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Trucks VC presents two fresh funds for transportation startups, early and late-stage
Trucks Venture Capital, a fund that specialises on early-stage transportation startups, is creating two new funds to help develop the future of transportation, according to the company.
Trucks Venture Fund 2 (TVF2), the company's new core fund, was launched in 2020 and just closed on $52,525,252 in the first quarter of 2021. According to Trucks VC, the fund is sponsored by three auto OEMs and three auto suppliers who produce everything from bicycles to Class 8 large rig trucks, as well as one communications startup. Trucks Growth Fund, the VC's new follow-on fund, will give later-stage investments to some of Trucks' most promising portfolio firms.
“Our mission is to fund companies making transportation safer, cleaner and more accessible,” Reilly Brennan, general partner at Trucks VC, reported.
Trucks VC may invest in “safer” startups that focus on automated vehicles, driver monitoring, or vehicle maintenance and enhancements. Because we're at the start of a decade dedicated to zero-emission transportation, "cleaner" means batteries and charging, electric and hydrogen vehicle platforms, and last-mile logistics. According to Brennan, "more accessible" enterprises are those that focus on micromobility and mass transport.
“We also believe heavily in automated vehicles in structured environments (agriculture, mining, logistics),” said Brennan. “Given the focus on delivery and changing consumer behavior, it’s not hard to see how logistics AV becomes more valuable than robotaxi. I would go so far as to say the forthcoming exits from those sectors in AV will make the previous five years of robotaxi exits (Cruise, nuTonomy, Zoox) look relatively low in comparison.” ADVERTISING INDEX
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