Electric Carmaker Canoo Set to Go Public

Rachel Uranga

Rachel Uranga is dot.LA's Managing Editor, News. She is a former Mexico-based market correspondent at Reuters and has worked for several Southern California news outlets, including the Los Angeles Business Journal and the Los Angeles Daily News. She has covered everything from IPOs to immigration. Uranga is a graduate of the Columbia School of Journalism and California State University Northridge. A Los Angeles native, she lives with her husband, son and their felines.

Electric Carmaker Canoo Set to Go Public

Electric car startup Canoo announced Tuesday plans to go public in a deal that values the company at $2.4 billion. It will be the fourth carmaker to do so this year as the industry rides on Tesla's soaring Wall Street valuations.

The merger with Hennessy Capital Acquisition, a special purpose acquisition company, gives Canoo access to $600 million that will help it produce and launch its first commercial vehicle by 2022.


It's also the second electric car company, behind Fisker in Los Angeles, to skip the traditional path to an IPO as the industry takes hold in Southern California. Earlier this year, the Chinese-owned luxury electric carmaker Karma, based in Irvine, said it was talks with investment bankers to go public. It is expected to close by the end in the fourth quarter of 2020.

Canoo Inc. will be listed on the Nasdaq under the ticker symbol "CNOO."

Canoo was founded in 2017 as Evelozcity by two former BMW executives. It opened up a waitlist in January for their eponymous prototype vehicle — a futuristic looking minivan — that it will offer to drivers as a subscription service. Canoo said its 300 workers designed, engineered and manufactured the beta vehicle in 19 months, completing more than 50 physical crash tests.

Canoo's "skateboard design" places components of the electric powertrain on a flatbed with wheels underneath the car much like a trailer.. Photo Courtesy of Canoo

Electric vehicle maker Rivian, which plans to sell electric pickup trucks next year, announced it raised $2.5 billion in July. It was followed by Los Angeles-based Fisker's news that it will go public in a deal with a SPAC valued at $2.9 billion. Both are direct competitors, although neither is on the market yet.

And Hyundai Motor Group, tapped the Torrance-based startup earlier this year to design the powertrain that will be used for their electric vehicles.

"Today marks an important milestone of Canoo's effort to reinvent the development, production and go-to-market model of the electric vehicle industry," said Canoo co-founder and CEO, Ulrich Kranz. "Our technology allows for rapid and cost-effective vehicle development through the world's flattest skateboard architecture, and we believe our subscription model will transform the consumer ownership experience.

Canoo's "skateboard design" places components of the electric powertrain on a flatbed with wheels underneath the car much like a trailer. That design can be switched out on different vehicle shells.

Elon Musk's publicly traded Tesla, now valued at at $351.4 billion, became the most valuable car company in the world this July. And while it only produces a fraction of the world's new cars, its skyrocketing share value has given momentum to the $95 billion electric vehicle market, with sales expected to quadruple by 2025.

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⏳Top Productivity Techniques for Entrepreneurs

In the busy world of entrepreneurship, staying productive is crucial for achieving success. With numerous tasks (and social media) competing for your attention, it can be tough to stay organized and focused. Fortunately, several proven productivity hacks can help you manage your time effectively and prioritize your workload. These strategies are backed by research and have been used by successful individuals in various fields. In this listicle, we’ll explore five effective productivity hacks, including the Pomodoro Technique and the Eisenhower Matrix, that can improve your work habits and enhance your entrepreneurial efforts.


The Pomodoro Technique

Developed by Francesco Cirillo in the late 1980s, the Pomodoro Technique uses a kitchen timer to break work into intervals, typically 25 minutes long, followed by short breaks. Cirillo named the method after the tomato-shaped timer he used as a university student, and it has since been adopted by many professionals and students to enhance focus and productivity. To implement it:

  • Choose a task to work on
  • Set a timer for 25 minutes
  • Work on the task until the timer rings
  • Take a short 5-minute break
  • After 4 pomodoros, take a longer 15-30 minute break

The Eisenhower Matrix

Named after former U.S. President Dwight D. Eisenhower, this prioritization method helps individuals categorize tasks based on urgency and importance. Eisenhower famously stated, "What is important is seldom urgent and what is urgent is seldom important," which underscores the value of distinguishing between these two aspects to effectively manage time and tasks. This prioritization method helps you focus on what's truly important by categorizing tasks into four quadrants based on urgency and importance:

  1. Urgent and important: Do immediately
  2. Important but not urgent: Schedule for later
  3. Urgent but not important: Delegate if possible
  4. Neither urgent nor important: Eliminate

Time Blocking

Time blocking is a technique used by many successful entrepreneurs, including Jack Dorsey and Cal Newport, to allocate specific periods for different types of work. By scheduling tasks in advance, individuals can minimize distractions and ensure they dedicate focused time to their most important responsibilities. This creates structure and helps minimize context switching. For example:

  1. 9-11 AM: Deep work on top priority project
  2. 11 AM-12 PM: Respond to emails/messages
  3. 1-3 PM: Meetings
  4. 3-5 PM: Administrative tasks

The Two-Minute Rule

Popularized by productivity expert David Allen in his book "Getting Things Done," the Two-Minute Rule states that if a task can be completed in two minutes or less, you should do it immediately. This approach helps prevent small tasks from piling up and cluttering your to-do list, allowing for a more organized workflow.


Batching Similar Tasks

Batching tasks is a technique used by many high-performing individuals, including writer Tim Ferriss, who advocates for grouping similar activities to minimize context switching. By focusing on one type of task at a time, such as responding to emails or making phone calls, you can increase efficiency and reduce mental fatigue.


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LA Startups Supercharging Cars and Dating 🚗⚡💑

🔦 Spotlight

Happy Friday Los Angeles!

