2020.12 - Mobility

White Star Capital
An Overview of the
Mobility Sector
From the eyes of an
international investor
December 2020
White Star Capital
Contents
Section 1 Mobility Ecosystem: An Overview 4
Section 2 Sector Focus 11

Urban Mobility
Travel & Hospitality
Delivery & Logistics
Long-Distance Transportation
Section 3 Regional Spotlight 43

North America
Europe
Asia
Section 4 Partnering with White Star Capital 47

White Star Capital 3
The rethinking of mobility

The year 2020 has been a pivotal year for the mobility space , across all segments, from
travel and hospitality to urban and long distance transportation, to delivery and logistics.
The Covid-19 pandemic that started at the end of 2019 in Asia, quickly spreading to other
continents, led to unprecedented governmental measures across the planet , such as
lock downs, quarantines, curfews or reinforced sanitary standards and processes in
numerous sectors.
These measures are pushing mobility companies to reimagine their offering and
consumers to adapt their behaviours, in a new normal that is still being defined.
The limitations and controls on the movement of people, whether within cities or across
continents, are leading to:
1) the emergence of solutions providing innovative ways to travel, in particular across

shorter distances, do activities or collaborate professionally, and to
2) the reshaping of the movement of goods, boosted by the e-commerce acceleration

and increasingly coming to people’s places.
While innovations are reimagining cities, through new transportation or delivery means,
they are also working on making life outside urban areas potentially more integrated
into economic spheres, through distance working or drone and other last mile delivery
modes.
Beyond the recent Covid-19-related events, as moving and traveling have become
increasingly accessible and are being commoditized, consumers have been increasingly
valuing solutions offering outstanding customer experiences , in addition to price
factors.
We will likely witness, in the coming challenging months, the emergence of new category
defining leaders, reinventing the way people and goods move around the planet,
whether in urban areas or across the globe, through technological breakthrough as well
as innovative distribution channels and improved customer experience.
c. 200 Deals
c. 300 Deals $4.4bn
$10.9bn Invested in c. 200 Deals
Invested in North Europe in $13.3bn
America in 2020 2020 so far Invested in
so far Asia in 2020
so far
Source: Pitchbook, data as of 30-Sep-20

White Star Capital
Mobility Ecosystem:
An Overview
Mobility Ecosystem: An Overview
2020 News Highlights
89 101
VC1-backed mobility Mega-rounds2 worldwide
unicorns worldwide over the past 10 years
$140bn $30bn
VC funding in mobility VC funding in mobility in the
over the last 3 years first 9 months of 2020, only a
7% decrease vs. the first 9
months of 2019
17% 74
Share of VC funding Mobility IPOs over the
invested in mobility over last 10 years
the last 3 years, globally

1 Venture capital. 2 Rounds >$100m.
Funding has grown significantly over the last

decade as companies innovate in the mobility
space
Asia and North America have been the main drivers of the worldwide deal value
increase over the past few years, with mega-rounds from companies like Didi
Chuxing, Meituan-Dianping, Grab or Uber.
Amount of venture capital funding in mobility ($bn) 65.1
45.1
40.8
35.0 36.7
30.4
20.5
24.1
21.5 24.0 13.3
3.6 5.0
13.2
9.9 4.6
3.1 18.9 17.1
2.3 2.7 2.7 11.9 11.2
5.7 7.8 8.2
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD
North America Europe Asia Rest of the World
However, investments are more evenly split from a deal volume perspective, with
North America leading the race.
Amount of venture capital funding in mobility (# deals)

1,574 1,545
1,508
1,289
1,168 376
401 450
396
836 349 787
414 425
379
574 182
351 194
306
413 219
157 205
250 622
105 584 591
388 441 466
69 288 308
124 204
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD
North America Europe Asia Rest of the World

Note: mobility includes: urban mobility, travel and hospitality, delivery and logistics, long distance transportation.
The mobility ecosystem is maturing, with later

stage deals representing an increasing portion of
funding
The most mature of these regions being China, with Series C+
deals becoming routine
North America China Europe
Seed share of deals 30% 12% 35%
0.4% (26.7)% (23.4)%
Series A share of deals 31% 33% 28%
1.4% (28.7)% 6.7%
Series B share of deals 16% 27% 16%
(8.4)% 11.5% (15.8)%
Series C+ share of deals 23% 27% 20%
4.3% 123.0% 145.5%
+[xx]% Growth in share of deals 2020 vs. 2018
Massively outsized rounds in early stage deals are increasingly

frequent, specifically in the electric and autonomous vehicle space
Selected outsized funding rounds
$1.6bn $1.1bn $600m

Series B (Aug-17) Series A (Jun-16) Series B (Feb-19)
China US China
$500m $250m $220m

Series C (Sep-19) Series A (Jul-16) Series B (Sep-18)
China US Columbia
$160m $150m $110m

Series B (Jul-17) Seed (Sep-18) Series B (Mar-17)
US Brazil Netherlands
The North American and Asian markets have been driving

mega rounds in mobility, while Europe is catch-in up
The US and China more specifically have attracted funding
through much larger mega-rounds, and more frequently, given
the market opportunity
Mega rounds by region
$3.0bn $700m $3.0bn $1.5bn $600m $575m $400m $300m

Growth (May-20) Series F (May-20) Series F (Mar-20) Growth (Sep-20) Growth (Sep-20) Series G (Apr-20) Growth (Sep-20) Series E (Sep-20)
US US Indonesia China Sweden UK Mexico Columbia
2020
Autonomous driving
$590m $460m $320m $290m
Series C (Jan-20) Series B (Feb-20) $890m $500m Series E (Sep-20) Growth (Jul-20)
US US Series I (Feb-20) Growth (May-20) Spain Germany
Singapore China
$1.25bn $1.0bn $4.8bn $1.5bn $1.0bn $560m $1.0bn $150m

Series B (Apr-19) Series D (Apr-19) Series H (Oct-19) Series D (Feb-19) Growth (Jun-19) Series F (Jul-19) Series D (Apr-19) Growth (Jun-19)
US US Singapore China Sweden Germany Columbia Brazil
2019
$940m $750m $1.5bn $1.1bn $280m $170m

Series B (Feb-19) Growth (Aug-19) Series F (Dec-19) Series E (Apr-19) Series C (Nov-19) Series D (Apr-19)
US US India India Netherlands Spain
$1.7bn $1.25bn $4.6bn $4.0bn $550m $180m $220m $190m

Series H (Mar-18) Growth (Dec-18) Growth (Feb-18) Growth (Aug-18) Growth (Jan-18) Growth (May-18) Series B (Sep-18) Series C (Jan-18)
US US China China Germany Estonia Columbia Columbia
2018
$870m $600m $4.0bn $2.5bn $160m $150m $150m $110m

Series F (Dec-18) Series I (Sep-18) Growth (Apr-18) Series G (Mar-18) Series E (Jan-18) Series D (Oct-18) Seed (Sep-18) Growth (Oct-18)
US US China Singapore Spain Germany Brazil Brazil
$1.0bn $600m $5.5bn $1.6bn $520m $420m $500m $500m

Series F (Sep-17) Series G (Jul-17) Growth (Apr-17) Series B (Aug-17) Series F (Nov-17) Growth (May-17) Series C (Jan-17) Series D (May-17)
US US China China UK Germany Brazil Brazil
2017
• Investments in
autonomous and electric
$410m $250m $1.1bn $1.0bn $390m $110m vehicle technologies as
Series D (Mar-17) Series D (Oct-17) Growth (Oct-17) Series D (Nov-17) Series E (May-17) Series B (Mar-17) well as ride-hailing
US US India China Germany Netherlands
platforms have been
largely driven by the North
American and Asian
markets, while strong
$5.6bn $1.1bn $7.3bn $3.3bn $270m $120m
Growth (May-16) Series A (Jun-16) Series G (Jun-16) Series F (Jan-16) Series E (Aug-16) Series C (Apr-16) leaders in the delivery
2016
US US China China UK Spain platform space have
emerged across all
continents
$1.0bn $250m $1.3bn $1.0bn • Travel & Hospitality
Series F (Feb-16) Series A (Jul-16) Series F (Apr-16) Growth (Feb-16)
US US China China
players have attracted far
less funding
North America Asia Europe Latam
Source: Pitchbook
Note: Mega round refers to a round of $100m+. Rounds shown are largest 4 rounds in that year.
Strategic M&A has been driving most of the exits in

the mobility space over the past decade
North America and Europe have been the most active regions
in terms of number of exits
Exits by type across years since 2010
Asia
15% North 59
America
41%
7 52
51
Europe 49
38% 6 6
5
Exits by geography 36
over the past decade
28 8
52
20 20 45 46 44
7
12 11 28
27
8
18
13
9 8
6
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
M&A IPO
Selected VC-backed exits
$82.4bn $52.8bn $24.0bn $10.8bn $9.5n

