Venture capital firm 40 North Ventures has acquired stakes in 11 portfolio companies from GE Ventures, the now-idle corporate venturing arm of US-based industrial and power technology provider General Electric.
GE Ventures has been seeking a buyer for all of its holdings since it shelved a proposal to spin off the business in June 2019, in essence signalling the end for this iteration of its corporate venturing strategy.
The unit has embarked on a sale of more than 100 investments, and investment partnership Leerink Revelation Partners secured up to 16 of its healthcare-sector investments in a deal struck with GE Ventures in November.
The portfolio sold to 40 North includes electric bus manufacturer Proterra, product development software provider Aras, vehicle charging point operator Volta Charging and additive manufacturing technology producers Carbon and Desktop Metal.
40 North also picked up virtual power plant developer Enbala Power Networks, consulting services marketplace Catalant Technologies, augmented reality software developer Upskill, electronic switch producer Menlo Micro, connected vehicle technology provider Nexar and data unification software developer Tamr.