Since its founding in Israel eight years ago, venture firm Maniv has grown in nearly every dimension, from its investor base and portfolio of 40 startups to its geographic focus, footprint, and fund size. I have accomplished it.
But even with a just-closed $140 million fund in the vaults and a new office in New York City, founder Michael Granoff says Maniv is still essentially a seed-stage company. is just a fund that “sometimes breaks its own rules,” he said.
What this means is pretty much the same as when we launched in 2016. In other words, it's an early-stage investment strategy focused on what the company describes as the intersection of mobility, transportation and energy.
But there are some notable developments that hint at Maniv's investment strategy in its third and latest fund, known as Maniv III, TechCrunch has exclusively learned. While Maniv was once firmly focused on Israeli startups, he has continued to expand his geographic focus and now has active portfolio companies in nine countries.
“So we will certainly continue to focus on the local market, but we will aim for the best deals and learn as much as we can from the flow of deals coming in from all over the world in a very decentralized way,” Granov said. Ta.
The company has also largely stopped using the once-popular umbrella term “mobility” (often dropped from its original name, Maniv Mobility), instead focusing on deep technology, decarbonization and the transportation sector. I chose to talk about digitalization.
“We thought that the trajectory of that term (mobility) would continue to unfold over time, but I actually think the opposite has happened for a number of reasons,” Granov explained, adding that mobility Although the term may not be used to mean, in many cases, it remains central to its mission.
Maniv general partner Nate Jarrett said the $140 million fund will focus on a more diverse group of investors and the decarbonization and digitalization of all forms of transportation, including air and sea. This reflects the new goal of increasing the participation of financial investors. As an irreversible long-term trend that yields the highest economic returns.
Historically, Maniv's investor base has been dominated by automakers. Jarrett says they can now better reflect the important and myriad tributaries of transportation and mobility. In other words, Maniv has gone beyond the traditional automotive industry to find strategic investors in leasing, fintech, logistics, vehicle maintenance, energy, and fleet management and repair.
The latest investors in the fund are a group that includes BNP Paribas Personal Finance and the venture arm of Shell & Enterprise Mobility, who are “directly impacted by changes in transport across the themes of decarbonization and digitization. It represents a rich tapestry of industries. Jarrett said. “It's not just automakers and Tier 1s that are creating platforms; aftermarket insurance, maintenance and repair, infrastructure and energy providers are also trying to understand their new position.”
The Maniv III fund also includes return investors Valeo and Jaguar Land Rover's venture arm InMotion Ventures. Toyota Motor Corp.'s Woven Capital, vehicle leasing 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 an evolving investment strategy.
The firm manages nearly $320 million in assets and previously led an investment in Tel Aviv-based AI edge computing chip startup Hailo. New York City's EV ride-hailing and charging network Revel; Harbinger Motors is a California medium-duty EV truck manufacturer. Intercity bus platform Kolors in Mexico City. Indian two-wheeler EV startup River. Spanish car subscription company Bipi was acquired by Renault's financial arm RCI Banque in 2021.
Maniv is now expanding into the broader world of climate technology, at least into areas that overlap with transportation. The company has used the new fund to make four investments to date, including in a Chicago-based startup called Ceradyne. The company is working to extend the lifetime and efficiency of proton exchange membranes to make green hydrogen production economically viable.
The fund also invested in Israeli startup Neologic, which is developing unique chip designs to improve performance and power in data centers and cars. An electric motorcycle battery replacement startup called Vammo is based in Brazil. San Francisco-based Circular is advancing the use of post-consumer recycled plastics in manufacturing by filling in disseminated information and testing gaps.