Trucks VC Launches $70M Fund for Transportation Startups

Trucks Venture Capital Launches $70 Million Fund

Reilly Brennan, a co-founder of Trucks Venture Capital, has dedicated over ten years to identifying and investing in entrepreneurs shaping the future of transportation. This includes ventures focused on autonomous vehicle technology, electric vertical takeoff and landing (eVTOL) aircraft, maintenance solutions for EV chargers, and mobility data platforms.

New Funding and Strategic Partnerships

Brennan, alongside partners Jeffrey Schox, Kathryn Schox, and Puneeth Meruva, is now actively seeking the next generation of early-stage startups. They are equipped with a newly established $70 million fund to facilitate their growth. While the investors remain unnamed, Brennan revealed the presence of seven strategic limited partners.

Fund Composition and Investment Focus

These partners represent key industry players, encompassing an automotive supplier, a tire manufacturer, an insurance provider, and an airline carrier. This marks the San Francisco-based firm’s third fund, and represents its largest capital base to date.

Investment Strategy and Allocation

Trucks VC intends to allocate the fund across approximately 30 seed-stage investments. The firm plans to provide funding ranging from $500,000 to $2 million during the seed and pre-seed phases. Typically, Trucks aims to secure around 10% equity in the companies they support.

Portfolio Companies

The new fund has already seen investments in several promising startups. These include Treehouse, a provider of charger installation services; JetZero, a developer of zero-emission jet aircraft; Auriga Space, a firm specializing in kinetic launch technology; and Carvis, which has created an AI-powered diagnostic tool for automotive mechanics.

Evolution of Investment Philosophy

While the firm’s core investment strategy has matured since its inception in 2014, it remains fundamentally consistent. Trucks has consistently avoided targeting specific sectors or attempting to fill predefined niches.

Prioritizing Exceptional Founders

“Our primary approach is to cultivate a reputation for excellence, ensuring that top-tier founders proactively seek us out for discussions, rather than actively searching for companies within specific areas like hydrogen or EV charging,” Brennan explained.

Shift in Focus to Founder-Led Innovation

A significant strategic adjustment occurred roughly six years ago. Trucks transitioned from originating ideas and then seeking founders to prioritizing exceptional founders and allowing them to guide the innovation process.

Avoiding Confirmation Bias

“Previously, when we developed an idea and then sought a founder, we often made suboptimal decisions, essentially seeking validation for our preconceived notions,” Brennan stated. “We realized that by reviewing approximately 100 to 150 companies monthly, we could benefit from waiting for exceptional founders to introduce us to novel concepts we hadn’t previously considered.”

Expanding into New Sectors

This shift in approach has provided the flexibility to explore emerging fields such as aviation and aerospace, areas that were not initially central to the firm’s mission in 2015.

Successful Exits and Notable Investments

Trucks’ past investments include Bear Flag Robotics, which was acquired by John Deere, and Zendrive, which was purchased by Intuit last year. The firm also holds investments in Joby Aviation, the autonomous trucking company Gatik, and Skyryse, an automated flight control startup.