Dynamo Dispatch. A weekly update from Dynamo Ventures covering the latest and greatest in supply chain, mobility, and building venture-scale businesses.

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Weekly Commentary 💭

Geopolitics is running the show this week. The Iran war sent sulfuric acid from $150 to $800 a ton and pushed supply chain stress to a three-year high, Trump is blockading Hormuz, and $127B in tariff refunds finally start flowing next week. Meanwhile, TSMC’s $165B Arizona buildout keeps redrawing the chip map, and logistics layoffs are piling up as contract freight quietly unwinds.

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Make, Move, and Monetize 📦

⭐ An Acid Test for the Global Economy. The Iran war is exposing a fragile, underappreciated chokepoint in the global economy: sulfuric acid, a byproduct of oil, gas, and copper refining that is essential for fertilizer, semiconductors, and copper processing. With exports through the Strait of Hormuz throttled and China suspending acid exports, prices have surged from roughly $150 a ton to as high as $800 in local spot markets, turning a niche chemical into a flashpoint for inflation, industrial disruption, and food-supply risk. The bigger takeaway is that the energy transition still runs through deeply fossil-fuel-dependent supply chains, and when those chains break, the consequences spread far beyond energy into growth, prices, and geopolitical leverage. Completely unrelated, From Tariffs to Iran War, Geopolitics are Upending Packaging Supply Chains.

Trump Says US Will Begin Blockade of Ships To and From Hormuz. Trump said the US would immediately begin blockading ships entering or leaving the Strait of Hormuz after peace talks with Iran collapsed, escalating a six-week conflict and putting the world’s most important energy chokepoint at the center of the crisis. The move could effectively cut off Iran’s oil exports while further straining global crude markets, with prices and physical cargo premiums already spiking as traders scramble for supply; notably, even key allies like the UK are distancing themselves from direct participation. The broader takeaway is that this is no longer just a regional military story—it is becoming a global market-and-operating-cost story. Any prolonged disruption here is likely to ripple quickly through energy prices, shipping costs, inflation exposure, and risk sentiment across sectors. Also, Strait of Hormuz Closed Again, Iran Says, as Ships Attacked and Iran Closes Strait of Hormuz Again; 2 Ships Report Attacks While Trying to Cross.

Philippines, US to Build Industrial Hub to Strengthen Supply Chain Security. The US and Philippines are moving to build a 4,000-acre industrial hub in New Clark City as part of Pax Silica, Washington’s broader push to secure AI, semiconductor, critical minerals, and advanced manufacturing supply chains with allied partners. The project would sit inside the Luzon Economic Corridor and is meant to become a platform for allied manufacturing, deepening trilateral economic coordination among Manila, Washington, and Tokyo. It also underscores how supply chain strategy is becoming inseparable from geopolitics, with the Philippines taking on a bigger role in both regional manufacturing and the US effort to reduce dependence on rival nations. The next phase of supply chain competition is not just about reshoring, but about building trusted production corridors across strategic allies. Thus, the opportunity is in the ecosystems that form around these hubs: semiconductors, electronics, logistics, infrastructure, and data-related capacity. For more, check out Fact Sheet: US and Philippines Plan the Launch of Historic 4,000 Acre Economic Security Zone to Shore Up Supply Chains.

Borderlands Mexico: Truck Exports to US Fall in March. Mexico’s heavy-duty truck exports to the US fell again in March, reinforcing how dependent the country’s commercial vehicle sector remains on a soft North American freight market. Production and exports were both down year over year, though the sequential pickup from January and February hints that conditions may be finding a floor after a steep pullback. With more than 90% of shipments still headed north, the sector remains tightly linked to US fleet sentiment and replacement demand. This is an early read on whether cross-border industrial activity is actually recovering or just bouncing along the bottom. It also matters for anyone tracking trucking demand, manufacturing exposure, and where North American freight spending may move next.

