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Here are the three big numbers to watch as the week kicks off.
$16.5 billion
The problem with being a mega-private fund housed within a public company: You lose the safety and security of, well, being private.
On Monday, Japanese telecom giant SoftBank revealed that its massive $100 billion Vision Fund expects a loss of about $16.5 billion (¥1.8 trillion)—pushing the overall group to its first estimated operating loss in 15 years: $12.5 billion ((¥1.35 trillion) for the year ending March 31.
The negatives also stem from holdings outside of Vision Fund, with losses of $7.4 billion (¥800 billion) on the likes of WeWork’s parent company and on satellite operator OneWeb, which recently filed for Chapter 11 bankruptcy protection.
It’s a breakdown you’d be hard-pressed to find from any other venture capital firm or corporate venture shop, which have no obligation to reveal their numbers publicly or have shops housed within a multibillion corporation that are too miniscule to make any dents on earnings.
Unfortunately that’s not the case for SoftBank or its bets. The telecom giant has drawn endless fascination over its megarounds—but also endless and easy scrutiny as its sizable private bets eat into the parent company’s very much public financial statements.
$168 billion(?)
White House economic adviser Larry Kudlow says the U.S. has approved loans worth $168 billion to 661,000 small businesses as part of a coronavirus-induced $350 billion stimulus package to the sector. He estimates the funding will run out by April 17.
But take it with a grain of salt. It doesn’t mean said businesses have already received their funding, and raises questions about what Kudlow means by “approved.” Banks themselves are currently understaffed when it comes to the deluge of claims—potentially fraudulent ones—which raises more questions about whether or not businesses will be eligible for forgiveness down the line. Most agree that the funding will run out—but there are politics at play. The numbers come as the Republican-led administration is requesting an additional $250 billion for the program, while Democrats are declining to sign off on the bill without “also adding hundreds of billions for hospitals, cities and states and food stamp recipients.” Read more.
$3 billion
One of the biggest winners from Zoom’s surge? 91-year-old real estate mogul Li Ka-shing, who owns about 8.6% of the video conference company that has taken off amid a socially-distanced economy. Li owns Zoom shares through Horizons Ventures, which led Zoom’s $6.5 million Series B in 2013 and later participated in its $30 million Series C.
That stake is now worth, you guessed it, $3 billion. Read more.
VENTURE DEALS
- Thrasio, a New York City-based acquirer of Amazon third-party private label businesses, raised $75 million in Series B funding and $35 million in debt. Existing investors led the round, and was joined by investors including Peak6, Upper90, WTI, and River Park Ventures. The round values Thrasio at $700 million.
- Kargo, a Jakarta-based logistics startup cofounded by forUber Asia executive Tiger Fang, raised $31 million in Series A funding. Tenaya Capital, Sequoia India, Mirae Asset Management, and Intudo Ventures invested. Read more.
- Darmiyan, Inc., a San Francisco, Calf.-based developer of brain diagnostics, raised $6 million in an initial closing of Seed funding. Eisai led the round, and was joined by investors including IT-Farm and Y-Combinator (YC).
- AcreTrader, a Fayetteville, Ark.-based online farmland investing platform, raised $5 million in Seed funding. RZC Investments led the round and was joined by investors including Revel Partners.
- NextStep, a Seattle, Wash-based mobile-based training platform and job placement company, raised $3.6 million in funding. Springrock Ventures led the round, and was joined by investors including Jazz Venture Partners, Learn Capital’s LearnStart fund, and the managing directors of Pioneer Square Labs. Read more.
PRIVATE EQUITY
- Direct Healthcare Group, backed by ArchiMed, acquired the Patient Handling Europe division of Handicare, Stockholm, Sweden-based provider of solutions for patients with limited mobility. Financial terms weren't disclosed.
- A consortium led by Northern Private Capital completed the acquisition of MDA, a Canadian space technology developer and manufacturer, from Maxar Technologies (NYSE: MAXR). The C$1 billion acquisition was made with a mix of stock and equity.
- Lineage Capital invested in City Rise Safety, a Lodi, Calif.-based provider of traffic control services. Financial terms weren't disclosed.
OTHERS
- Johnson & Johnson (NYSE: JNJ) abandoned plans to buy Japanese drugmaker Takeda Pharmaceutical’s surgical patch business TachoSil, the Federal Trade Commission said. Johnson & Johnson subsidiary Ethicon planned to buy the company for $400 million. Read more.
F+FS
- GCM Grosvenor completed the final close for its Co-Investment Opportunities Fund II with $540 million in committed capital.
- Direct Capital Private Equity raised NZ$416 million for its sixth fund. Direct Capital VI fund previously targeted NZ$450 million. Read more.
PEOPLE
- Bessemer Venture Partners promoted Tomer Diari to Vice President.
