V-Vehicle Raises $62.25 Million From Google Ventures and Kleiner Perkins
V-Vehicle is an automotive startup company based in San Diego, California. The vehicle company has raised $62.25 million and plans to raise an additional $4 million. The companies involved in the $62.25 million are Google Ventures and Kleiner Perkins Caufield & Byers. V-Vehicle will be building cars in the northeastern region of Louisiana.
V-Vehicle raised a previous round from T. Boone Pickens and has former Mazda design chief Tom Matano on their staff. V-Vehicle recently procured a facility that was owned by Guide Corporation. And Louisiana Governor Bobby Jindal was at the announcement ceremony of the plant opening. Jindal offered V-Vehicle $67 million as part ofa startup incentive package. Local governments provided an additional $15 million. V-Vehicle is aiming to raise about $50 million between equity and loans.
David Drummond, Google’s SVP of Corporate Development and Chief Legal Officer is listed as one of the Board of Directors at V-Vehicle. Former Oracle executive and founding CEO of V-Vehicle Frank Varasano had invested $100 million of his own money into the company.
Kleiner Perkins partners John Doerr and Ray Lane also have board seats in V-Vehicle. James Davison, a trucking company leader is also listed as an investor.
In Louisiana, the company plans on developing a “green” car. Tesla should beware, they’re not the only ones in the electric car game.@amitchowdhry or on Google+ at +AmitChowdhry