Logistics Layoffs Top 800 as Contracts Unwind Across Trucking, Warehousing. Layoffs across US trucking, warehousing, and last-mile topped 800 in recent weeks, driven less by outright collapse than by contract churn: customers bringing operations in-house, warehouse contracts not being renewed, and regional networks being consolidated. The cuts span major operators including Saddle Creek, Ryder, Day & Ross, Sentinel, and Legacy Supply Chain, reinforcing that dedicated and warehouse-linked freight remains weaker than headline spot-market stabilization might suggest. In this downcycle, capacity is leaving the market not only through bankruptcies, but through slower, more fragmented workforce reductions tied directly to shipper decisions. This matters because it’s a ground-level signal that contract freight is still under real pressure, even as parts of the broader freight market appear to be finding a floor. It’s a reminder that demand visibility, customer stickiness, and exposure to outsourced versus in-house logistics models now matter as much as volume itself. Related, Logistics Company Cutting Jobs Nationwide Plans 168 Layoffs Near Houston.

US Weighs Tougher Auto Import Rules to Accelerate Reshoring. The White House is exploring a tougher rewrite of North American auto trade rules that would require more US-made content in imported vehicles and reduce automakers’ ability to use USMCA carveouts to keep tariffs down. That would raise cross-border costs across the US-Mexico-Canada auto corridor at a moment when Washington is frustrated that earlier tariffs and investment pledges still have not produced a meaningful reshoring boom, especially in lower-priced vehicles. The broader implication is that auto supply chains built for continental efficiency may now need to be rebuilt for political durability, with higher compliance costs, sourcing shifts, and new pressure on margins across OEMs and suppliers. Completely unrelated, Cost-Hit Ocean Carriers Roll Out Series of Rate Increases, Fuel Surcharges.

Process to Refund Tariffs to Begin Next Week. The Trump administration is set to begin accepting refund claims next week for tariffs the Supreme Court ruled were collected illegally, with the first phase covering roughly $127B of the $166B at issue. After months of delays tied to the sheer scale of affected imports, the trade court says Customs is finally ready to start processing repayments with interest on April 20, though further appeals remain possible. This shifts the tariff fight from a legal debate into a real cash-flow event for importers. For businesses, investors, and operators, that means liquidity could improve for some companies soon, but the uncertainty around timing, claims processing, and potential appeals still matters. Also, Liberation Day, a Year Later: Unpredictability Still Prevails and Trump Administration to Begin Refunding $166B in Tariffs.

Middle East War Pushes Supply Chain Pressures to Three-Year High. Supply chain stress spiked in March to its highest level since January 2023, as the US and Israel’s war with Iran sent oil prices, freight costs, and maritime disruption sharply higher, especially through the Strait of Hormuz. Companies responded by stockpiling at the fastest pace in three years, while shortages of oil-linked materials like polymers, PVC, and rubber worsened even as manufacturers pulled back on raw-material purchases. Asia saw the biggest jump in pressure, with North America and Europe also moving back into clear stress territory, though GEP says the disruption has not yet become a broader global growth shock. The data shows geopolitical conflict is now feeding directly into operating costs, inventory behavior, and materials availability across regions. For executives, investors, and founders, the signal is clear: resilience in critical inputs and logistics matters more than broad-based stockpiling, which could simply lock in higher costs. For more, check out Middle East Conflict Chokes End of Supply Chain as Lights Go Out in the Pacific

Average March Volume Was Actually Good News for the Port of Los Angeles. March was softer year over year for the Port of Los Angeles, but not weak in context. The port handled 752,520 TEUs, down 3%, while first-quarter volumes of 2.39M TEUs stayed in line with the five-year trend after last year’s tariff-driven import surge distorted comparisons. Imports slipped 1%, exports rose 7% to their highest level since May 2024, and the broader message from Gene Seroka was that steady throughput matters more than headline growth as tariffs, inflation, and Middle East-driven fuel costs cloud demand. The real signal is that normalizing volumes are being framed as a win because the industry is already operating in a lower-visibility environment where resilience and consistency, not breakout growth, are the key indicators to watch.

TSMC’s US $165B US Expansion Reshapes Global Chip Supply. TSMC’s $165B Arizona expansion is becoming one of the clearest signs that global chip production is being redrawn around resilience, proximity, and geopolitics—not just cost. The company is ramping US capacity as AI demand surges, posting 35% revenue growth, while also navigating fresh supply chain risk from helium disruption tied to the Strait of Hormuz. With six fabs, advanced packaging, and R&D planned in Arizona, TSMC is moving more of the semiconductor value chain closer to major US customers like Apple and Nvidia. This matters because the semiconductor supply chain is no longer just globalizing—it is regionalizing around trusted manufacturing bases and strategic materials access. For executives, investors, and founders, the takeaway is that future advantage will come from securing position not only in chip capacity, but in the surrounding ecosystem: packaging, inputs, infrastructure, and industrial policy. Related, TSMC Intends to Expand Its Investment in the United States to US $165B to Power the Future of AI.

