Fueling Innovation and Impact: inDrive’s $100 Million Investment Plan
Californian-based inDrive, a global mobility, and urban services platform, has set its sights on a new chapter with the launch of a venture and M&A arm. This strategic move aims to invest up to $100 million in promising startups, marking a significant step in the company’s evolution. Joining the inDrive team is seasoned entrepreneur and investment professional Andries Smit, who assumes the role of Vice President of New Ventures.
New Ventures Investment Criteria Unveiled
The New Ventures arm underlines its commitment to fostering rapid growth and positive community impact by unveiling a set of investment criteria. Companies eligible for investment must align with the following:
- A mission challenging injustice and enhancing lives at individual and community levels.
- Local market startups with the potential for global expansion.
- Post-seed/pre-Series A companies demonstrating a proven product-market fit.
- Rapid organic growth with healthy economics and cash flow.
Andries Smit’s Vision for inDrive’s New Ventures
Andries Smit, now at the helm of New Ventures, expresses his enthusiasm, stating,
“Once an underdog and now a global company, inDrive is certainly an investor to watch.”
He highlights the company’s unique position, having achieved rapid global growth while remaining dedicated to challenging injustice. Smit emphasizes the role of inDrive in supporting successful yet overlooked startups, particularly in emerging markets with limited access to capital.
“I’m thrilled to apply my own venture building and investing experience to help inDrive transform the lives of innovative founders hungry to scale up their successful businesses that contribute to a better world,” adds Smit.
Leveraging inDrive’s Global Presence for Positive Impact
InDrive’s New Ventures unit goes beyond investment. It is designed to help investee and acquired companies scale quickly across inDrive’s expansive platform. The advantage lies in accessing inDrive’s global multi-million customer base spanning 45+ markets, coupled with the company’s go-to-market expertise and cutting-edge technology.
Andries Smit’s Distinguished Background
Andries Smit brings a wealth of experience to inDrive. His strategic roles in both startup and corporate environments, leading business transformations, acquisitions, and integrations at major corporations including Morgan Stanley and Aviva, set the stage for his role as Vice President of New Ventures. As a partner at Stryber, a prominent strategic growth partner and independent corporate venture builder, Smit has also played a pivotal role in building ventures across Europe, the Middle East, and the Asia-Pacific.
Mark Loughran on the Mission of New Ventures
Mark Loughran, President of inDrive, emphasizes the mission at the core of New Ventures. He articulates,
“The mission is to find overlooked, high-growth startups operating outside traditional innovation hub regions and support their development to increase their positive impact.”
Loughran expresses confidence in Andries Smit’s unique blend of corporate and venture-building experience, envisioning that it will propel New Ventures to surpass its ambitious investment goals.