Good day. SoftBank Group's Vision Fund has learned lessons from the WeWork debacle, but plans little changes in its second fund, the firm's finance chief said in an exclusive interview with WSJ Pro. 

One lesson learned from WeWork, Vision Fund CFO Navneet Govil said: "Things like founders having super veto rights or super voting rights is not something that necessarily makes sense," he said. 

Meanwhile, the firm plans small changes in its second fund, such as limiting the amount of investment in each sector or company, and investing in a more diverse group of companies than the first fund, he added. 

Despite the various problems at WeWork, morale at the Vision Fund is “great” and “remarkable,” Mr. Govil said.

Much more in our story below. 

And now on to the news...

Vision Fund CFO. SoftBank Group’s Vision Fund will do little to change its investment strategy, the fund’s finance chief said, despite losses and missteps with We Co., WSJ Pro's Katie Roof reports exclusively.

• “Nothing’s changed,” said Navneet Govil, chief financial officer for SoftBank’s Vision Fund, in an interview. SoftBank will continue to invest in technology companies that are on the cusp of going public.
   
• The Vision Fund is in the process of soliciting investors to commit to a second investment fund. Mr. Govil said SoftBank hasn’t finalized outside commitments for the second Vision Fund.
   
• Limited partners wanted to “see how the WeWork situation unfolded” before making additional investments, he said. “Nothing’s been locked in yet,” Mr. Govil said. The company previously said it had pledges of more than $100 billion.
   
• The Vision Fund has drawn scrutiny for its check sizes and also for its investment strategy. Mr. Govil said his fund doesn’t use large checks as a means to success. “There was never the belief that more money would make a company successful,” he said.
   
• The Vision Fund reported nearly a $9 billion operating loss—its first—for its latest quarter on Wednesday. Overall, SoftBank reported a $6.4 billion net loss in the latest quarter, and took billions of dollars in write-downs of the value of it its investments in WeWork, Uber and about 20 other companies. “This is clearly a challenging and difficult quarter for us,” Mr. Govil said.
   
• Still, the Vision Fund isn’t changing how it values startups. “Our valuations are in line with accounting guidelines,” he said, referring to international accounting rules that help companies determine asset values.

Animal organ donors. A pair of corporate venture arms are joining a $100 million bet on technology to enable animal organs to be transplanted into humans, WSJ Pro's Brian Gormley reports. Fresenius Medical Care Ventures is leading an investment into eGenesis Inc., a startup seeking to use gene editing to clear technical hurdles to using animal organs in humans. Leaps by Bayer, the venture group of German life-sciences company Bayer, joined the financing. 

Kalanick's new venture. Saudi Arabia’s sovereign-wealth fund has pumped $400 million into Travis Kalanick’s new company CloudKitchens, the Journal's Rory Jones and Rolfe Winkler report, citing people familiar with the situation. The deal could value the operator of so-called ghost kitchens at about $5 billion and reunites the former Uber chief with one of his biggest backers. Mr. Kalanick has kept many aspects of CloudKitchens a secret.  

Mortgage startup. Real-estate technology startup Snapdocs Inc. has raised $25 million to further improve artificial intelligence on its mortgage processing platform, WSJ Pro's Marc Vartabedian reports. Numerous startups are attempting to introduce AI to streamline the mortgage and homebuying process, which is notorious for including heavy paperwork.

Health data. Behind Google’s $2.1 billion deal for wearables maker Fitbit Inc. is the search giant’s dream to become a major player in health data after a failed attempt to establish a foothold in it years ago, the Journal’s Sarah E. Needleman and Rob Copeland report. Analysts say it’s logical that Fitbit and others would find ways to make money from the data by partnering with health-care companies to monitor chronic conditions among users and developing new health-care services, among other methods.

Ballot box. A regulatory crackdown is on the way for Airbnb Inc. and other similar short-term rental companies in Jersey City, N.J., the Journal’s Joseph De Avila reports. Voters in Jersey City overwhelmingly approved a ballot measure Tuesday by a margin of 69% to 31% to beef up rules for operating short-term rental properties in the city. It was a blow to Airbnb, which had spent more than $4 million opposing the measure, flooding the television airwaves with commercials and inundating residents with mailers.

Social trading and investment platform eToro Ltd. acquired Delta, which provides crypto portfolio management tools, for an undisclosed amount. Founded in 2007, eToro is backed by investors including China Minsheng Financial, SBI Group, Korea Investment Partners and World Wide Invest.

On-demand delivery app Glovo has launched in Poland following the purchase of food delivery platform Pizza Portal for €35 million ($38.7 million). Earlier this year, Barcelona-based Glovo raised €150 million in Series D funding from Lakestar, Drake, Korelya Capital and Idinvest Partners.

TCG Capital Management, formed by former media executive Peter Chernin, has raised more than $700 million in commitments for its latest fund, the co-founders said in a letter posted on the Playa Vista, Calif. firm’s website. TCG plans to target equity investments averaging $25 million to $75 million with an emphasis on consumer-facing businesses, according to a firm spokesman. As of March 25, the firm had about $482.6 million in assets under management. It also focuses on investing in media, technology and sports-related businesses. Mr. Chernin, who is also a television and feature-film producer, is a past president and chief operating officer of News Corp, owner of The Wall Street Journal and Dow Jones & Co. 

Uber shares hit record low as post-IPO lockup expires. Uber shares hit an all-time low Wednesday as the “lockup” period following its May initial public offering ended, delivering a blow to a company that has struggled to satisfy investors.

Airbnb moves to improve user safety after mass shooting. Airbnb is working to improve the safety and quality of its short-term rental platform after a fatal shooting last week at a California home and a media report revealed a scam involving the company’s listings.

