The global mobility and urban services platform inDrive has announced the opening of a new venture and M&A division with the intention of funding promising entrepreneurs with up to $100 million.
Andries Smit, a seasoned investor and entrepreneur who joins the inDrive team as Vice President of New Ventures, will oversee the new endeavors.
“Once an underdog and now a global company, inDrive is definitely an investor to watch – the team has achieved rapid global growth while remaining committed to its mission of challenging injustice,” Vice President of New Ventures at inDrive, Andries Smit, was quoted as saying in response to the development.
Smit clarified that putting money into up-and-coming businesses like inDrive will significantly enhance people’s quality of life.
He declared that by supporting prosperous but underappreciated entrepreneurs, this audacious move would serve to further solidify its resolve to combat unfairness.
“The company is uniquely positioned to do this, leveraging its presence and fast growth in these emerging markets that have much weaker access to capital markets than developed countries,”.
“I’m thrilled to apply my own venture building and investing experience to help inDrive transform the lives of innovative founders hungry to scale up their successful businesses that contribute to a better world,” he added.
The goal of InDrive’s New Ventures division is to assist acquired and investee businesses in swiftly expanding across the InDrive network. By utilizing inDrive’s global multi-million client base spanning over 45 regions and its go-to-market expertise and technology, these organizations stand to gain a competitive advantage.
The goal of New Ventures, according to President of inDrive Mark Loughran, is to identify high-growth, underappreciated firms that may be operating outside of established innovation center regions and provide them with development support to maximize their beneficial effect.