Shift4Good, an impact fund that is based in Singapore and Paris, has announced that is raised $4.35 million from GSX-listed transportation firm ComfortDelGro Corporation.
In a statement, the company said that ComfortDelGro is the first strategic LP from Southeast Asia that invested on Shift4Good, which hit a first close of about $98 million for its debut fund in October 2022.
The other participating LPs include European Investment Fund (EIF), Renault Group, French souvenir fund Bpifrance, MOTUL, among others.
In all, Shift4Good hopes to raise 300 million Euros for this venture fund as the company eyes to deploy into early-stage startups that are decarbonising the transportation industry in Europe and Southeast Asia.
Shift4Good has so far deployed in two European startups – Eyelights and ComPredict – since November.
“We are excited to be part of Shift4Good, which we believe, will accelerate the drive for sustainable mobility through its strong ecosystem. We look forward to gaining access to promising startups with ground-breaking 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.
ConfortDelGro’s investment in Shift4Good was made through its $100 million venture capital fund, which closed in 2018.
The announcement on ComfortDelGro recent investment came two weeks after the company also invested $4 million in Israel’s Ottopia, a company with teleoperation software capabilities.
The other past investments that were made by ComfortDelGro include Singapore’s SWAT Mobility and logistics startup Haulio.
Sebastien Guillaud, Shift4Good’s co-founder and managing partner, said that Shift4Good’s unique operating model leverages its base of strategic LPs to accelerate technology roadmaps execution, business model validations, international expansions,and strategic partnership build-ups.
The company’s partnership with ComfortDelGro strongly anchors Shift4Good in Southeast Asia, which is an attractive region when it comes to the deployment of innovative mobility solutions with its 650 million people, rapid urbanisation, low car ownership, and growing middle class.
With a total fleet size of about 34, 000 buses, taxis, and rental vehicles, ComfortDelGro now considers itself as one of the world’s largest land transport companies.
The company also operates 177 kilometers of light and heavy rail networks in Singapore and New Zealand while its global footprint spans seven markets in Singapore, Australia, the united Kingdon, New Zealand, China, Ireland and Malaysia.