Israeli venture capital firm Maniv Mobility, which specializes in early-stage automotive and mobility tech, announced Tuesday it has closed a $100 million fund, with strategic investments by 12 leading automotive and transportation corporations, including BMW, Aptiv, Hyundai, Lear Corp, Shell, LG Electronics, Valeo, and the Renault-Nissan-Mitsubishi Alliance.
The fund has additional investors that include Deutsche Bahn Digital Ventures, the venture arm of German rail and logistics operator, Deutsche Bahn, and Israeli car importer Carasso Motors, in addition to a number of private investors.
Maniv, which began raising its first fund in 2016 and closed it at $40 million in 2017, will continue to invest in leading startups and accelerate the digitization of transportation, the company says in a statement.
The VC firm, which has already invested in 27 top mobility-focused firms such as Arbe Robotics, Intuition Robotics, Otonomo, Phantom Auto, and Cognata, says it will continue to invest globally, as it leverages its strategic network to source and supports portfolio companies.
“Our strategic network, unparalleled access and deep involvement in the growth and success of our portfolio companies means the most impactful mobility startups worldwide are choosing to work with Maniv,” said Maniv General Partner Olaf Sakkers.
Dr. Young Cho Chi, president and chief innovation officer of Hyundai Motor Group says the fund is critical to their business and Maniv has a proven track record of bolstering the startups that solve the most pressing mobility issues. “We are confident that Maniv will continue to support the technological solutions that we need to propel our industry forward and usher in an era of highly safe, efficient, and sustainable mobility solutions,” he says.
In the mean time, Maniv will continue its global investment approach by working with companies Europe, North America, and Asia as well as Israel.
“Maniv evolved organically out of a need to bridge between innovative tech ecosystems and the global automotive industry in order to enable safer, cleaner, more convenient, less expensive and more accessible mobility to all,” said Michael Granoff, Maniv managing partner and founder.