Logistics giant Ryder System Inc. (NYSE:R) is ramping up its stake in new supply chain and transportation tech with a venture fund focused on startups in those industries.
RyderVentures is targeting $50 million in investments over the next five years, according to a press statement.
The fund is driven by accelerating demand for e-commerce fulfillment, asset sharing, next-generation vehicles, automation and data analytics, among other factors.
Ryder itself has made forays into the startup space, having launched COOP by Ryder — a platform that connects fleet managers with idle vehicles to businesses that are looking to rent vehicles.
Ryder also has partnered with several technology startups to develop RyderShare, a real-time visibility and collaboration platform for supply chain, and has worked with other new players leading the charge in electric and autonomous vehicles, charging infrastructure, and smart warehousing.
“Ryder has a strong history in leveraging emerging technologies that help make our business and, ultimately, our customers’ businesses better and more competitive,” said Karen Jones, chief marketing officer and executive vice president of new product innovation at Ryder, said in a press statement.
“With RyderVentures, Jones added, the goal is to identify earlier in the process those new technologies that address our customers’ pain points and work alongside the startups developing them to speed the solutions to market,” Jones said.