MAKING MOBILITY MOVES
An update on all things Autotech
Q1, 2021
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2021 is the Year of the SPAC.
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Or at least so far it is. In this first quarter alone, the $166B spent in SPAC deals is more than the entirety of 2020. Our Managing Director, Quin Garcia, first spoke about what he called ‘SPAC mania’ in September of last year, and the market has only heated up since then as startups in trendy markets seek shortcuts to a public offering.
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Many of the recent SPAC mergers have been in the popular EV space, including our own Volta Industries, who are working to close their merger with Tortoise Acquisition, which values Volta at about $2B, including roughly $600M of proceeds after expenses. To learn more about why Volta’s unique solution stands out from the other EV startups going public, check out the feature in Barron’s and watch CEO Scott Mercer's session on CNBC's “Squawk Box” where he discusses the proposed $2T infrastructure spending bill and how electric vehicle businesses stand to benefit.
In our last newsletter, we briefly mentioned that Indie Semiconductor announced a definitive merger with Thunder Bridge Acquisition II, Ltd. (Nasdaq: THBR) to increase OEM penetration and assist with their projected 85% yearly revenue growth over the next four years. Since then, they’ve also launched a revolutionary new on-board diagnostics (OBD) device, the OnBrD™. How were they able to fastrack their public offering? Indie has deals in place with 12 tier-1 automotive suppliers and has already shipped more than 100 million devices, increasing its OEM penetration and content per vehicle. Per their filing, Indie Semiconductor believes that silicon content per vehicle, which now amounts to $310, will grow to $4,000 per vehicle. For more insights on the tailwinds of the automotive industry, just check out Indie’s CEO Donald McClaymont on Mad Money.
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The return to the office scenario will be dominated by hybrid or flexible work that will inevitably require dynamic commuting solutions like BusUp -- the #1 corporate bus commuter management solution in the EU and Latin America. We're proud to announce our participation in their Series A, which will help them expand into U.S. markets.
Meanwhile, Newtrul is transforming logistics by streamlining the process of freight matching by better connecting carriers with shippers and brokers. We recently led their $2.25M seed round and are excited to join them on their journey to become the ‘Expedia of logistics marketplaces,’ which you can read all about in FreightWaves.
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We also led a round of investment in Carpay’s loan management software for ‘Buy Here Pay Here’ dealers. Did you know that BHPH quietly makes up around $100B of America's outstanding auto debt? Carpay's Loan Management Software helps BHPH dealers manage their loan portfolios and keep delinquencies under control while helping customers stay on track by simplifying the process of managing the loans themselves. In Q2, Carpay will be launching Carpay Credit, which will give BHPH dealers a line of credit secured by their loan portfolio, so that they can stock their lot full of cars and keep issuing credit to consumers.
To cap things off on an eventful quarter, there’s Pickup, the Dallas-based startup that provides delivery services for large items already working with brands like Williams Sonoma, Big Lots, and At Home. We participated in their $15M Series B to help them expand into new markets.
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PORTFOLIO MOVES
- Rollick, the marketplace for powersports vehicles, closed their Series A, which will help them expand their offering nationwide to meet growing demand for boats, RVs and motorcycles.
- Metawave, the company advancing radar sensing and boosting 5G mmWave coverage, landed a contract to advance the U.S. Air Force’s new autonomous electric Vertical Take-Off and Landing aircraft, marking the next step in aerospace innovation in the military.
- KlearNow, the customs clearance and document management platform bringing importers, brokers, freight forwarders, and carriers into the digital age, showcased their potential as a solution to complications as a result of Brexit with Ian King on Live News.
- Outdoorsy, the Airbnb of RVs, announced 4,600% growth from April to October of last year and recently hit $1B in sales.
- Work Truck Solutions, the company enabling a smoother digital transformation for dealers, launched Commercial Business Insights -- an analytics platform that helps dealers make data-driven decisions.
- HDVI, the startup revamping the truck insurance industry, has announced new partnerships with Munich Re Specialty Insurance and Spinnaker Insurance Company to expand beyond Tennessee and Alabama into Illinois, Indiana, Ohio, and Minnesota, with additional states coming soon.
- Digital Motors is easing the digital transformation for auto retailers and enabling branded app-like experiences for dealers.
- Fixico, the end-to-end and fully digital car damage handling platform for insurers, fleets and rental, closed a $5M round of funding to continue their expansion across Europe.
- HaydenAI, the artificial intelligence start-up that delivers smart city solutions designed for modern traffic conditions and increased urbanization, announced a strategic deal with Conduent.
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WHERE TO FIND US
Join us online!
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[Digital Panel] June 9, 2021: TC Sessions: Mobility - Join TechCrunch’s editors and panelists including our Managing Director, Quin Garcia during this virtual event where he’ll discuss investment strategies, and opportunities and challenges facing mobility startups looking to break into the sector. Buy tickets here.
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[Digital Conference] April 6, 2021: ADAS Sensors Conference - Managing Director, Alexei Andreev, is a featured speaker at this year’s ADAS Sensors Conference, sharing insights on emerging business trends, market projections, M&A developments, and #automotive startups. Register for the event here: Click here to register.
[Digital Conference] April 9, 2021: Astor Perkins: All Things Space and Survival - Our Managing Director, Quin Garcia, will be part of the Autonomous Vehicles Panel during the virtual event which gathers prominent institutional investors, VCs, family offices and UHNWIs, including 200+ luminary investors, speakers and panelists, 20+ leading startups and 400+ attendees. Click here to register.
[Digital Conference] May 4, 2021: Young Professionals in Energy - Our Managing Director, Quin Garcia, will be part of a panel discussing mobility, energy, and current EV trends. Learn more here.
[Digital Conference] May 17-19, 2021: Auto Intel Summit - Managing Director, Dan Hoffer, will participate in a panel about the capital investment side of automotive technology. Learn more here.
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