California-based mobility platform, inDrive, has unveiled its New Ventures Investments arm, backed by a dedicated fund of up to $100 million, focusing on venture funding and mergers and acquisitions (M&A) as it moves to fuel innovation within the startup ecosystem.
Veteran entrepreneur and investment expert, Andries Smit, has been appointed as the Vice President to lead the New Ventures unit, bringing his expertise to guide inDrive’s investment strategy.
Key Investment Criteria:
- Target Companies: The New Ventures unit will concentrate on post-seed/pre-Series A companies that have demonstrated a solid product-market fit.
- Rapid Organic Growth: Companies with proven rapid organic growth will be a key focus for investment, indicating their potential for scalability and market demand.
- Healthy Economics and Cash Flow: InDrive will prioritize companies with healthy economics and positive cash flow, ensuring sustainable business models.
In addition to financial metrics, inDrive’s New Ventures will prioritize investing in startups that have a positive impact on communities, by helping them address societal injustices and enhancing the lives of individuals and communities.
Earlier this year, inDrive secured $150 million in debt funding from General Catalyst, emphasizing its commitment to expanding into new verticals and cities. The launch of the New Ventures division aligns with inDrive’s broader strategy to make a significant mark in the global startup ecosystem.Top of Form