Marks the VC’s Third Fund to Support Leading Ground Transportation Startups

MENLO PARK, Calif. - Autotech Ventures (Autotech), an early-stage venture capital firm with a mission to solve the world's ground transportation challenges with technology, announced the closing of its third fund. The $230 million fund will be used to invest in Seed through Series C mobility-related startups.

Autotech has over $500M under management and has invested in more than 40 companies. Of its portfolio companies, five have gone public (including NASDAQ:INDI, NYSE:VLTA, NASDAQ:LYFT), four have reached $1B valuations (Outdoorsy, Volta Charging, indie Semiconductor, SWVL) and five have been acquired (DeepScale, XNOR.AI, Digital Motors, Drover, Frontier Car Group).

“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,” said Quin Garcia, Autotech Ventures managing director. “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.”

In an environment where VC funding is softening, having fresh capital available to invest in the best startups at lower valuations provides additional opportunity for outsized returns.

“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,” said Alexei Andreev, Autotech Ventures managing director. “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.”

As Autotech Ventures expands its portfolio, it is also expanding its leadership team with Tony Rimas who has joined the firm as a venture partner. 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.

“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,” said Dan Hoffer, Autotech Ventures managing director. “Tony is a seasoned auto commerce investor and will further expand our capabilities to pursue these markets.”

For more information about Autotech Ventures visit www.autotechvc.com.

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