IPO (May-19) IPO (Sep-18) IPO (Mar-19) IPO (Aug 2020) Acq. by Alibaba (Apr-18)
US China US China China
Woowa Brothers
$8.5bn $4.9bn $4.0bn $3.5bn $3.1bn
IPO (Sep-18) IPO (Jun-17) Acq. by Delivery Hero (Apr-20) IPO (Jun-20) Acq. by Uber (Mar-19)
China Germany South Korea China UAE
$2.7bn $2.5bn $2.4bn $2.0bn $2.0bn

Acq. by Meituan (Apr-18) IPO (Jun-20) IPO (Apr-14) IPO (Apr-14) IPO (Jun-11)
China US UK US US

Note: amounts of the selected VC-backed exits reflect valuations at exit
There are 89 VC-backed mobility unicorns globally, with the automotive

sector owning the lion’s share
Americas (43)1 Europe (9)1
$31.0bn $18.0bn $18.0bn $16.0bn $3.5bn $3.0bn $2.6bn

US US US US Germany Spain UK
$5.4bn $4.9bn $4.0bn $3.5bn

US US US Colombia $2.3bn $1.9bn $1.8bn
Germany UK Estonia
$3.4bn $3.2bn $3.1bn $2.9bn

US US US US $1.6bn $1.6bn $1.0bn
Sweden France Germany
$2.8bn $2.7bn $2.7bn $2.6bn

US US US US
$2.5bn $2.3bn $2.3bn $2.3bn

US US US US
$2.1bn $1.7bn $1.5bn $1.5bn

US US Mexico US
$1.4bn $1.3bn $1.3bn $1.3bn

US US US US
$1.3bn $1.3bn $1.2bn $1.2bn

US US US US Asia (37)1
$1.1bn $1.1bn $1.1bn $1.1bn Manbang

US US US US $58.0bn $15.0bn $14.0bn $10.0bn $1.00bn $8.5bn $6.5bn $6.0bn $4.4bn $3.6bn
China China Singapore Indonesia India China China China India India
$1.0bn $1.0bn $1.0bn $1.0bn Dingdong

US US US Brazil $3.5bn $3.2bn $3.0bn $3.0bn $2.8bn $2.3bn $2.0bn $2.0bn $1.9bn $1.5bn
China India China China Indonesia India China China China India
Yimida TELD energy

$1.0bn $1.0bn $1.0bn
$1.5bn $1.5bn $1.5bn $1.4bn $1.4bn $1.2bn $1.2bn $1.1bn $1.1bn $1.1bn
US US US
China Israel Hong Kong China China China China China India India
$1.0bn $1.0bn $1.0bn $1.0bn $1.0bn $1.0bn $1.0bn

China Hong Kong China UAE China China Hong Kong
Source: Pitchbook
1 Amount shown corresponds to the last reported valuation.
Note: a Unicorn is a VC-backed company that has publicly announced a fund raising round at a valuation at or above $1bn.
White Star Capital
Sector Focus
Sector Focus
The White Star Capital perspective on mobility

segmentation
At White Star Capital, we approach mobility through 4 main sub-sectors:

urban mobility, travel & hospitality, delivery & logistics, as well as long-
distance transportation
Urban Mobility Fleet Sharing
Products and solutions used by consumers and Ride Hailing

businesses to move within cities. This also includes Public Transport
enabling technologies which provide the
infrastructure for seamless mobility. MaaS aggregators
Smart Cities

Search & Book
Services and solutions for consumers and Tours & Activities

businesses to organize and facilitate recreational or Corporate Travel
business travel options.
Travel Services

Full-Stack and asset-light
Services and solutions used by businesses to delivery platforms
facilitate the delivery of goods to consumers or other
businesses. Freight & Shipping
Long-Distance Transportation
Automotive
Products and solutions used by consumers and
Shared Transportation
businesses to travel long distances, over land,
water, air, and space. Fleet Management
White Star Capital
Urban Mobility
Sector Focus: Urban Mobility
The evolving model of urban mobility: sustainable,

accessible, seamless and connected
Urban Mobility: An Introduction
For most of our history, humans have lived in small rural communities, until the second half of the
19th century, which saw the beginning of a mass migration towards cities. Widely available means
of transportation were then limited to railways between cities and walking inside of them.
A new era in urban mobility was born in 1863, with the inauguration of the first underground
railway in London, catering to the increasingly dense population of the city. Over the 20th century, the
advent of the automobile in affluent cities brought with it a trend of suburbanisation, expanding the
reach of cities into less dense peripheries.
Today, over 55% of the world’s population lives in urban settings, a number expected to surpass
70% by 2045. The current urban setup is not ready to address the challenges that come with this:
private cars have gridlocked big metropoles, public infrastructure struggles to keep up, and
concerns around sustainability and accessibility are at the forefront.
This precarious situation, coupled with the proliferation of enabling technologies (smartphones,
connectivity, IoT) and increasingly forward-thinking regulators, has resulted in an abundance of new
solutions, better tailored to the needs of city dwellers. Private car ownership is being displaced by
more convenient on-demand solutions. COVID-19, beyond causing a short-term drop in ridership
(c.70%), is catalysing the re-shaping of cities into people-centric dwellings.
Urban mobility businesses have seen gargantuan inflows of VC capital in the last 5 years, across
continents, and have expanded internationally, fiercely competing for market share. Some of
these mobility platforms and super-apps are now emerging as the winners in their respective
geographies, reshaping the way people live and move in their cities.
Funding in the urban mobility space has so far largely

been driven by Asia, with large players such as Didi,
Grab, or Gojek
Amount of venture capital funding in urban mobility (value, in $bn, and volume)
30.0
33 53 55 117 163 172 206 237 252 162
25.0
21.2
20.0 18.5
15.0 12.6
11.6 11.0 13.8
9.5 10.3
10.0
5.0 7.7 10.3 5.3
0.9 6.4
5.0 0.9
0.5 7.2 6.0
0.1 0.2 2.8 3.5 0.7 3.9
0.3
1.2 2.0
-
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
YTD
North America Europe Asia Rest of the World # Deal volume

The city is being re-imagined around humans

The urban mobility ecosystem is complex and densely packed, with operators
making use of enabling technologies to offer seamless mobility to customers
Key Parties in the ecosystem
• Consumers value convenience, safety, sustainability and accessibility
• Operators offer mobility solutions to consumers. This may involve operating large fleets of vehicles, or
employing fleets of drivers and riders. Some vertically integrated platforms offer combinations of these along
Subscriptions
with payments and other financial services, while mobility aggregators offer full-trip multi-modal planning
functionalities
• Digital infrastructure providers offer the necessary systems for operators to offer their services such as
connectivity, mapping, payments and data
• Hardware and urban infrastructure providers offer innovative vehicles and the necessary infrastructure such
as charging points
• Cities and regulators provide public transport and a regulated environment for fair and safe use of public space
• All parties across the value chain are seeking to make assets more sustainable through their life-cycle
The Urban Mobility Ecosystem

Customers
Operators
Mobility aggregators Ride-hailing Fleet Public Managed Vehicle

routing, planning, booking
Sharing Transport last-mile subscription
delivery
Vertically integrated
platforms & super apps
Local public
transit apps
(Sharenow)
(Uber)
Software supporting connectivity, communications, customer support, payments, insurance, data analysis
* *
Hardware suppliers, vehicle innovation, urban infrastructure, electrification, parking, smart cities
Cities and Regulators

Source: Pitchbook, news run
* White Star Capital portfolio company.
These mobility leaders have re-shaped the way we

move within cities
$20.0bn raised while private

Uber (US) is an on-demand technology platform which offers ride- Selected Investors and partners
hailing, food delivery and micro-mobility services.
Uber pioneered the ride hailing model, disrupting the taxi industry, by
connecting in real time passengers with car drivers in urban areas.
The Company faced unprecedented growth thanks to network effects
in a winner-take-it-all-market.
Grab (Singapore) is a mobility and services mobile platform, offering

$10.5bn raised to date
transport, on-demand delivery, consumer and financial services. Selected Investors and partners
Grab stood out through its extensive offering, including groceries,

logistics, lifestyle, entertainment, health or financial services. This
super-app model allowed the company to address a vast range of
consumers needs, embedding it into people’s daily lives, thus
increasing the product stickiness.
*
Tier (Germany) is a multi-modal micro-mobility platform offering e-
$360m raised to date
Selected Investors and partners
scooters, e-mopeds and a decentralised battery user-swapping
network.
TIER is standing our thanks to its highly efficient operating model,
based on in-housed operations and advanced predictive maintenance
technology, that allows it to be increasingly profitable in a capex
intensive industry.
Citymapper (UK) provides a transit platform for public transport, micro-

$52m raised to date
mobility and other modes of transport. Selected Investors and partners
Citymapper’s uniqueness relies in the data it collects through the mobile
app use. By offering information to consumers on how to efficiently go
from Point A to Point B, the company has been able to gather extensive
data on populations’ mobility trends within cities.
Source: Pitchbook, Company websites, news run

