This week, an all-star mobility venture capital fund was launched: California’s UP.Partners announced the successful close at $230 million of its first, flagship fund, which will back early-stage startups transforming global mobility through sustainable technologies.
UP.Partners regards as its total addressable market the 10 percent (or $10 trillion) of global GDP represented by transportation and logistics: a segment that generates a disproportionate amount (29 percent) of global CO2 emissions. Targeting companies addressing the emissions quandary, UP.Partners will back technologies including 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, advanced manufacturing techniques, electricity grid enhancement for recharging, and more.
UP’s early backers include Alaska Air Group; ARK Invest Founder and CEO Cathie Wood, Woven Capital, the investment arm of the Woven Planet Group, a Toyota Motor Corporation subsidiary; privately-held industrial company Standard Industries; global real estate developer Hillwood, a Perot Company; leading ship management company OSM Maritime, and more.
“Our investment in UP.Partners demonstrates Alaska Air Group’s continued commitment to supporting a cleaner and more accessible world of transport,” says Alaska Air Group CEO Ben Minicuccui. “The UP.Partners team, portfolio and ecosystem of corporate partners and investors is truly world class, and we are proud to partner with UP.Partners on this journey of supporting early stage technology companies that are transforming the moving world.”
“Transforming mobility through technology is central to the mission of Woven Planet, and UP.Partners’ investment strategy is in complete lockstep,” said Woven Capital Principal Betty Bryant. “Woven Capital is excited to team up with UP.Partners as they encourage entrepreneurs who are focused on wide-ranging solutions that allow people, goods and information to move more seamlessly, cost-effectively, and sustainably than ever before, benefiting humanity and the health of the planet for all.”
To date, UP.Partners has invested in 10 companies including leading flight autonomy company Skydio, manufacturing quality assurance leader UnitX, and electric vertical aircraft developer Beta Technologies. Kyle Clark, CEO of Beta Technologies, which recently closed a $400M investment round led by Amazon Climate Pledge Fund and Fidelity said, “UP.Partners uniquely understands the potential and scale of new air mobility and brings visionaries together to realize that potential unmatched by other venture investors – the industry is fortunate to have this team leading the way.”
UP.Partners was co-founded by serial aviation and technology entrepreneurs Ben Marcus and Cyrus Sigari. Marcus and Sigari co-founded jetAVIVA in 2006, which today is the leading seller of business aircraft worldwide, and AirMap in 2014, which is the leading digital, automated air traffic management platform for drones and flying cars.
Joining Marcus and Sigari as co-managing partner and chairman of the firm is four-time Forbes Midas List investor, Adam Grosser. Prior to joining UP.Partners, Grosser worked eclectically as an engineer, successful founder, and long-time investor. Most recently, he led Silver Lake Kraftwerk, the Impact Strategy of Silver Lake Partners for a decade. He has invested in numerous top performing climate-focused companies including Tesla, Solar City, EnerNoc, Control4 and Silver Spring Networks.
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