The largest Singaporean cab company, ComfortDelGro, invested 4 million euros (or around 4.3 million US dollars) in Shift4Good, making it the impact fund’s first Southeast Asian strategic investor.
The transportation company said that it will investigate the businesses targeted by Shift4Good and make investments either directly or indirectly through the fund.
“We look forward to gaining access to promising startups with groundbreaking solutions for the future of mobility through this very innovative investment fund. This is yet another important step in our future-proofing plans,” said Cheng Siak Kian, ComfortDelGro’s managing director, and group CEO, in a statement.
Shift4Good, a nonprofit organization focused on sustainable transportation, primarily targets businesses that can lower their carbon impact. The first closing of its Fund I, at US $98.2 million, was announced in October 2022.
The Paris- and Singapore-based firm hopes to conclude with a maximum of US $326 million.
Although it prefers to invest in firms in the series A and B stages, where funding ranges from $530,000 to $21.7 million, Shift4Good is willing to reserve 10% of its money for pre-series A deals.
The fund was started in 2021 by Matthieu de Chanville, Sebastien Guillaud, Yann Marteil, and Thierry de Panafieu. The European Investment Fund and the automaker Renault Group are other investors.
