cars are becoming increasingly electronic, with many boasting built-in internet access, GPS tracking, and even touch screens; however, the manufacturing process still relies on a large number of fossil fuels. Rethink Ventures has announced a €50 million fund specifically focused on mobilizing Mobility, Automotive and Logistics startups using clean technology. This type of funding is important in promoting innovation in the field of clean vehicles and sustainable mobility habits. As the industry transitions towards more environmentally-friendly methods of production, this investment will help to support innovative startups that are solving some of the most pressing problems in this space.
Progress has been made in the transportation sector, but there are still many challenges to be addressed. One of the most pressing concerns is emissions and environmental damage caused by transportation. Rethink believes that startups can play a role in addressing these issues by developing technology that can improve mobility and efficiency.
As a founding partner of the Fund, Fifth Third Bank was involved from the beginning in helping to create this unique ecosystem. The Fund has made it a priority to provide unparalleled support to its portfolio companies while adding long-term value to their corporate partners, creating a mutually beneficial ecosystem that creates a positive impact for all. Fifth Third is proud to be part of this fund and continues to work closely with its companies and partners in pursuit of collective success.
The Board of Directors of the Fund believes that technological innovation and advancements in mobility, logistics and energy will play a critical role in the future of transportation. Accordingly, the Fund invests primarily in companies that are driving these transformative technologies forward. The Fund’s thesis-driven investment focus makes it an excellent destination for investors looking for exposure to leading edge solutions across these important sectors.
The new fund has invested in three different companies that focus on making sustainability easier for businesses. Shipzero is a platform that helps companies reduce their CO2 emissions, Deftpower is a charging platform that can be used by any business, and Rydes is a software solution that allows employees to more easily transition between transportation options.