Note: total raised include both equity and debt financing. * White Star Capital portfolio company.
New generations of urbanites have a reduced interest in

owning assets and look for the most seamless and
affordable solutions for their mobility needs
Mobility-as-a-Service (MaaS) and Super-
Apps
Integrated MaaS players are expanding • Citizens have come to value convenience
their offerings, vertically and horizontally over car ownership. With this comes a
strong market pull for MaaS, its first
Subscriptions incarnations being in the form of fleet-
sharing and ride-hailing services.
Payment
aggregation • As these layers of the value chain become
commoditized, players are expanding
Travel
planning their reach in two ways:
Multi-modal
• Vertically: end-to-end, multi-modal
route planning and ticketing with
Single-mode single-transaction payments and
subscriptions
Ride Hailing
Food, Drugs, Financial • Horizontally: delivery, financial and
& Vehicle
P2P Delivery Services
Rental other services. Providers can benefit
from higher utilisation of their current
mobility fleets (assets and drivers) and
cross selling to their customer base
Cities are offering integrated MaaS • Local governments play an important role
through white-label platforms in vertical integration with cities such as
Berlin and its integrated mobility app, Jelbi,
acting as pilots for open mobility
paradigms that include smart and
adaptable public transport.
Vehicle subscription services

Bike subscription • Micromobility in its current form might not
be financially accessible to the mass
affluent when it comes to daily commuting.
Vehicle subscriptions can offer a more
accessible alternative for daily
recurring mobility needs of citizens.
Scooter subscription
• These operators offer modern vehicles,
with servicing, repairs, maintenance, and
insurance in case of theft, greatly
simplifying the user experience.
Sources: Pitchbook, news run
New technologies could fundamentally change the

dynamics of urban transportation
% plug-in electric cars by region Some of those include electrification..

China Europe US
• China is the global leader in electrification,
followed by Europe and the US
5.1%
4.5% • Along with the proliferation of electric vehicles
3.0% (EVs), charging docks or battery swapping
2.3% 2.3%2.1% stations for cars and light vehicles are beginning
1.8% 1.9%
1.1%
to emerge in cities
• Several players like Gogoro or Tier are deploying
decentralised urban user-battery-swapping
2017 2018 2019 infrastructure for their fleets
Autonomous car partnerships map
..Autonomous driving..
• Commercially viable Level-5 autonomy has proven
harder to crack than some experts anticipated, but
the promise of autonomous driving continues to
excite innovators and investors
• For ride-hailing companies, displacing drivers could
result in cost reductions of up to 70-80%.
Companies like Uber and Lyft have partnered with
OEMs and tech companies, making large
investments to remain at the forefront
• These players will need to transition from their
current asset-light model, where vehicles are
owned by drivers, to a more capital intensive one,
as they are forced to invest in and maintain large
fleets of robo-taxis
• Autonomy will also bring with it a large universe of
ancillary services to rethink interactions in the city,
productivity and entertainment during transit,
autonomous re-charging and parking, insurance,
and better utilisation of vehicles when away from
their owners
Developments needed for Urban Air ..as well as urban air transportation
Transportation:
• Urban air transportation is expected to surface in
controlled environments in the next decade. Its
• Unmanned traffic management
potential, if successfully implemented, could be
systems (UTM) huge
• Battery energy density
• Regulation, safety, airspace • The first of its incarnations might be in the form of
management delivery/logistics drones. The latter are already
used commercially for photography, military,
• Physical Infrastructure: vertiports,
surveillance or intelligence, but this new use case
storage, charging will require the development of many enabling
• Pilot training factors that go far beyond vehicle-tech
Sources: Pitchbook, energy.gov, news run • A more remote prospect, eVTOL air taxis promise
to reduce congestion in city centres
Sentiment towards safety and sustainability have a

marked effect on consumer choices
COVID-19 has significantly affected

consumers’ behaviours
• COVID-19 has had a dramatic impact on
UberEats bookings growth
urban transportation as massive lockdowns
forced individuals to remain at home
10% 8% 20% 7% 49% 23%
• Food delivery start-ups saw increased
volumes, while ride hailing and fleet sharing
operators lost almost all activity, many halting
operations in an effort to reduce costs
• Despite the initial hit, these operators were
quick to recover once restrictions were lifted, as
commuters avoided public transport in favour
of single-occupancy alternatives
• On a more profound level, COVID-19 has been
% Quarterly growth a cautionary tale that has helped put the
spotlight on sustainability, as citizens
experienced what a car-free city could be like
Sustainability is now at the forefront

Vehicle innovation and manufacturing
• Dense cities are considered the best
platforms for environmentally, socially and
economically sustainable development,
Electric battery innovation and production dramatically increasing the quality of life of large
populations. Congestion and pollution are
among the main challenges, with cars still today
the dominant mode of transportation
Operators • Levers to improve mobility include utilising

existing systems more efficiently, electrification
based on renewable sources and integration
with public transport. These measures alone
could reduce emissions by 60%
Smart mobility platforms
• Against the backdrop of the COVID-19 crisis,
cities have accelerated their plans for
transitioning to more human-centric and
sustainable mobility models. London
Smart cities & infrastructure launched trials for s-scooter providers ahead of
schedule while Paris has stated it will promote
bicycle usage through significant infrastructure
investments
• In this context, start-ups are emerging with

sustainability propositions across the value
Sources: Pitchbook, OECD, International Transport Forum, chain, from OEMs to operators to recycling and
Apple Mobility Trends, AppAnnie, Gatesnotes
compensation of emissions
New challenges are opening the door to new

opportunities
Cities being re-imagined Missing infrastructure

• In the context of the recent Covid-19- • The fast growth of personal electric
related events, overall traffic in cities vehicles in cities has so far not been
has taken a hit. The concepts of followed by a deployment of related
location and travel are evolving, infrastructure
pushing urban players to re-think their
offering
Opportunity Opportunity
• As sanity and safety concerns
• Beyond providing clean
grow, public transportation is being
transportation means, we see
shied away from, to the benefit of
tremendous opportunities for
other personal mobility means or
players focusing on the
walks
deployment of sustainable
energy infrastructures, allowing
• In addition, restaurants, bars,
planet-friendly mobility devices to
physical shops or parking spaces
run
are being severally impacted by the
various lock downs
• Whether it is related to e-bikes, e-
scooters or other transportation
• We expect to see the birth of
means, we believe the recent
numerous solutions helping
Covid-19 related events will
cities and urban players to
accelerate the shift towards green
rethink their offering and the way
infrastructure and will further
they monetize it, through
drive consumer adoption, as
increased digitalization, new
illustrated by recent governments’
distribution channels or the
and cities’ announcement regarding
rethinking of outdoor spaces like
the expansion of electric vehicle
streets, parc or private locations
lanes and infrastructure
White Star Capital

Sector Focus: Travel & Hospitality
Increasingly customer-centric travel experiences

made accessible to the mass affluent
Travel & Hospitality: An Introduction

Travel has been embedded throughout history, and one of earliest examples of recreational travel
can be found in the 17th century, when young, European men of high standing were encouraged to
travel across Europe as part of a tradition called the “Grand Tour”. It was common for young nobles
from Northern and Western Europe to cross the continent to broaden their horizons and learn about
art, culture, and geography.
Technological developments in transport over the following centuries has transformed recreational
travel into a modern day luxury that can experienced by all.
While hotel companies and travel agencies, both online and physical, have been incumbents in
providing means for people to travel and stay around the world, players in the travel and hospitality
sector have emerged in recent years to provide innovative offerings and distribution channels to
the ever-changing preferences of consumers. With incumbents lagging to adopt new technologies,
consumers are increasingly opting to rely on emerging players with robust technology for their lodging
needs.
There has been a shift in consumer expectations, the most notable being a demand for experiences.
Beyond transportation and accommodation needs, or extravagant destinations, travellers are
increasingly looking for extraordinary experiences with exciting itineraries. Traditional travel agencies
have lacked accountability for the satisfaction of the customer once a booking is sold. In contrast,
emerging players are taking note of this gap and are using customer data and feedback to ensure
traveller satisfaction, which has been critical to their growth and success.
The travel and hospitality space has so far been driven

by Asia, with large rounds from players like Oyo
Amount of venture capital funding in travel and hospitality (value, in $bn, and volume)
71 149 178 242 306 346 329 331 365 158
6.0
3.6 4.0
2.9 3.0
1.0 1.2 2.2
1.4 1.4
1.0 0.4 0.9
0.4 0.6 0.5 0.6 0.4
1.8 0.8 1.4 1.1 0.3
0.6 0.2 0.9 0.5
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD

The disruption of intermediaries between travellers

and their suppliers
Search platforms and OTAs1 have simplified and improved the planning
process of travel logistics for transportation, lodging, and activities

• Travellers: Consumer or business in planning travel for recreational or business purposes
• Intermediaries: Platforms providing travellers with options for transport and lodging
• Travel Suppliers: Individuals or businesses providing travellers with solutions consumed during the trip
Ecosystem
Demand Intermediary Supply
Lodging Hotel
Accommodation
Incumbents
Makes a request Transfers Alternatives
and pays the payments & takes
intermediary a 15-20% fee
Disruptors
B&Bs, individuals’
accommodations,
vacation properties
Consumers &
Businesses Experiences Activity
Aggregates Is listed on the
Providers
supply and offers Incumbents intermediary
choice to client OTA & Physical platform
agencies
Disruptors
Local attractions
Either books transportation ticket directly through website
Airlines
Consumers & GDS2
Businesses
Transfers Provides basic
information (strong information on
Search Platform bargaining power) available flights
Or books
through
platform Disruptors
OTA and TMC3 Transfers elaborated Provides elaborate

information, allows for information4
additional revenue through APIs
streams
Sources: news run

1 Online Travel Agency. 2 Global Distribution System. 3 Travel Management Companies. 4 Such as information on seats, wi-fi, lounge or priority.
These start-ups have transformed how consumers book

and manage their accommodation when travelling for
leisure or business
Airbnb (US) is an online community marketplace for people to $6.4bn raised to date
list, discover, and book accommodations. Selected Investors and partners
Airbnb revolutionized the short-term lodging industry, directly

challenging hotel chains, by creating a trusted marketplace for
homeowners to lease their residential properties to travellers.

