Venture capital firm Maniv has grown by almost every measure since launching eight years ago in Israel — from its investor base and portfolio of 40 startups to its geographic focus, footprint and fund size.
But even with a recently closed $140 million fund in its coffers and a new office in New York, founder Michael Granoff says Maniv is still at heart just a seed fund “that occasionally breaks its own rules.”
What this means is largely the same as when it started in 2016: an early-stage investment strategy focused on what the company describes as the intersection between mobility, transportation and energy.
There are, however, some notable developments that hint at Maniv’s investment strategy with its third and latest fund, known as Maniv III, TechCrunch has learned exclusively. Once firmly focused on Israeli startups, Maniv continues to expand its geographic focus and now has active portfolio companies in nine countries.
“So we’re certainly going to keep our eyes on the local market here, but we’re going to go for the best deals and learn what we can from the deal flow that’s coming in in a very distributed way from around the world,” Granoff said.
The VC firm has also largely stopped using the once-trendy umbrella term “mobility”, (often leaving it out of its original name Maniv Mobility) and has chosen instead to talk about deep tech, decarbonisation and digitisation. of the transport sector.
“I thought the trajectory of this term (mobility) would continue to clarify overtime, but actually, I think the opposite has happened for a number of reasons,” Granoff explained, adding that while the term mobility may not be used as often, it still to be very central to its mission.
Nate Jaret, general partner at Maniv, said the $140 million fund reflects new goals: a more diverse group of investors as well as the inclusion of financial investors who see the decarbonization and digitization of all forms of transportation (even in air and sea). as an irreversible secular trend that produces the best economic returns.
Historically, Maniv’s investment base has been loaded with automotive companies. It now better reflects the critical and myriad tributaries in transportation and mobility, Jaret says. In other words, Maniv went outside the traditional automotive industry to find strategic investors in leasing, fintech, logistics, vehicle maintenance, energy, fleet management and repair.
Its newest investors in the fund, a group that includes BNP Paribas Personal Finance and the business arms of Shell and Enterprise Mobility, represent “the rich tapestry of industries directly affected by changes in transport on these issues of decarbonisation and digitization”. Jarrett said. “It’s not just the automakers and Tier 1s building the platforms, but also aftermarket insurance, maintenance repair, infrastructure players and energy players trying to understand their new position.”
The Maniv III fund also includes return investors Valeo and Jaguar-Land Rover, the venture arm of InMotion Ventures. Toyota Motor Corp.’s Woven Capital, vehicle leasing company Arval, transportation infrastructure giant Ferrovial, industrial construction company ITT Inc., fleet payments business WEX and an unnamed European insurer also participated in the fund.
Maniv’s fund also reflects an evolving investment strategy.
The firm, which has nearly $320 million in assets under management, previously led investment in Tel Aviv AI computer chip startup Hailo. Revel’s New York EV transport and charging network. medium-term EV truck manufacturer Harbinger Motors in California; Kolors intercity bus platform in Mexico City. two-wheeler EV startup River from India. and Spanish car subscription Bipi, which was acquired by Renault’s financing arm RCI Banque in 2021.
Maniv is now entering the wider world of climate technology — at least where it overlaps with transportation. The company has used the new fund to make four investments to date, including a Chicago-based startup called Celadyne that is working to extend the life and efficiency of proton exchange membranes to make green hydrogen production economically viable.
The fund has also invested in Israeli startup Neologic, which has developed a proprietary chip design for performance and power gains in data centers and the automotive industry. an e-bike battery sharing startup called Vammo based in Brazil. and San Francisco-based Circular, which is pushing the use of post-consumer recycled plastic in manufacturing by closing pervasive information and testing gaps.
