US-based hardware product maker Stanley Black & Decker (SBD) promoted investment manager Michael Mahan to managing director of its corporate venture capital unit, Stanley Ventures, last week.
Selected as one of GCV’s 2018 Rising Stars, Mahan was the first member to join the unit upon its launch in 2016. In his role as investment manager, he was involved in deals for robotic companion developer Pillo Health and oil and gas refinery system provider Arix Technologies.
The move follows a $15m series A round for electric vehicle charging technology developer FreeWire Technologies featuring Stanley Ventures in December 2018. The unit had previously invested in the company in September 2017 with Mahan taking a board seat in the process.
Stanley Ventures typically invests from seed to series B stage in startups with a focus that is compatible with SBD in areas such as oil and gas and hydraulics technology.
Mahan told Global Corporate Venturing: “I am excited to enter this new role at a point where Stanley Ventures has so much momentum.
“We have closed 19 deals in the last 24 months, which is incredible for a corporate VC that launched only three years ago. Now we are being presented with new challenges and opportunities surrounding portfolio management such as follow-ons, exits and mergers as well as product launches alongside Stanley innovation teams.
“I am really looking forward to helping our portfolio companies with all of the resources Stanley Black & Decker has to offer.”
Mahan had previously spent more than two years at consulting firm White Light Consulting as director of program management and delivery.
Photo of Michael Mahan courtesy of LinkedIn.
