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Venture capital firm Maniv has $140 million in new fund, going in every direction

Since its founding in Israel eight years ago, venture capital firm Maniv has grown in almost every way — from its investor base and portfolio of 40 startups to its geographic focus, footprint and fund size.

But even after it closed a $140 million fund and opened a new office in New York City, Maniv is still essentially a seed-stage fund that “occasionally breaks its own rules,” founder Michael Granoff said. .

That means much the same as when it launched in 2016: an early-stage investment strategy focused on what the company describes as the intersection between mobility, transportation and energy.

However, Maniv III, Maniv’s third and newest fund, has seen some significant changes to its investment strategy, TechCrunch has learned exclusively. Once firmly focused on Israeli startups, Maniv continues to expand its geographic focus and now has active portfolio companies in nine countries.

“So we will definitely continue to focus on the local market, but we will look for the best deals and learn everything from the deal flow in a dispersed way from around the world,” Granov said.

The venture capital firm has also largely stopped using the once-popular umbrella term “mobility” (often dropping it from its original name, Maniv Mobility), instead choosing to talk about deep tech, decarbonization and digitization of the transportation industry.

“I think the trajectory of the term (mobility) will continue to clarify over time, but in fact, I think the opposite happened for a number of reasons,” Granov explained, adding that while The word liquidity may not be used commonly, it is still at the core of its mission.

Maniv general partner Nate Jaret said the $140 million fund does reflect new goals: a more diverse investor base and financial investors who see the decarbonization and digitization of all forms of transportation, even air and sea. . Being an irreversible long-term trend produces the best financial returns.

Historically, Maniv’s investor base has been automakers. Jarrett said it now better reflects the critical and numerous tributaries in terms of traffic and mobility. In other words, Maniv has gone beyond the traditional automotive sector and is looking for strategic investors in areas such as leasing, fintech, logistics, vehicle maintenance, energy, fleet management and repair.

The fund’s latest investors include BNP Paribas Personal Finance and the venture capital arm of Shell and Enterprise Mobility, representing “a rich set of industries directly affected by changes in transportation with decarbonization and digitalization themes”. Jarrett said. “It’s not just automakers and Tier 1 suppliers who are building these platforms, it’s also aftermarket insurance, maintenance, infrastructure players and energy players trying to understand their new position.”

The Maniv III fund also includes returning investors Valeo and Jaguar Land Rover venture capital firm InMotion Ventures. Toyota Motor Corp.’s Woven Capital, car rental company Arval, transportation infrastructure giant Ferrovial, industrial manufacturing company ITT Inc., fleet payments company WEX and an unnamed European insurance company also participated in the fund.

Maniv’s funds also reflect evolving investment strategies.

The firm, which has nearly $320 million in assets under management, has previously led investments in Tel Aviv-based AI edge computing chip startup Hailo; New York City-based electric vehicle ride-hailing and charging network Revel; California-based midsize electric truck maker Harbinger Motors; Mexico City intercity bus platform Kolors; two-wheeled electric vehicle startup River from India; and Spanish car subscription Bipi, which was acquired by Renault’s financing arm RCI Bank in 2021.

Maniv is now creeping into the broader climate technology space—at least where it overlaps with transportation. The company has used the new funds to make four investments so far, including an investment in a Chicago startup called Celadyne, which is working to extend the life and efficiency of proton exchange membranes to enable green hydrogen production. Financially viable.

The fund has also invested in Israeli startup Neologic, which has developed a proprietary chip design that improves performance and power in data centers and cars; an electric motorcycle battery-swapping startup called Vammo, based in Brazil; HQ San Francisco-based Circular is advancing the use of post-consumer recycled plastics in manufacturing by closing common information and testing gaps.

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