Renault-nissan-mitsubishi Vc Invests First 50 Million In Startups


TEL AVIV – The Renault-Nissan-Mitsubishi alliance’s new venture capital fund has agreed five investments in four months totaling $50 million and will present another to its supervisory board next week, the fund’s head said.

The alliance said in January it was setting up the fund with plans to invest as much as $1 billion over five years, the latest move by major carmakers as they seek to adapt to rapid industry change by investing in startups.

“The idea is we will do one new investment a month,” Francois Dossa, the head of Alliance Ventures, told Reuters by phone ahead of this week’s Ecomotion conference in Tel Aviv.

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