Automotive Ventures supports automotive technologies entrepreneurs, corporations and buyers with marketplace-particular resources, strategic consulting and comprehensive connections.
And now the organization has additional economic means to entire all those tasks and a lot more.
On Tuesday, Automotive Ventures chief executive officer and founder Steve Greenfield introduced the ultimate closing of the firm’s inaugural undertaking fund, Automotive Ventures Fund I, highlighting better successes than at first planned.
“Fundraising for the duration of a global pandemic experienced its problems, but I’m pleased to report that the fund was oversubscribed with additional than $7 million in dedicated capital that we’re eager to deploy into early-phase automotive tech corporations,” Greenfield explained in a news release.
“Despite only kicking off the fundraise in the latter 50 % of 2020, the commitment to start a fund has been setting up for considerably longer,” he continued. “We’ve witnessed a scarcity of institutional funds for early-phase auto tech providers for a long time and believe that we are now uniquely positioned to offer these funds, as properly as deep automotive knowledge and connections, to early-stage entrepreneurs when they need it most.”
Greenfield described that even although Automotive Ventures officially introduced the launch of its fund on Tuesday, the corporation has been actively investing given that its to start with closed in December and named the subsequent companies inside its present portfolio:
— Car or truck Funds
“It’s an attention-grabbing time to be in the automotive house, to say the least,” Automotive Ventures senior undertaking associate Justin Charbonneau said. “We believe the field is at an inflection point and on the cusp of substantial adjust.
“We are enthusiastic and humbled to play a little element to support usher in the up coming wave of technological innovation in the business by funding the founders who are constructing transformational automotive technological innovation businesses,” Charbonneau went on to say.
Greenfield touched on another ingredient related with this week’s announcement when searching ahead, far too.
“We’re proudly located in Atlanta, Ga and really like conference founders in our backyard,” he stated. “That explained, in phrases of our investment decision method, we system to be geographically agnostic and will seem at promotions globally, even though we anticipate that most of our investments will be made in U.S.-primarily based businesses.”