Alternative vehicles have become the new biotechs, often racing into the public markets with little to no revenue.

Driving the news: Hyzon Motors, a hydrogen fuel cell truck and bus startup, is going public via SPAC at a $2.7 billion valuation. Its technology is commercialized, unlike Nikola, but says it plans to have only 5,000 vehicles delivered by the end of 2023.

• Reuters reports that electric truck maker Xos Trucks in in talks to go public via SPAC at a $2 billion valuation. Yesterday it reported that Chinese EV startup Byton was exploring its own SPAC deal.
• And there have been a slew of earlier ones, including for flying taxis.

What's happening: Investors are reading regulatory tea leaves, Axios transportation reporter Joann Muller reports. And issuers are leveraging the moment.

• That starts in China, the world's largest market. But it also extends to Europe, where environmental rules have always been stricter, and in the U.S., where President Biden's climate agenda could increase chances for alt vehicle success.
• Tesla tailwinds also are having an impact.

But piling into EVs is perilous, even by blank-check standards.

• Biotechs are binary, with an almost-guaranteed customer base if their drugs are approved by regulators.
• Alt vehicles face challenges in terms of both product and product-market fit. Plus, many EV hopefuls rely on outside battery makers. As Joann notes, the U.S. market could go from being dependent on foreign oil to being dependent on foreign batteries.

The bottom line: Venture capitalists talk about how SPACs are pulling startups forward by 12-24 months, accelerating listing timelines. But, when it comes to alt vehicles, it feels more like 36-48 months.

Reddit raised more than $250 million in Series E funding led by Vy Capital at a $6 billion pre-money valuation.

• Why it's the BFD: Everything's coming up Milhouse. Reddit gets headlines for the retail revolt, but Robinhood gets the criticism. Reddit hosts all sorts of election conspiracy theories, but Parler takes the fall. Reddit adds 6.6 million global installs in January, up 43% from December, and doubles its valuation from early 2019.

• History: Reddit previously raised $550 million from backers like Andreessen Horowitz, Sequoia Capital, Tencent, Fidelity, Initialized Capital, Sam Altman and Coatue Management. Former parent company Condé Nast also retains a minority equity stake.
• Bottom line: "Reddit lets users rate all posts and comments on the platform and relies on tens of thousands of its own users to voluntarily to police speech. By contrast, larger social-media platforms such as Facebook and Twitter rely mainly on algorithms and paid help to do that kind of work." Sarah Needleman, WSJ

• Branded, a New York-based digital consumer products platform, raised $150 million and acquired 20 marketplace brands. Existing backer Target Global led, and was joined by Declaration Partners, Tiger Global, Kreos Capital, Lurra Capital, Regah Ventures, Kima Ventures and Vine Ventures. http://axios.link/j5oy

• RapidSOS, a New York-based emergency response data platform, raised $85 million in Series C funding led by Insight Partners. www.rapidsos.com

• Jüsto, an online grocer in Mexico, raised $65 million in Series A funding. General Atlantic led, and was joined by Foundation Capital and Mountain Nazca. www.justo.mx

🚑 Drug Farm, a U.S.-China biotech whose initial therapy is for hepatitis B, raised $56 million from BioVeda China Fund, WuXi AppTec, South China VC, Detong Capital and Zhejiang United Investment Group. www.drug-farm.com

• Symend, a Canadian digital engagement platform for resolving past due bills, raised US$43 million in new Series B funding led by Inovia Capital. www.symend.com

🚑 Koa Health, a digital mental healthcare provider based in the Netherlands, raised €30 million in Series A funding. Wellington Partners Life Sciences and Ancora Finance Group co-led, and were joined by MTIP, Akilia Partners, Creas Impacto, Sabadell Asabys and Mundi Ventures. www.koahealth.com

• Getaway, a Brooklyn-based cabin rental startup, raised $41.7 million in Series C funding led by Certares. http://axios.link/OPes

• Monte Carlo, a San Francisco-based data reliability startup, raised $25 million in Series A funding. Accel led, and was joined by Redpoint Ventures and GGV Capital. www.montecarlodata.com

• Beam, a Boston-based provider of DTC THC-free CBD products, raised $5 million in Series A funding from backers like The Yard Ventures, Litani Ventures and Carter Comstock. www.beamtlc.com

• Ushur, a Santa Clara, Calif.-based no-code intelligent automation startup, raised $5 million in new Series B funding. Third Point Ventures led, and was joined by Iron Pillar and 8VC. www.ushur.com

• Goody, a mobile gifting app, raised $4 million from Quiet Capital, Index Ventures, Pareto Holdings, Third Kind VC and Craft Ventures. http://axios.link/BJ0H

• Hoxton Farms, a British developer of animal fats without using animals, raised £2.7 million in seed funding led by Founders Fund. http://axios.link/4HLO

🚑 Maya, a Bangladesh-based telehealth platform for women, raised $2.2 million in seed funding co-led by Anchorless Bangladesh and The Osiris Group. http://axios.link/nJAZ

• Ethena, a Brooklyn-based provider of sexual harassment prevention and corporate compliance training, raised $2 million in seed funding led by GSV Ventures. www.goethena.com

• InEvent, a virtual events platform, raised $2 million in seed funding from Storm Ventures. http://axios.link/v9Q2