EVgo Inc., a leading Electric Vehicle (EV) charging company based in West Los Angeles, has seen substantial growth under CEO Badar Khan. The company now operates over 3,400 fast chargers across 1,000 sites nationwide, strategically placed in high-traffic urban and suburban areas to enhance convenience for EV users. EVgo’s model focuses on owning and managing its charging stations to ensure a seamless experience, reflecting its commitment to supporting the mass adoption of electric vehicles and facilitating the transition to cleaner transportation.

In a different electrifying market, Joe Feminella, inspired by his own successful dating journey, launched the dating app, First Round’s On Me in El Segundo with $5 million in funding. This app differentiates itself by requiring users to schedule a date within 24 hours of matching, and after a soft launch in select markets, it expanded nationwide in 2024. As the dating app market faces criticism over algorithmic practices and premium features, First Round’s On Me aims to offer a more genuine and immediate dating experience. Both EVgo and First Round’s On Me exemplify how companies in different industries are addressing their respective market challenges with innovative approaches to improve user experience and engagement.


🤝 Venture Deals

LA Companies

  • 3DEO, a startup that specializes in 3D printing small, high-volume metal parts, raised a $3.5M Strategic Investment Round from Mizuhio Bank. - learn more
  • Spotter, a startup that underwrites creators and offers AI tools, raised a $7.4M Funding Round. - learn more
  • Cashmere, a lead generation startup for wealth managers, raised a $3.6M Seed Round. Canapi Ventures led, and was joined by Benchstrength, Plug and Play, The House Fund, and Courtyard Ventures. - learn more

LA Venture Funds

  • Crosscut Ventures participated in an $8.9M Series A Extension for Nostra AI, a startup that helps e-commerce businesses improve their website performance by speeding up load times. - learn more
  • Fika Ventures, an eight-year-old Los Angeles venture capital firm, has raised a fourth fund in the amount of $160 million to invest in early-stage B2B startups. - learn more

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      🍵☕️Top 6 Coffee Alternatives for Enhanced Productivity

      In the fast-paced world of startups and venture capital in Los Angeles, maintaining peak productivity is essential for founders and investors alike. As the hustle intensifies, many are seeking alternatives to traditional coffee that not only provide a sustained energy boost but also support overall health and well-being. The following list highlights some of the top-rated coffee alternatives that can enhance focus and productivity while minimizing the adverse effects of caffeine. These options incorporate adaptogens, superfoods, and gut-friendly ingredients, making them ideal choices for those looking to optimize their performance without the afternoon crash.


      Matcha

      Image Source: Jade Leaf Matcha

      Matcha is a finely ground green tea that offers a moderate amount of caffeine, along with L-theanine, which promotes relaxation without drowsiness. This combination can enhance focus and concentration, making matcha a suitable alternative for those looking to boost productivity without the jitters of coffee.

      Popular Brands: ReNude Chaga Matcha (60 mg caffeine), Golde Pure Matcha (60 mg caffeine), Organic Ceremonial Matcha - Teahouse Edition (30 mg caffeine)


      Dandelion Root Coffee

      Image Source: Amazon

      Dandelion root coffee is a caffeine-free alternative that mimics the taste of coffee. It is known for its potential to support liver health and digestion, which can contribute to overall well-being and productivity. The drink can help avoid the acidity and jitters that often accompany regular coffee, making it a gentler option for those sensitive to caffeine.

      Popular Brands: Dandy Blend (0 mg caffeine), Teeccino Dandelion Dark Roast (0 mg caffeine)


      Adaptogenic Drinks

      Image Source: MUD\WTR Masala Chai

      Adaptogenic beverages, which include ingredients like ashwagandha, reishi, and maca, are designed to help the body adapt to stress and promote mental clarity. These drinks can provide a sustained energy boost without the crash, supporting productivity throughout the day. They are often made with superfoods and spices that enhance both physical and mental performance.

      Popular Brands: MUD\WTR Masala Chai (35 mg caffeine), Four Sigmatic Think Coffee (150 mg caffeine), ReNude Chagaccino (0 mg caffeine)


      Golden Milk (Turmeric Latte)

      Image Source: Golde

      Golden milk, made from turmeric, ginger, and milk (or a milk alternative), is a caffeine-free option that can improve mood and reduce inflammation. The calming properties of this drink can help maintain focus and clarity, making it a great addition to a productive morning routine.

      Popular Brands: Golde Turmeric Latte Blend (0 mg caffeine), Blume Turmeric Blend (0 mg caffeine), Four Sigmatic Golden Latte Mix (0 mg caffeine)



      Chicory Root Coffee

      Image Source: Teeccino

      Chicory root coffee is an excellent alternative that satisfies the desire for a warm beverage without caffeine. It is rich in inulin, a prebiotic fiber that aids in digestion and promotes gut health by supporting beneficial bacteria. Chicory coffee has a nutty, earthy flavor and can help control blood sugar levels, contributing to overall energy and productivity throughout the day.

      Popular Brands: Anthony’s Instant Chicory Root (0 mg caffeine), Teeccino Chicory Coffee Alternative (0 mg caffeine)


      Yerba Mate

      Image Source: Guayaki Yerba Mate

      Yerba mate is a traditional South American herbal tea made from the leaves of the Ilex paraguariensis plant. It contains about 40-80 mg of caffeine per serving, which is less than a standard cup of coffee but enough to provide a gentle energy boost. Yerba mate is rich in antioxidants, vitamins, and minerals, and users often report feeling energized without the jitters or crashes associated with coffee. It has a unique, slightly bitter flavor and can be enjoyed in various forms, including loose-leaf tea and pre-brewed options.

      Popular Brands: Guayaki Yerba Mate (40-150 mg caffeine)


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