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Archivo del Autor: Belen De Leon

A healthcare investment fund has become one of Israel’s largest with a $660 million close

One of Israel’s single largest venture capital funds is a new later stage vehicle focused on healthcare.

The aMoon investment firm launched its second vehicle in April 2018 and it just announced its final close with $660 million in assets under management — making it one of the largest (if not the largest) firm in the country.

“We plan to leverage Israel’s ecosystem of breakthrough science and disruptive tech innovation to accelerate cure and reshape global healthcare.” said Dr. Yair Schindel MD, Co-Founder & Managing Partner of aMoon, in a statement. “This raise is a vote of confidence for the Israeli HealthTech ecosystem that extends beyond Israel’s borders, to include the sizable community of Israeli entrepreneurs and researchers in global hubs, such as Silicon Valley and Boston.”

The firm’s second fund will have a strategy focused on later stage, lower risk companies in which aMoon will invest larger checks, according to an email from the firm’s co-founder and managing director, Dr. Schindel.

Ticket size for deals will range anywhere from $10 million to $20 million on the low end with the potential for follow-on investments ranging from $40 million to $50 million, Dr. Schindel said.

This larger check size is a function of the fund’s expansion. While the first aMoon fund was a $200 million, fund from a single limited partner (Marius Nacht, the co-founder and chairman of Check Point Software), the new fund counts 50 investors globally, including Credit Suisse which committed $250 million from their asset management and private banking groups. Goldman Sachs, also participated alongside an undisclosed Israeli investment firm.

Since its launch, aMoon 2 has made five investments in companies like Zebra Medical Vision, Cartiheal, Ayala Pharmaceuticals, Biolojic Design, and a still-in-stealth mode fifth company.

Broadly speaking, those deals align with the firm’s broader investment strategy which Schindel described as tackling diseases that are “either the worst killers or the largest cost-drivers of healthcare such as: cancer, cardiovascular disease, diabetes, Alzheimer’s, Parkinson’s, and infectious diseases.”

For Schindel and his colleagues at the firm, Israel represents an incredibly fertile market for developing new healthcare technologies.

The country boasts highly curated electronic medical records for nearly the entire population dating back more than 20 years. That means Israel has one of the most complete electronic pictures of its national population health extant in the world today.

And the Israeli government recently launched a $272 million investment scheme into digital health projects over the next five years

“The biggest opportunity today lies in the convergence of technology and biology and the shift from care which is reactive to care which is predictive, preventive and personalized,” says Schindel in a statement.

And the presence of large consumer tech companies in the healthcare market these days, means good things to come for startup companies, according to Schindel.

:Their presence means a larger universe of buyers as well as a much faster pace of development in a relatively conservative industry which is currently undergoing a massive digital transformation,” he wrote in an email.

 


Source: TechCrunch

Africa Roundup: Kenya’s BRCK acquires EveryLayer, Nigeria’s TeamApt eyes global expansion

Kenyan  communications hardware company BRCK acquired the assets of Nairobi based internet provider Surf and its U.S. parent EveryLayer in a purchase deal of an undisclosed amount in February.

Based in Nairobi, Surf is a hotspot service provider aimed at offering affordable internet to lower income segments. BRCK is a five year old venture that pairs its rugged WiFi routers to internet service packages designed to bring people online in frontier and emerging markets.

With the acquisition, BRCK gains the assets of San Francisco based EveryLayer and its Surf subsidiary, including 1200 hotspots and 200,000 active customers across 22 cities in Kenya, according to BRCK CEO and founder Erik Hersman.

Backed by $10 million from investors including Steve Case’s Revolution  VC fund, BRCK plans to use its new resources to expand to an undisclosed East African country and is eyeing options abroad. “We’re looking at Indonesia and starting our pilot in Mexico next month,” Hersman told TechCrunch on a call from Kigali.

BRCK built its platform around providing internet solutions primarily in Kenya and Rwanda. In 2017, the company rolled out its SupaBRCK product and paired it to its Moja service, which offers free public WiFi—internet, music, and entertainment—subsidized by commercial partners.

There’s not a requirement to click on or watch advertisements to gain Moja access, though users can gain faster speeds if they “interact with one of our business partners…by doing a survey, downloading an app, or watching an ad,” said Hersman.

In 2018, BRCK began offering SupaBRCK devices to drivers of Nairobi’s Matatu buses for Kenyan commuters to access Moja. As of January Moja traffic is racking up 300,000 active uniques and 3.7 million impressions per month, according to Hersman. There’s more on the deal and Africa’s internet connectivity equation in this TechCrunch exclusive on the acquisition.

