Fontinalis Announces New $100 Million Mobility Fund

Fontinalis recently completed a final close on a new $100 million venture fund -- its second fund to date -- to continue investing in next-generation mobility.

The mobility space continues to accelerate—including areas like connected car & telematics, new mobility models (e.g., car sharing, ride sharing, etc.), autonomous vehicles and artificial intelligence/deep learning. As the first independent investment firm focused on this space since entering the market in 2009, Fontinalis is experienced mobility investors (and have completed 23 investments to date).

"Many investors in this market fall into two groups: (i) traditional VCs dedicating a portion of their capital & attention to mobility and (ii) corporate VCs in automotive and related industries," the company said in a release. "Fontinalis is unique in that our approach combines the independence of a traditional VC with the strategic qualities of a team that has been in the industry for decades."

Related Link: Are Engineers Increasingly Picking Detroit As A Workplace Over Silicon Valley?

Fontinalis said the $100 million fund marks the largest venture fund raised in Michigan in 2016, and largest active fund in Detroit.

The firm was founded in 2009 by a team comprised of global leaders in mobility, telecommunications, and financial services, including Bill Ford Jr., Executive Chairman of Ford Motor Company (NYSE: F). Fontinalis was the first firm launched to uniquely focus on making venture investments in next-generation mobility companies.

"We founded Fontinalis Partners because we saw a tremendous opportunity ahead in mobility globally, and believed that entrepreneurs in this market would benefit from partnering with an investor that brings unique domain expertise and strategic access," said Chris Cheever, Co-Founder & Partner.