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🩺 Health Insurance Flat in Q1. $430M+ VC Funding.

Impact Capital Markets #66 looks at our Health insurance stock index, major impact deals, M&A, and upcoming economic releases.

Manao ahoana 🌴

πŸ“‰ Today's Global Economic Update: Canada's unemployment rate reached 6.1% in March 2024, with a net loss of 2,200 jobs. This is the highest rate since October 2021 and has increased expectations of a rate cut in June 2024.

πŸ’Ό Deal of the Day: Pigment, a UK-based business strategy planning platform, raised a $145M Series D from ICONIQ Growth to accelerate product development.

What's New?

🩺 Health Insurance. Health insurance ends flat QoQ
πŸ’° Funding. Business planning, space tech + more
πŸ’Ό M&A. Infrastructure, medical devices, and generative AI
πŸ“… Economics. UK GDP Data, inflation, balance of trade + more

🩺 Health Insurance Ends Flat QoQ

Despite a 30% rise year-on-year, HolonIQ’s Health Insurance index has remained relatively flat over the past three months, registering 1% growth. February and March saw some positive moves, in contrast to the declines observed in January. 

The US government’s recent confirmation that Medicare Advantage rates will not be boosted as much as the insurance industry and investors had hoped added pressure on insurers already grappling with high medical costs. The rate determines how much insurers can charge for monthly premiums and plan benefits, ultimately defining their profit margins. This adds to the uncertainty that had characterized the industry since the cyberattack on Change Healthcare, a subsidiary of United Health Group, in February. The cyberattack, allegedly carried out by a ransomware group, left numerous US hospitals, pharmacies, and healthcare providers unable to handle claims, refills, and payments. As a result, United Health Group  ($420B MCap) saw a 16% QoQ decline. Other stocks in the index pushed the index higher, including Elevance Health ($118B MCap) which increased 4% over the quarter, and Allianz SE ($114B MCap) with 14% growth.

πŸ’° Funding

πŸ’Ό Pigment, a UK-based company offering a platform tailored for business strategy planning, raised a $145M Series D from ICONIQ Growth to accelerate product development.

πŸš€ Varda Space Industries, Inc., a California-based company specializing in space manufacturing, raised a $90M Series B from Caffeinated Capital to expand operations.

πŸŽ—οΈ Protara Therapeutics, a NY-based company creating therapies for cancer and rare diseases, raised $45M from RA Capital Management and Acorn Bioventures to fund the company's operations.

πŸ“¦ Velox, an Israeli developer of digital decoration solutions for beverage cans, raised $38M from Fortissimo Capital to drive global expansion.

πŸ’Š EnteroBiotix, a Glasgow-based biotech firm, raised $34.1M to advance the clinical-stage development of its microbiome therapies.

πŸ“ˆ SingleInterface, an Indian marketing & commerce platform, raised $30M from Asia Partners to support its global expansion.

πŸŽ₯ Lumana, a California-based video security platform provider, raised a $24M Seed from Norwest and S Capital to grow its operations.

πŸ“„ Fluid Topics, a French-based platform specializing in delivering product information content, raised a $16.3M Series B from Kennet Partners to grow its operational reach.

🧬 Leash Biosciences, a Utah-based company using machine learning to support research in medicinal chemistry, raised a $9.3M Seed from SpringTide Ventures to accelerate drug discovery through modern computational methods.

πŸ’Ό M&A

βš•οΈ Riddell, an Illinois-based company specializing in football helmet technology and innovation, acquired Simbex, a New Hampshire-based design and development partner for medical devices and consumer health products.

πŸ€– DataStax, a California-based generative AI data company, acquired Logspace, a Brazilian startup that specializes in developing Machine Learning integration solutions.

πŸͺ¨ Holcim, a Swiss global building materials and aggregates firm, has entered into a definitive agreement to acquire Tensolite, an Argentinian manufacturing company that produces prestressed concrete items.

πŸ”¬ Johnson & Johnson, a NJ-based healthcare giant, has entered into a definitive agreement to acquire Shockwave Medical, a California-based medical device company.

πŸ“… Economic Calendar

UK GDP Data, Inflation, Balance of Trade + More

Monday, April 08th 2024

πŸ‡©πŸ‡ͺ Germany Balance of Trade Data, February

Tuesday, April 09th 2024

πŸ‡¦πŸ‡Ί Australia Westpac Consumer Sentiment Index, April
πŸ‡¦πŸ‡Ί Australia NAB Business Confidence Index, March

Wednesday, April 10th 2024

πŸ‡―πŸ‡΅ Japan Consumer Confidence Index, March
πŸ‡ΊπŸ‡Έ US Core Inflation Data, March
πŸ‡ΊπŸ‡Έ US Inflation Data, March
πŸ‡¨πŸ‡¦ Canada BoC Interest Decision

Thursday, April 11th 2024

πŸ‡¨πŸ‡³ China Inflation Data, March
πŸ‡ͺπŸ‡¦ Euro Area ECB Interest Rate Decision
πŸ‡ΊπŸ‡Έ US Producer Price Index, March

Friday, April 12th 2024

πŸ‡¬πŸ‡§ UK GDP Data, February
πŸ‡ΊπŸ‡Έ US United States Michigan Consumer Sentiment (Preliminary), April

Monday, April 15th 2024

πŸ‡ΊπŸ‡Έ US Retail Sales Data, March

Tuesday, April 16th 2024

πŸ‡¨πŸ‡³ China GDP Growth Data, Q1
πŸ‡¨πŸ‡³ China Industrial Production Data, March
πŸ‡¨πŸ‡³ China Retail Sales Data, March
πŸ‡¬πŸ‡§ UK Employment Data, February
πŸ‡©πŸ‡ͺ Germany ZEW Economic Sentiment Index, April
πŸ‡¨πŸ‡¦ Canada Inflation Data, March
πŸ‡ΊπŸ‡Έ US Building Permits Data (Preliminary), March

Wednesday, April 17th 2024

πŸ‡―πŸ‡΅ Japan Balance of Trade Data, March
πŸ‡¬πŸ‡§ UK Inflation Data, March

Friday, April 19th 2024

πŸ‡¬πŸ‡§ UK Retail Sales Data, March

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