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Porsche to invest ‘tens of millions’ in Israeli auto technology Startups

German automaker Porsche announced it will invest tens of millions of euros in Israeli smart car startups via Magma and Grove venture capital funds.

 

The German automaker Porsche, owned by Volkswagen, will invest tens of millions of euros in Israeli automotive technologies start-ups through the Magma and Grove Venture capital fund.

Lutz Meschke, deputy chairman and CEO of Porsche and a member of the executive board for finance and IT explained: “Israel is a top market for IT experts and engineers. Per capita, there are more start-ups there than in any other country in the world. This talent and technological know-how coupled with the significant expertise offered by our employees creates the ideal breeding ground for future business models.”
Porsche announced on Thursday that it will open an office in Tel Aviv, to guarantee its representative access to the latest innovative technology trends for integration into the company’s projects.

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Meschke emphasized that close collaboration with Israeli experts was necessary to assess new technologies and build relationships with local players quickly. Porsche adopted a similar model to Daimler’s headquarters in Israel and is following automakers trend to heavily investing in Israel’s emerging self-driving car market. Like Ford, Intel, BMW and Volkswagen itself which Invests $300 Million in Israeli Uber Rival Gett

In the past two years, the company increased its investments in next-gen automotive and had set up some major projects to promote digital transformation, including Porsche Digital GmbH, which was founded in June 2016.

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