Deal of the week
It seemed as if the number of mobility-related SPAC deals had slowed. That brief pause was broken by Gogoro, the 10-year-old Taiwanese company best known for its electric scooters and swappable battery infrastructure.
The company has agreed to merge with Poema Global, a SPAC affiliated with Princeville Capital, in a deal that sets its enterprise valuation at $2.35 billion. If approved by shareholders. the company will trade on the Nasdaq exchange under the symbol GGR.
Gogoro stands to make $550 million in proceeds, assuming as TechCrunch Catherine Shu reports, there are no redemptions. (A growing trend I really need to address in this newsletter). Those funds include an oversubscribed private investment in public equity of more than $250 million and $345 million held in trust by Poema Global. Investors in the PIPE include strategic partners like Hon Hai (Foxconn) Technology Group and GoTo, the Indonesian tech giant created through the merger of Gojek and Tokopedia, and new and existing investors like Generation Investment Management, Taiwan’s National Development Fund, Temasek and Dr. Samuel Yin of Ruentex Group, Gogoro’s founding investor.
So why now? Founder and CEO Horace Luke provided a curious answer that I know will cause a few of my institutional investor friends to raise an eyebrow or two. Luke first explained that with fresh partnerships in place — Yadea and DCJ in China to build a battery-swapping network and Hero MotoCorp in India to launch scooters — it was time to take the company to the next level.
And he added that Gogoro decided to go the SPAC route because “you can talk a lot deeper about what the business opportunity is, what the structure is, what the partnerships are, so you can properly value a company rather than a quick roadshow. Given our business plans, it gives us a great opportunity to focus on the expansion.”
Huh. Anyone ever heard of a “quick roadshow?” Comments from some founders who have taken the traditional IPO path would suggest the contrary.
Other deals that got my attention this week …
BridgeLinx, the Lahore-based startup that operates a digital freight marketplace, raised $10 million in what is the largest seed financing round in Pakistan. Harry Stebbings’ 20 VC, Josh Buckley’s Buckley Ventures and Indus Valley Capital co-led the startup’s financing round, which Salman Gul, co-founder and chief executive of BridgeLinx, told TechCrunch completed within weeks.
Chaldal, the Bangladeshi grocery delivery startups that picks up orders from its own warehouses instead of retail stores, closed a $10 million Series C round led by Taavet Hinrikus, co-founder of Wise, Topia chief product officer Sten Tamkivi and Xploration Capital, with participation from Mir Group. The company plans to use the funds to expand into 15 new cities.
EnerVenue, a battery startup that says it has developed technology to revolutionize stationary energy storage, raised $100 million from strategic investors including Schlumberger, Saudi Aramco’s VC arm and Stanford University. The investment comes around a year after EnerVenue raised a $12 million seed. The company is planning on using the funds to scale its nickel-hydrogen battery production, including a factory in the U.S., and has entered a manufacturing and distribution agreement with Schlumberger for international markets.
GPB Capital Holdings LLC, the private-equity firm being investigated by the SEC on fraud allegations, is selling its car dealership company Prime Automotive Group for about $880 million, WSJ reports.
General Motors has invested in Oculii, a software startup that aims to improve the spatial resolution of radar sensors by up to 100-fold. The new funding, which the two companies say is in the millions, comes just months after Oculii closed a $55 million Series B.
Glovo, the Spanish on-demand delivery platform that operates a network of dark stores focused on urban convenience shopping, announced the acquisition of two regional “Instacart-style” grocery picking and delivery startups, Madrid-based Lola Market and Portugal’s Mercadão. Terms of the acquisitions are not being disclosed.
Muver, a mobile app that lets drivers earn more by managing their interactions with ride-sharing and delivery services, raised $1.2 million in a seed round led by Xploration Capital joined by Baring Vostok, Angelsdeck and Rapid Ladder Capital.
Rolls-Royce Holdings and Babcock International Group sold their combined 39% stake in air-to-air refueling company AirTanker Holdings Ltd. for 315 million pounds ($435 million) to Equitix Investment Management, Reuters reported.
Siemens wants to sell its logistics unit for roughly 500 million euro ($591 million) as part of the German industrial conglomerate’s plan to exit non-core businesses and focus on its industrial operations, Reuters reported.
UPS agreed to acquire Roadie, a platform that uses gig workers to provide local same-day delivery in the United States. Terms of the deal weren’t disclosed. The acquisition signals shipping giant’s move into same-day delivery, particularly perishable and other goods that are not compatible with the UPS network.
Volta Trucks, the EV startup, raised €37 million ($44 million) to accelerate its plans to produce and sell large cargo vehicles. The round was led by New York-based Luxor Capital Group and returning investor Byggmästare Anders J Ahlström Holding of Stockholm. New investors included U.S. electric truck and battery manufacturer Proterra and supply chain management company Agility. Volta Trucksy said it plans to pilot a fleet of vehicles in London and Paris early next year.