Hi ,
Here are the past week's AutoTech and Mobility transactions. For a more detailed monthly recap, check out our
. Enjoy!
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Last Week's Auto-Tech Transactions:
Dealer Tech & Auto Commerce:
U.K.-based automotive retail technology provider
will aim to boost its international growth through acquisitions after securing new private equity investment. Funds from private equity firm Livingbridge and current backer Tenzing will enable fresh acquisitions and European expansion as the business aims to “transform the customer journey in automotive”. (
)
Finance & Insurance:
, an insurtech focused on providing financial services to the trucking and transportation sector, announced the closing of an $11 million Series A, bringing the company’s total funding to date to $15.5M. (
)
AutoNation agreed to buy
, an auto finance company based in Irvine, California, for $85 million and assumption of certain liabilities, a portion of which will be repaid at closing. (
)
Autonomy, Robotics & AI:
, a Chinese startup that makes autonomous robots for warehouses, just secured 50 million yuan ($7.4 million) in a Series B funding round, lifting its total raised so far to $40 million. (
)
announced that it raised $25 million in a Series B funding round. The round was led by Tiger Global Management. The FORT Platform is aimed at making autonomous machines safer and more secure. It allows for highly reliable communication to, from and between machines by fusing functional safety and cybersecurity principals. (
)
Electrification & Alternative Fuels:
, a startup that automates EV battery recycling, raised $3.8 million in a seed round led by Y Combinator and Metaplanet. (
)
Sustainable energy firm
has secured €8.2 million funding, laying the foundation for the commercialization of its next-generation synthetic diesel, marine and jet fuel technology. (
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Aftermarket:
Cox Automotive Inc. announced the acquisition of
, expanding its offering within the medium and heavy-duty fleet parts and service, as well as adding direct parts sales and semi-trailer sales to the Cox Automotive Mobility Fleet Services portfolio. (
)
Shared Mobility:
Nasdaq-listed transportation startup Swvl has acquired Mexico’s
for US$82 million. With this transaction, the company expands its presence to 164 cities in 22 countries, boosting its growth in Latin America, where it already has a presence in Brazil, Argentina, and Chile. (
)
Air Mobility & Space:
, the market leader in smart airspace security, has closed $30 million in an oversubscribed Series C-1 financing round. Led by public safety technology company Axon, this latest funding comes on the heels of the company’s $30.5 million Series C in December 2021. (
)
, announced a $9.75 million Series A fundraising round led by Network1 Financial Securities. (
)
Micromobility:
, a South Korea-based micromobility Gcooter operator, is acquiring Hyundai Motor Group’s shared micromobility platform
as it wants to increase its market share and create technological synergies via ZET’s fleet management system. (
)
Consumer Marketplaces:
completed a recapitalization with its long-term investors KKR & Co. Inc. and Temasek, and a group of new investors led by Warburg Pincus LLC, at a valuation of more than $12 billion. KKR will remain the majority investor in Internet Brands. The transaction signed on March 17, 2022, and closed on July 19, 2022. KKR made its initial investment in Internet Brands in 2014. (
)
Commercial Vehicles:
Bain Capital and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) have signed a definitive agreement to acquire Merchants Automotive Group, which does business as
and
. Merchants will continue to operate independently. The transaction is subject to customary regulatory and other approvals and is expected to close in the third quarter of 2022. Terms of the private transaction were not disclosed. (
)
Have a great week,
Steve Greenfield
678.576.9972
