Automotive Ventures supports automotive know-how business owners, corporations and investors with business-distinct assets, strategic consulting and in depth connections.
And now the company has a lot more economical means to entire these responsibilities and more.
On Tuesday, Automotive Ventures chief executive officer and founder Steve Greenfield introduced the remaining closing of the firm’s inaugural undertaking fund, Automotive Ventures Fund I, highlighting increased successes than at first planned.
“Fundraising throughout a global pandemic had its challenges, but I’m pleased to report that the fund was oversubscribed with additional than $7 million in committed cash that we’re eager to deploy into early-stage automotive tech organizations,” Greenfield explained in a news release.
“Despite only kicking off the fundraise in the latter 50 percent of 2020, the inspiration to start a fund has been building for far longer,” he ongoing. “We’ve witnessed a shortage of institutional capital for early-stage car tech organizations for decades and think that we are now uniquely positioned to provide these funds, as nicely as deep automotive knowledge and connections, to early-phase business owners when they will need it most.”
Greenfield mentioned that even nevertheless Automotive Ventures officially declared the launch of its fund on Tuesday, the enterprise has been actively investing considering that its 1st closed in December and named the following providers in its latest portfolio:
— Automobile Funds
“It’s an attention-grabbing time to be in the automotive area, to say the the very least,” Automotive Ventures senior enterprise associate Justin Charbonneau stated. “We believe the industry is at an inflection position and on the cusp of significant modify.
“We are psyched and humbled to engage in a little aspect to support usher in the future wave of technological innovation in the field by funding the founders who are creating transformational automotive know-how corporations,” Charbonneau went on to say.
Greenfield touched on one more component linked with this week’s announcement though hunting forward, way too.
“We’re proudly found in Atlanta, Georgia and like assembly founders in our yard,” he stated. “That stated, in conditions of our expense tactic, we program to be geographically agnostic and will appear at deals around the globe, despite the fact that we anticipate that most of our investments will be built in U.S.-dependent companies.”