UK aims to tighten foreign takeover rules

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The Daily Pitch: VC

November 12, 2020

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Today's Top Stories

UK M&A deals could slow under new foreign takeover rules

Business secretary Alok Sharma cautioned "hostile actors" against seeking a back door into the UK. (Dan Kitwood/Getty Images)

The UK has proposed a new bill that would give the government greater leeway to block foreign takeovers of British companies in strategic industries, among them AI, robotics and defense.

The legislation comes amid growing fears about protecting sensitive technology and infrastructure. While the law applies globally, concerns over China are front and center:

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	Zero Egg picks up new funding
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	TikTok asks court to extend sale deadline
	ByteDance on track for $27B+ in ad revenue
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People

Index Ventures hires new partner

London-based Index Ventures has brought on Carlos Gonzalez-Cadenas as a partner. He has served as COO of payments startup GoCardless and is the founder and former CEO of Fogg, a hotel search engine that was acquired by Skyscanner. As an angel investor, Gonzalez-Cadenas has backed startups like accounting software specialist Codat and Cargo.one, which operates a platform for booking airplane cargo. He will begin his new role at Index in January.

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VC Deals

Cybersecurity startup snags $267M round

SentinelOne has raised $267 million in a Series F led by Tiger Global, with participation from Sequoia, Insight Partners and Third Point Ventures. The funding values the Mountain View, Calif.-based company at more than $3 billion, up from the $1.1 billion valuation it reached in February after a $200 million Series E, according to PitchBook data. SentinelOne is the developer of an AI-based cybersecurity platform that predicts malware and ransomware attacks.

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Fishtown Analytics gobbles up $29.5M

Fishtown Analytics has raised a $29.5 million Series B led by Sequoia, with support from existing backers Andreessen Horowitz and Amplify Partners. Founded in 2016, the Philadelphia-based company is the developer of an open-source analytics engineering tool for cloud data warehouses. In April, Fishtown Analytics raised a $12.9 million Series A at a $42.9 million valuation, according to PitchBook data.

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Zero Egg picks up new funding

Zero Egg has raised a $5 million Series A led by Powerplant Ventures. The San Francisco-based company makes egg alternatives out of plant proteins like soy, potatoes, peas and chickpeas.

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The Kitchen FoodTech Hub, Unovis Asset Management

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Portfolio Companies

TikTok asks court to extend sale deadline

TikTok owner ByteDance has filed a petition with a US Court of Appeals to extend the deadline for divesting its US assets, according to reports. The company said the Committee on Foreign Investment in the US has not been responsive in recent weeks. Last month, a judge granted a preliminary injunction that prevented the government from moving ahead with plans to block the app.

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ByteDance on track for $27B+ in ad revenue

ByteDance is on pace to log 180 billion yuan (about $27.1 billion) in advertising revenue in China this year, Reuters reported. The Beijing-based company is said to earn some 60% of its revenue from Douyin, the Chinese counterpart to TikTok. ByteDance is reportedly the second-largest player in China's digital ad market.

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Newlight backs Sail Internet

Private equity firm Newlight Partners has invested in Sail Internet, a provider of internet and other wireless infrastructure services for the Bay Area. Ulu Ventures, Engineering Capital and Better Ventures have previously backed Sail and will retain their respective stakes in the business.

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Exits & IPOs

VC-backed Expanse set to sell for $800M

Publicly traded cybersecurity specialist Palo Alto Networks has agreed to acquire Expanse for $670 million in cash and stock and $130 million in replacement equity awards. San Francisco-based Expanse is the developer of a collection and attribution platform that helps users manage and secure their internet assets. Backed by investors including IVP, NEA and Founders Fund, Expanse was valued at $500 million in April 2019, according to PitchBook data.

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