SANTA MONICA, Calif.,
Oct. 18, 2021 /PRNewswire/
-- UP.Partners today announced the final close of its
inaugural $230M early stage venture
capital fund dedicated to supporting companies that are
transforming the moving world.
UP.Partners Announces $230M Venture
Capital Fund to Transform the Moving World
The movement of people and goods is the underlying fabric of
society. Transportation and logistics represent 10% of global GDP,
which is approximately $10T annually. With transportation
responsible for 29% of global CO2 emissions, emerging technologies
are creating opportunities for fundamental reinvention of mobility
solutions that are cleaner, faster, safer and lower cost. Examples
include package delivery drones, electric vertical aircraft for
urban air mobility, software for precise positioning, hydrogen
powered airliners, sustainable aviation fuel, ultra low cost LIDAR
sensors, micro-mobility scooters and e-bikes, advanced
manufacturing techniques, electricity grid enhancement for
recharging, and more.
Building a Virtuous Ecosystem Focused on Mobility's
Future
UP.Partners has assembled a world class consortium of
leaders in aerospace, automotive, maritime, hardware, software,
telecom, finance and media to harness the movement of electrons,
atoms and capital to help humanity go UP. Investors include Alaska
Air Group (NYSE: ALK); ARK Invest Founder and CEO Cathie Wood, Woven Capital, the investment arm
of the Woven Planet Group, a Toyota Motor Corporation subsidiary;
privately-held industrial company Standard Industries; global real
estate developer Hillwood, a Perot Company; leading ship management
company OSM Maritime, and more.
"Our investment in UP.Partners demonstrates Alaska Air Group's
continued commitment to supporting a cleaner and more accessible
world of transport," says Alaska Air Group CEO Ben Minicuccui. "The UP.Partners team, portfolio
and ecosystem of corporate partners and investors is truly world
class, and we are proud to partner with UP.Partners on this journey
of supporting early stage technology companies that are
transforming the moving world."
"Transforming mobility through technology is central to the
mission of Woven Planet, and UP.Partners' investment strategy is in
complete lockstep," said Betty
Bryant, Principal, Woven Capital. "Woven Capital is excited
to team up with UP.Partners as they encourage entrepreneurs who are
focused on wide-ranging solutions that allow people, goods and
information to move more seamlessly, cost-effectively, and
sustainably than ever before, benefiting humanity and the health of
the planet for all."
The Davos of
Mobility
A critical element of the UP.Partners strategy is
the annual UP.Summit which brings together entrepreneurs,
executives, and investors with the common goal of improving
mobility. The UP.Summit is hosted in alternating years in
Bentonville, Arkansas and
Dallas, Texas, co-hosted by
Steuart and Tom Walton, and
Ross Perot Jr, respectively.
From the time of its inception in 2017, the UP.Summit has grown
into the most important annual gathering for mobility's boldest
innovators, investors and corporations.
The impact of the UP.Summit has been significant, resulting in
direct investments exceeding $450M
into companies that have participated to date. Chairman of the
Perot Group, Ross Perot Jr. said,
"UP.Partners has created the Davos
of mobility with the UP.Summit, bringing the best ideas and minds
together to help humanity go UP. We are proud to partner in
moving this revolution in transportation forward."
UP.Partners has already made 10 investments in companies
including leading flight autonomy company Skydio, manufacturing
quality assurance leader UnitX, and electric vertical aircraft
developer Beta Technologies to name a few. Kyle Clark, CEO of Beta Technologies, which
recently closed a $400M investment
round led by Amazon Climate Pledge Fund and Fidelity said,
"UP.Partners uniquely understands the potential and scale of new
air mobility and brings visionaries together to realize that
potential unmatched by other venture investors - the industry is
fortunate to have this team leading the way."
Managing Partners Putting Booster Rockets on a Mission to
Help More Founders Go UP
UP.Partners was co-founded by
serial aviation and technology entrepreneurs Ben Marcus and Cyrus
Sigari. Marcus and Sigari co-founded jetAVIVA in 2006, which
today is the leading seller of business aircraft worldwide, and
AirMap in 2014, which is the leading digital, automated air traffic
management platform for drones and flying cars.
Joining Marcus and Sigari as co-managing partner and chairman of
the firm is four time Forbes Midas List investor, Adam Grosser. Prior to joining UP.Partners,
Grosser has enjoyed a diverse career as an engineer, successful
founder, and long-time investor. Most recently, he led Silver Lake
Kraftwerk, the Impact Strategy of Silver Lake Partners for a
decade. He has invested in numerous top performing climate-focused
companies including Tesla, Solar City, EnerNoc, Control4 and Silver
Spring Networks.
Ally Warson, formerly of ACME
Capital, also joins the UP team as Principal. UP.Partners' Venture
Partner ecosystem includes the co-creator of Google Earth Brian
McClendon, former CEO of Activision Eric Hirshberg, co-founder
& CEO of startup air carrier Aero Uma Subramanian, and
more.
About UP.Partners
Transportation is the underlying
fabric of society. UP.Partners invests in the pioneering
entrepreneurs who are creating the key enabling technologies that
help move people and goods cleaner, faster, safer, and more
efficiently in a multi-dimensional world. UP.Partners with some of
the world's most innovative investors and companies including
Alaska Airlines, ARK Invest, and Woven Capital, the investment arm
of Toyota subsidiary Woven Planet Group. UP.Summit convenes the
mobility community's brightest minds each year to help humanity go
UP. Together, the UP community is transforming the moving world.
For more information, visit UP.Partners or follow on Twitter
@UpPartnersVC or LinkedIn.
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SOURCE UP Partners Management Company, LLC