08252014Hawaii
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Growth equity an eclectic mix at Hawaii ERS: VCJ

The growth equity portfolio at the Hawaii Employees’ Retirement System is an eclectic mix of small-scale later stage funds and massive multi-billion capital pools with a broad, balanced approach. Results are reasonably good.

Aldea Pharmaceuticals snags $24 mln Series B

Aldea Pharmaceuticals said Monday that it has received $24 million in Series B financing. The investors included RusnanoMedInvest, WuXi PharmaTech Corporate Ventures, Canaan Partners and Correlation Ventures. Based in Redwood City, Calif., Aldea is focused on developing treatments for aldehyde metabolism disorders.

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Dermira fetches $51 mln Series C

Dermira, a Redwood City, Calif-based maker of medical dermatology products, has closed $51 million in Series C financing. The investors included Bay City Capital, New Enterprise Associates, Canaan Partners, UCB S.A., Apple Tree Partners, Aisling Capital, Rock Springs Capital and Sabby Capital. Leerink Partners was the placement agent for the financing. In addition to the funding, Dermira has named Andrew Guggenhime as chief operating officer and chief financial officer; Christine Conroy as senior vice president of regulatory affairs; and Christine Ring as vice president of legal. It has also appointed David E. Cohen, Matthew Fust, Mark McDade and William Ringo to its board of directors.

07232014Nevada
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Nevada PERS bets more on venture: VCJ

The Public Employees’ Retirement System of Nevada has stepped up its venture capital investing over the past couple of years with commitments to Battery Ventures, Canaan Partners and Technology Crossover Ventures.

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Truveris nets $12.75 mln Series C

Truveris said Friday that it has closed $12.75 million in Series C funding. Canaan Partners led the round with participation from return backers New Leaf Venture Partners, Tribeca Venture Partners, New Atlantic Ventures and First Round. Based in New York City, Truveris is a platform for pharmacy pricing and benefits analysis.

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RelayRides rakes in $25 mln Series B

RelayRides said Tuesday that it has received $25 million in Series B funding. Canaan Partners led the round with participation from return backers August Capital, Google Ventures and Shasta Ventures. In conjunction with the funding, Deepak Kamra, general partner at Canaan Partners, will join RelayRides’ board of directors. RelayRides is a peer-to-peer car rental marketplace.

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Andreessen Horowitz leads Series B round for Instacart

Instacart, an on-demand grocery service, has received $44 million in Series B funding. Andreessen Horowitz led the round with participation from previous backers Sequoia Capital, Khosla Ventures and Canaan Partners. Also, Box CEO Aaron Levie and Y Combinator President Sam Altman made personal investments.

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Chrono Therapeutics snags $32 mln Series A

Digital drug products provider Chrono Therapeutics has closed $32 million in Series A financing. Canaan Partners and 5AM Ventures led the round with participation from Fountain Healthcare Partners, Mayo Clinic and GE Ventures. In conjunction with the funding, Wende Hutton, general partner at Canaan Partners, Jim Young of 5AM Ventures and Aidan King of Fountain, have been named to Chrono’s board of directors.

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Washio closes Series A led by Canaan Partners

Washio, an app for on-demand dry cleaning and laundry has closed a $10.5 million Series A investment led by Canaan Partners. Existing investors Pejman Mar Ventures, Yahoo co-founder Jerry Yang, Sherpa Ventures, A Grade Investments, Troy Carter and others also participated.

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Teva agrees to buy VC-backed Labrys for up to $825 mln

sraeli pharmaceutical company Teva Pharmaceutical Industries has agreed to acquire Labrys Biologics for $200 million in upfront payment in cash as well as up to $625 million in payments based on achievement of certain pre-launch milestones. Based in San Mateo, Calif., Labrys is a biotech firm focused on treating migraine. It was backed by venBio, Canaan Partners, InterWest Partners and Sofinnova Ventures.

EndoGastric Solutions rakes in $30 mln

EndoGastric Solutions has closed $30 million in Series G funding. Investors included Advanced Technology Ventures, Canaan Partners, Chicago Growth Partners, De Novo Ventures, Foundation Medical Partners, Oakwood Medical Investors and Radius Ventures. Based in San Mateo, Calif., EndoGastric Solutions develops products and procedures that treat gastrointestinal diseases.

Metacloud racks up $15 mln

Metacloud has raised $15 million in Series B funding. The investors included Pelion Venture Partners, Silicon Valley Bank, UMC Capital, AME Cloud Ventures, Canaan Partners and Storm Ventures. Based in Pasadena, Calif., Metacloud is a provider of cloud solutions.

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