Nigerian fintech startup TeamApt raised $5.5 million in capital in a Series A round led by Quantum Capital Partners.

The Lagos based firm will use the funds to expand its white label digital finance products and pivot to consumer finance with the launch of its AptPay banking app.

Founded by Tosin Eniolorunda, TeamApt supplies financial and payment solutions to Nigeria’s largest commercial banks—including Zenith, UBA, and ALAT.

For Eniolorunda, launching the fintech startup means competing with his former employer, the later stage Nigerian tech company Interswitch.

The TeamApt founder is open about his company going head to head not only with Interswitch, but other Nigerian payment gateway startups, including Paystack and Flutterwave, he told TechCrunch in this exclusive.

TeamApt, whose name is derivative of aptitude, bootstrapped its way to its Series A by generating revenue project to project working for Nigerian companies, according to its CEO.

The venture now has a developer team of 40 in Lagos, according to Eniolorunda, who spent 6 years at Interswitch as a developer and engineer himself, before founding the startup in 2015 .

“The 40 are out of a total staff of about 72 so the firm is a major engineering company. We build all the IP and of course use open source tools,” he said.

TeamApt’s commercial bank product offerings include Moneytor— a digital banking service for financial institutions to track transactions with web and mobile interfaces—and Monnify, an enterprise software suite for small business management.

On performance, TeamApt claims 26 African bank clients and processes $160 million in monthly transactions, according to company data. Though it does not produce public financial results, TeamApt claimed revenue growth of 4,500 percent over a three year period.

Quantum Capital Partners, a Lagos based investment firm founded by Nigerian banker Jim Ovia, confirmed it verified TeamApt’s numbers.

“Our CFO sat with them for about two weeks,” Elaine Delaney told TechCrunch.

TeamApt’s results and the startup’s global value proposition factored into the fund’s decision to serve as sole-investor in the $5.5 million round.

Delaney will take a board seat with TeamApt “as a supportive investor,” she said.

TeamApt plans to develop more business and consumer based offerings. “We’re beginning to pilot into much more merchant and consumer facing products where we’re building payment infrastructure to connect these banks to merchants and businesses,” CEO Tosin Eniolorunda said.

Part of this includes the launch of AptPay, which Eniolorunda describes as “a push payment, payment infrastructure” to “centralize…all services currently used on banking mobile apps.”

The company recently received its license from the Nigerian Central Bank to operate as a payment switch in the country.

On new markets,  TeamApt is looking to Canada and Europe with a specific expansion announcement expected by fourth quarter 2019, according to Eniolorunda

TeamApt’s CEO is open about the company’s future intent to list. “The project code name for the recent funding was NASDAQ. We’re clear about becoming a public company,” said Eniolorunda.

More Africa Related Stories @TechCrunch

African Tech Around The Net    


Source: TechCrunch

Porsche 911 Carrera S Cabriolet brings 443 hp to Geneva Motor Show – Roadshow

The new Cabriolet starts at $126,100 in the US.
Source: CNET

2020 Porsche 911 S and 4S Cabriolet boast 443 horsepower – Roadshow

The car’s power soft top can be opened in just 12 seconds at up to 31 miles per hour.
Source: CNET

Rally racing spectators are about to see a bump in their own safety – Roadshow

The FIA and Siemens are partnering to leverage autonomous tech against running over spectators.
Source: CNET

Ginetta's Akula supercar has race-inspired aerodynamics – Roadshow

The new car will also have a claimed 600 horsepower and will cost $532,000.
Source: CNET

2020 Mitsubishi ASX debuts in Geneva, hints at Outlander Sport for US – Roadshow

This is a close preview of the US-market Mitsubishi Outlander Sport.
Source: CNET

Sea is raising up to $1.5B for its Shopee e-commerce business in Southeast Asia

Alibaba is about to get a jolt from its largest rival in Southeast Asia. Sea, the Nasdaq-listed business, is raising as much as $1.5 billion from a new share offering that’s sure to be funneled into its Shopee e-commerce business.

Singapore-based Sea said in a filing that it plans to offer 60 million American Depositary Shares (ADS) at a price of $22.50 each. That could raise $1.35 billion, but that number could increase by a further $202 million if underwriters take up the full allotment of 9 million additional shares that are open to them. If that were to happen, the grand total raised would pass $1.5 billion. (Shopee raised $500 million in a sale last year.)

