California-based VC investor Trucks Venture Capital (Trucks VC) announced the launch of Trucks Venture Fund 3 (TVF3), its third flagship fund focused on startups aligned with its mission to make transportation decarbonized, safer, and more accessible.

The firm said that it has closed on $70 million in commitments for the new fund, making it Trucks VC’s largest to date. LP investors in the fund include a broad range of transportation-focused companies including vehicle manufacturers, Tier 1 suppliers, tire manufacturers, insurance providers, rental car agencies and airline carriers.

Founded in 2015, Trucks VC aims to fund transportation-focused startups. Investments made by the firm to date include battery software technology provider Zitara, and sustainable aircraft developer JetZero, in addition to a wide range of investments in areas including electric transport, EV charging solutions, autonomous vehicle tech, route optimization solutions, and mobility data, among others.

According to Trucks VC, the new fund aims to make about 30 initial seed investments. The firm typically invests between $500,000 and $2 million at the seed and pre-seed stage, taking roughly 10% ownership stakes.

In a post announcing the launch of the new fund, Trucks VC said:

“Since our launch roughly a decade ago, our investment thesis has been simple: we fund the entrepreneurs building the future of transportation. Over the years we have honed this such that our investments make transportation safer, cleaner and more accessible.”