VC Deals: SoftBank Backs Didi’s Bike-Share Unit

Welcome to Seeking Alpha’s Venture Capital Deals of the Week. Follow this account and turn on the e-mail alert to receive VCDeals in your inbox on Friday afternoons.

  • SoftBank (OTCPK:SFTBF,OTCPK:SFTBY) and Legend Capital pitched in $150M for Didi Chuxing’s (DIDI) bike-share unit, Qingju. Previous media reports suggested that Didi was raising $1B for the unit, but The Information sources said Didi itself contributed $850M. The latest round marked the first time Didi accepted outside investments into the business.
  • Accenture Ventures (NYSE:ACN) and Riverwood Capital co-led the $93.5M Series E for ForgeRock, an identity and access management software company. The startup will use the funds to invest in its ForgeRock Identity Cloud, R&D, and cloud services. ForgeRock says its ARR and revenue top $100M, which comes from 1,100 enterprise customers managing 2B identities through the platform. The Series E will be the company’s last before an IPO.
  • GV (GOOG,GOOGL) and AbbVie (NYSE:ABBV) joined the $63M Series B for cancer treatment biopharma Accent Therapeutics. EcoR1 Capital led the round, which will help advance development of Accent’s therapies targeting RNA-modifying proteins. The lead programs are METTL3 for acute myeloid leukemia and ADAR1 for certain types of solid tumors.
  • GV led the $22M Series B for Digits, a fintech that launched this week after two years of development. The first product is a machine learning-backed expense monitoring dashboard for small businesses and startups. Digits can connect to a user’s accounting software, bank, payroll provider, and other financial information sources to offer real-time analysis and data visualization. The funding is helping Digits launch the product for free to companies struggling during the coronavirus pandemic.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.

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