Singapore- and Paris-based impact fund Shift4Good has raised 4 million euros ($4.35 million) from the SGX-listed transportation firm ComfortDelGro Corporation, according to a statement.
This makes ComfortDelGro the first strategic LP from Southeast Asia for Shift4Good, which hit a first close of 100 million euros (about $98 million) for its debut fund in October. Other participating LPs include the European Investment Fund (EIF), Renault Group, French sovereign fund Bpifrance, MOTUL, and others.
Shift4Good intends to raise €300 million for this venture fund, with an eye to deploy into early-stage startups that are decarbonising the transportation industry in Europe and Southeast Asia. It has deployed in two European startups since November — Eyelights and ComPredict.
ComfortDelGro’s investment in Shift4Good was made via its $100 million venture capital fund, which closed back in 2018.
This announcement also comes two weeks after ComfortDelGro invested $4 million in Ottopia, an Israeli company with teleoperation software capabilities.
Past investments made by ComfortDelGro include Singapore’s SWAT Mobility and logistics startup Haulio.
“We are excited to be a part of Shift4Good which, we believe, will accelerate the drive for sustainable mobility through its strong ecosystem. We look forward to gaining access to promising startups with ground-breaking solutions for the future of mobility through this very innovative investment fund. This is yet another important step in our future-proofing plans,” said Cheng Siak Kian, ComfortDelGro’s managing director and group CEO.
“Shift4Good’s unique operating model leverages its base of strategic LPs to accelerate technology roadmaps execution, business model validations, international expansions, and strategic partnerships build-ups. This partnership with ComfortDelGro strongly anchors Shift4Good in Southeast Asia, an attractive region when it comes to the deployment of innovative mobility solutions with its 650 million people, rapid urbanisation, low car ownership, and growing middle class,” said Shift4Good’s co-founder and managing partner Sebastien Guillaud.
ComfortDelGro calls itself one of the world’s largest land transport companies with a total fleet size of about 34,000 buses, taxis, and rental vehicles. It also operates 177 km of light and heavy rail networks in Singapore and New Zealand.
Its global footprint spans seven markets — Singapore, Australia, the United Kingdom, New Zealand, China, Ireland, and Malaysia.