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The Briefing: (11-9-20)

Crunchbase News’ top picks of the news to stay current in the VC and startup world….

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Nuro, a developer of electric self-driving road vehicles that transport goods instead of people, announced that it is raising $500 million in a Series C round of funding.

T. Rowe Price led the financing for the Mountain View, Calif.-based company, with participation from new investors including Fidelity Management & Research Company and Baillie Gifford. The round also includes existing investors such as SoftBank Vision Fund 1 and Greylock.

Nuro last raised $940M in February 2019 for its Series B. The company develops and operates a fleet of self-driving vehicles that are built to deliver local goods of all kinds, from pizza to prescriptions.

SoftBank Group  reported $6.1 billion in quarterly profit in a Monday earnings announcement, lifted by a broad gain in tech valuations, which took its mammoth SoftBank Vision Fund back into positive territory.

The firm booked a gain of 1.04 trillion yen ($9.1 billion) in the quarter from investments via its two Vision Funds, which largely reflected unrealized gains from  higher valuations for portfolio companies. The figure compared with a loss of 944 billion yen ($9 billion) a year earlier.

Gains for the Vision Fund, however, were reportedly offset by a $1.3 billion hit from bets on technology stocks and derivatives.

  • Stocks surge on vaccine news, but not all:  U.S. markets were poised to soar on Monday, as investors cheered trial data from drugmakers Pfizer and BioNTech indicating their Covid-19 vaccine is 90% effective. However, amid the overall rise, some stocks, particularly companies offering services like at-home fitness and online meetings, saw declines.
  • Illustration: Dom Guzman

    Source: https://news.crunchbase.com/news/briefing-11-9-20/

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