Sea said it would use the capital for “business expansion and other general corporate purposes.” That’s a pretty general statement and its business span gaming (Garena) and payments (AirPay), but you would imagine that Shopee, its primary focus these days, would be the main benefactor.

The $22.50 price represents a discount on Sea’s current share price — $24.06 at the time of writing — and the timing sees Sea take advantage of a recent share price rally. The company announced its end of year financials for 2018 last month, but which included positive progress for Shopee and Garena.

Whilst it remains unprofitable, Shopee saw annual GMV — total e-commerce transactions, an indicator of business health — cross $10 billion for the first time, growing 117 percent in the fourth quarter alone.

Those green shoots were met with enthusiasm by investors, as trading drove the stock price to a record high since its October 2017 IPO. That, in turn, made founder Forrest Li a billionaire on paper and gave Sea a market cap of over $8 billion.

Shopee shares have rallied after its 2018 financial report showed signs of promising growth for its Shopee e-commerce business

The capital is very much needed, however, as Shopee is some way from profitability and that is dragging down Sea’s overall business.

While adjusted revenue for Shopee increased by over 1,500 percent last year, it represented just over one-quarter of Sea’s overall $1 billion income in 2018 and contributed heavily to the parent company’s net loss of $961 million. Shopee alone posted a $893 million net loss in 2018.

Shopee is up against some tough competitors in Southeast Asia, most of which have strong links to Alibaba. Those include Alibaba’s own AliExpress service, Lazada — the e-commerce service it acquired — and Tokopedia, the $7 billion-valued Indonesian company that counts Alibaba and SoftBank’s Vision Fund among its backers.

Sea claims to be the largest e-commerce firm in “Greater Southeast Asia” — a classification that includes Taiwan alongside Southeast Asia — although direct comparisons are not possible since Alibaba doesn’t provide detailed information on its e-commerce businesses outside of China.

Alibaba said its international e-commerce businesses — which include many other services beyond Lazada — made $849 million in revenue during its most recent quarter, an annual increase of 23 percent. Lazada is in the midst of a transition — it appointed a new CEO in December — that has included a move away from direct sales. Alibaba said that impacted growth, with GMV rates slowing, but it pledged to continue its focus, having invested a fresh $2 billion into the business last year.

“We continue to invest resources to integrate Lazada’s business and technology operations into Alibaba with the aim of building a strong foundation for us to extend our offerings in Southeast Asia,” it said.


Source: TechCrunch

FDA approves esketamine nasal spray, the first new major depression drug in more than 30 years

In one of the most significant milestones for depression treatment in decades, the U.S. Food and Drug Administration announced today that it has approved a new drug with esketamine, a derivative of ketamine.

Made by Johnson & Johnson under the brand name Spravato, the drug is meant to be taken as a nasal spray in conjunction with an oral antidepressant and is targeted to patients who have not responded to other treatments. Spravato is the first major new depression treatment to be approved by the FDA since Prozac, which had less side effects than older antidepressants, hit the market more than 30 years ago, and is especially notable because it is supposed to work much more quickly than other drugs.

This is the first time the FDA has approved esketamine for any use (it approved ketamine as an anesthetic in 1970). Despite ketamine’s reputation as a recreational drug, doctors have been prescribing it off-label for years to patients who have not responded to antidepressants and other treatments. The FDA’s advisory committee voted 14-2 (with one abstention) for its approval last month.

The FDA approved esketamine with the caveat that Spravato will only be available through REMS (Risk Evaluation and Mitigation Strategies), its restricted distribution system for drugs with major safety concerns, citing the risk of sedation and dissociation, as well as potential for abuse and misuse. Patients administer the nasal spray themselves, but they will only be allowed to do so in a doctor’s office or clinic, and cannot take Spravato home with them.

Spravato’s effectiveness was evaluated in three short-term clinical trials, as well as one longer trial. One of the short-term studies, each four weeks long, found that the combination of Spravato and an oral antidepressant demonstrated a “statistically significant effect” compared to a placebo, sometimes within two days (the other two short-term trials did not meet pre-determined statistical tests for effectiveness).

In the longer trial, patients who had stabilized and continued with the medication combo took a “statistically significant longer time” to relapse than patients who received a placebo nasal spray with their oral antidepressant.


Source: TechCrunch

Samsung said to be working on two more foldable phones – CNET

One of the handsets will open outward instead of inward, while another will open vertically, Bloomberg reports.
Source: CNET

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