In an exciting development, global mobility and urban services platform, inDrive, unveils the establishment of a new venture and M&A arm, with plans to allocate substantial investments of up to $100 million into promising startups. Accompanying this announcement is the appointment of seasoned entrepreneur and investment professional, Andries Smit, as the Vice President of New Ventures at inDrive.
The focus of New Ventures’ investments is set on achieving rapid growth and fostering positive community impact. The investment criteria include a commitment to missions that challenge injustice, particularly those enhancing the lives of individuals and communities. The arm will concentrate on supporting local market startups with the potential for global expansion, post-seed/pre-Series A companies demonstrating proven product-market fit, entities experiencing rapid organic growth, and those exhibiting healthy economics and cash flow.
Andries Smit, newly appointed Vice President of New Ventures at inDrive, expresses his enthusiasm for the company’s transformative mission. He highlights inDrive’s unique position as a global player with a commitment to challenging injustice. Smit is eager to apply his own experience in venture building and investing to support emerging companies striving to make a positive impact on the world.
The New Ventures unit at inDrive is dedicated to facilitating the rapid scaling of investee and acquired companies across inDrive’s extensive platform. Leveraging inDrive’s global multi-million customer base across 45+ markets, along with access to the company’s go-to-market expertise and technology, these companies are poised to gain a competitive advantage.
Andries Smit brings a wealth of experience, having held strategic roles in both startup and corporate environments. His track record includes leading business transformations, acquisitions, and integrations at major corporations such as Morgan Stanley and Aviva. Additionally, Smit has contributed to venture building as a partner at Stryber, a leading strategic growth partner and independent corporate venture builder in Europe, the Middle East, and the Asia-Pacific.
Mark Loughran, President of inDrive, expresses confidence in the mission of New Ventures. He emphasizes the unit’s dedication to discovering overlooked, high-growth startups operating beyond traditional innovation hub regions and supporting their development for increased positive impact. Loughran believes that Andries Smit’s unique blend of corporate and venture building experience positions him perfectly to lead New Ventures, ensuring the company surpasses its investment goals.