A new logistics-focused venture capital fund has launched in Richmond and Atlanta to help solve America’s supply chain problem through innovation.
Venture 53 was co-founded in November by Richmond-based Pat Martin and Atlanta-based Dan White.
“The best help we can give to founders in this space is a faster path to profitability,” Martin said. “We want to work with companies during the years where most early companies fail.”
Amy Mack, Venture 53 spokesperson, said the fund provides strategic funds to help startups focus on resolving current inefficiencies caused by pandemic-related challenges.
Mack said Venture 53 is the only early-stage venture capital fund specializing solely in transportation and logistics-related technology companies.
“Our goal as a VC firm is to let people know Venture 53 is open for business, and we have capital to deploy beginning in (the first quarter of) 2022,” she said. “If there is anyone interested in solving America’s supply chain problems, we want to talk to them.”
Venture 53 invests in five verticals — payments and visibility, yield management, warehouse and fulfillment, shipping, and logistics.
The fund has already invested in Richmond startup HopDrive, a platform that helps automotive companies move vehicles more efficiently.
"As a logistics startup, what's so appealing about Venture 53 is the transportation experience they can provide post funding,” said HopDrive co-founder Nick Mottas. “Having access to some of the greatest transportation minds to bounce ideas off of before you build new features is integral to the success of a young company."
Venture 53’s name is a nod to the transportation industry, Mack said, as 53 feet is the typical length of most trailers on a tractor trailer.
She said the fund looks to invest in startups they know they can help propel to success.
“There is such a need for investment in this supply chain space,” Mack said. “Our goal is not to solve things in silos but work to together to create a solution across the board.”
She added, “We know the business; we want to solve problems for the business, so we try to be very aware who we’re going to bring into that fold.”