ComfortDelGro pumps $4.3m into mobility-focused impact fund

Singapore taxi major ComfortDelGro has poured 4 million euros (about US$4.3 million) into Shift4Good, becoming the impact fund’s first strategic investor in Southeast Asia.

The transport firm said it will look at the startups targeted by Shift4Good and make investments either on its own or through the fund.

(From left) Shift4Good’s Yann Marteil, Matthieu De Chanville, Sebastien Guillaud, and Thierry De Panafieu / Photo credit: Shift4Good

“We look forward to gaining access to promising startups with groundbreaking 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, in a statement.

Dedicated to sustainable mobility, Shift4Good mainly sets its sights on companies that can help reduce carbon footprint. In October 2022, it announced the first close of its Fund I at US$98.2 million.

The Paris- and Singapore-based fund aims to raise up to US$326 million at the final close.

Shift4Good mostly backs startups in the series A and B stages – roughly US$530,000 to US$21.7 million per startup – but is open to setting aside 10% of its funds for pre-series A investments.

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Matthieu de Chanville, Sebastien Guillaud, Yann Marteil, and Thierry de Panafieu established the fund in 2021. Other investors include the European Investment Fund and carmaker Renault Group.

Currency converted from euro to US dollar: US$1 = 0.92 euros.