Automotive Ventures closes inaugural fund to invest in early-stage auto tech companies
Atlanta-based venture capital firm focused on automotive technology Automotive Ventures has announced the final closing of its inaugural venture fund, Automotive Ventures Fund I. Automotive Ventures was founded in 2014 by Steve Greenfield, an industry expert on mergers, acquisitions, strategy, and capital raises.
“Fundraising during a global pandemic had its challenges, but I’m pleased to report that the fund was oversubscribed with more than $7 million in committed capital that we’re eager to deploy into early-stage automotive tech companies. Despite only kicking off the fundraise in the latter half of 2020, the motivation to launch a fund has been building for far longer. We’ve witnessed a shortage of institutional capital for early-stage auto tech companies for decades and believe that we are now uniquely positioned to provide these funds, as well as deep automotive expertise and connections, to early-stage entrepreneurs when they need it most. We’re proudly located in Atlanta, Georgia and love meeting founders in our backyard. That said, in terms of our investment strategy, we plan to be geographically agnostic and will look at deals worldwide, although we anticipate that most of our investments will be made in U.S.-based companies.” – Automotive Ventures CEO and Founder Steve Greenfield.
“It’s an interesting time to be in the automotive space, to say the least. We believe the industry is at an inflection point and on the cusp of massive change. We are excited and humbled to play a small part to help usher in the next wave of technological innovation in the industry by funding the founders who are building transformational automotive technology companies.” – Justin Charbonneau, Automotive Ventures Senior Venture Associate.