Traveloka (Indonesia) is a leading online aggregator for air travel, Selected Investors and partners
hotels, and attractions in the SEA1 region.
Traveloka offers, beyond travels, a lifestyle booking platform,
providing consumers with the ultimate holistic booking
experience.

TripActions (US) is a corporate travel management company that Selected Investors and partners
keeps travellers safe while driving business travel continuity.
To make the corporate travel experience seamless, TripActions
prioritized user experience for everyone from the traveller, to
finance teams, to travel program managers.
GetYourGuide (Germany) operates an online travel agency and $655m raised to date
market place for attractions and activities worldwide. Selected Investors and partners
Unlike traditional tourism companies that tend to lack
accountability for customer satisfaction, GetYourGuide is using
customer feedback data to curate attractions and improve travel
experiences.

Yanolja (South Korea) is an online accommodation booking Selected Investors and partners
platform reinventing the concept of love hotels in South Korea.
Yanolja has transformed love hotels, largely stigmatized by
locals, into affordable, short-term rental options for global
travellers.

Note: total raised include both equity and debt financing. * White Star Capital portfolio company.
1 South East Asia.
Companies are rethinking their product offering to

adapt to new consumer behaviours
Consumers are shifting to longer-term

of employees are expected to stays...
40% resort to a remote working
model in the future1 • In the current Covid-19 situation, the rise
of digital nomads and the work-from-
anywhere model blur the lines between
Digital nomads in the US
leisure and corporate travels
could reach 10.9m in 2020,
vs. 7.3m in 2019, representing
a 49% increase
• Already 30% of employed people work
remotely at least part of the time, in
Sweden, Finland and the Netherlands,
and this number is expected to increase,
worldwide
• Search & Book companies are

Raised a $75m series C Raised a $23m series A redesigning their product and service
in Sep-20, led by Cool in Oct-20, led by a16z offering to address the longer-term
Japan Fund stay trend of the new nomadic
generation
• They are doing so either externally,

Raised a $35m series A Raised a $45m series C, through M&A (think Selina acquiring
in Oct-20, led by in Sep-20, led by Prime Remote Year in Oct-20), or organically,
Holtzbrink, Lakestar such as Airbnb launching new tools to
and Picus promote monthly rentals, as well as
smaller companies raising new financing
rounds to go faster and compete with
existing players such as SpotAHome
70% of the bookings
made over April-July-20 were
in the traveller's home
country, vs. 45% in 2019 .. and more local experiences.
• Search & Book platforms, as well as

Tours & Activities, are tailoring their
offering to more local audiences, as the
outlook on borders reopening keeps
Offering more local Diversifying into hyper being gloomy
options to people local activities, going
shopping for experiences deeper into the supply • Hyper local product expansion includes,
alongside domestic travels offerings,
Focusing on more
home-based experiences, online
domestic destinations workshops or virtual tours
Source: Pitchbook, press articles, Sifted, TravelTech

Essentialist, PhocusWire
1 BCG publication.
Both companies and investors are exploring innovative

ways to prosper in the travel space
Incumbents Disruptors Companies are exploring new ways to

monetize and distribute their offering..
Hospitality
• Distribution channels in the travel
industry have so far been dominated by
a few large incumbents with a strong
bargaining power, such as Global
Air traffic Distribution Systems (GDS) in the air
traffic field, or players like Booking.com in
the hospitality space
• The industry is witnessing the emergence

of new distribution players, allowing
companies like airlines or hotels to
The industry is facing consolidation, driven diversify the way they monetize their
by leading players businesses. Such new players, like Duffel
in the air traffic space or Impala in
$465m (2019) hospitality, facilitate innovative
distribution channels through application
N.A. (2019) programming interfaces (API), enabling
companies to better share their data with
$300m (2017)
partners that will bring them business
• Hotels, more specifically, that can no

N.A. (2019)
longer rely on overnight stays, must
$248m (2018) broaden their set of ancillary services
and focus on asset optimization,
$555m (2017) unlocking value from under-utilized
spaces like pools, gyms or parking
N.A. (2019) ..while investors are on the look out for

the next big opportunities.
N.A. (2018)
• In the midst of the massive market’s
$3.9bn (2015) reshuffling, the industry is witnessing the
emergence of SPACS (special-purpose
acquisition company)
Company Date of Amount raised
created creation through IPO • Over the summer 2020, those blank
Go Acq. Corp. Aug-20 check companies, with no operations,
$500m
founded with the aim to raise money
Altitude Acq. Sep-20 $300m through an IPO, in order to acquire or
merge with another company, have
Thayer Ventures Acq. Oct-20 $175m flourished in the space


opportunities
New offerings needed from Challenging new normal
travel and hospitality imposing cost reductions
companies
• Companies in the travel and • Travels and hospitality companies
hospitality space have to are facing an unprecedented shift
drastically transform there in consumers’ behaviours,
offering, to adjust to reduced following governments measures
tourism and business travels as and sanitary concerns, leading to
well as the rise of flexible and full massive drops in revenues
remote working habits
• Going forward, travel and
• We see opportunities for
hospitality perks might become
emerging players tackling
key elements in companies’
the optimization of
employee incentive strategies,
hospitality and travel
as the need to incentivize and
companies’ cost
motivate employees outside of the
structures, which tend to
company building increases
run on tight margins
• Companies with full remote
• Levers include the
workers might increase the
improvement of workers’
number of team offsites and
productivity thanks to
gatherings, while those with a
streamlined processed or
flexible remote environments,
automation tools, as well
asking employees to be present
as robotics solutions,
once a week or a month, might
relieving human beings of
increasingly include lodging and
numerous repetitive and
transport-related financial
basic tasks
support to their employees’
rewards, to guarantee productivity
• We see significant potential for

start-ups tackling this emerging
market of turnkey travel and
hospitality perks
White Star Capital

Sector Focus: Delivery & Logistics
The growing need for fast, safe and comprehensive

delivery solutions
Delivery & Logistics: An Introduction
Throughout the centuries, people and communities have been facing the need to exchange and deliver
goods across villages, cities, countries and oceans. From slow and dangerous horse drawn
wagons, railway systems to steamboat and then cargo ships, business owners have always
looked for faster and safer ways to ship and deliver their items. Goods transportation have hence
always been intertwined with mobility solutions evolution and international trade expansion.
The shipping container invention in 1955 led to a revolution in the cargo transportation and emerged
as a foreshadowing of the globalization era. Giving birth to a system of "intermodalism", a
container could now be moved seamlessly between ships, trucks and trains, simplifying the whole
logistical process of shipping and delivery. With great economies of scale driving the cost of delivery
down, around 90% of every purchased item is now shipped in a container.
Whether related to domestic or cross-border delivery, the advent of e-commerce since the late
1990s has changed customer’s needs, now expecting a fast and reliable delivery service. Covid-19
has only confirmed this shift to e-commerce to become permanent, a challenging surge for companies
that are unprepared for rapid delivery increases in volume and shifts in business models.
Similarly to how e-commerce has been gaining market shares over physical retail, on-demand food
and commodities delivery is increasingly gaining market shares from traditional eat-in
restaurants and grocery shops. The last mile delivery, making up 28% of a product’s total
transportation cost, is the least efficient element of the delivery journey, leading to the emergence of
new delivery platform models, with higher efficiency and lower cost, often thanks to “gig economy”
workers. Increasingly regulated, these disrupting platforms are now focusing on alternative delivery
solutions such as drones and autonomous vehicles, expected to be the next stage of both shipping
and delivery’s evolution1.
Over the past few years, Asia has led the way in funding
with large rounds from companies like Ele.me or Meituan
Amount of venture capital funding in delivery and logistics (value, in $bn, and volume)
539 406 985 1,388 2,000 2,087 2,269 2,333 2,333 1,343
43.1
28.6
26.1
22.9 21.7
17.0 15.4 12.0
10.3 8.5
10.5 7.4 1.7 3.2
6.4 3.2
4.3 3.6 5.3 2.3
11.3 13.8 11.7
6.2 7.3 6.2 9.2
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD
Source: Pitchbook, data as of 30-Sep-20, BCG, Hitach, Worldshipping, news run

