Legend Capital unveils 10-figure renminbi fund
Xiangcheng Financial Holdings is among the backers for the first close of the Legend Holdings spinoff's sixth renminbi-denominated vehicle.
Corporate venturing deal net: 22-26 February 2021
Each Friday the Global Corporate Venturing Deal Net rounds up the week’s smaller deals and tracks the emerging companies accessing corporate funds.
SVolt plugs into $541m series A
Great Wall Motor's automotive battery technology spinoff has raised $541m in a round co-led by Bank of China Group Investment and CMG-SDIC Fund Management.
ECarX drives through another $200m
The Baidu, Geely and SIG-backed in-car technology developer hiked its valuation to $2bn in a series A-plus round led by China Venture Capital Fund.
WiTricity powers up to $52m
The vehicle charging technology developer, a spinout from MIT, has secured a further $18m for a Mitsubishi-backed round.
Joby Aviation takes flight for reverse merger
The Intel Capital, JetBlue Technology Ventures, Toyota AI Ventures and Uber-backed flying car developer is set to list on the NYSE.
Lucid Motors reveals reverse merger details
Mitsui-backed Lucid will be valued at $11.8bn once the deal closes, as it prepares to commercially launch its all-electric luxury sedan.
Xos carries itself to reverse merger
Proeza-backed electric truck producer Xos will list on the Nasdaq Stock Market and have an implied pro forma market capitalisation of $2bn.

Other News

Qingju to raise $600m in series B cycle
The bicycle rental service, which was spun off by Didu Chuxing, is reportedly to close a $600m series B round alongside $400m in debt financing.
Vogo pogos to series C extension
The Ola-backed urban mobility platform developer has added $11.5m to the $19m in series C funding it secured early last year.
Kakao Mobility hails Carlyle for $200m
Kakao’s ride hailing spinoff Kakao Mobility has received $200m from Carlyle Group.
Recogni spots series B investors
The automotive vision technology developer raised $48.9m in a round featuring Continental, Toyota AI Ventures, BMW i Ventures, Robert Bosch Venture Capital and Fluxunit – Osram Ventures.
Shinsegae Group hails Grab deal
Signite Partners said it had invested because "millions of people use Grab daily".
SpaceX rockets into $850m round
Spacecraft manufacturer SpaceX has pushed its valuation to $74bn, a more than sixfold increase on the $12bn it fetched when Google led a $1bn round in 2015.

Editor's Picks

Rivian trucks in $2.65bn
Amazon returned for a round valuing the electric truck developer at $27.6bn as it prepares to release its first vehicles later this year.
Proterra opts for reverse merger route
Mitsui, Edison Energy, BMW, Daimler, General Motors and Exelon-backed electric bus manufacturer Proterra achieved a $1.6bn enterprise value in the deal.
Hayes and Gimenez promoted to managing partner at BP
Restructure at BP follows Meghan Sharp's return as global head of ventures.
2021 in Corporate Venturing: A Preview
Micromobility, AI-equipped drug discovery, home fitness and cloud kitchens are among the sectors that look promising in 2021.
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