Troubled EV startup Canoo loses another 4 senior employees


Another handful of senior executives have parted ways with struggling electric vehicle company Canoo as the startup seeks to launch its first vehicle and set up its own manufacturing facilities.

Recent departures include Branden Coté, vice president of product management and sales; Kate Lengyel, Head of Human Resources; John Sotello, senior director of IT and cloud engineering; and Pawel Zoneff, Director of PR and Corporate Communications, wealth have learned. John Mocny, the company’s head of manufacturing, and Rich Schmidt, a senior vice president of manufacturing, recently left the company, Bloomberg first reported.

Zoneff confirmed he had left the company but declined to comment. Others did not respond to a request for comment. “In a company with more than 900 employees, people join, leave and are also asked to leave, and that is the nature of any company of this size,” a Canoo spokeswoman said in a statement.

The electric vehicle market — with players like Rivian Automotive and Lucid Motors — has intrigued investors looking for the next Tesla. While the technology is capital-intensive, electric vehicles promise to help companies meet their lofty emissions reduction goals, and several startups have managed to capture the enthusiasm of retail investors.

Cash-burning electric vehicle companies have taken investors on a rather bumpy ride, but as I’ve previously written, Canoo is notable for its turbulent history, high executive turnover, various litigation and grievances surrounding its CEO, Tony Aquila, who started leading the Company around the time it went public in late 2020. Canoo stock has become a lucrative bet for some short sellers. As of yesterday’s close, Canoo shares were down almost 70% from their January price.

In July, Canoo was handed over in what could potentially become a lifeline. Global retailer Walmart agreed to buy a few thousand vehicles from Canoo and invested in the company (with several conditions). But this deal doesn’t seem to be doing much to appease the high turnover at the startup.

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Canoo’s next big milestone will be bringing his vehicle into production. Roush, a third-party automaker, is initially building the “Gamma” version of its Canoo lifestyle vehicles, according to an internal presentation by wealth. Finally, Canoo plans to build its own facilities in Oklahoma and Arkansas, although they’re far from complete, and the company is in dire need of capital, as made clear in its own SEC filings.

You can read all about the chaos at Canoo in a recently published feature story, which you can find here.

Until tomorrow,

Jessica Mathews
Twitter: @jessicakmathews
E-mail: [email protected]
Submit an offer for the term sheet Newsletter here.

Jackson Fordyce curated the deals section of today’s newsletter.

VENTURE OFFERS

Quicklya Seattle-based retailer delivery platform, raised $100 million in Series C funding led by BRV capital management.

Sievoa Helsinki-based procurement analytics SaaS provider, received $44 million in funding from Susquehanna Growth Equity.

Pano AIthe San Francisco-based wildfire detection and management platform, raised $20 million in Series A funding. Initialized capital led the round and was joined by investors including Congruent ventures, convection capital, DCVC, January things to doand Quiet Capital.

InnerPlanta Davis, California-based company using plant physiology to make global agriculture more efficient and sustainable has raised $16 million in Series A funding. John deer led the round and was joined by investors including MS&AD Ventures, bee partner, UpWestand TAU ventures.

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ImmunoScapea San Diego and Singapore-based biotech company dedicated to the discovery and development of TCR T cell therapeutics, has raised $14 million in funding. Anzu partner led the round and was joined by investors including Amgen Ventures and EDBI.

Datamarana London-based ESG risk management software platform, raised £11.7m ($13.38m) in Series B funding. fortive led the round and joined American Electric Power.

mojoa New York-based sports stock app, raised an additional $11 million. NFL Players Association, financial capitaland others invested in the round.

fonduea New York and Tel Aviv-based e-commerce incentive platform, raised $10.5 million in seed funding. Quiet Capital and Hanaco Ventures co-chaired the round and was joined by investors including Infinity Ventures, ventures from scratch, capital sugar, starting line, R Squared Ventures, Gaingels, Verismo Ventures, Samsung nextand JAM Fund.

Caluminoa Sydney-based developer and manufacturer of thermal sensing technology and AI, raised $10.3 million in Series A funding. Celeste capital and Taronga Ventures co-chaired the round and was joined by investors including Egis technology and other.

CNotean Oakland-based investment platform, raised $7.25 million in Series A funding. American Family Insurance Institute for Corporate and Social Impact led the round and was joined by investors including Astia Fund, Bank Tech Ventures, trading company, H/L Ventures, CityRock Venture Partnersand other.

Zocalo Healtha Seattle-based healthcare provider focused on Latino communities raised $5 million in seed funding. Animo Capital, virtue VCand Vamos Ventures co-chaired the round and was joined by investors including Necessary Activities, Competent partnersand other.

Limitless Ridera Boston-based insurance company for motorcycle, e-bike, ATV and snowmobile riders, raised $4.75 million in seed funding. American family business led the round and was joined by investors including The cross-country group, Sirius pointand Belmont capital city.

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mankinda Santa Monica, California-based digital concierge and conversational commerce platform for e-commerce brands, raised $4.2 million in seed funding co-led by High alpha capital and strand equity.

Voteda New York-based hearing aid company, raised $2.5 million in seed funding co-led by Ideal from NY and Elements Health Ventures.

PRIVATE EQUITY

stone summit agreed to take over the security business from Intrado Corporationan Islandia, NY-based provider of critical public emergency telecom services, for $2.4 billion.

Bregal Weisenberg acquired a minority stake solo, a Lehi, Utah-based provider of solar sales, quoting, and design software. Financial terms were not disclosed.

Nonantum Capital acquired LJP waste solutions, a North Mankato, Minnesota-based sanitation and garbage collection company. Financial terms were not disclosed.

Superstar car washsupported by TSGacquired wash wave, a Dallas and Fort Worth-based car wash operator. Financial terms were not disclosed.

EXITS

Gen.Atlantic Acquired 15% of the shares Kahoot!an Oslo-based learning and engagement platform, by SoftBank. Financial terms were not disclosed.

OTHER

a crisis acquired B2Z insurance, an insurance company based in Schaumburg, Illinois. Financial terms were not disclosed.

Due north acquired MTL cool, a Chambly, Quebec-based commercial refrigerated display case company. Financial terms were not disclosed.

FUNDS + FUNDS OF FUNDS

Technology partner of Resurgensan Atlanta-based private equity firm, raised $500 million for a fund focused on majority investments in lower-middle market applications and IT infrastructure software companies.

PERSONS

Sumeru Equity Partnersa private equity firm based in San Mateo, California Sanjet Mitra to the managing partner.





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