France-based tyre manufacturer Michelin has turned its Michelin Ventures into a full-blown corporate venturing fund that will invest between €25m and €30m ($28.5m and $34m) per year, according to Les Echos.
The fund has already made three investments and is in the process of closing a fourth, but the corporate explained it would not disclose the identities of its portfolio companies.
Michelin has not revealed a fund size for its corporate venturing operation but explained that it could increase the amount it invests per year if opportunities present themselves.
Michelin Ventures is the result of a strategy that began with pilot experiments in 2011.
In 2015, the corporate formally established Michelin Ventures but directed it to only invest in funds such as Ecomobility Ventures – established by train company SNCF, telecoms firm Orange and oil and gas company Total – over the next several years.
Michelin Ventures backed nine funds and collaborates with some thirty funds internationally. Terry Gettys, director of innovation for Michelin, specified the group wanted to fully understand the ecosystem before committing to its own corporate venturing fund.
Michelin Ventures is led by Matthieu van der Elst as chief executive. Van der Elst has been with Michelin since 2008, steadily climbing the ranks from worldwide market intelligence manager and becoming the Michelin Ventures’ CEO three years ago.