1 For further analysis on the Foodtech and Industry tech spaces, read our dedicated reports on https://medium.com/venture-beyond.
Items ordered via an online platform or a local retailer

are now delivered thanks to new digital logistics
platforms and optimized delivery solutions
The various players in the ecosystem either act as third-party delivery
services through marketplace and logistics platforms, or as comprehensive
shipping solutions
The Shipping Process
Origin warehouse Destination warehouse
Export Origin Destination Import

haulage handling Freight handling haulage
The Delivery and Shipping Ecosystem
Freight & long-distance shipping Last-mile delivery
On-demand shipping platform Trucking marketplace Marketplace

Food only
Logistics services platform Groceries only
Digital freight forwarder

Dada-JD
On-demand delivery platform

Warehousing
Robotic
SaaS
solutions
Autonomous vehicle
AV & Drones Freight Trucks
Source: Pitchbook, CB Insights, OurCrowd

These leaders have revolutionised the way goods and

items are shipped and delivered to end customers
$4.0bn raised to date 1
Ele.me (CHI) is an online food delivery platform. Selected Investors and partners
As a pioneering actor, Ele.me is now the largest on-demand food
delivery platform in China with more than 50% of total market,
accessible through main mobile apps (Taobao, Alipay…). Benefiting
from strong synergies with Alibaba group, Ele.me is also a pioneering
actor in new delivery solutions such as drone and robots delivery.

DoorDash (US) offers an online food delivery platform. Selected Investors and partners
DoorDash is one of the first startups to offer the delivery facility through
an aggregator platform, with primary purpose to enable every merchant
to deliver. Mainly focused on food delivery, it expanded to groceries
delivery and now offers DoorDash Drive, a white-label delivery solution.

Deliveroo (UK) offers an online food delivery platform. Selected Investors and partners
Deliveroo was among the first European platforms to offer fully-
owned delivery operations, unlike pre-existing lead-gen models,
thus unlocking a huge opportunity for the majority of restaurants
which do not have riders to deliver their product.

Nuro (US) develops automated on-road delivery robots. Selected Investors and partners
Nuro’s achievements already stand as milestones for the delivery
industry, accelerating the benefits of robotics for everyday life. Its newly
developed R2 robot is the first autonomous vehicle to be granted an
exemption by the U.S. Department of Transportation.
Convoy (US) is an online carrier marketplace, connecting shippers

and truck drivers. Selected Investors and partners
Facing a fragmented and unoptimized trucking market, Convoy uses
data-driven software to match big customers with small truck
companies, making the process more efficient by ultimately saving
time, money and CO2 emissions.
Source: Company websites, press, Pitchbook

Note: total raised include both equity and debt financing. 1 Acquired by Alibaba.
The food delivery space is characterized by

massive capital inflows and intense consolidation
Consolidation in the food delivery space

Notable Transactions has intensified..
Jul-20 $2.7bn
• Over the past couple of years, delivery
Jun-20 $8.3bn players across all continents have
1
increasingly resorted to M&A
Dec-19 $7.4bn
Germany
• This consolidation serves various
Dec-19 $4.0bn purposes. Players aim to reinforce their
leadership position in some
Dec-18 $1.1bn
geographies, such as Just Eat acquiring
Apr-18 $9.5bn Takeaway Germany, shorten time to
market, illustrated by Delivery Hero
Mar-18
South East Asia
2.7bn acquiring Woowa Brothers to expand to
Asia, improve unit economics, or more
easily access capital
..as scale is now of utmost importance

Valuations ($bn)
Market caps or latest private valuations • Scale allows strong network effects in
80 this space: the more restaurants and food
providers (content supply) on the
25
platform, the more consumers (demand),
20
and the more drivers (logistics supply),
16 and vice-versa
4
• It also helps create barriers to entry, as
4
economies of scales deter potential new
4 entrants, and build a solid bargaining
2 power with food suppliers, leading to
1 increasing take rates
Large tech players’ investments The food delivery space has attracted
large capital inflows from massive tech
players
• Giant tech leaders have identified the
potential of increasingly integrated
delivery platforms
• Born as online listings or pure
marketplaces, food platforms have then
expanded vertically to offer delivery
logistics, as well as horizontally to other
items such as grocery or convenience
store items. They now entering the dark
kitchen / store space, giving room for
further business upside
Sources: Pitchbook, news run
1 Transaction is a merger.
Versatile and efficient digital solutions are shaking the

aging market of shipping, from freight forwarding to
logistics delivery solutions for retailers
Total funding in logistics start-ups E-commerce logistics services have
surged..
10 • In order for physical retailers and small-
to-medium companies to face and benefit
from e-commerce boom, many third-
6.3
party logistics start-ups have emerged
to provide those businesses last-mile
3.4 3.4 logistics services and other delivery
1.7 features
0.4
2014 2015 2016 2017 2018 2019 ..And so have digital-driven shipping
disruption
Funding, USD billions
• Operational inefficiencies in the
shipping industry, due to the discrete
Freight forwarding Freight forwarding solutions and involvement of multiple
Incumbents Start-ups intermediaries, have driven the growth of
start-up ecosystem. Many shippers and
retailers are now expecting higher
visibility, against delays and fraud, and
more efficient loading and journey to
reduce both shipping costs and time
• New freight forwarding tech actors,

such as Flexport or FreightHub, using
modern software and data analytics, are
digitizing the end-to-end freight shipment
process, aiming to displace traditional
forwarders (DHL, Kuehne+Nagel …). By
providing real-time freight and logistics
+15% For carriers by maximizing services to many small-to-medium e-
load capacity throughout a
commerce firms, they give them an
revenue delivery run
opportunity to compete against
incumbent giants such as Amazon
20% For shippers thanks to
• Similarly, trucks marketplaces aim at
increased visibility into
savings shipping fees displacing the entrenched freight brokers
who have traditionally acted as
middlemen between shippers and
Trucks marketplaces carriers. In addition to reduced costs for
are facing the antiquated way shippers book shippers, the increased visibility into
space on trucks, still responsible for 20% of available loads makes it easier for
all journeys carrying no load at all carriers and independent drivers to
bundle load routes
Sources: Pitchbook, McKinsey, CBInsights, press articles

opportunities
Optimization of the goods Last-mile delivery of goods

delivery logistics beyond the city walls
• With the reduced movement of • The new way of working may
people, following the recent Covid-19- impact cities demographics, with the
related events, comes the intensified upper class moving to more cities’
movement of goods, that are suburban areas, seeking better life
increasingly delivered to people’s quality
home • The addressable market for flexible
• Companies must find ways to handle and rapid last-mile delivery in places
logistics in a cost-efficient manner with less population density might
thus increase in the coming years
• We see opportunities for start-ups • While moving outside cities,
to develop efficient full-stack or former urbanites will likely
asset-light offerings with expect the same quality of
improved margins in the logistics services and speed of delivery
space, from better warehouse offered by logistics players in
optimization to efficient last-mile urban areas, when ordering
delivery, where density is key food, groceries or other
convenience items
• Levers include increasingly
automated processes, • Being able to offer the same
elaborated dispatch algorithm, standards in significantly less
strong business intelligence dense areas, with the right unit
tools or robotics technologies economics at scale, is still an
unsolved challenge in which we
• The rise of e-commerce and the see much potential
recent pandemic events have
made logistics and delivery
solutions more critical than ever
White Star Capital
Long-Distance
Transportation
Sector Focus: Long-Distance transportation
Environmental and financial sustainability to take

centre stage in next generation transport systems
Long-distance transportation: An Introduction
Throughout history, humans have sought to traverse the earth and move to new locations, whether by
land or by sea. With the advent of wheeled carts and river boats around 3500 BC, and domestication
of horses around 3100 BC, humans started traveling farther away from their communities.
The invention of Watt steam engine in 1769 marked the next transition in long-distance travel, with
steam-powered railways and cars becoming mainstream by mid-19th century. The rapid evolution
continued in 20th century with widespread adoption of internal combustion engine. The first airplane
flight by Wright brothers in 1903 completely transformed long-distance travel, with over 4.5 billion
air passengers in 2019.
These advancements have unfortunately led to transportation becoming the fastest-growing

contributor to the world’s climate emissions. Transport emissions, which include road, rail, air and
marine transportation, account for around 25% of global CO2 emissions. In addition, the added
stress on public infrastructure and ensuing need of gargantuan government investments has brought
concerns about environmental and financial sustainability to the forefront.
Alongside the development of multi modal transportation means, digital innovation and rising
environmental awareness of travellers are going to drive fundamental redevelopment of underlying
infrastructure, with renewable energy sources taking centre-stage. Consumers’ higher willingness to
pay for more sustainable options will make these tremendous renovations economically viable.
However, transportation is an asset-intensive and expensive running system with long utilization
cycles, slowing down any potential change. Therefore, the immediate focus remains on optimizing
current infrastructure utilization. Initiatives like the proposed harmonization of European air space
by the Single European Sky framework, which could reduce its carriers’ CO2 emissions by 10%,
might take precedence in the short to medium-term before the next evolution of long-distance travel.
Asia has been driving funding in the space, large inflows

going mostly to companies developing technologies for
electric and autonomous vehicles
Amount of venture capital funding in long-distance transportation (value, in $bn, and volume)
292 406 590 901 1,204 1,332 1,428 1,464 1,430 736
30.9
25.9
24.1 24.5
18.0 19.3
13.6 16.2
14.1
18.4
12.0 7.0
7.6 2.2 1.7
2.4
1.8 2.2 2.1 9.1 1.8 8.7 9.6
4.6 6.3
3.9 3.3
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD
North America Europe Asia Reste of the World # Deal volume

