FM Capital is looking to serve its expanding number of automotive-related portfolio companies better as well as prepare for its fourth fund.
So, on Monday, the firm added a new venture partner — Joe Hinrichs — who most recently was president of Ford’s global automotive business.
According to a news release, Hinrichs will assist with overall strategy, deal sourcing and business development support for FM Capital portfolio companies, including connections and introductions to potential customers, investors and potential acquirers.
Hinrichs has spent more than 30 years in the auto industry, primarily with General Motors and Ford.
As president of Ford, he led the company’s $160 billion global automotive operations, after having previously served as president of Global Operations, president of the Americas and president of Asia Pacific and Africa. Along the way he held executive roles in global manufacturing and materials planning and logistics.
At GM, Hinrichs held leadership roles in production and plant management for GM Powertrain.
Hinrichs currently serves as a board member at Exide Technologies, GPR (formerly WaveSense) and Ascend Wellness Holdings. He’s also an advisor to Luminar Technologies. He previously served on the boards of Ford Motor Credit and Rivian.
Hinrichs joins Ron Frey as venture partner.
Frey has more than 35 years of experience in the automotive industry, including:
— CEO of Autoland
— Partner and chief operating officer at TrueCar
— Chief strategy officer at AutoNation
— Chief strategy officer roles at both CU Direct and CDK Global.
Frey currently serves on the board of directors of CarSaver, Dealer Tire, TradePending, RevolutionParts, Dealer Services Network and CDK Global.
“The combination of Joe and Ron strengthens our proven formula that leverages both the operating experience of our team and the network of our venture partners and strategic investors to identify opportunities and enable transformative innovation in transportation,” FM Capital managing partner Mark Norman said.
FM Capital’s investment focus is primarily on early to mid-stage companies across a range of transportation technologies, including auto commerce, autonomy and sensors, connectivity, electrification and shared mobility.
The firm identifies trends and partners with teams who are both reinventing the movement of people and goods as well as redefining how transportation services are delivered and consumed.
FM Capital typically invests between $5 million and 10 million in companies with transformative solutions in transportation at the series A stage and/or the first institutional round.
Source : AutoFinanceNews