are collectively believed to be the firm’s biggest investors at this point.

Some of Tiger Global’s biggest wins to date have include a $ 200 million bet on the e-commerce giant JD.com that produced a $ 5 billion for the firm. According to the WSJ, it also cleared more than $ 1 billion on the Chinese online-services platform Meituan Dianping, which went public in 2018.

Tiger Global also reportedly reaped $ 3 billion from majority sale of India’s Flipkart to Walmart in 2018,  though the Indian government has more recently been trying to recover $ 1.9 billion from the firm, claiming it has outstanding tax dues on the sale of its share in the company.

Not last, Tiger Global owned nearly 20% of the connected fitness company Peloton at the time of its 2019 IPO (a deal that Fixel reportedly brought to the table, along with Flipkart).

Peloton, valued by private investors at $ 4 billion before doubling immediately in value as a publicly traded company, now boasts a market cap of $ 48.6 billion.

Tiger Global has invested its current fund in roughly 50 companies over the last 12 months. Among its newest bets is Blend, an eight-year-old, San Francisco-based digital lending platform that yesterday announced $ 300 million in Series G funding, including from Coatue, at a post-money valuation of $ 3.3 billion.

It also led the newly announced $ 450 million Series C round for Checkout.com, an eight-year-old, London-based online payments platform that is now valued at $ 15 billion. And it wrote a follow-on check to Cockroach Labs, the nearly six-year-old, New York-based distributed SQL database that just raised $ 160 million in Series E funding at a $ 2 billion valuation, just eight months after raising an $ 86.6 million Series D round.

Another of its newest, biggest bets centers on the online education platform Zuowebang, in China. Back in June, Tiger Global co-led a $ 750 million Series E round in the company.

Last month, it was back again, co-leading a $ 1.6 billion round in the distance-learning company.

Pictured: Scott Shleifer, managing director of Tiger Global Management LLC, right, speaks with an attendee during the UJA-Federation of New York Wall Street Dinner in New York, on Wednesday, Dec. 14, 2011. 

Startups – TechCrunch

Tiger Global is raising a new $3.75 billion venture fund, one year after closing its last

According to a recent letter sent to its investors, Tiger Global Management, the New York-based investing powerhouse, is raising a new $ 3.75 million venture fund called Tiger Private Investment Partners XIV that it expects to close in March.

The fund is Tiger’s 13th venture fund, despite its title — the partners might be superstitious — and it comes hot on the heels of the firm’s 12th venture fund, closed exactly a year ago, also with $ 3.75 billion in capital commitments.

A spokesperson for the firm declined to comment on the letter or Tiger’s broader fundraising strategy when reached this morning.

It’s a lot of capital to target, even amid a sea of enormous new venture vehicles. New Enterprise Associates closed its newest fund with $ 3.6 billion last year. Lightspeed Venture Partners soon after announced $ 4 billion across three funds. Andreessen Horowitz, the youngest of the three firms, announced in November it had closed a pair of funds totaling $ 4.5 billion.

At the same time, Tiger seemingly has a strong case to potential limited partners. Last year alone, numerous of its portfolio companies either went public or was acquired.

Yatsen Holding, the nearly five-year-old parent company of China-based cosmetics giant Perfect Diary, went public in November and is now valued at $ 14 billion. (Tiger’s ownership stake didn’t merit a mention on the company’s regulatory filing.)

Tiger also quietly invested in the cloud-based data warehousing outfit Snowflake and, while again, it didn’t have a big enough stake to be included in the company’s S-1, even a tiny ownership percentage would be valuable, given that Snowflake is now valued at $ 85 billion.

And Tiger backed Root insurance, a nearly six-year-old, Columbus, Oh.-based insurance company that went public in November and currently boasts a market cap of $ 5.3 billion. Tiger owned 10.3% sailing into the offering.

As for M&A, Tiger saw at least three of its companies swallowed by bigger tech companies during 2020, including Postmates’s all-stock sale to Uber for $ 2.65 billion; Credit Karma’s $ 7 billion sale in cash and stock to Intuit; and the sale of Kustomer, which focused on customer service platforms and chatbots, for $ 1 billion to Facebook.

Tiger, whose roots are in hedge fund management, launched its private equity business in 2002, spearheaded by Chase Coleman when he was still working for hedge-fund pioneer Julian Robertson at Tiger Management; Scott Shleifer, who joined the firm in 2002 after spending three years with the Blackstone Group; and, soon after, Lee Fixel, who joined the firm in 2006.

Shleifer focused on China; Fixel focused on India, and the rest of the firm’s support team (it now has 22 investing professionals on staff) helped find deals in Brazil and Russia  before beginning to focus more aggressively on opportunities in the U.S.

Every investing decision was made by the three. Last year, Fixel left Tiger in 2019 to launch his own investment firm, Addition. Now Shleifer and Coleman are the firm’s sole decision-makers.