The long distance transportation ecosystem

includes both surface and air travel
The breadth of opportunities within the long distance
mobility ecosystem, from ride-sharing to air-taxis and
space travel, has led to steady innovation
• Consumers value convenience, safety, sustainability and accessibility
• Operators provide mobility solutions to consumers. The business models vary across different modes of
transportation. While some own fleets and employ drivers, others act as aggregators offering multi-modal
planning functionalities. Some vertically integrated platforms also offer payments and other financial services to
service consumer needs
• Hardware and infrastructure providers provide innovative vehicles and the necessary support infrastructure
• Cities and regulators are focused on creating an environment for fair and safe use of public space
The Long Distance Mobility Ecosystem
Customers
Operators
Surface travel Air travel
Autonomous Car-hire Buses Railways Air Space Travel

vehicles and mobility
pooling
Ticketing
Software
Sensors
and IoT
Blue Origin
Hardware Car
leasing
Hyperloop
Government and Regulators

These below companies have been reshaping the

long-distance transportation space
$947m raised while private

Tesla (US) provides electric vehicles and clean energy solutions. Selected Investors and partners
Tesla has democratized the use of electric cars thanks to its full stack
approach, mastering the whole value chain, from conception to
manufacturing to distribution, covering both the hardware and software
aspects of electric vehicles, as well as the required charging
infrastructure.

Getaround (US) is an online peer-to-peer car sharing platform. Selected Investors and partners
Getaround disrupted the car market by being one of the first companies
to introduce the concept of car-sharing for drivers. The company
created trust between drivers looking for a car and car owners willing to
rent out their idle vehicles for payment.

Flixbus (Germany) is a mobility platform offering intercity bus service in Selected Investors and partners
Europe and the US.
Unlike traditional intercity bus services, FlixBus does not own any buses
or employ any drivers, and instead works in co-operation with regional
bus companies. The company is responsible for permits, route planning,
pricing and customer service, making its business model highly scalable

Blablacar (France) is a long-distance car-pooling marketplace. Selected Investors and partners
BlaBlaCar pioneered the long-distance ride sharing market through
the creation of a secure, trust-based community, and easy
connections between drivers and passengers.
Lilium (Electric vertical take-off and landing (eVTOL) air taxi service
planned for launch in 2025. Selected Investors and partners
Lilium is the first eVTOL aviation company among the proposed new-
age regional air mobility services. It plans to launch the five-seater
Lilium Jet, first tested in May 2019, by 2025 and transition to fully
autonomous system within 10 years.

Note: total raised include both equity and debt financing.
Electric vehicles (EVs) are growing fast and competition

is fierce between OEMs and tech players
143 ➔ 450 A growing market despite Covid-19

New electric models
• OEMs and EVs-only manufacturers are
launched in 2019 vs
2022 plan
expanding their offerings launching
EVs with different degrees of
electrification to cover the full range of
$95bn ➔ $398bn consumer needs among MHEVs, HEVs,
Market size in 2019 PHEVs and BEVs1
vs 2025 projections
• Initially a luxury good, EVs are now
Popular EV models2 available under different models, from
SUV to small city cars such as the Nissan
Leaf or the Audi e-Tron, enabling OEMs
to address a larger market
• Although the Covid-19 pandemic

negatively impacted the automotive
sector overall, it also accelerated the
OEMs’ shift to online sales
Fierce competition and growing ecosystem

New tech entrants2
• OEMs are launching new EV models
EV OEMs abroad, with Tesla’s Model III in France or
the Audi e-Tron in the US
• They are joining forces with energy and

battery specialists via JVs3 to master the
supply chain
• Historical OEMs are investing heavily in

Suppliers tech. Volkswagen invested $100m and
$200m consecutively in Quantum Scape, a
manufacturer of lithium batteries
• Unicorns in the sector are growing fast. An

Infrastructure solutions unprecedented number of EV OEMs are
even becoming publicly-listed fast, via
SPACs3, such as Faraday or Canoo
• The ecosystem is maturing at the upstream

section of the value chain, with suppliers
Incumbent OEMs2 of battery and recharging infrastructure
Tech investments JVs solutions raising massive amounts of
private or public funding
Source: IHS Markit, McKinsey, BCG, Pitchbook, Forbes, Europe Autonews, Volkswagen
1 Mild-Hybrid Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle and
Battery Electric Vehicles. 2 Not exhaustive. 3 Joint Ventures. 4 Special Purpose

Acquisition Companies
Most of the innovation in the bus and railways businesses

have so far been related to distribution channels, with
infrastructure-related changes yet to come
Experiences and business models
around buses are being re-imagined
• The bus transportation’s value chain, is
Electric bus sales (units in ‘000s) undergoing a paradigm shift, from the
infrastructure to the bookings
• On the one hand, the industry is moving
935 towards cleaner energies, electrification
and zero-emission buses, driven by
supportive regulatory environment
and declining battery prices
• On the other hand, the emergence of
137 online ticketing platforms such as
Flixbus allow for reduced friction in the
passengers’ journeys, increased asset
2019 2027E utilization, as well as data analytics to
optimize transport networks
Real disruption in the railways space will

Hyperloop One come from speed improvement
1,100+ target speed in the • While the railways space is also
km per hour coming years benefiting from incremental innovation
through more consumer friendly
distribution channels, with players like
Dubai – Abu Dhabi in 12 minutes Trainline, more disruptive innovation
Latest Hyperloop project, agreed with the lies in speed technologies
local authorities in Oct-20, to connect the two • Indeed, technological innovation allowing
cities being 160 km apart for greater speed, such as Hyperloop, is
expected to transform intercity travel
and provide an alternative to air travel
• In addition, Increased wireless
connectivity and IoT applications are
15m tickets sold monthly enabling operators to monitor rail
Across 175 countries infrastructure in real-time and perform
predicative maintenance
Multi-modal platforms are rising

• Mobility is becoming increasingly multi-
modal, with real-time asset-light
information platforms like CityMapper,
or fleet operators such as Uber or Tier1
encompassing a broad range of
Source: Pitchbook, MarketsandMarkets
1 White Star Capital portfolio company.
transportation means into their offering
Air mobility is expected to be significantly disrupted

both in the short and long terms
The recent pandemic will have a

significant impact on consumers’
YoY change of flight frequency (%)
behaviours in the medium term
100%
75% • The Covid-19 outbreak brought long
50% distance travel to an abrupt halt with
25%
0%
massive lockdowns globally
Jan-20
-25% Mar-20 May-20 Jul-20 Sep-20 Nov-20
-50%
• Air travel demand is expected to be down
-75% by 66% and 47% in 2020 and 2021
-100% respectively, and is not expected to
Global United States reach 2019 levels before 2024
Germany China
• Additionally, c. 40% of consumers are
expected to fly less often in the post-
COVID normal
Most of the innovation in air mobility will

be related urban areas
250+ leading the push

towards urban air
• While the long-distance air mobility
sees incremental innovations related to
companies mobility (UAM) the customer journey improvement, true
disruption will be related to Urban Air
Mobility (UAM)
• The industry is poised to redefine short
inter-city commute, reducing road
60k+ Will be needed by
2028, before congestion. Some key challenges remain,
including:
UAM pilots autonomous flight
become a reality
• 1) the development of costly
infrastructure allowing vertical take off
and landing (VTOL), as well as
streamlined equipment enabling rapid
Autonomous technology charging and refuel processes,
might can reduce the cost per • 2) the optimization of those
passenger-seat-kilometer by up to 50% infrastructure to cover to routes with
compared to a piloted UAM flight
intense traffic during peak hours,
• 3) the development of ancillary
revenues, alongside air traffic, such as
retail or personal service, to recoup costs
Sources: McKinsey, Statista, TechCrunch, news run


