US-based mobility-focused venture capital firm Fontinalis Partners has closed its third fund, Fontinalis III, at $104m with commitments from limited partners including car manufacturer Ford.
Over 30 limited partners made commitments into Fontinalis III, including corporate investors in the automotive and insurance industries, as well as institutional investors, family offices and individuals.
The vehicle will focus on seed to series B rounds, targeting mobility specialists and enabling technologies that it deems as having an outsized impact on mobility. It has reportedly already made five series A investments and participated in six seed rounds.
It took part in a $253m equity raise for Highland Electric Transportation, a provider of electric vehicle solutions for school districts and fleets, in February 2021 alongside Vision Ridge Partners and existing investors.
Chris Cheever, founder and partner at Fontinalis Partners, said: “From the very beginning, we built Fontinalis Partners around a mobility thesis that we defined quite broadly – we did this intentionally because identifying emerging themes before they become mainstream requires flexibility.
“What strikes us as we now move into Fontinalis III is that new frontiers in technologies and business models are continuing to stretch the reach of the mobility theme. We are more excited about the next several years of investing than at any point in our firm’s history.”
The third fund puts the firm’s total committed capital at around $270m, with a portfolio of approximately 40 investments. Through the two predecessor funds, it has invested in companies such as ride-hailing app Lyft, delivery service Postmates and lidar technology specialist Ouster.
