Automotive Ventures supports automotive technology entrepreneurs, businesses and investors with industry-specific resources, strategic consulting and extensive connections.
And now the firm has more financial resources to complete those tasks and more.
On Tuesday, Automotive Ventures chief executive officer and founder Steve Greenfield announced the final closing of the firm’s inaugural venture fund, Automotive Ventures Fund I, highlighting greater successes than originally planned.
“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,” Greenfield said in a news release.
“Despite only kicking off the fundraise in the latter half of 2020, the motivation to launch a fund has been building for far longer,” he continued. “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.”