Industrial equipment company Holt Cat on Monday announced it has established a corporate venturing unit to invest in the industrial and manufacturing sectors.
Dubbed Holt Ventures, the division will provide capital, mentorship, guidance and access to its parent company’s caterpillar equipment dealership in the US.
The firm was officially incorporated in August 2016, according to a regulatory filing, and has already backed doctor referral network Ranger Health and home improvement smartphone app developer Smart Picture in its portfolio.
Holt Ventures will hold a startup pitch competition with Caterpillar Ventures, the corporate venturing arm of manufacturing equipment producer Caterpillar, Brick & Mortar Ventures and the Cottonwood Technology Fund at the South by Southwest conference in March 2017.
The Industrial Technology Pitch Competition will feature 15 startups and offer cash prizes or strategic partnership opportunities to winning businesses. Applications for the competition are open until December 16.
Holt Ventures will be led by Charlie Strickland as managing director and Adam Bridgman as director. Strickland is also Holt Cat’s executive vice-president and chief financial officer, while Bridgman also serves as the company’s director of corporate finance.
Peter John Holt, executive vice-president and general manager of Holt Cat, said: “As we enter a new phase in industrialisation, Holt Ventures will focus on solutions that drive efficiencies across our business and the services we provide.
“Companies that have a strong vision in developing efficient, innovative solutions, from process improvement to smart technologies, are what we are looking for. There is an opportunity to connect influencers from all subsets of construction and infrastructure, and to cultivate innovative ideas specific to the industries we serve.”