The top 50: Joshua Berg, managing director, Magna Technology and Investments
Josh Berg leads Canada-headquartered automotive component producer Magna International’s corporate venturing practice as managing director of Magna Technology and Investments. In this role, he oversees venture-related activities globally on behalf of the firm.
Magna is one of the world’s largest suppliers in the automotive space with a team of 158,000 employees and an organisational structure designed to innovate like a startup. Magna supports advancing mobility in a transforming industry through its over 60 years of experience, 343 manufacturing operations and 91 product development, engineering and sales centres spanning 28 countries.
Since joining Magna in 2019, Berg has established a comprehensive venturing strategy which includes direct investments in startups, limited partner commitments in VC funds, partnerships related to advanced research and development and innovation.
He said: “We invest directly into startups and strategically focused venture capital funds. We focus on the future of a vehicle and the future of our industry. That could include new technologies or business model innovations involving vehicles, manufacturing, transportation, infrastructure or otherwise.”
Recent deals for the unit include participation in the $60m series A round for Sanctuary.ai, the general intelligence advanced robotics company based in Vancouver, CA; and, involvement in the $27m series A round for Addionics, a developer of next-generation electric vehicle batteries.
Berg joined the company from GM Ventures, the corporate venture capital arm of carmaker General Motors, where he had been a partner for three years from 2016, having held various managerial roles at its parent company and its connected vehicle service, OnStar.
He had previously been an attorney at the Zausmer law firm, where he maintained a litigation practice until 2010, after receiving his juris doctor degree from Wayne State University Law School.
