Dynamo Dispatch (2025/03/31)
Issue 325 | Manna, Crstl, Jolly
Dynamo Dispatch. A weekly update from Dynamo Ventures covering the latest and greatest in supply chain, mobility, and building venture-scale businesses.
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Weekly Commentary đ
đ„ Dynamo portfolio company Manna has secured $30M in funding to broaden the reach of its drone delivery offerings. A Dublin-based startup, Manna is expanding across Ireland, the Nordics, and potentially the UK. Weâre excited to continue as a partner on the journey as Manna progresses towards revolutionizing last-mile delivery.
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Supply Chain đŠ
â Panama Port Sale to BlackRock Delayed. CK Hutchisonâs $22.8B deal to sell its global port assetsâincluding two terminals near the Panama Canalâto a BlackRock-led consortium is facing delays amid political pressure from Beijing. Although the deal was expected to be signed by April 2, sources say itâs been postponed for âobvious reasons,â though talks are still ongoing. Chinaâs market regulator has launched an antitrust review, and Chinese state media has criticized the sale, suggesting growing discomfort from Beijing over losing influence in the strategic canal zone. The deal has also drawn attention from US officials, who say it would reduce Chinaâs control in the region, while Panama is currently auditing CK Hutchisonâs port concessions. Related, China Pauses New Deals With Li Ka-shing Family After Panama Ports Plan.
Trumpâs Tariff War Forces Allies to Choose Resistance or Surrender. President Trumpâs escalating trade war is putting Americaâs allies in a tough spot, forcing them to choose between retaliating with their own tariffs or staying cooperative in hopes of a better deal. The EU and Canada have pushed back hard, while others like the UK and Mexico are trying to maintain diplomacy, fearing damage to security ties and economic stability. So far, neither approach has proven effectiveâCanada and Mexico both faced steep US tariffs despite using different strategies. With more tariffs looming, many allies are struggling to balance economic survival, political pressure at home, and the unpredictability of Trumpâs trade tactics. Related, Report: Red States to Bear Brunt of Trade War with Canada, Trump Threatens 'Far Larger' Tariffs on EU and Canada If They Unite to Do 'Economic Harm' to the US, and Europeâs Industrial Outlook Buoyed by Defense Drive.
US Fees Aimed at Chinaâs Maritime Fleet Stirs Debate. A Trump administration proposal to impose million-dollar fees on China-linked ships entering US ports has sparked division among lawmakers, unions, steelmakers, and trade groups. Supporters say the plan could help revive Americaâs struggling shipbuilding industry and reduce reliance on Chinese maritime dominance, while critics argue the steep feesâup to $3.5M per port callâcould harm US exporters and global trade. Some industries, like liquefied natural gas, are asking for exemptions, warning the policy could undermine US energy goals. For more, US Shippers Slam USTR Port Fee Plan â 'An Apocalypse for Trade'.
US Retailers Haggle with Suppliers After Trump Tariffs. Retail giants like Walmart and Target are clashing with suppliers over price hikes driven by Trumpâs recent tariffs on imported goods such as aluminum and Chinese-made products. Suppliers, hit with rising costs, are struggling to pass those increases onto retailers, who fear raising prices will alienate cost-sensitive consumers and hurt market share. Smaller manufacturers like Nordic Ware and Bogg Bag face tough choices: either absorb the higher costs or risk being replaced on store shelves. As price negotiations drag on, some suppliers are exploring lower-cost production alternatives abroad or accepting lower profits to stay competitive, while retailers continue to push back to protect their pricing strategies. Completely unrelated, MPA & Port Of Rotterdam To Decarbonise & Digitalise One Of Worldâs Busiest Trade Routes and NYC Congestion Pricing Raises $52M Despite Trump Backlash.
Shrinking US Drayage Capacity to Continue Outstripping Demand. US drayage capacity is gradually shrinking from its 2022 peak, but excess capacity remains due to stable driver numbers and a shift of drivers from smaller carriers to larger ones. While the number of drayage carriers has declined, the active driver pool has only slightly dipped, maintaining downward pressure on rates amid weak demand. Larger carriers are better positioned to survive the downturn, while smaller ones face challenges in securing consistent freight and staying profitable. With US import volumes expected to decline and no major catalyst to boost rates, the drayage market may continue consolidating through 2025. Elsewhere, Transpacific Sees First Major MSC Blanks as Rates Fall and Volumes Falter.
