On Friday, Salt Lake City, Utah’s BUILD Capital Partners, a stage-agnostic, multi-asset-class private equity and venture capital investment firm, announced that it is rebranding its mobility-focused division, BUILD Mobility, as Lane VC, an investment entity solely dedicated to EV mobility and adjacent technologies.
The firm, which launched in 2019, was inspired to spin off the separate fund following its successful early investment in EV truck and powertrain unicorn XOS Trucks, which has since gone public via a SPAC deal with NextGen Acquisition Corp. In the meantime, BUILD Mobility has continued to back startups in the U.S. and Europe. According to the company, BUILD will continue to selectively invest alongside Lane VC. The parent company also continues to hothouse and accelerate new technologies through its Build LABS division, which incubates mostly internal ventures until they reach $1 million in topline revenue.
“At BUILD, we are serious about finding and funding companies that are making a positive impact in the world, driving positive financial results, and leading innovation in their industry,” BUILD Founding Partner Brent Jacobsen said in announcing the new fund. “With funding to electric vehicle tech companies hitting an all-time high in 2020, the overall EV market maturing, and our success with XOS Trucks, the decision to spin out our mobility arm is another milestone in BUILD’s growth. We are absolutely thrilled for Lane VC to become an independent firm.”
The firm will continue to deploy capital across Europe and the Americas, mostly leading direct investment rounds with initial investments of up to $25 million. It will be led by Kasey Evans, who has led BUILD Mobility since joining the parent firm in early 2019.
“Our move to independence represents the natural evolution of our business, which has built a track record for robust value creation in the mobility space,” Evans said. We are eager to keep on delivering strategic value to our limited partners, enhancing our specialized area of expertise, and working with our portfolio companies in shaping transportation innovation. Becoming an independent firm allows us to be even more agile and further accelerate the electric transformation of the mobility space.”
