Filling in for Cromwell Schubarth on another slow start to the week for founders and funders. Could it be people out for Easter/Passover/Ramadan? Maybe it's spring break for Silicon Valley school kids? Whatever it is, it's quiet out there.
One story of note, namely for startups in the auto tech space: German automaker Porsche AG has about $272 million to invest. The company has been backing startups since 2016 and has supported about 60 companies, according to a report in Carscoops.
As part of its new funding effort, Porsche also will turn its venture capital unit into an independent subsidiary. The name will change from Porsche Ventures to Porsche Investments Management S.A., Carscoops reported.
The new investment firm will be based in Luxembourg and will work with offices in a number of global locations, including an office in Palo Alto — its only U.S. office.
Here's more startup and venture news from the start of the week:
Fundings
Macro Oceans Inc., San Francisco and Sacramento, $5 million, Seed: Refactor Capital, Lowercarbon Capital, McKinley Capital and angel investors took part in the round for the biotechnology company. Last week, the company announced that it had completed work on the first phase of its 12,500-square-foot pilot facility in West Sacramento.
VC funds
Eclipse Ventures, Palo Alto, $1.23 billion. The firm announced Monday that it was starting two new funds: $720 million for Eclipse Fund V, which has a focus on early-stage companies; and $510 million for Eclipse Early Growth Fund II, which will invest in "breakout" portfolio companies that are seeking Series B and C rounds. “The next decade in tech will be defined by companies focused on physical industries,” Eclipse said in a statement, explaining the types of companies the firm aimed to support.
