Autotech Ventures – an early-stage venture capital firm with a goal of solving the world’s ground transportation challenges with technology – announced the closing of its third fund. The $230 million third fund will be used to invest in seed through Series C mobility-related startups.
Autotech has more than $500 million under management and has invested in over 40 companies. Of its portfolio companies, 5 have gone public, 4 have reached $1 billion valuations (Outdoorsy, Volta Charging, indie Semiconductor, SWVL), and 5 have been acquired (DeepScale, XNOR.AI, Digital Motors, Drover, Frontier Car Group).
By setting up a new fund in an environment where VC funding is softening, having fresh capital available to invest in the best startups at lower valuations provides an additional opportunity for outsized returns.
As Autotech Ventures is expanding its portfolio, the firm is also expanding its leadership team with Tony Rimas who has joined the firm as a venture partner. And Rimas, who is the CEO of Repair OnDemand, brings a wide range of experience from the automotive industry, including retail, financial services, aftermarket, and fleet services.
KEY QUOTES:
“Autotech Ventures’ third fund is among the world’s largest mobility-focused funds raised to date and further validates the investment thesis we pursued across our first two funds. Since inception, we have recognized the macro-trends of connectivity, autonomy, shared use, electrification, and digitization of enterprise as tidal waves that are fundamentally transforming our industry. We continue to gravitate toward software, services, and capital-light hardware startups that will significantly impact the larger mobility industry.”
– Quin Garcia, Autotech Ventures managing director
“This is our largest fund and will allow us to hunt for unique ideas and continue to lead early-stage rounds in companies with strong teams and reinvest in follow-on rounds of the teams that are winning. Like the fantastic wines of Napa Valley, venture capital has vintages, and the best vintages often come from a time of down or less than favorable markets.”
– Alexei Andreev, Autotech Ventures managing director
“We’re double-clicking on automotive retail and repair, supply chain efficiencies, and the picks and shovels that enable electrification, off-road autonomy, and financial and digital enterprise. Tony is a seasoned auto commerce investor and will further expand our capabilities to pursue these markets.”
– Dan Hoffer, Autotech Ventures managing director
