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πŸ§‘β€πŸŽ“ Higher Ed April Rebound. $184M+ VC Funding.

Impact Capital Markets #87 looks at our Higher Education stock index, major impact deals, M&A, and upcoming economic releases.

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πŸ“‰ Today's Global Economic Update: The US ISM Services PMI dropped to 49.4 in April 2024 from 51.4, signaling the first contraction in services since December 2022. This raises concerns, alongside other indicators including signs of the labor market weakening, that consecutive rate hikes by the Fed may be slowing the economy.

πŸ›°οΈ Deal of the Day: Privateer, a Hawaii-based space data startup, raised a $56.5M Series A to expand operations.

What's New?

πŸ§‘β€πŸŽ“ Higher Education. Higher education index recovers from 9% dip
πŸ’° Funding. Space data, geothermal exploration, cell therapy + more
πŸ’Ό M&A. Insurance services, earth data analytics
πŸ“… Economics. UK GDP data, US inflation, balance of trade + more

πŸ§‘β€πŸŽ“ Higher Education Index Recovers from 9% Dip

HolonIQ’s Higher Education index staged a recovery by December 2023 after a rough first half of 2023, although some of these gains have been eroded in 2024. Despite an overall decline this year, there were signs of improvement in late April with a partial recovery from a 9% drop.

Strategic Education ($3B MCap) demonstrated a 3M return of 24% driven by their Q1 earnings report released this April, showing revenue growth of 13.1%. IDP Education's ($3B MCap) stock price declined by 18% due to increased competition as students applying to Canadian universities now have additional test options alongside IELTS. In comparison, other major stocks within the index, such as CAE Inc. ($6B MCap) and Grand Canyon Education ($4B MCap) saw only moderate movements within the quarter. Despite labor market challenges and economic uncertainties, academic institutions are restructuring their strategies to integrate online programs & AI into their services. This shift has the potential to improve the index in the long term.

πŸ’° Funding

πŸ›°οΈ Privateer, a Hawaii-based space data startup, raised a $56.5M Series A from Aero X Ventures to expand operations.

πŸŒ‹ Zanskar Geothermal & Minerals, a Utah-based geothermal exploration company, raised a $30M Series B from Obvious Ventures to speed up technology development.

πŸ’‰ OverT Bio, a New York-based cell therapy company, raised a $16M Seed from ARTIS Ventures and Wing VC to advance product development.

🩺 Opmed.ai, a Massachusetts-based healthcare AI platform provider, raised a $15M Series A from NFX and Grove Ventures to expand operations.

🌾 Superplum, an Indian agritech company, raised a $15M Series A from Erik Ragatz to streamline its supply chain.

❀️ inHEART, a French cloud-based cardiac imaging provider, raised a $11M Series A from Vesalius Biocapital Partners and Elaia to enhance product development.

🩸 Nectin Therapeutics, an Israel-based biotech company, raised $10M from GIBF Fund to advance product development.

πŸ’Ό M&A


πŸ›‘οΈ USI Insurance Services, a New York-based insurance brokerage and consulting firm acquired Hignojos Insurance Agency, a Texas-based insurance and benefits services company.

🌍 Privateer, a Hawaii-based space data startup acquired Orbital Insight, a California-based earth data analytics company.

πŸ“… Economic Calendar

UK GDP Data, US Inflation, Balance of Trade + More

Tuesday, May 7th 2024

πŸ‡¦πŸ‡Ί Australia RBA Interest Decision
πŸ‡©πŸ‡ͺ Germany Balance of Trade Data, March
πŸ‡¨πŸ‡¦ Canada Ivey PMI s.a, April

Wednesday, May 8th 2024

πŸ‡¨πŸ‡³ China Balance of Trade Data, April

Thursday, May 9th 2024

πŸ‡¬πŸ‡§ UK BoE Interest Decision

Friday, May 10th 2024

πŸ‡¬πŸ‡§ UK GDP Data, Q1
πŸ‡¨πŸ‡¦ Canada Employment Data, April
πŸ‡ΊπŸ‡Έ US Michigan Consumer Sentiment (Preliminary), May
πŸ‡¨πŸ‡³ China Inflation Data, April

Tuesday, May 14th 2024

πŸ‡¬πŸ‡§ UK Employment Data, March
πŸ‡©πŸ‡ͺ Germany ZEW Economic Sentiment Index, May
πŸ‡ΊπŸ‡Έ US PPI, April

Wednesday, May 15th 2024

πŸ‡ΊπŸ‡Έ US Core Inflation Data, April
πŸ‡ΊπŸ‡Έ US Inflation Data, April
πŸ‡ΊπŸ‡Έ US Retail Sales Data, April

Thursday, May 16th 2024

πŸ‡ΊπŸ‡Έ US Building Permits (Preliminary), April
πŸ‡―πŸ‡΅ Japan GDP Data (Preliminary), Q1
πŸ‡¨πŸ‡³ China Industrial Production Data, April
πŸ‡¨πŸ‡³ China Retail Sales Data, April

Friday, May 17th 2024

πŸ‡―πŸ‡΅ Japan Inflation Data, April
πŸ‡―πŸ‡΅ Japan Balance of Trade Data, April


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