Gunderson Dettmer client Velodyne Lidar, the pioneer developer of lidar technology, announced its merger with Graf Industrial Corp.
Gunderson Dettmer represented Tiger Global as it co-led a $750 million Series E investment in Zuoyebang, a Chinese online tutoring platform. The round was joined by new investor Qatar Investment Authority and return backers SoftBank Vision Fund, Sequoia Capital China, Tiantu Capital and Xiang He Capital.
Gunderson Dettmer client Oscar, a direct-to-consumer health insurance company, closed a $225 million funding round. Baillie Gifford and Coatue were new investors in this round while Alphabet, General Catalyst, Khosla Ventures, Lakestar and Thrive Capital were previous investors that participated.
Gunderson Dettmer represented Lightspeed India Partners as it co-led the Series A investment in Nextbillion.ai, a Singapore-based startup building AI-based mapping solutions to support logistics, ride hailing, delivery and autonomous driving businesses.
Gunderson Dettmer client Prosus Ventures, formerly, known as Naspers Ventures led the Series A investment into Shipper, an Indonesian startup offering logistics management analytics to sellers on e-commerce platforms.
Gunderson Dettmer client Fabelio, an online furniture retailer, raised its million Series C financing led by AppWorks, MDI Ventures and Endeavour Catalyst.
Form BE-10 is part of a recurring 5-year benchmark survey designed by the U.S. Department of Commerce’s Bureau of Economic Analysis (“BEA”) to gather current economic data on the foreign investment operations of U.S. multi-national enterprises and their foreign affiliates. All “U.S. reporters” with one or more foreign affiliates during their 2019 fiscal year must make Form BE-10 filings regardless of whether they were contacted by the BEA.
The deadlines for filing Form BE-10 with the BEA have been, in both cases, extended to August 31, 2020 (originally May 29, 2020 for filers with less than 50 foreign affiliate filings and June 30, 2020 for filers with 50 or more foreign affiliate filings).
Form BE-10 is part of a recurring 5-year benchmark survey designed by the U.S. Department of Commerce’s Bureau of Economic Analysis (“BEA”) to gather current economic data on the foreign investment operations of U.S. multi-national enterprises and their foreign affiliates. All “U.S. reporters” with one or more foreign affiliates during their 2019 fiscal year must make Form BE-10 filings regardless of whether they were contacted by the BEA. Latin American venture-backed businesses that include U.S. holding companies in their corporate structure may be U.S. reporters.
The deadlines for filing Form BE-10 with the BEA have been, in both cases, extended to August 31, 2020 (originally May 29, 2020 for filers with less than 50 foreign affiliate filings and June 30, 2020 for filers with 50 or more foreign affiliate filings).
Gunderson Dettmer client Zero Mass Water, developers that use solar energy to provide safe, clean drinkable water from the atmosphere, raised a $50 million Series C1 financing led by Blackrock Innovation Capital Group.
Gunderson Dettmer client Demandbase, an account-based marketing platform to help maximize the B2B marketing, acquired Engagio.
Gunderson Dettmer represented FirstMark Capital in the formation of two funds: FirstMark V, focused on early-stage company investments and FirstMark Opportunity Fund III, focused on follow-on investments.
Gunderson Dettmer client OmniLatam, a financial services platform for companies in Latin America, announced its acquisition by Greensill.
SBA Issues First Guidance Following Passage of the PPP Flexibility Act
Following the enactment on June 5, 2020 of the bipartisan Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”), the U.S. Small Business Administration (“SBA”) has issued new guidance interpreting and implementing the act. As discussed in our previous client alert on the subject, the Flexibility Act amended the Small Business Act and the CARES Act to significantly modify the forgiveness and other provisions of the SBA’s Paycheck Protection Program (“PPP”).
Gunderson Dettmer client Postman, a collaboration platform for API development raised a $150 million Series C financing. The round was led by Insight and included CRV and Nexus Venture Partners.
Gunderson Dettmer client PatientPing, a care coordination platform that works to connect providers with patient care announced its Series C financing. The $60 million funding was co-led by Andreessen Horowitz, F-Prime Capital, GV and Transformation Capital.
Gunderson Dettmer client Squire Technologies, a booking and payment platform that connects barbers with clients, raised a $27 million Series B financing and also secured $7 million in debt.
Gunderson Dettmer client ACE Redpoint Ventures led the $8 million Pre-A round in Nebula Graph, a Chinese graph database developer. Returning investor Matrix Partners China also participated in the current round.
New Law Improves SBA’s Paycheck Protection Program for Borrowers
On June 5, 2020, the President signed the bipartisan Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”) into law. The new law amends the Small Business Act and the CARES Act to significantly modify the forgiveness and other provisions of the SBA’s Paycheck Protection Program (“PPP”).
Gunderson Dettmer client Elephant led an $18 million Series A investment in Ireland-based Keelvar, a developer of automation and optimization software for enterprise procurement, along with co-client Mosaic Ventures.
Gunderson Dettmer advised the underwriters on Arcus Biosciences’ follow-on public offering of 11,000,000 shares at $27.50 per share with aggregate gross proceeds of approximately $302.5 million.
Gunderson Dettmer client Benchling, a life sciences research and development platform, raised a $50 million Series D financing led by Alkeon.
Gunderson Dettmer client Nice Tuan, a Chinese e-commerce platform that provides groceries and daily supplies to the community, closed a Series C financing of $81.4 million led by GGV Capital.
Gunderson Dettmer client Spark Capital led the $60 million series C financing round in SmartRent, a company that brings smart home automation to property managers and renters.
Gunderson Dettmer client Commonwealth Fusion Systems, a company focused on commercializing fusion energy, raised its Series A2 financing. The $84 million funding round was led by Temasek.
Gunderson Dettmer is again ranked “most active law firm globally” in PitchBook’s Global Venture Capital League Tables. This result reflects Gunderson Dettmer’s continued market leadership in the venture capital marketplace and reinforces previous recognition as the most active law firm in the world in PitchBook’s 2014, 2015, 2016, 2017, 2018 and 2019 annual industry reports.
This alert is the second in our series of Privacy Topics: Practical Guidance from Gunderson Dettmer – a collection of practical privacy and data security guidance and accompanying materials designed to facilitate your company’s compliance efforts. Today’s alert focuses on notices that must be presented to California consumers under the California Consumer Privacy Act (CCPA) as it stands on May 21, 2020. For an overview of the CCPA, including guidance on which companies must comply, click here. Please click here for a questionnaire to help you gather and organize information your attorney will need to create your CCPA-compliant privacy policy.
Gunderson Dettmer client BetterCloud, the first SaaSOps Management platform empowering IT to define, remediate and enforce management and security policies for SaaS applications, raised its Series F financing. The $75 million financing was led by Warburg Pincus.
Gunderson Dettmer client Khatabook, developer of an application that allows small business owners can record their transactions online, raised their Series B financing. The $60 million financing was led by B Capital, Sequoia, DST Global and Tencent.
Gunderson Dettmer client GIPHY, a GIF search engine with integrations in thousands of platforms, announced its acquisition by Facebook.
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