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Biggest Automotive startup funding rounds this month

Updated: May 12, 2020

Carzaam Automotive News Episode 11: Raise Report - GoMechanic – Next Gear Ventures - Rivian

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.,7340,L-3776643,00.html

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.

Read more about the Coolest tech, trends and takeaways from CES2020 and 7 BIG Reasons Why You Should Buy a Used Car Instead of a New One...

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