Goodyear Pledges 100 Million to Advance Future Mobility with Launch of New Venture Capital Fund
Jan 08, 2020
Goodyear Tire & Rubber Co. (Nasdaq: GT) is gearing up to put some serious money behind reshaping the future of transportation and mobility.
The Akron-based tiremaker on Tuesday, Jan. 7, announced the launch of a venture capital fund, Goodyear Ventures, with $100 million targeted for new investments in mobility initiatives over the next 10 years. Goodyear made the announcement in Las Vegas, where the company is taking part in the 2020 Consumer Electronics Show.
Goodyear Ventures "will continue and expand Goodyear's growing relationships in new mobility, with a focus on partnering and investing in startups with a shared vision of sustainable, safe and new mobility experiences that make life's connections easier every day," the company said in a news release.
Goodyear's Chairman, CEO and President Richard J. Kramer said, "Goodyear is a technology-driven mobility company that seeks out and partners with other mobility thought leaders ranging from small startups to proven business models. Goodyear Ventures will take this effort to the next level to engage and shape how people move in the future."
Goodyear Ventures will focus on eight themes shaping mobility:
- Electric and autonomous technologies
- Connected mobility solutions
- Next-generation public mobility
- Next-generation aviation mobility
- Future transportation infrastructure
- Future maintenance and operations
- Emerging technologies
- New tire materials
In addition to capital, Goodyear Ventures' portfolio companies will have the opportunity to learn and grow with Goodyear through its extensive technology and innovation resources, vast vehicle service network, and global manufacturing and product development footprint. For more information on Goodyear Ventures, go to www.goodyearventures.com.