opportunities
The car market’s outdated The challenge of
offering electrification
• Private car ownership is evolving, • The lack of charging infrastructure
with increasingly fewer people combined with relatively short battery
owning their car for numerous years life prevent a seamless use of EVs
while resorting to long-term financial • Because of the high cost of the
debt batteries, EVs are more expensive to
• Car purchase processes offered by produce than traditional gas or diesel
incumbents have not benefitted from vehicles, which translates in
much innovation and remain tedious unprofitable unit economics for OEMs
with much paperwork
• The market of people mobility is • Batteries are crucial
experiencing two trends: 1) on the components of electric
one hand, consumers have vehicles, as cars sit idle 95% of
demonstrated an interest in the time
shared assets, through the rise of
car-pooling, ride-hailing, or free- • We see opportunities for Original
floating transportation means Equipment Manufacturers
throughout cities, such as cars, (OEMs) to decrease battery
motorbikes, bikes or scooters, and and overall costs, through
2) on the other hand, following the shared energy networks and
Covid-19-related events, integrated solutions with
consumers have shown renewed different charging options, at
interest in privately owned home or with public infrastructure
transportation means, shying for example
away from public transportation
• In addition, we are foreseeing
• We believe that solutions rightly potential for solutions allowing
addressing consumers’ needs will OEMs to generate additional
sit at the crossroad to those trends, revenue streams, such as
offering private transportation offerings facilitating the
means through flexible solutions financing, making EVs more
around the ownership and the accessible to consumers
use of vehicles
Regional Spotlight
Global Outlook
North America: vast territories favouring affordable

long-distance transportation means, strong
innovation in electric and autonomous vehicles, as
well as moving regulations are the defining trends
Vast territories have favoured affordable long-distance transportation means
• Second and fourth among the largest countries1 respectively, Canada and the US have
also the lowest population density in the world, thus favouring long-distance
transportation means
• Air travel is a common feature in North America, with more than 20,000 airports in the
US and eight of the top 10 overall long-haul routes originating from North America
• The average cost of buying and running a car2 in both Canada and the US is among the
lowest in the world, under $15k, which makes car a popular transportation mode in
North America
North America boasts a thriving mobility ecosystem when it comes to electric and
autonomous vehicles, disrupted by both tech players and traditional OEMs, who invest
heavily in innovation
• While Tesla has historically led the way in the EV3 space, 2020 marks the year of the “deals
with wheels”4 with an unprecedented number of EV and AV3 companies that have entered
the public markets in force via SPACs, representing a total $6bn invested. The year of
Covid-19 boosted the rise of SPACs, offering a way to mitigate market volatility and raise
capital, especially for early-stage and capital-intensive companies
• Historical OEMs, among the largest publicly traded companies in their category in the US,
have raced to invest heavily in AV, only halted by Covid-19. In Jul-19, General Motors
invested $3.4bn in Cruise Automation alongside Softbank while Ford plans to spend $4bn
through 2023 in AV
• With their large reserves of cash, US tech incumbents are significantly reshaping the
mobility landscape: in 2018, Intel acquired Mobileye for $15bn, representing the largest
acquisition in AV by a large corporate and in May-20, Alphabet company Waymo was valued
above $30bn after a $3bn fundraising round
Nascent regulation in the US is changing the mobility landscape towards more

sustainable models
• From an environment perspective, although the US withdrew from the Paris agreement on
climate change in 2017, Federal States are enforcing their own laws to fight global
warming. In Jul-20, the New York state announced that it will allocate $750m through 2025
to expand EV infrastructure, and in Sep-20, California, the largest auto market in the US,
announced the ban of sale of new gasoline cars by 2035
• From a social law perspective, the California Assembly Bill (AB5), passed early 2020, now
requires companies hiring gig workers massively, such as Uber, Lyft and DoorDash, to
reclassify them as employees, with the right to enjoy traditional employee benefits. This
will heavily impact business models going forward
Source: World Population Review, Airport Codes, Pitchbook, Techcrunch Reuters, TheVerge
1 Worldometer. Total area includes land area and water bodies. 2 Global Car Index. Includes cost of car acquisition, insurance, petrol, road tax
and breakdown covers for a VW Passat (large family car). 3 Electric vehicle, Autonomous vehicle. 4 Kristi Marvin, founder of SPACInsider.
Global Outlook
Europe: new regulation favouring clean mobility

reshaping the mobility landscape
European countries and cities are committing to high regulatory standards, driving
sustainable mobility even in times of a pandemic
• The European Commission continues to commit to the highest sustainability targets,
planning to further reduce greenhouse gas emissions by at least 55% in 2030, compared to
1990 levels. Regarding transportation modes, all passenger cars will have to observe a
maximum of 95 gr of CO2 / km by 2021, a rule that favors the growth of EV1s
• European cities have created a highly regulated urban mobility market, accelerating the
adoption of micro-mobility in a sustainable fashion: cities in Europe tend to grant selected
micro-mobility companies permits to operate only after a tender process
• Covid-19 in Europe has accelerated regulations in favour of micro-mobility, with the UK
moving e-scooter trials 12 months forward, acknowledging e-scooters as a safe, convenient
socially distanced commuting mode in the Covid-19 world
Denser cities and existing infrastructure in Europe have created a substantial

opportunities for micro-mobility and last-mile delivery players
• Cities in Europe are by design three times denser than US cities, creating congestion, with
1% of the European GDP lost to congestion yearly, and therefore encouraging higher
adoption of micro-mobility transportation modes
• Existing infrastructure is favouring micro-mobility options, with 34% of trips by bike or on
foot in Europe compared to less than 4% in the US. London has allocated £250m to new
cycling lanes while Paris is planning to remove 50% of its open-air car parks to make room for
new infrastructures
• Modern and abundant public transportation options and infrastructure allow micro-
mobility companies to cooperate with the city regulators, create multimodal offers and design
seamless journeys for the commuters
• Micro-mobility companies have raised mega-rounds2 and the last-mile delivery
ecosystem has matured, with Just Eat merging with Takeaway.com and then acquiring
Grubhub for $7.4bn in the same year of 2020
Outside the city, ride-sharing has changed long-distance transportation journeys while
EVs1 are becoming more popular than anywhere in the world
• Flixbus and BlaBlaCar have capitalized on both regulation and existing mobility networks to
popularize ride-sharing through all Europe, BlaBlaCar still showing a 15% growth YoY, in
the summer 2020, despite the effects of Covid-19
• Europe contributes to 9 of the top 10 countries with the highest penetration rate of EVs
• In 2019, EVs sales in Europe rose by 44% to reach 590,000 units, behind China’s 1.2m but
ahead of the US’s 320,000. Driven by the main German manufacturers such as Volkswagen
and BMW, the trend continued in Q1-20 in Europe with a 25% increase while EVs sales
decreased in both China and in the US
• On the one hand, governmental incentive programs changed the consumption habits,
with France strengthening its reward-penalty scheme based on CO2 emissions. On the other
hand, car manufacturers are forced to double down on their production volumes and
remain at the cutting edge of innovation to meet ever stricter standards
• Automakers have built JVs to ensure seamless battery supply. Fiat Chrysler recently
joined forces with Engie EPS a French energy storage, microgrids and eMobility player
Source: European Commission, Nouvel Obs, Barclays, McKinsey, BlaBlaCar, FCA

1 Electric vehicles. 2 Such as Tier Mobility, a White Star Capital portfolio company, who announced a $250m Series C led by Softbank in Nov-2020.
Global Outlook
Asia: Congested cities, sometimes with poor transportation

infrastructure, are seeing the rise of SuperApps
Asia is facing congested mega-cities issues
• Rampant urbanization combined with a middle class expected to grow exponentially,

from 3.2bn people in 2016 to 5.2bn in 2028, has led to increasingly congested cities
• With city-states Macau, Singapore and Hong-Kong in the top 4 of the most densely
populated countries in the world, and Tokyo and Jakarta the two largest of the 35
megacities1 in the world, East and South East Asia are experiencing pressurized urban
mobility landscapes
While East Asia boasts modern transportation infrastructures, South East Asia suffers
from a lack of public transportation means
• In East Asia, connecting cities faster is a way to reduce congestion. Japan and South
Korea can rely on the most advanced inter-city trains in the world. They are the only
countries, with China, to operate Maglev2 trains. Japan is even home to the fastest3
commercialized Maglev train in the world. Japan Airlines and Japan National Railway
allocated $55bn to connect Tokyo to Nagoya by 2027 via the Shinkansen
• In South East Asia, the lack of public transportation means explains why vehicle
ownership, although not convenient, is higher than in other parts of the world. In
Brunei, car sales grew 8% in the first 5 months of 2020 despite the COVID-19 pandemic.
In Singapore or Indonesia alternative transportation modes such as ride-hailing have
blossomed, led by Grab and Gojek
SuperApps in South East Asia started as mobility players and now position themselves
as one-stop-shops addressing every consumer need in the city
• In addition to the hassle of moving within cities, the explosive growth of mobile, internet and
e-commerce penetration have led to the rise of Grab and Gojek
• Indonesian Gojek started as an on-demand motorbike taxi app in 2010 and is now
operating in Transport & Logistics, Food, Payments and News & Entertainment
• Similarly, former GrabTaxi, Singaporean Grab started as a copycat of Uber in 2012 and
expanded its services to Food Delivery, Payments and Insurance among many others
• Offering a broad range of services has helped improve unit economics strengthen user
retention
• Large amounts of funding, $6bn and $10bn invested in Gojek and Grab respectively,
from Japanese conglomerates Softbank and Rakuten, alongside major Chinese groups
such as Alibaba and Tier-1 funds such as Sequoia or Tiger Global, made them the most
valuable unicorns in South East Asia
Increasing vehicle ownership and already congested cities worsened air population but
EVs are yet to become popular in South East Asia
• Although EVs could be the solution for cleaner cities, South East Asia so far lacks supply,
attractive consumer economics, as well as government incentives and charging infrastructures
Source: Brookings Institute, Pitchbook, Demographia, CNN Travel, GoEuro, Japan RailPass, Asean Automotive Federation, Bain & Company
1 Urban areas over 10 million population. 2 Industry short for “magnetic levitation”. Maglev trains work on the principle of magnetic repulsion
between the cars and the track. 3 The Shinkansen hits 603 kmph (375 mph).
Partnering with White

