Marks the VC’s Third Fund to Guidance Primary Ground Transportation Startups
MENLO PARK, Calif., April 20, 2023 /PRNewswire/ — Autotech Ventures (Autotech), an early-stage venture cash business with a mission to remedy the world’s floor transportation problems with know-how, declared the closing of its third fund. The $230 million fund will be employed to make investments in Seed through Series C mobility-similar startups.
Autotech has around $500M underneath management and has invested in more than 40 firms. Of its portfolio companies, 5 have long gone community (which includes indie Semiconductor, Volta Charging, LYFT), four have reached $1B valuations (Outdoorsy, Volta Charging, indie Semiconductor, SWVL) and five have been obtained (DeepScale, XNOR.AI, Digital Motors, Drover, Frontier Car Group).
“Autotech Ventures’ third fund is amid the world’s largest mobility-concentrated resources elevated to date and more validates the expenditure thesis we pursued throughout our very first two money,” claimed Quin Garcia, Autotech Ventures handling director. “Because inception, we have recognized the macro-tendencies of connectivity, autonomy, shared use, electrification, and digitization of enterprise as tidal waves that are fundamentally transforming our industry. We carry on to gravitate toward computer software, companies, and money-light hardware startups that will noticeably effects the much larger mobility business.”
In an environment exactly where VC funding is softening, getting contemporary cash offered to commit in the ideal startups at decrease valuations supplies supplemental possibility for outsized returns.
“This is our greatest fund and will enable us to hunt for unique tips and continue to direct early stage rounds in providers with strong teams and reinvest in abide by-on rounds of the groups that are profitable,” claimed Alexei Andreev, Autotech Ventures controlling director. “Like the fantastic wines of Napa Valley, enterprise cash has vintages, and the finest vintages frequently arrive from a time of down or much less than favorable markets.”
As Autotech Ventures expands its portfolio, it is also expanding its management team with Tony Rimas who has joined the company as a undertaking husband or wife. Rimas, who is the CEO of Maintenance OnDemand, delivers a vast variety of expertise from the automotive sector, such as retail, economic expert services, aftermarket, and fleet providers.
“We’re double-clicking on automotive retail and restore, supply chain efficiencies, and the picks and shovels that enable electrification, off-road autonomy, and economic and electronic enterprise,” stated Dan Hoffer, Autotech Ventures handling director. “Tony is a seasoned vehicle commerce investor and will additional increase our capabilities to pursue these marketplaces.”
For extra data about Autotech Ventures, pay a visit to www.autotechvc.com.
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Resource Autotech Ventures