Stellantis invests 100 million euros in startups, mobility fund
Timilehin Adejumobi
1 min read
The venture capital arm of automaker Stellantis (STLAM.MI) said on Thursday it will invest about 100 million euros ($108.3 million) in automotive and battery technology startups and a mobility venture fund.
Stellantis Ventures, created last year with 300 million euros of initial capital, will put money in ten startups ranging from Nauto, which provides driver monitoring and risk-management technology to fleets, to battery technology startup Electra Vehicles, to Beweelsociety, an electric bike venture started within Stellantis, Adam Bazih, head of Stellantis Ventures, said in a videoconference.
Stellantis said it will offer Nauto technology on commercial fleet vehicles beginning this summer.
Stellantis Ventures will put an undisclosed amount into a mobility venture fund that Bazih said he could not name because it has not finalized regulatory paperwork.
The company is one of several established automakers that have set up venture capital arms to gain access to new technology and talent.
“They are high-risk bets,” Bazih said, acknowledging volatility in capital markets. Venture capital investments can go wrong 70 to 80% of the time, he said. “The 20% .. .hopefully carries the rest.”
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