SAN FRANCISCO | July 14th, 2022 – Drake Star, a leading global technology-focused investment bank, has published its Q2 2022 Global Mobility Tech Industry Update, which provides an in-depth overview of the rapidly growing sector with a market map, breakdown of top M&A, and funding activity, and analysis of share prices movement and sector valuations during Q2. According to the report, fundraising activity maintained a robust momentum in the second quarter with over 150 rounds, bringing in $6.5B capital.
Featured fundraising rounds in Q2 include:
- Rimac Automobili raised $529 million of Series D venture funding in a deal led by SoftBank Group, Porsche Ventures, and Goldman Sachs.
- BETA Technologies, an electric aerospace company, secures $375 million of Series B venture funding in a deal led by Fidelity Management & Research and TPG.
- Convoy raised $260 million of Series E venture funding led by T.Rowe Price, Baillie Gifford, and 13 others.
“The Mobility sector’s strong second-quarter fundraising activity coupled with the multiple new industry developments and announcements have positioned the sector for sustained growth despite broader market concerns,” said Vitaly M. Golomb, Partner at Drake Star. “The macro-outlook for the space is as bright as ever as mobility tech adoption is projected to increase steadily in the coming years.”
IPO/SPAC markets slowed in the second quarter as the capital markets navigate continuing turmoil, however, high-profile deals continued to close. Top deals throughout the second quarter included Atlantic Amprius Tech to go public via $939 million SPAC merger and Dragonfly Energy to go public via $500 million SPAC merger.
Select M&A deals during the quarter include:
- EV Connect, the developer of cloud-based software designed to provide electric vehicle charging stations, was acquired by Schneider Electric for an undisclosed amount on June 21, 2022.
- Blink has been an active acquirer during Q2 2022. EB Charging and SemaConnect, the providers of integrated charger and vehicle solutions and infrastructure products, were acquired for $23.4M and $200M on April 22 and June 20, 2022, respectively.
- Reby, the developer of an online mobility service providing application designed to share electric scooters, was acquired by House of Lithium for $100M on May 11, 2022.
Valuations in the sector followed larger market trends of economic downturn with Battery Tech, Electric Vehicles, and LIDAR valuations significantly lower than previously posted in March 2022.
Download the report here: Global Mobility Tech Industry Update | Q2 2022
Drake Star Mobility & Sustainability Team: Vitaly M. Golomb, Ron Rivera, Michel Taride, Ralf Philipp Hofmann, Lyle Finkler, Mark Joseph, Stefan Krause, Eric Wepierre
For further inquiries, please contact:
Vitaly M. Golomb
Partner | Drake Star
e-mail: vitaly.golomb@drakestar.com | +1 415 683 6865
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