inDrive, a leading global mobility and urban services platform, has unveiled New Ventures a dedicated venture and M&A (Mergers & Acquisition) arm, with the aim of investing up to USD 100 million in promising startups that align with its vision of challenging injustice and improving lives
“The mission at the heart of New Ventures is to find overlooked, high-growth startups that may be operating outside of traditional innovation hub regions, and support their development to increase their positive impact,” stated Mark Loughran, President of InDrive
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The focus of the new arm will revolve around fostering rapid growth and making a positive impact on communities. The investment criteria include companies with a mission that challenges injustice, potential for global expansion, post-seed/pre-Series A status with proven product-market fit, rapid organic growth, and healthy economics and cash flow.
Companies funded by the new arm will be able to leverage inDrive’s customer base across 45+ markets accessing the company’s to go-to-market expertise, and technology
Seasoned entrepreneur and investment professional Andries Smit has been tapped to head the new venture bringing a wealth of experience to his role, having held key strategic positions in both startup and corporate environments, including roles at major corporations such as Morgan Stanley and Aviva.
“Once an underdog and now a global company, inDrive is certainly an investor to watch – the team has achieved rapid global growth while remaining committed to its mission of challenging injustice. By investing in emerging companies innovating to improve people’s lives, inDrive further strengthens its commitment to challenge injustice by helping successful, but overlooked startups,” said Andries Smit, Vice President of New Ventures upon his appointment
His background also includes venture building and investing experience as a partner at Stryber, a leading strategic growth partner and independent corporate venture builder in Europe, the Middle East, and the Asia-Pacific.
Mark Loughran, President of inDrive, expressed enthusiasm at the appointment stating “Andries has a unique blend of corporate and venture building experience that makes him a perfect fit to lead New Ventures, and we are confident the energy and experience he brings will help us surpass our investment goals,”
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The global venture and M&A business landscape has seen significant changes with deal volumes declining by 4 percent in the first half of 2023 from already subdued levels in the second half of 2022. On the venture side, global venture funding reached USD 415.1B in 2022, marking a 35 percent drop from a record 2021.
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