The sustainable mobility-focused venture capital fund Shift4Good has announced the first closing of its Fund I at 100 million euros ($98.2 million).
The fund, which has offices in Singapore and Paris, has a target investment of $295 million USD and is supported by institutional partners from Europe and Asia, including Groupe Renault, InvestEU, and Bpifrance.
About 30 firms will get funding from Shift4Good in the series A and B rounds over the next five years. Two-thirds of these businesses will originate in the European Union, with the other third going to other parts of the world with an emphasis on Southeast Asia. This month will see the disclosure of its first two investments.
Thierry de Panafieu, Yann Marteil, Sébastien Guillaud, and Matthieu de Chanville formed the fund last year.
In order to accelerate their innovation and growth and assist the mobility sector to expand in a more environmentally friendly way, Shift4Good seeks to invest in businesses that help lower the carbon footprint of the industry.
