News round up 13 February 2017
Posted on 13 February, 2017 by Thierry Heles, editor
A round up of all the latest news on www.globalgovernmentventuring.com for our subscribers.
Speakers gathered at the High-Tech Gründerfonds’ conference to discuss using digitisation to enhance the customer experience, the importance of having a concrete strategic interest and opening up innovation to allow users to contribute their ideas.
The country hopes to develop its first startup district with several incubation centres and labs, with some keen on choosing Mangalore as the location for the initiative.
The Russian Direct Investment Fund is expected to secure more than $1bn in additional capital from the government by the end of the year, while Qatar pledges to co-invest $2bn.
EIF, Enterprise Ireland and Ireland Strategic Investment Fund have backed Frontline’s Fund II, which will target business-to-business software developers at the pre-seed and seed stages.
The Finance for Business North East Growth Fund, launched in 2010, has already secured a $25m return on its 146 investments.
The venture capital fund has received a $214m commitment through EU program Competitiveness, Entrepreneurship and Innovation, which will be topped up by third parties.
The city is set to create a venture fund with an initial commitment of $4m that will allocate between $16,000 and $83,000 to startups.
The European Investment Fund, Enterprise Ireland and the Ireland Strategic Investment Fund have supported a $107m vehicle that has already made its first investment.
Ontario is currently seeking VC fund managers to manage the fund.
The round, which boosted insurance technology developer CXA’s total financing to $40m, attracted EDBI and NSI Ventures.
The children’s retailer has floated on the Moscow stock exchange at a valuation of approximately $1bn, providing an exit to the Russia-China Investment Fund.
Investors including LG Electronics and Innogy have supplied at least $11m in series C capital to Kiwigrid, providing exits to HTGF and Innogy Venture Capital.
Scottish Investment Bank has supplied capital to digital entertainment group Blazing Griffin, which will use the money to set up two new development teams.
Temasek-backed CarTrade has added $55m to its coffers, one year after closing a $141m funding round that featured the Singaporean government venturing firm.
The e-commerce technology developer has raised $7m in seed funding at a $27m post-money valuation from backers including NRW Bank and Sparkasse Dortmund.
The program aims to offer capital, mentorship and networking opportunities to Canada-based startups operating in the artificial intelligence sector.
HTGF, the Sino-German High-Tech Fund and NRW Bank are among the investors of a $5.4m series B round for medical device manufacturer Personal MedSystems.
INCJ has contributed to a $7.1m funding round for mobile payment company Coiney, which has now raised more than $21m in total.
The Global Government Venturing deal net rounds up all the latest smaller deals and tracks emerging companies accessing government funds.
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