Star Capital
Partnering with White Star Capital
Introduction to White Star Capital

A Global Technology Investment Platform
White Star Capital is a global fund investing in Series A and B.
Our footprint is global: we have 7 offices in Guernsey, New York, Paris, London,
Montreal, Tokyo and Hong Kong.
We are partnering with exceptional entrepreneurs with global ambitions and leverage
our extensive experience and international network to help them scale their business
internationally. Our investments across the world include Dollar Shave Club, Meero,
Tier, Parsley Health, Butternut Box and Freshly.
3 Continents I18N Team Track Record
With a presence in We leverage our An ideal balance Our current funds

North America, experience founding between have close to $300m
Western Europe and and scaling entrepreneurial and under management
Asia, we invest in businesses to operational and a portfolio of 25+
early-stage support the experience with core companies
technology internationalisation financial and M&A which have raised
companies with of our start-ups experience over $1bn+
global ambitions
Global Presence and Portfolio

UK and Nordics
Canada
SEA
United States France, Germany, ROE
Physical Hubs Core Hubs

White Star Capital Portfolio

Companies
Lawrence Leuschner Matthias Laug Alex Gayer

HQ: Berlin, Germany
CEO / Founder CTO / Founder CFO
Company Description
Tier Mobility is a micro-mobility operator providing last-mile transportation to urban

populations, including e-scooters and e-mopeds.
Investment Rationale
The micro-mobility market is rapidly growing and more specifically, the global electric scooter
market is expected to reach $42.0bn by 2030, growing at a 7.6% CAGR.
On-demand e-scooters are the last type of light vehicles arrived on the market but with a
growth pace that has no precedent in the history of tech.
Tier is positioned to experience significant growth as an electric, eco-friendly solution

operating in European countries where governments are actively pushing for greener cities
operating with low carbon emission vehicles.
Our Outlook on Similar Mobility Opportunities
We believe consumers’ behaviors in urban areas will further shift from car ownership
towards greener and more convenient transportation modes, either shared or leased.
We expect cities and administration to further favor clean energy initiatives and related
infrastructure.
Co-Investors
WSC Invested In Stage Invested Total Raised
2019 Series A $360m


Companies
Thomas Walle Kjartan Slette

HQ: New York, United States
CEO / Founder COO / Founder
Company Description
Unacast is a proximity and location data platform. The company is building a technology
and tools that help data-driven industries understand the physical world the same way we
understand the online world.
Unacast has positioned itself as a unifying force in the data industry, aggregating, matching,
and improving the data needed to determine how people are moving and interacting in the
physical world.
The rise in smart phones and ever-increasing number of sensors has generated an
abundance of fragmented location data that Unacast’s platform transforms into a usable
format.
Unacast provides location data that is critical to the success of advertising technology
companies. There are multiple use cases in massive industries such as retail, finance, smart
cities, and insurance.

As retail players and merchants are further embracing digitalization, we see numerous
opportunities for start-ups to provide solutions helping them further understand consumers’
behaviors and preferences.
Co-Investors
2018 Series B $31m


Companies
Guillaume Laporte Ilias Hicham Pierre Pakey

HQ: Paris, France
CEO / Founder COO / Founder CTO / Founder
Company Description
Mindsay is a SaaS company developing an A.I.-powered assistant that helps companies in
large B2C-oriented industries, optimize customer support costs and increase online
customer conversion. Starting in the consumer-centric industries of travel and mobility,
Mindsay is expanding into adjacent sectors such as e-commerce, banking and utilities
The global chatbot is expected to reach $1.25bn by 2025, with a CAGR of 23%. This growth
is expected to by driven by the advancement of AI technology to better assist customers and
the embedment of messaging apps in people’s daily lives.
Through its technology, Mindsay allows companies to swiftly solve frequently asked
questions, allowing for more time to cover complex use cases, leading to increases of up to
50% in online customer conversion rates.
Mindsay’s verticalized approach allowed it to quickly expand into an industry before

expanding its use cases into adjacent areas.

Within a world becoming increasingly digital, and with the ability to provide a high-quality
customer experience being increasingly key for companies to attract and retain clients, we
expect customer support and more broadly cost reduction solutions to step at the forefront of
companies’ priorities.
Co-Investors
2019 Series A $10m

White Star Capital
Other White Star Capital Sector

Deep Dives
We actively publish detailed reports on different sectors
within the VC ecosystem
Artificial
Intelligence Foodtech
Sector Report Sector Report
Industrial Technology Wellbeing

Sector Report Sector Report
Communication and
Fintech Collaboration Sector
Sector Report Report

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White Star Capital

Section 1 Mobility Ecosystem: An Overview 4

Section 2 Sector Focus 11

Section 3 Regional Spotlight 43

Section 4 Partnering with White Star Capital 47

The rethinking of mobility

1) the emergence of solutions providing innovative ways to travel, in particular across

2) the reshaping of the movement of goods, boosted by the e-commerce acceleration

Source: Pitchbook, data as of 30-Sep-20

2020 News Highlights

Source: Pitchbook, data as of 30-Sep-20

Funding has grown significantly over the last

Amount of venture capital funding in mobility ($bn) 65.1

North America Europe Asia Rest of the World

Amount of venture capital funding in mobility (# deals)

North America Europe Asia Rest of the World

Source: Pitchbook, data as of 30-Sep-20

The mobility ecosystem is maturing, with later

Seed share of deals 30% 12% 35%

0.4% (26.7)% (23.4)%

Series A share of deals 31% 33% 28%

1.4% (28.7)% 6.7%

Series B share of deals 16% 27% 16%

(8.4)% 11.5% (15.8)%

Series C+ share of deals 23% 27% 20%

4.3% 123.0% 145.5%

+[xx]% Growth in share of deals 2020 vs. 2018

Massively outsized rounds in early stage deals are increasingly

$1.6bn $1.1bn $600m

$500m $250m $220m

$160m $150m $110m

The North American and Asian markets have been driving

$3.0bn $700m $3.0bn $1.5bn $600m $575m $400m $300m

$1.25bn $1.0bn $4.8bn $1.5bn $1.0bn $560m $1.0bn $150m

$940m $750m $1.5bn $1.1bn $280m $170m

$1.7bn $1.25bn $4.6bn $4.0bn $550m $180m $220m $190m

$870m $600m $4.0bn $2.5bn $160m $150m $150m $110m

$1.0bn $600m $5.5bn $1.6bn $520m $420m $500m $500m

Strategic M&A has been driving most of the exits in

Selected VC-backed exits

$82.4bn $52.8bn $24.0bn $10.8bn $9.5n

$2.7bn $2.5bn $2.4bn $2.0bn $2.0bn

Source: Pitchbook, data as of 30-Sep-20

White Star Capital 10

There are 89 VC-backed mobility unicorns globally, with the automotive

Americas (43)1 Europe (9)1

$31.0bn $18.0bn $18.0bn $16.0bn $3.5bn $3.0bn $2.6bn

$5.4bn $4.9bn $4.0bn $3.5bn

$3.4bn $3.2bn $3.1bn $2.9bn

$2.8bn $2.7bn $2.7bn $2.6bn

$2.5bn $2.3bn $2.3bn $2.3bn

$2.1bn $1.7bn $1.5bn $1.5bn

$1.4bn $1.3bn $1.3bn $1.3bn

$1.3bn $1.3bn $1.2bn $1.2bn

$1.1bn $1.1bn $1.1bn $1.1bn Manbang

$1.0bn $1.0bn $1.0bn $1.0bn Dingdong

Yimida TELD energy

$1.0bn $1.0bn $1.0bn $1.0bn $1.0bn $1.0bn $1.0bn