UP.Partners said on Monday Tesla Inc bull Cathie Woodis among a group of investors that have contributed to its $230 million early-stage fund that would focus on mobility startups.
What Happened: The Santa Monica, California-based venture capital fund also named Alaska Air Group Inc, WovenCapital, a venture capital arm of Toyota Motor Corp subsidiary Woven Planet as investors.
Wood, who leads the popular money managing firm Ark Investment Management, has put in money on the venture capital fund in a personal capacity. UP.Partners did not disclose the amount of Wood's investment.
The fund would focus on emerging technologies and mobility solutions that are cleaner, faster, safer and come at a lower cost. These could 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, and more, UP.Partners said in a statement.
Why It Matters: The Ark Invest CEO has been focused on emerging and disruptive technologies and some of her company’s exchange-traded funds go after newly listed companies with growth potential. These companies are spread across sectors from transportation, pharma, digital payments, social media, cryptocurrency to blockchain technology.
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