• Lilium’s share price, for instance, is down more than 60% year-to-date, which is the second worst stock-price performance of all newly listed air-taxi contenders.
• This being said, the stock price movements of non-revenue-generating companies with no product launches expected anytime soon, as in the case of Lilium, are mostly just noise and have little meaning behind them. 

• In fact, the company will require more funding soon. 
• This situation is similar to those of all other air-taxi manufacturers. 
• Building an electric and vertical take-off and landing vehicle is slightly more complex (and capital-intensive) than the next travel-booking app.

Next Update: Supersonic Jets Enter The Hype Cycle

• We started our research in early November by analyzing the state of Sustainable Aviation Fuel (SAF)
• Our most recent newsletter edition looked at autonomous flight technology

• Startups dynamics have slowed down, limiting innovation dynamics.
• Public media attention has vanished, which further dampens investor interest.
• Pricing limits supersonic flying to the ultra-rich, so forget mass-market ambitions.
• Lastly, environmental concerns have killed supersonic's marketing strategies.

The TNMT End-of-Year Health Check

• First and foremost, it's relevant for travel and mobility-focused investors. This is for you if you’re an investment manager at a VC, PE, or Investment Bank.
• The TNMT Market Index is helpful for startup founders to evaluate their future exit opportunities too.
• As well, innovation managers can make smarter decisions, for instance, when it comes to timing the launch of new venture activities. 

• In a continuation of last month’s memo, the ongoing downfall has been primarily driven by Mobility-Tech companies struggling more than their travel counterparts. 
• Similarly, our TNMT SPAC index indicates that SPAC-based public players are solidifying this downward momentum.
• It is important to note that most of the SPAC-based companies we track come from the realm of mobility. As a result, it’s no surprise where the underperformance lies.

• After the revenge travel season extended well into September and October, supporting Travel-Tech firms more than most people expected, the travel recovery is now slowing down. 
• Instead, growing concerns of a looming recession and rising energy costs, alongside inflation, are making the outlook for Travel-Tech firms appear bleak. 
• The share prices of European travel firms, such as eDreams, lastminute.com, Trivago, and alternative accommodation meta-search engine HomeToGo, are all down more than 40% year-to-date. 

• Indian OTAs EaseMyTrip and Yatra are leading our year-to-date performance table with a stock price that is up 78% and 48%, respectively.
• Japanese OTA Adventure is also up +45%
• China’s OTA Trip.com is showing a distinct uptick of 16.8%, which is likely a result of the country’s slight easing of COVID restrictions. These began earlier this month and could be further accelerated through mounting protests.
• Goldman Sachs supports the latter, believing China may end Covid Zero mandates earlier than expected, perhaps as soon as Q1 in 2023.

• E-scooter pioneer Bird recently admitted that it over-reported scooter revenue for more than two years. The news made its stock nosedive in November.
• And the share price of micro-mobility leader Helbiz, which recently acquired Wheels, is down more than 90% year-to-date. This outcome led the company’s own CEO to purchase four million shares himself to raise confidence among investors (a move that seems to have worked out, as the stock price jumped by 25% following the announcement).

• Donkey Republic continues to see positive stock performance (up 22.9% year-to-date), a phenomenon we reported on in our October commentary. 
• The same is true for Indonesia’s Blue Bird, a ride-hailing and taxi service company that is trending at +1.6% in the year-to-date comparison. 
• The latter is likely a result of the region’s opening up that has propelled Indonesia’s stock market to the top of performers across Asia.

Our Recommended Must Reads 

Most Recent Venture Capital Deals

Lilium – the German air taxi developer raised $119M in funding in a concurrent private place and registered direct offering. Follow-on investors Honeywell and LGT, as well as Aciturri, Lightrock, Tencent, B. Riley Securities, among others, participated in the round. This round comes approx. one year after the company went public via SPAC merger on the NASDAQ.

Ukio – the Barcelona-based provider of furnished apartments for short-term rentals raised over $29M in Series A venture capital through a combination of debt and Series A venture funding in a deal led by Felix Capital. Founded in 2020, the company has raised $37.83M to date.

ResortPass – the platform to book pool, spa, and amenity day passes at resorts and hotels raised $26M in Series B venture capital. Reportedly, the deal was co-led by Declaration Partners and 14W, with participation from Airbnb’s Alumni Investor syndicate, AirAngels. This brings the company’s total raised to over $37M. 

Deal Engine – the provider of digital and automation tools for travel providers, raised $5.3M in seed funding in a deal led by F-Prime Capital. Thayer Ventures, Plug and Play Tech Center, PAR Capital Management, and other undisclosed investors also participated in the round. 

Raus – the German provider of getaway cabins in remote nature destinations, raised over $3M in early-stage venture funding in a deal led by 10x founders. Founded in 2021, this is the startup’s third funding round.

Triply – the Austrian developer of mobility analysis software for companies, cities, and city districts, raised over $1M in later-stage venture funding. The deal was led by Smartworks Innovation, with $460,000 being sponsored by the Austrian Research Promotion Agency (FFG), a publicly funded body for industrial research and development in Austria.

Tenways – the manufacturer of e-bikes based in China, raised an undisclosed amount of venture funding from Tencent Investment, Hillhouse Capital Group, and Eastern Bell Venture Capital. This is the company’s second round of funding in 2022, it raised $100M in VC funding from a co-funding investment in March.

JetPack – a controlling stake in the data science company specializing in operational analytics was acquired by Brussels Airport. The startup was founded in 2017 and has completed a number of major projects, for instance, it reportedly worked with Belgium’s national energy distribution network.

Tabas – the Brazilian platform for booking furnished apartments, was acquired by Blueground, its US competitor, for an undisclosed amount. Blueground last participated in Tabas’ Series A funding round completed in January this year. This is Blueground’s first acquisition.