Mobility đ
â Trumpâs Auto Tariffs, Threats on Allies Intensify Trade War. President Trump announced sweeping 25% tariffs on auto imports, effective April 3, initially targeting fully assembled vehicles and expanding to include major automotive parts. Trump threatened further tariffs against the EU and Canada, escalating trade tensions and prompting immediate criticism and threats of retaliation from key trade partners. Industry groups warn the tariffs will raise vehicle prices, reduce consumer choices, and harm manufacturing jobs, while the White House argues they'll boost domestic production and jobs. Automakers, particularly those heavily reliant on cross-border supply chains, face significant disruptions as a result. For more, Trump Warns US Carmakers Not To Take Advantage of Tariffs By Hiking Prices on Consumers and These Brands Will Not Be Hit Hardest By Trumpâs New Auto Tariffs.
Trump Claims Tariff Victory on Hyundaiâs $20 Billion US Investment. Hyundai announced plans to build a $6B steel mill in Louisiana as part of a broader $20B investment in US vehicle manufacturing, aiming to reduce reliance on imports and mitigate tariff impacts. The new plant, expected to employ about 1,300 people, will produce steel primarily for Hyundaiâs US assembly plants in Alabama and Georgia. President Trump cited Hyundaiâs decision as evidence that his tariffs effectively encourage companies to manufacture domestically. Hyundaiâs move responds to the recent elimination of South Korea's exemption from US steel tariffs and aligns with its strategic push into electric vehicle production in the United States. Also, Court Orders Mexican Supplier To Ship Parts To Detroit Automaker.
United Airlines Technicians Reject Proposal To Outsource Work To China. United Airlines' technicians overwhelmingly rejected a controversial proposal to outsource maintenance work to China, with 99.5% voting against the plan according to the Teamsters Union. Technicians have been demanding improved wages, stronger safety standards, and better healthcare coverage amid United's recent profits of $4B. The union sharply criticized the outsourcing move as "radical" and harmful to American jobs, asserting it could compromise aircraft safety. Technicians have repeatedly rallied across the US over the past year, opposing United's practice of sending aircraft overseas for maintenance to cut costs.
Tesla Sales Are Down Bad In Europe, And Itâs Probably Because of Musk. EV sales are growing quickly in Europe, reaching 15.2% of new car registrations early this year, but Tesla's market share is shrinking dramatically. Tesla's European sales plunged by 49% in the first two months of 2025 compared to last year, with steep declines in key markets like Germany and France. Though some decline may relate to buyers awaiting the refreshed Model Y, broader evidence suggests European consumers are shifting towards local alternatives like Volkswagen and Skoda. Elon Musk's controversial politics and public comments have likely contributed significantly to Tesla's struggles, with recent surveys indicating negative consumer sentiment toward the brand in Europe. In more bad news, Teslaâs Cybertruck Recall Began With A Routine Review of Fielder Repairs.
In Midst Of Trade Wars, Rivian Spins Off New Micromobility Venture. President Trump's 25% tariff on imported cars has sparked further disruption in the US auto industry, and EV startup Rivian appears to be pivoting toward micromobility as a strategic response. Rivian recently launched a micromobility spinoff called "Also" backed by a $105M venture investment, aimed at producing lightweight EVs like electric bikes, scooters, and potentially cargo bikes and motorcycles. This move mirrors efforts by automakers like Ford to tap into growing consumer interest in compact electric mobility solutions, especially amid tariff-driven affordability concerns. From a charging perspective, Revel Opens First EV Fast-Charging Hub in SF and Pilot Companyâs EV Charging Network Partnership With GM Passes 130 Locations.
The Future of Supply Chain đïž
Check out our podcast series thatâs been running since 2018. On each episode of the Future of Supply Chain, we sit down with a different entrepreneur, investor, or industry veteran to discuss innovation, technology, and the most exciting opportunities in supply chain as we build the future of the industry together.
