Financial troubles, including billions in debt, components manufacturer ZF Group doomed its CVC unit earlier this year.
ZF Ventures, the corporate VC arm of German automotive components manufacturer ZF Group, did shut down in March this year, GCV can confirm.
GCV understands the closure was related to financial troubles ZF Group was having at the time, when it was looking to reduce close to $12bn in corporate debt.
The company had told German media earlier this year that it would be looking to prioritise technologies that can generate returns quicker.
The unit was founded in 2016 and invested in startups focusing on mobility and industrial solutions. At the time of the shutdown, it had seven portfolio companies and four LP positions, including mobile fuelling platform CarPay-Diem, mobility software developer Apex.AI and vehicle sensor technology company CalmCar.
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
