inDrive, a global mobility and urban services platform, unveils its latest initiative by introducing a new venture and M&A (mergers and acquisitions) arm, set to invest up to $100 million in promising startups. Joining this innovative venture, Andrés Smit, a seasoned entrepreneur and investment professional, takes the role of Vice President of New Ventures at inDrive.
The New Ventures arm of inDrive plans to target investments that foster rapid growth and positively impact communities. Their investment criteria encompass:
Mission-driven Startups: Focused on challenging injustice and enhancing lives on an individual and community level.
Local Startups with Global Potential: Targeting regional startups with the capacity for worldwide expansion.
Post-seed/pre-Series A Companies: Having demonstrated product-market fit and displaying potential for accelerated growth.
Andries Smit expressed enthusiasm about inDrive’s trajectory, praising its remarkable global growth while upholding a commitment to challenging injustice. He emphasized inDrive’s unique position to invest in emerging companies and support their growth, particularly in markets with limited access to capital.
The company’s New Ventures unit aims to assist invested and acquired firms in scaling across inDrive’s platform. Leveraging inDrive’s vast customer base spanning 45+ markets, these companies will access the company’s market insights, technological resources, and go-to-market strategies.
Andries Smit brings a wealth of experience, having held pivotal roles in both startup and corporate sectors, driving business transformations and leading acquisitions and integrations at prominent entities like Morgan Stanley and Aviva. His tenure at Stryker, a strategic growth partner and corporate venture builder, underscores his capacity to nurture innovative startups.
Mark Loughran, President of inDrive, expressed confidence in the New Ventures mission. He highlighted the goal of identifying high-growth startups beyond conventional innovation hubs and amplifying their positive impact. Loughran underscored Smit’s unique expertise, ensuring New Ventures surpasses its investment objectives.
