Volvo buys stake in America’s Autotech Ventures
By Jim Gibbins - 1st January 2020
Sweden / USA - Volvo Group Venture Capital AB of Gothenburg, Sweden has invested an undisclosed sum in Autotech Ventures - an American venture capital fund based in Menlo Park, San Francisco, California, focusing on start-ups in the ground transportation sector. Autotech Ventures manages more than USD200m focused on the USD3 trillion ground transportation sector.
Volvo said connected, autonomous, electrified vehicles and related mobility services have created shifts in the ground transportation industry. According to Volvo, the Autotech Ventures team combine deep knowledge and insights from the ground transport sector with vast experience from venture capital investing. Dan Tram, Investment Director, Volvo Group Venture Capital said: "The investment provides Volvo Group Venture Capital with an enhanced deal flow but also access to deep industry knowledge and relevant networks.”The transaction is said to have no significant impact on the Volvo Group's earnings or financial position.