Request for Startups 📢

Dynamo is always looking to meet startups that are helping to make, move, and monetize goods. Check out our latest request for startups below!

Composable WMS/OMS: Warehouse and order management systems have always been painful to implement because every fulfillment operation runs differently, but underneath, they share the same core data models. We think it’s time for a composable WMS/OMS that lets operators configure and extend the system themselves, no developer required. Read more here.

The Future of Supply Chain 🎙️

Check out our podcast series that’s been running since 2018. On each episode of the Future of Supply Chain, we sit down with a different entrepreneur, investor, or industry veteran to discuss innovation, technology, and the most exciting opportunities in supply chain as we build the future of the industry together.

Fundraises and M&A 💸

Traza Raises $2.1M in Pre-Seed Funding. Traza develops an AI-native platform that deploys autonomous agents to automate procurement and supply chain operations for large industrial enterprises. The company will use the funds to accelerate AI agent development, expand its engineering team, and deepen co-design partnerships with enterprise customers in the United States. The round was led by Base10 Partners with participation from K Fund, a16z scouts, Clara Ventures, Masia Ventures, and angel investors.

Fieldwork Robotics Raises £3M in Funding. Fieldwork Robotics develops autonomous harvesting robots for soft fruit growers, including raspberry-picking systems designed to reduce manual labor in agriculture. The company will use the funding to accelerate farm adoption of its robots, support commercial deployments and trials in the UK, and advance its harvesting-as-a-service model toward broader multi-robot fleet rollouts. The round included a £2.2M investment led by Elbow Beach, with follow-on participation from Elbow Beach alongside £1.6M in grant funding, including support from Innovate UK through the Farm ADOPT program.

Antioch Raises $8.5M in Seed Funding. Antioch develops simulation software that enables robotics companies to train and test autonomous systems in high-fidelity virtual environments. The company will use the funding to advance its simulation platform, improve physics realism to close the sim-to-real gap, and expand its domain-specific tooling for robot developers. The round was led by A* and Category Ventures, with participation from MaC Venture Capital, Abstract, Box Group, Icehouse Ventures, and angel investor Adrian Macneil.

Critical Loop Raises $26M in Series A Funding. Critical Loop develops integrated power infrastructure platforms combining microgrids, battery storage, and software-defined controls to accelerate grid interconnections for industrial customers. The company will use the funding to expand deployment of its systems, scale operations beyond California, and address grid bottlenecks by reducing time to power for new projects. The round was led by Conifer Infrastructure Partners and Hanover, with participation from Better Ventures, Climate Capital, Adapt Nation Capital, and Cyrus Ventures.

Loop Raises $95M in Series C Funding. Loop provides an AI-powered supply chain platform that structures unstructured data and delivers predictive and prescriptive insights to optimize operations. The company will use the funds primarily to hire engineering talent and expand data integrations across enterprise systems, suppliers, and logistics networks. The round was led by Valor Equity Partners and the Valor Atreides AI Fund, with participation from 8VC, Founders Fund, Index Ventures, and J.P. Morgan Growth Equity Partners.

Glydways Raises $170M in Series C Funding. Glydways develops autonomous vehicle-based urban mobility systems that operate on dedicated guideways to deliver high-capacity, on-demand transportation networks. The company will use the funds to support geographic expansion with pilot deployments in the UAE, New York City, and Atlanta, accelerate next-generation vehicle production, and scale its global team and infrastructure. The round was co-led by Suzuki Motor Corporation, ACS Group, and Khosla Ventures, with participation from Mitsui Chemicals, Gates Frontier, and Obayashi Corporation.

Who’s Hiring? 👩‍💻

Be sure to check out the Dynamo website for more job opportunities at our portfolio companies!

Flight Software Engineer at Lux Aeterna in Denver, CO.

Senior Product Designer at Skydropx in Buenos Aires, Argentina (Remote).

Senior Software Engineer, Unity at Gatik in Mountain View, CA.