Embarking on a new era of innovation, US-based mobility and urban services platform inDrive has introduced New Ventures, a robust venture and M&A arm poised to inject up to $100 million into promising startups. The strategic investment criteria target post-seed and pre-Series A companies boasting a proven product-market fit, with a focus on local startups positioned for global expansion, organic growth, and solid economics.
InDrive's investment journey, spanning the next few years, commencing in 2024, is set to elevate startups from regions where the platform has a robust presence. Initially honing in on the ride-hailing sector, New Ventures will pivot towards delivery, fintech, and insurtech domains. The expansion strategy extends beyond financial backing, with the dedicated unit committed to propelling investee and acquired companies to scale swiftly across inDrive's extensive platform.
Andries Smit, a seasoned entrepreneur and investment professional, joins inDrive as the Vice President of New Ventures, spearheading the M&A arm. His wealth of experience positions him to lead the charge in identifying and fostering strategic partnerships.
Founded in 2012 by Arsen Tomsky in Russia and later relocating to the US, inDrive has been reshaping the ride-hailing landscape. The platform introduced a bid-based ride-hailing app to South Florida, enabling commuters to set their fare, a pioneering approach challenging traditional fare structures. In 2021, inDrive secured $150 million in Series C funding, propelling its expansion into intercity transportation, freight delivery, task assistance, courier delivery, and employment search.
Andries Smit, Vice President of New Ventures at inDrive, expressed excitement about the transformative potential: "By investing in emerging companies innovating to improve people’s lives, inDrive further strengthens its commitment to challenging injustice by helping successful but overlooked startups." Mark Loughran, President of inDrive, emphasized the mission of New Ventures to identify high-growth startups operating beyond traditional innovation hubs and support their positive impact on the world.