Exclusive: GE selling more tech startup investments to 40 North
General Electric on Thursday will announce an agreement to sell investments in eleven startups to 40 North Ventures, an affiliate of Standard Industries.
Why it matters: GE was once among the most active corporate investors in startups, but now is in exit mode.
- The companies are Aras, Carbon, Catalant, Desktop Metal, Enbala, Menlo Micro, Nexar, Proterra, Tamr, Upskill and Volta.
- 40 North is an early-to-growth stage firm, rather than a secondaries investor, but felt this particular portfolio was in its industrial tech-focused wheelhouse.
The bottom line: GE began prepping in early 2019 what it had hoped would be a sale of its entire GE Ventures portfolio , then with a net asset value of around $500 million. That effort failed, thus leading to mini-auctions like this one — and an earlier deal for 16 health care investments.