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NEA-backed Red Baby, Uni-Power Plan for 2011 IPOsChinese baby products retailer Red Baby, and Chinese financial guarantee company Uni-Power are both planning for initial public offerings next year, Reuters reported. Both are backed by U.S. venture capital firm New Enterprise Associates. NEA, which manages more than $11 billion, has poured nearly $300 million in more than 20 Chinese companies, Reuters said. The firm expects as many as three of those companies to go public in the next year.
- PhaseBio Pharma Adds $15M in Series B Financing
PhaseBio Pharmaceuticals has closed a $25 million Series B round after adding $15 million in venture capital and nearly $500,000 in grants. The company, based in Malvern, Penn., is developing drugs to treat diabetes, metabolic disease and cardiovascular disease. Investors include Astellas Venture Management, Johnson & Johnson Development Corporation, Hatteras Venture Partners and Fletcher Spaght Ventures.
- Groupon Sale Could Inspire More Clones
When Todd Rideman first heard about Groupon, he figured he could do it, too. After all, what's so hard about putting up a Website, offering a few deals each day from local merchants -- like $20 worth of cupcakes for $10 -- and then watching the cash roll in? So Rideman poured $100,000 of his hard-earned money into his own daily deal site and, at the beginning of the year, launched WowWhatSavings, targeting the Boston area. He quickly learned, however, that building a profitable Groupon clone isn't as easy it looks. "I was able to get the local merchants, but getting people to come to the site was costing a fortune," said Rideman. After six months, he had just a few thousand people on his distribution list. He has since morphed his business into a deal site for restaurants only, and has seen sales perk up. WowWhatSavings, based in Waltham, Mass., is one of more than 130 Websites that offer daily deals like Groupon, according to Yipit, which aggregates the deals. Now, with the New York Times reporting that Google is negotiating to buy Groupon for up to $6 billion, the space is likely to grow even more crowded.
Shasta Ventures to Brave Tough MarketThe early stage investor hopes to raise $250M for its third fund, the same amount it raised for its second fund in 2007
Doerr and Wilson Get BubblyThe People Page: Items about Fred Wilson, John Doerr, Michael Moritz, Joe Lacob, Dick Kramlich, Christine Herron, Deepak Kamra and Mona DeFrawi
Success of Groupon Inspires ImitatorsDespite Groupon’s dominant market share and continued growth, clones of the group buying site continue to spring up and attract venture capital
All Charged UpThe next big thing in cleantech is grid energy storage—it’s a multibillion-dollar market ripe for innovation
- OPower Inks $50 Million From Accel, Kleiner Perkins
Energy efficiency software company OPower has raised a $50 million financing round co-led by Accel Partners and Kleiner Perkins Caufield & Byers. The round included participation from existing shareholder New Enterprise Associates. The new financing will help the Arlington, Va.-based company expand its development efforts. OPower’s technology is designed to help electric and gas utilities improve energy efficiency. The company’s software platform uses data analytics to evaluate a household’s energy usage and applies behavioral science techniques to help utility customers save energy.