Blockchain makes inroads into the stock market’s $1 trillion plumbing system. Technology from the bitcoin world is coming to the trillion-dollar plumbing that underpins the U.S. stock market.

Facebook feared WhatsApp threat ahead of 2014 purchase, documents show. Facebook executives’ emails indicate concern about the threat WhatsApp posed to the company’s core business before Facebook acquired the messaging app in 2014.

Huawei founder says Chinese giant doesn’t need the U.S. "The China-U.S. trade talks are not something I’m concerned with," Ren Zhengfei declared.

T-Mobile-Sprint merger approved by FCC in a 3-2 vote. The deal still faces an antitrust challenge from state attorneys general.

Sen. Marco Rubio presses Pentagon over Chinese camera use. Florida senator tells Pentagon to quickly remove the equipment and says further prohibitions on Chinese equipment are likely. 

California attorney general says Facebook hasn’t adequately complied with subpoenas. AG Xavier Becerra said he asked court to force tech giant to comply with information requests related to its privacy probe.

“Is your startup idea taken?”—and why we love X for Y startups. (Andrew Chen)

TikTok's rise puts it in critics' crosshairs. (Axios)

Juul disregarded early evidence it was hooking teens. (Reuters)

Venture capitalists “like and subscribe” to influencers. (TechCrunch)

Inside the high-stakes race to build the world’s first flying taxi. (NYTimes)

Ray Dalio: The world has gone mad and the system is broken. (LinkedIn)

Foxconn-backed HCM Capital is in talks on a new, larger tech fund. (Reuters)

Direct-to-consumer brands embrace texting customers. (Modern Retail)

Before fatality, Uber self-driving cars were involved in 37 accidents. (Reuters)

A Russian startup is selling autonomous robots made to look like any person on Earth. (FOX News)

Eight Sleep Inc., a New York-based manufacturer of mattresses containing sensors that measure physiological factors like heart rate and body temperature, completed a $40 million growth investment round. Founders Fund led the funding, and was joined by Craft Ventures, Khosla Ventures, Y Combinator, 8VC and others. Trae Stephen, a partner at Founders Fund, joins the company’s board.

Immersive Labs, an on-demand, gamified cyber skills platform with offices in the U.K. and Boston, raised $40 million in Series B funding. Summit Partners led the round, which included participation from Goldman Sachs.

Diamanti, a San Jose, Calif.-based platform for Kubernetes and containers, closed a $35 million Series C round. ClearSky led the investment, with participation from CRV, Threshold Ventures, Goldman Sachs, GSR Ventures and Northgate Capital. ClearSky Managing Director Erik Straser joined the board.

Wrench Inc., a Seattle-based mobile vehicle maintenance and repair service, picked up $20 million in Series C funding. Vulcan Capital led the round, with participation from Madrona Venture Group, Tenaya Capital and Marubeni Corp.

Extend, a San Francisco-based startup whose technology enables merchants to offer extended warranties and protection plans on products, secured a $16.4 million round of funding. GreatPoint Ventures led the investment, with participation from Pritzker Group Venture Capital, Lightbank, Shah Capital Partners and others. In addition to the financing, Extend merged with insurance broker Aon’s warranty solutions practice.

SquareFoot, a New York-based commercial real estate technology provider, landed $16 million in Series B funding. DRW VC led the round, with participation from investors including Triangle Peak Partners, RRE Ventures and Rosecliff Ventures.

Neural Magic, a Somerville, Mass.-based provider of software for processing deep learning workloads on general purpose CPUs without the need for artificial intelligence hardware, was seeded with a $15 million investment. Comcast Ventures led the round, with contributions from New Enterprise Associates, Andreessen Horowitz, Pillar VC and Amdocs.

Anonos, a Boulder, Colo.-based data risk management startup, closed a $12 million growth investment led by Edison Partners.

Digits, a financial software startup, nabbed a $10.5 million Series A round. Benchmark led the funding, and Peter Fenton joined the company's board.

Cover Genius, which provides insurance for customers of online companies, secured $10 million in Series B financing. King River Capital led the round, which included participation from investors including Regal Funds Management and Marinya Capital. Cover Genius has offices in London, New York, Sydney and Tokyo.

Mooala Brands LLC, a Dallas-based dairy-free beverage startup, raised $8.3 million in Series A funding. Sweat Equities led the round, with participation from existing investors including M3 Ventures.

Cultivate, a San Francisco-based leadership coaching platform, collected $8 million in Series A funding. Trinity Ventures led the round, with Karan Mehandru joining the company's board. Bloomberg Beta, Silicon Valley Data Capital and SAP.iO also participated.

Verto Education, a Portland, Ore.-based freshman-year-abroad college program, grabbed $6.3 million in seed funding from investors including First Round Capital, GSV Ventures, 10xImpact and Box Group.

Quartic.ai, a Canada- and San Jose, Calif.-based industrial AI and internet-of-things software provider, completed a $5 million Series A round led by WRVI Capital.

Section 32, a Los Altos-Calif.-based venture firm, hired Steven Kafka as a managing partner. Mr. Kafka was most recently a partner at Third Rock Ventures. Section 32, which is headed by former GV founder Bill Maris, backs startups in health care, technology and life sciences.

AppLovin, a Palo Alto, Calif.-based mobile marketing platform, named Herald Chen finance chief. He was most recently head of KKR & Co.’s Americas technology, media and telecommunications division.

We cover venture capital and the global startup ecosystem. WSJ Pro Venture Capital is a premium service of The Wall Street Journal. Share your tips, comments and questions: vcnews@wsj.com

The Team: Tomio Geron, Yuliya Chernova, Brian Gormley, Heather Mack, Katie Roof and Marc Vartabedian.

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