Volvo Group Venture Capital invests in mobility start-up companies7/3/19
Volvo Group Venture Capital have invested in Next Gear Ventures – a leading Israeli venture capital fund sourcing start-ups for interaction with leading global transport industry acompanies.
Volvo Group Venture Capital is constantly on the look-out for new investments in innovative and entrepreneurial companies supporting the Volvo Group business and its transformation – especially in the areas of autonomous solutions, connected services and electromobility.
“Focus is on companies with disruptive innovation resulting in new solutions improving the profitability of our customers and enabling new business opportunities for the Volvo Group” says Anna Westerberg, Senior Vice President, Volvo Group Connected Solutions and acting CEO of Volvo Group Venture Capital
Next Gear Ventures is a Tel Aviv-based early staged venture capital fund focusing on Israeli mobility start-up companies. The fund is affiliated with the innovation centre DRIVE, where Volvo Group is a partner since 2018.
Next Gear Ventures provides Volvo Group early access to leading start-ups in the vibrant Israeli mobility sector. Israel is today one of the major hubs for innovation in this field and according to Next Gear Ventures Israel has had 400 start-ups and 4 billion USD invested in smart mobility over the last three years.
“For Volvo Group, getting insights, network and direct access to world class early stage companies is key. We see partnership, co-operation and investments as the way forward”, says Erik Johansson, Investment Director at Volvo Group Venture Capital.