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πŸ›΄ Micro Mobility Index Down 6%. $651M+ VC Funding.

Impact Capital Markets #94 looks at our Micro Mobility Index, major impact deals, M&A, and upcoming economic releases.

Buna ziua 🏰

πŸ“‰ Today's Global Economic Update: Japan's GDP contracted faster than expected, by 0.5% quarter-on-quarter in Q1 2024. The contraction was driven by a decline in private consumption, posing a potential challenge to the Central Bank's intention to raise rates.

πŸ”„ Deal of the Day: Cylib, a battery recycling firm, raised a $59.4M Series A to support the expansion of operations.

What's New?

πŸ›΄ Micro Mobility. Micro mobility index down 6%
πŸ’° Funding. Insurance technology, battery recycling + more
πŸ’Ό M&A. Packaging solutions, renewable energy, and cancer treatment
πŸ“… Economics. US inflation data, retail sales, balance of trade + more

πŸ›΄ Micro Mobility Index Down 6%

HolonIQ’s Micro Mobility Index has been on the decline since its downturn in August 2023, currently standing at -6%. Tight monetary policy, uncertain conditions in Ukraine and the Middle East, and a slowdown in economic recovery in China, along with hikes in raw material prices, have been deemed as factors behind the poor earnings of firms, including Bafang Electric ($850M MCap). Bafang Electric saw sales decline, with its stock price decreasing 41%. However, some firms in the index with most of the operations exposed to the sector, including Yamaha Motors ($10B MCap) and Giant Manufacturing ($3B MCap), saw their prices increase by 23% and 5%, respectively.

Although the micromobility sector has encountered challenges, there remains potential as macroeconomic conditions stabilize. Consumers are increasingly favoring sustainable alternatives, and as governments pursue greener initiatives and aim to alleviate pressure on public transport, micro-mobility companies will experience heightened investment and government backing. Advancements in lighter, more efficient, and durable batteries have expanded the range and capabilities of e-scooters and e-bikes, making them increasingly viable for everyday commuting.

πŸ’° Funding

πŸ€– Weka, a California-based AI platform that assists data-centric organizations in managing data, raised a $140M Series E from Valor Equity Partners to boost its cash reserves and scale its business.

πŸ› οΈ Alkira, a California-based network infrastructure company, raised a $100M Series C from Tiger Global Management to further fuel its growth.

πŸ”’ Cover Genius, a New York-based insurance technology company, raised a $80M Series E from Spark Capital to develop its technology and accelerate its expansion.

πŸ”„ Cylib, a German battery recycling firm, raised a $59.4M Series A from World Fund and Porsche Ventures to expand its operations.

πŸ’‰ Chapter, a New York-based medicare advisory platform, raised a $50M Series C from XYZ Venture Capital to accelerate product development and hiring.

🧬 Elegen, a California-based DNA synthesis and production company, raised a $35M Series B from Triatomic Capital to aid the expansion of its DNA product line.

πŸ’‘ Enspired, an Austrian AI power trading company, raised a $27.5M Series B from Zouk Capital to drive global expansion.

πŸ”¬ Nabla Bio, a Massachusetts-based company developing AI and wet-lab technologies, raised a $26M Series A from Radical Ventures to scale operations.

πŸ“Ή Elevate K-12, an Illinois-based company that provides live-streaming instruction to K-12 classrooms, raised $25M from Trinity Capital to boost working capital and expand operations.

πŸ’Ό M&A

♻️ RePack, a Finnish company providing reusable packaging solutions, acquired Oceansix, a German company creating innovative products from recycled materials.

β›½ Oil and Natural Gas Corporation, an Indian public enterprise, acquired Ayana Renewable Power, an Indian renewable energy company.

🩺 GT Medical Technologies, an Arizona-based medical equipment manufacturer, acquired IsoRay, a Washington-based cancer treatment company.

πŸ“… Economic Calendar

US Inflation Data, Retail Sales, Balance of Trade + More

Thursday, May 16th 2024

πŸ‡ΊπŸ‡Έ US Building Permits (Preliminary), April
πŸ‡―πŸ‡΅ Japan GDP Data (Preliminary), Q1

Friday, May 17th 2024

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

Monday, May 20th 2024

πŸ‡¦πŸ‡Ί Australia Westpac Consumer Confidence Index, May
πŸ‡¦πŸ‡Ί Australia RBA Meeting Minutes

Tuesday, May 21st 2024

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

Wednesday, May 22nd 2024

πŸ‡¬πŸ‡§ UK Inflation Data, April
πŸ‡ΊπŸ‡Έ US FOMC Minutes

Thursday, May 23rd 2024

πŸ‡©πŸ‡ͺ Germany HCOB Manufacturing PMI (Flash), May
πŸ‡―πŸ‡΅ Japan Inflation Data, April

Friday, May 24th 2024

πŸ‡¬πŸ‡§ UK Retail Sales Data, April
πŸ‡ΊπŸ‡Έ US Durable Goods Orders Data, April

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