Stellantis Launches a $300 Million Euro Venture Capital Fund That Will Invest in Innovative Automotive Technology Startups
【Summary】Automaker Stellantis has launched a venture capital fund called Stellantis Ventures that will help support innovative startups working on advanced mobility solutions for the auto industry, such as autonomous driving, software, advanced materials, vehicle connectivity and related technology. Stellantis Ventures will initially invest €300 million (US$331 million) in early and late-stage startup companies.
Automaker Stellantis has launched a venture capital fund named Stellantis Ventures that will help support innovative startups working on advanced mobility solutions for the auto industry, such as autonomous driving, software, advanced materials, vehicle connectivity and related technology.
Stellantis Ventures will initially invest €300 million (US$331 million) in early and late-stage startup companies developing innovative, customer-centric technologies that could be deployed within the automotive and mobility sector, according to the automaker.
Stellantis Ventures will serve as a strategic investor and help startups integrate their technologies within the company with accelerated timeframes of just a few months, rather than years.
The investments in promising companies will boost Stellantis' efforts in competitiveness, in-vehicle technology and sustainability. The fund will also help transform customer experiences in vehicle marketing, sales, and finance for the auto group.
"We are moving fast in our transformation to a mobility tech company while reimagining the future of mobility for generations to come," said Ned Curic, Stellantis Chief Technology Officer. "The market is changing, the technology is changing, and the way we relate to our customers is changing. Stellantis Ventures will accelerate our transformation as we adopt new technologies developed by innovative startups, while fostering their growth potential."
As part of Stellantis' "Dare Forward 2030" strategic plan that was announced on March 1, Stellantis Ventures will be committed to supporting aspiring entrepreneurs and fostering innovation driven by customer satisfaction, sustainability, and a comprehensive portfolio of mobility technology.
The Dare Forward strategic plan aims to make Stellantis an industry champion in the fight against climate change, reaching carbon net zero emissions by 2038. The goal includes to reduce carbon emissions up to 50% by 2030.
"Dare Forward 2030 inspires us to become so much more than we've ever been," said Stellantis CEO Carlos Tavares when the strategic plan was unveiled two weeks ago. "We are expanding our vision, breaking the limits and embracing a new mindset, one that seeks to transform all facets of mobility for the betterment of our families, communities and the societies in which we operate."
Stellantis Ventures is similar to BMW's iVentures, which is based in Silicon Valley. iVentures invests in innovation startups working on advanced mobility solutions, including self-driving cars, software, 5G connectivity technology and cloud computing. The iVentures portfolio of startup companies includes May Mobility, Nauto, Vendia, GenXComm, Solid Power, DSP Concepts and EV charging operator ChargePoint.
Stellantis was created via a merger between Italian-American automaker Fiat Chrysler Automobiles (FCA) and Groupe PSA, the parent company of French automaker Peugeot. The $52 billion dollar merger was agreed to in Dec 2019 and was officially confirmed on Jan 4, 2021 after a vote from shareholders of both companies.
The new company is headquartered in Amsterdam, Netherlands but the auto group maintains its major operations in Michigan, Italy and France.
Stallantis brands include Peugeot, Fiat, Chrysler, Dodge, Ram, Jeep, Abarth, Alfa Romeo, Lancia, Maserati and others.
For entrepreneurs and startups seeking funding, Stellantis set up a website where companies can apply. Here is the link: https://stellantis.ventures.
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