UP.Partners Raises $230M Transportation Venture Fund

A new, Santa Monica-based venture fund, UP.Partners, said on Monday afternoon that it has raised a $230M, early stage venture capital fund focused on transportation and logistics. According to the fund, it is backed by Alaska Air Group, ARK Invest Founder and CEO Cathie Wood, Toyota subsidiary Woven Capital, Hillwood, a Perot Company; and ship management company OSM Maritime. UP.Partners is led by Managing Directors Adam Grosser, Cyrus Sigari and Ben Marcus. UP.Partners said the areas it is looking at include package delivery drones, electric vertical aircraft for urban air mobility, software for precise positioning, hydrogen powered airliners, sustainable aviation fuel, ultra low cost LIDAR sensors, micro-mobility scooters and e-bikes, advanced manufacturing techniques, electricity grid enhancement for recharging, along with other areas.