Whether the firm replaces Fixel is an open question. Tiger is known for grooming investors within its operations rather than hiring outsiders, so a new top lieutenant would almost surely come from its current team.

In the meantime, the firm’s private equity arm — which has written everything from Series A checks (Warby Parker) to checks in the multiple hundreds of millions of dollars — is currently managing assets of $ 30 million, compared with the $ 49 billion that Tiger is managing more broadly.

A year ago, Tiger Global, which employs 100 people altogether, was reportedly managing $ 36.2 billion in assets.

According to the outfit’s investor letter, the firm’s gross internal rate of return across its 12 previous funds is 32%, while its net IRR is 24%.

Tiger’s investors include a mix of sovereign wealth funds, foundations, endowments, pensions, and its own employees, who are collectively believed to be the firm’s biggest investors at this point.

Some of Tiger’s biggest wins to date have include a $ 200 million bet on the e-commerce giant JD.com that produced a $ 5 billion for the firm. According to the WSJ, it also cleared more than $ 1 billion on the Chinese online-services platform Meituan Dianping, which went public in 2018.

Tiger also reportedly reaped $ 3 billion from majority sale of India’s Flipkart to Walmart in 2018,  though the Indian government has more recently been trying to recover $ 1.9 billion from the firm, claiming it has outstanding tax dues on the sale of its share in the company.

Not last, Tiger owned nearly 20% of the connected fitness company Peloton at the time of its 2019 IPO (a deal that Fixel reportedly brought to the table, along with Flipkart).

Peloton, valued by private investors at $ 4 billion before doubling immediately in value as a publicly traded company, now boasts a market cap of $ 48.6 billion.

Tiger has invested its current fund in roughly 50 companies over the last 12 months. Among its newest bets is Blend, an eight-year-old, San Francisco-based digital lending platform that yesterday announced $ 300 million in Series G funding, including from Coatue, at a post-money valuation of $ 3.3 billion.

It also led the newly announced $ 450 million Series C round for Checkout.com, an eight-year-old, London-based online payments platform that is now valued at $ 15 billion. And it wrote a follow-on check to Cockroach Labs, the nearly six-year-old, New York-based distributed SQL database that just raised $ 160 million in Series E funding at a $ 2 billion valuation, just eight months after raising an $ 86.6 million Series D round.

Another of its newest, biggest bets centers on the online education platform Zuowebang, in China. Back in June, Tiger co-led a $ 750 million Series E round in the company.

Last month, Tiger was back again, co-leading a $ 1.6 billion round in the distance-learning company.

Pictured: Scott Shleifer, managing director of Tiger Global Management LLC, right, speaks with an attendee during the UJA-Federation of New York Wall Street Dinner in New York, on Wednesday, Dec. 14, 2011. 

Startups – TechCrunch

Google launches $3 mn fund to fight misinformation around Covid vaccine – ETHealthworld.com

Google launches $ 3 mn fund to fight misinformation around Covid vaccine  ETHealthworld.com
“nigeria startups when:7d” – Google News

LAUNCHub Ventures launches new €44M fund focused on Southeast European market; aims to close €70M this year

LAUNCHub Ventures

LAUNCHub Venture, a Sofia-based early-stage VC, which concentrates on digital startups in the wider Southeastern Europe region, completed the first closing of its new fund at €44M, whose target is €70M. The Bulgarian company expects to reach the target by the second quarter of this year. 

Plans to help 25 startups

With the latest funding, LAUNCHub plans to invest in 25 startups, in the next four years. The initial investment will range between €500K and €2M in verticals such as B2B SaaS, Fintech, Proptech, Big Data, AI, Marketplaces, Digital Health, Web 3.0, and Blockchain

“Central and Eastern Europe’s rapid economic growth has caught the attention of Western investors searching for the next unicorn. The region has huge and still untapped potential with more and more local success stories, paving the way for the next generation of CEE tech founders,” says Todor Breshkov, founding partner at LAUNCHub Ventures.

The latest funding was backed by the European Investment Fund (EIF) with the participation of tech corporations and successful Bulgarian founders.

10% of current fund in works already

With the new fund, LAUNCHub has already backed three companies from Eastern Europe with a total of €4.6M or 10 per cent of the current fund. The companies include – FintechOS, FerryHopper, and Giraffe360. Besides doubling down on supporting founders across SEE and CEE regions, the company is strengthening the team while putting a further focus on equality.

Gender equality

“We’re incredibly proud to announce that this year we’ve reached a 50:50 gender split in our team,” says Irina Dimitrova, Partner at LAUNCHub Ventures. It’s worth mentioning that Irina Dimitrova has been promoted to operating partner. 

The company has added Raya Yunakova, an Investor previously working for PiLabs in London, and Mirela Yordanova, who is now an Associate, while previously leading the startup community at Google for Startups Campus in London.

Founded in 2012, the VC firm backed 150+ founders across two funds and has nine exits to date.

Startups – Silicon Canals