This Week’s Largest Funding Rounds in Automotive Startups

**Carzaam Automotive News Episode 11**

**Indian Vehicle Service Startup, GoMechanic Raises $14.5m from Investors including Sequoia Capital**

In this episode of Carzaam Automotive News, we bring you an exciting report on the latest funding rounds of GoMechanic, Next Gear Ventures, and Rivian.

Indian vehicle service and repair startup, GoMechanic, has successfully raised $14.5 million in a Series-B funding round. Led by Chiratae Ventures and Sequoia Capital, with participation from Orios Venture Partners, this funding will enable GoMechanic to scale up its operations and expand to 30 cities in 2020. With their presence in 215 workshops across nine cities, GoMechanic aims to equip independent garages with the necessary technology and expertise to thrive amidst the disruptions in the automotive industry.

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**Next Gear Ventures Raises $30 Million in New Funding Round**

Next Gear Venture Partners, based in Tel Aviv, has raised an impressive $30 million in commitments for investments in smart mobility and smart city technologies. This early stage investment fund focuses on Israeli startups and counts Volvo Group among its backers. Some of the notable portfolio companies of Next Gear Ventures include Fleetonomy, a fleet management startup, MDGo, a medical AI startup, and Foretellix, an autonomous vehicle safety startup.

**Rivian Provides $1.3 Billion in Funding for Its Electric Utility**

Last but not least, Rivian, a major player in the automotive industry, has raised an astounding $1.3 billion in funding. Partners such as T. Rowe Price, Amazon, and Ford have contributed to this significant raise. This latest investment marks Rivian’s fourth funding round for 2019, bringing their total fundraising for the year to nearly $3 billion. In addition to developing their own vehicles, Rivian’s funding will support their collaboration with Ford on a new plug-in battery vehicle, as well as the production of 100,000 electric delivery vans for Amazon.

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Carzaam Automotive News Episode 11

Indian vehicle service startup, GoMechanic raises $14.5m from investors including Sequoia Capital

Vehicle service and repair startup GoMechanic has raised ₹105 crore in a Series-B funding led by Chiratae Ventures and Sequoia Capital with Orios Venture Partners also participating in the fundraise.

GoMechanic, which is present through 215 workshops in nine cities, plans to use the funds to scale up its operations and expand to about 30 cities in 2020.

The three-year-old startup is working to equip independent garages with the necessary technology, spare parts, and skill sets to remain profitable as the automotive enters a new phase of disruption.

Next Gear Ventures Raises $30 Million in new funding round

Tel Aviv-based Next Gear Venture Partners has raised $30 million in commitments for investments in smart mobility and smart city technologies. The fund has a focus on early stage Israeli startups and boasts Volvo Group among the fund’s backers.

Founded in 2018, Next Gear portfolio companies currently include fleet management startup Fleetonomy, medical AI startup MDGo, and autonomous vehicle safety startup Foretellix.

Rivian provides $1.3 billion in funding for its electric utility

Finally today, we have the Grand daddy of December raises with Rivian completing a $1.3bn raise from partners including T. Rowe Price, Amazon and Ford.

The latest investment is Rivian’s fourth round for 2019 and brings its fundraising for the year to nearly $3 billion.

Aside from developing its own vehicles, the funding will also assist with the new plug-in battery vehicle it is developing with Ford and the 100,000 electric delivery vans it is making for Amazon.

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