🚑 Bain Capital and Cinven agreed to buy Lonza Group's (Swiss: LONN) specialty ingredients unit for around $4.7 billion. http://axios.link/lIbo

• Blue Wolf Capital Partners invested in Vicksburg Forest Products, a Vicksburg, Miss.-based manufacturer of southern yellow pine lumber products. www.vicksburgfp.com

• Graycliff Partners acquired Ballymore, a Coatesville, Pa.-based maker of safety-centric equipment for use by retailers, OEMs and distribution customers. www.ballymore.com

• Siris Capital offered to buy financial and admin outsourcer Equiniti (LSE: EQN) for around £600 million, per Sky News. http://axios.link/bHq0

🚑 Susquehanna Growth Equity invested in ProviderTrust, a Nashville-based healthcare risk mitigation platform. www.providertrust.com

• TA Associates entered exclusive negotiations for a majority stake in DL Software, a French provider of enterprise resource planning software, from 21 Invest France (which would retain a minority position). www.dlsoftware.fr

• Modulaire Group, a London-based modular workspace company backed by TDR Capital, said it’s considering strategic options, including a possible IPO. http://axios.link/dwp9

• PowerSchool, a Folsom, Calif.-based education software company owned by Onex and Vista Equity Partners, filed confidential IPO papers, per Bloomberg. http://axios.link/AZdP

• Sun Country Airlines, a Minneapolis-based low-cost air carrier owned by Apollo Global Management, filed for an IPO. It plans to list on the Nasdaq (SNCY) and reports $4 million of net income on $294 million in revenue for the first nine months of 2020. http://axios.link/2XRI

• Ace Global Business Acquisition, a gaming and e-commerce SPAC, filed for a $40 million IPO. http://axios.link/t3TM

• Crown PropTech Acquisitions, a real estate tech SPAC, raised $240 million in an upsized IPO. http://axios.link/9zCl

• ECP Environmental Growth Opportunities, a climate change SPAC formed by Energy Capital Partners, raised $300 million in its IPO. http://axios.link/kLaE

• Evo Acquisition, a tech and financial services SPAC formed by Evolution Capital Management, raised $109 million in an upsized IPO. http://axios.link/Xuhw

• Glass Houses Acquisition, a SPAC focused on the "industrial economy," filed for a $200 million IPO. http://axios.link/mjMU

🚑 Ibere Pharmaceuticals, a life sciences SPAC formed by PIPV Capital, filed for a $100 million IPO. http://axios.link/fNWi

• Pivotal Investment Corp III, a SPAC led by Jonathan Ledecky, raised $240 million in an upsized IPO. http://axios.link/9bXg

• Priveterra Acquisition, a med-tech SPAC led by former Wright Medical CEO Robert Palmisano, raised $240 million in an upsized IPO. http://axios.link/cxIk

• Progress Acquisition, a SPAC led by Carl Vogel (ex-president of Dish Network and Charter), raised $150 million in an upsized IPO. http://axios.link/tyAo

• Spartan Acquisition III, a North American energy-focused SPAC formed by Apollo Global Management, raised $480 million in an upsized IPO. http://axios.link/bbm2

• DoorDash (NYSE: DASH) agreed to buy Chewbotics, a Hayward, Calif.-based salad-making robot company that had raised $17 million from firms like Foundry Group and Techstars. http://axios.link/njkz

• LiveRamp (NYSE: RAMP) agreed to buy DataFleets, a Palo Alto-based federated learning startup that had raised seed funding from AME Cloud Ventures, Morado Ventures, Lightspeed Venture Partners, Peterson Ventures, LG and Stanford-StartX. http://axios.link/T7UQ

• EssilorLuxottica (Paris: EL) offered to sell its stores in three EU countries, in an effort to secure EU antitrust approval for its $8.7 billion purchase of Dutch optical retailer GrandVision (Amst: GVNV), per Reuters. http://axios.link/QTGp

🚑 GE Healthcare sold its molecular breast cancer imaging assets to SmartBreast, a Mars, Pa.-based startup that’s raised around $7 million in seed funding from firms like Foxsemicon Integrated Tec. http://axios.link/2K3k

• GlobalWafers, a Taiwanese chipmaker, said its €4.35 billion takeover effort for Germany's Siltronic was successful. http://axios.link/ZwYC

• Finch Capital, an early-stage VC firm with offices in London and Amsterdam, held an €85 million first close on its third fund, which is targeting €150 million. http://axios.link/QIB4

• Panoramic Ventures (fka BIP Capital) of Atlanta is raising $300 million for a new fund, and also hired Pindrop co-founder Paul Judge as a partner. http://axios.link/q8GD

• Ho Ching is stepping down as head of Singapore sovereign wealth fund Temasek, after 16 years. She will be succeeded by Dilhan Pillay. http://axios.link/Ed1A

• Nagraj Kashyap joined SoftBank Vision Fund as a Silicon Valley-based managing partner. He previously was with M12, Microsoft's VC fund. http://axios.link/RtjE

• Levine Leichtman Capital Partners promoted John O'Neill to head of Europe and David Cowan to senior managing director. www.llcp.com

• MZ Zaveri joined Audacious Ventures as a partner. He previously was a partner at Gradient Ventures. www.audacious.co