Benzinga | Oct 19, 2021 04:16AM EDT

Tesla Bull Cathie Wood Backs UP.Partners' $230M Fund For Mobility Startups

UP.Partners said on Monday Tesla Inc (NASDAQ:TSLA) bull Cathie Wood is among a group of investors that have contributed to its $230 million early-stage fund that would focus on mobility startups.

What Happened: The Santa Monica, California-based venture capital fund also named Alaska Air Group Inc (NYSE:ALK), Woven Capital, a venture capital arm of Toyota Motor Corp (NYSE:TKM) subsidiary Woven Planet as investors.

Wood, who leads the popular money managing firm Ark Investment Management, has put in money on the venture capital fund in a personal capacity. UP.Partners did not disclose the amount of Wood's investment.

See Also: Cathie Wood Piled Up Another $994K In This Company Linked With Elon Musk's SpaceX On Friday

The fund would focus on emerging technologies and mobility solutions that are cleaner, faster, safer and come at a lower cost. These could include package delivery drones, electric vertical aircraft for urban air mobility, software for precise positioning, hydrogen-powered airliners, sustainable aviation fuel, ultra-low-cost Lidar sensors, micro-mobility scooters and e-bikes, and more, UP.Partners said in a statement.

Why It Matters: The Ark Invest CEO has been focused on emerging and disruptive technologies and some of her company's exchange-traded funds go after newly listed companies with growth potential. These companies are spread across sectors from transportation, pharma, digital payments, social media, cryptocurrency to blockchain technology.

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