Fundraises and M&A đž
đ„ Manna Raises $30M in Funding. Manna is a drone delivery company providing rapid delivery of groceries, takeout, and medicines using aviation-grade drones. The funding will support expansion across Ireland, the Nordics, and potentially the UK as Manna scales partnerships with JustEat and DoorDash. Existing investors Molten Ventures and Tapestry VC led the round, with participation from Enterprise Ireland, Coca-Cola HBC, Dynamo VC, and Radius Capital.
All Gravy Raises $2.9M in Seed Funding. All Gravy is a Copenhagen-based startup providing an AI-powered employee app that streamlines communications, operations, and learning for Gen Z frontline workers in retail and hospitality. The funding will accelerate its expansion in the UK and further enhance its AI capabilities. Scale Capital and Moonfire Ventures co-led the round.
Lumi AI Raises $3.7M in Seed Funding. Lumi AI provides a conversational analytics platform enabling retail and supply chain businesses to leverage generative AI models for streamlined, plain-language data analysis, insights generation, and decision-making. The funds will support the growth of its engineering and customer success teams, further platform development, and global expansion. AgFunder led the round, with participation from Forum Ventures, ADQ, Qora71 syndicate, and angel investors.
Crstl Raises $10M in Series A Funding. Crstl is a B2B commerce network providing digital infrastructure for retail EDI, supply chain compliance, and omnichannel expansion. The funding will accelerate the growth of its AI-native solutions. Mosaic General Partnership and Cohen Circle Fintech Ventures led the round, with participation from Shopify Ventures.
Contoro Robotics Raises $12M in Series A Funding. Contoro Robotics specializes in AI-powered robots for unloading trailers and containers. The funding will be used to scale its robotic fleet, expand into new logistics markets, and launch its AI-driven palletizing system. New investors include Doosan, Coupang, Amazon Industrial Innovation Fund, and IMM alongside existing backers SV Investment, KB Investment, Kakao Ventures, and Future Play.
Jolly Raises $16.5M in Series A Funding. Jolly is a workforce optimization platform that incentivizes frontline employees by allowing them to earn reward points for value-driven actions at work. The funding will enable product expansion and scaling into new markets. Zach Kirkhorn, former CFO of Tesla, led the round, with participation from Bullpen Capital, Dorm Room Fund, and Eigen Ventures.
Dyna Robotics Raises $23.5M in Seed Funding. Dyna Robotics develops affordable, stationary robotic arms powered by embodied AI that master specific tasks like folding and food preparation, enabling cost-effective automation for businesses of all sizes. The funding will be used to expand the deployment of task-specific robots, collect high-fidelity real-world data, and accelerate progress toward general-purpose embodied AI. CRV and First Round Capital co-led the round.
Nanoprecise Sci Corp Raises $36M in Series C Funding. Nanoprecise is a predictive maintenance startup leveraging AI and IoT sensors to monitor industrial equipment. The funding will accelerate geographic expansion into Southeast Asia, Latin America, Africa, and Australia, enhance product development, and grow its team. Yaletown Partners and BDC Capital co-led the round, with participation from BMO Capital Partners and Export Development Canada.
Also Raises $105M in Venture Funding. Also is a micromobility startup spun out of Rivian aiming to create affordable, high-quality EVs in smaller form factors beginning with eBike-like products. The funding will accelerate product development for its launch and global market expansion across the US and Europe. Eclipse Ventures led the round, with Rivian holding a minority stake.
Fleetio Raises $450M in Series D Funding. Fleetio is a fleet optimization software platform. Then funding was used to acquire Auto Integrate, a leading maintenance authorization platform, creating a unified fleet maintenance solution. The round was co-led by Elephant and Growth Equity at Goldman Sachs Alternatives.
Who's Hiring? đ©âđ»
Be sure to check out the Dynamo website for more job opportunities at our portfolio companies!
Systems Engineer at Plus One Robotics in San Antonio, Texas.
Marketing and Growth Manager at Solvento in Mexico City, Mexico.
Founding Sales at Guided Energy in Paris, France.