Stellantis launches venture capital fund with an initial investment of 300 million euros | Tech News

MILAN (Reuters) – Automaker Stellantis said on Wednesday it has launched its first venture capital fund to invest in startups developing technologies that can be deployed in the automotive and mobility sectors.

The fund, called Stellantis Ventures, will initially invest 300 million euros ($330 million) in both early-stage and post-stage startups, the company said in a statement.

The move is part of Stellantis’ broader strategy set out earlier this month in the company’s first business plan.

Chief technology officer Ned Curic said the creation of the fund was part of the group’s efforts to transform itself into a “mobility technology company”.

“Stellantis Ventures will accelerate our transformation by adopting new technologies developed by innovative startups, while fostering their growth potential,” he said.

The automaker said its venture capital fund would act as a “strategic investor” and help startups integrate new technologies into the group in a short timeframe.

Investments will target areas such as sustainability, competitiveness and in-vehicle technology as well as vehicle marketing, sales and financing.

(This story refiles to correct a typo in the fourth paragraph)

(Reporting by Giulio Piovaccari; Editing by Mark Porter)

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