Autotech Ventures Closes $230 Million Fund

<p><strong><span class&equals;"legendSpanClass"><span class&equals;"xn-location">MENLO PARK<&sol;span><&sol;span> <&sol;strong>&&num;8212&semi; <u>Autotech Ventures<&sol;u>&comma; an early-stage venture capital firm that focuses on solving the world&&num;8217&semi;s ground transportation challenges with technology&comma; announced the closing of its third fund&period; The <span class&equals;"xn-money">&dollar;230 million<&sol;span> fund will be used to invest in Seed through Series C rounds for mobility-related startups&period;<&sol;p>&NewLine;<p>Autotech says it has over <span class&equals;"xn-money">&dollar;500 million<&sol;span> under management and has invested in more than 40 companies&period; Of its portfolio companies&comma; five have gone public &lpar;including indie Semiconductor&comma; Volta Charging&comma; LYFT&rpar;&comma; four have reached <span class&equals;"xn-money">&dollar;1 billion<&sol;span> valuations &lpar;Outdoorsy&comma; Volta Charging&comma; indie Semiconductor&comma; SWVL&rpar; and five have been acquired &lpar;DeepScale&comma; XNOR&period;AI&comma; Digital Motors&comma; Drover&comma; Frontier Car Group&rpar;&period;<&sol;p>&NewLine;<p>&&num;8220&semi;Autotech Ventures&&num;8217&semi; third fund is among the world&&num;8217&semi;s largest mobility-focused funds raised to date and further validates the investment thesis we pursued across our first two funds&comma;&&num;8221&semi; said Quin Garcia&comma; Autotech Ventures managing director&period; &&num;8220&semi;Since inception&comma; we have recognized the macro-trends of connectivity&comma; autonomy&comma; shared use&comma; electrification&comma; and digitization of enterprise as tidal waves that are fundamentally transforming our industry&period; We continue to gravitate toward software&comma; services&comma; and capital-light hardware startups that will significantly impact the larger mobility industry&period;&&num;8221&semi;<&sol;p>&NewLine;<p>In an environment where VC funding is softening&comma; having fresh capital available to invest in the best startups at lower valuations provides additional opportunity for outsized returns&period;<&sol;p>&NewLine;<p>&&num;8220&semi;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&comma;&&num;8221&semi; said <span class&equals;"xn-person">Alexei Andreev<&sol;span>&comma; Autotech Ventures managing director&period; &&num;8220&semi;Like the fantastic wines of <span class&equals;"xn-location">Napa Valley<&sol;span>&comma; venture capital has vintages&comma; and the best vintages often come from a time of down or less than favorable markets&period;&&num;8221&semi;<&sol;p>&NewLine;<p>As Autotech Ventures expands its portfolio&comma; it is also expanding its leadership team with <u>Tony Rimas<&sol;u> who has joined the firm as a venture partner&period; Rimas&comma; who is the CEO of Repair OnDemand&comma; brings a wide range of experience from the automotive industry&comma; including retail&comma; financial services&comma; aftermarket&comma; and fleet services&period;<&sol;p>&NewLine;<p>&&num;8220&semi;We&&num;8217&semi;re double-clicking on automotive retail and repair&comma; supply chain efficiencies&comma; and the picks and shovels that enable electrification&comma; off-road autonomy&comma; and financial and digital enterprise&comma;&&num;8221&semi; said <span class&equals;"xn-person">Dan Hoffer<&sol;span>&comma; Autotech Ventures managing director&period; &&num;8220&semi;Tony is a seasoned auto commerce investor and will further expand our capabilities to pursue these markets&period;&&num;8221&semi;<&sol;p>&NewLine;