Hankook Tire & Technology has become a KRW 3 billion (£1.9 million) pre-Series A investor in South Korean used car e-commerce platform ‘Carmerce’. The tyre maker and start-up signed an investment contract at Hankook & Company’s headquarters on 28 February.
Continental has acquired a minority stake in Israel-based start-up Feelit Technologies Ltd. The investment took place as part of a round of Series A Funding valued at US$7 million, however, the exact amount of Continental’s holding hasn’t been disclosed. Continental anticipates that this new relationship with Feelit will benefit several business areas.
The Blue Ocean Awards, inspired by the Blue Ocean Strategy – the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand – took place yesterday. Michelin is the event’s major sponsor as well as sponsor for an awards category. Michelin presented its International Mobility Award to Tarmac Technologies and SUN Mobility, two start-ups that are contributing to the development of mobility.
Nexen Tire has established Next Century Ventures (NCV), a Silicon Valley-based initiative aimed at backing budding mobility start-ups. Jin Mann Lee, chief strategy officer at Nexen Tire, will double as the managing partner at Next Century Ventures.
Continental is further expanding its non-tyre activities through the acquisition of a minority stake in German-US start-up Recogni. The investment took place as part of the US$48.9 million Series B financing round announced by Recogni on 17 February. Both companies have agreed not to disclose the amount of the holding.
For its second edition, the Movin’On sustainability mobility summit will include a global Startup Challenge. Finalists in the Startup Challenge – up to 50 startups in total – will showcase their technologies between 30 May and 1 June, demonstrating how they can impact the future of sustainable mobility.
Innovation platform Plug and Play, the world’s largest start-up accelerator, has presented Hella with its Corporate Innovation Award 2017 in the Mobility category. The award recognises the automotive supplier’s commitment. Plug and Play aims to promote exchange among established industrial companies, investors and mentors, as well as agile start-up companies. Hella’s focus areas include questions regarding digitalisation, autonomous driving and electric mobility.
Dealer Tire, a US replacement tyres and parts distributor for automotive dealerships, has announced it is the leading investor in financing Duke University startup Tyrata, a tyre sensor and data management company.
Michelin has invested in the motorhome rental start-up Campanda, which was founded in Germany in 2013 and offers campervan hire to British holidaymakers through the campanda.co.uk portal. Through its Michelin Travel Partner subsidiary, the tyre maker is the primary investor in a second round of funding that also saw existing Campanda investors increase their financial involvement.
Michelin is working with Indian Angel Network (IAN), a New Delhi-based organisation that brings together entrepreneurs and start-up/early stage ventures, in a joint initiative to assist entrepreneurs in creating innovative mobility solutions for a more efficient delivery of produce from farm to market. The initiative, named Farm to Market Logistics (F2ML), is an incubator managed by IAN and supported by Michelin. It seeks ideas that will reduce waste in the food supply chain through new practices, behaviours and solutions.
Organiser of the international ‘Reifen’ tyre show, Messe Essen GmbH, reports the area rented out for next year’s show is 20 per cent larger than last time round. Reifen 2012 will be held between June 5 and 8, 2012 (not in July, as reported elsewhere) in Essen, Germany, and the organiser states that next year’s show will place a greater focus upon ecological and tyre disposal issues. The German government will also subsidise the exhibition costs of start-up German firms wishing to present their credentials at the show; Messe Essen states that eligible companies can take advantage of specially designated ‘community booths’ at an up to 80 per cent reduced rate. Companies wishing to exhibit at Reifen 2012 have until October 1, 2011 to register.
Italian tyre wholesaler operation CDP Group Spa has grown from a start-up to being a top 10 tyre wholesaler in the country in less than three years. Founded at the beginning of 2008 the company reports that it took just two and a half years to get into sixth place in the Italian tyre wholesale rankings and – with full year 2009 turnover totalling 28 million euros – there is every sign that the growth will continue.
When negotiating the busy roads of an unfamiliar city, an authoritative and trustworthy voice is needed to help guide you to your chosen destination. Well thank goodness then that TomTom has released the voice of SpongeBob SquarePants for use in its devices. The ocean’s wittiest Porifera and his chums will soothe jangled rush hour nerves with their ongoing commentary, delivering such comments as, “hey, I don’t have a license to drive. So is it illegal when I drive Mr.Krabscrazy?” and “Exit ahead. Hey, we’re cruisin’ in a car! I’ve only cruised in a boat before!”
According to The Cumberland News, workers at Pirelli’s Carlisle plant will find out on January 9 whether they are able to return to work following the equipment failure that has delayed operations following the factory’s planned Christmas shutdown period. Although workers were scheduled to return on January 8, plant management informed them that the factory had not yet returned to a fully operational state.
“’During the start-up process after the shutdown period, leaks in the high pressure steam system were detected,” Pirelli said in a statement. “These require immediate repair, therefore there will be a delay in the timing of the start-up of the Carlisle factory planned for January 8.”
A £1 million funding carrot has failed to lure start-up businesses to North Staffordshire. Stoke-on-Trent based Michelin, backing the project through its Michelin Development initiative, has expressed disappointment at the indifferent response.
Since launching the North Staffordshire business challenge in mid-July only a handful of enquiries have trickled into the tyre major’s Stoke offices, and no new loan approvals have been granted. Michelin threw down the funding gauntlet after figures revealed the Staffordshire region was one of the country’s worst performing areas for new business development and start-ups, with no loans approved or jobs created through the scheme at all during 2008.
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