8. 2. 2022

INVEN CAPITAL has successfully sold its stake in the Israeli start-up Driivz, increasing the value of the original investment many times over in three years

ČEZ Group's investment fund Inven Capital made its first investment in Driivz, a global EV charging infrastructure software company, in 2018. Over the following three years, the Israeli start-up attracted the attention of global investment players such as Volvo Group Venture Capital and Gilbarco Veeder-Root (GVR). The Driivz e-mobility platform is currently used by more than 800,000 drivers in 24 countries. In addition to a return of several times on the initial investment, the Driivz solution has been introduced to ČEZ Group, which uses it to manage its network of charging stations in the Czech Republic.

INVEN CAPITAL entered the Tel Aviv-based Driivz in December 2018, acquiring a minority stake. Since then, the creator of the smart cloud platform that provides a wide range of services for both charging infrastructure operators and electric vehicle users has attracted an additional $15 million in investment from other investors. In the last three years, the number of Driivz users has almost tripled to more than 800,000 and their e-mobility solutions have been chosen by renowned players such as Mer (European Nordic countries, Germany and the UK), MOL Group (Central and Eastern European countries) and EVgo (USA). The entire company has now been acquired by Vontier, a global industrial technology company focused on transportation and mobility solutions.

"INVEN CAPITAL's key strategy is to identify promising start-ups with innovative technological solutions, help them grow, thereby capitalising on the initial investment, and, where possible, facilitate the transfer of their unique know-how to countries where ČEZ operates. With Driivz, our fund has exceeded all these conditions on the best possible level," said Tomáš Pleskač, member of the Board of Directors and Director of the New Energy and Distribution Division.

Not only did INVEN CAPITAL succeed in increasing the value of the initial investment in Driivz, but ČEZ Group also chose it to supply the electric vehicle charging management system for the entire ČEZ e-mobility network, which is the largest in the Czech Republic.

"We have helped build a successful company contributing to global sustainability goals by enabling the electric vehicle revolution. With this sale to a renowned strategic investor, the dream of company founder and CEO Doron Frenkel continues to grow," said Petr Mikovec, CEO of INVEN CAPITAL.

Driivz was INVEN CAPITAL's first investment in Israel, closely followed by an investment in the cybersecurity platform Cyber-X in March 2019. The ČEZ Fund has already successfully exited both companies (Cyber-X was acquired by Microsoft in 2020), but INVEN's interest in the region remains high as it is considered an inspiring breeding ground for many interesting hi-tech companies offering world-class solutions applicable in highly competitive markets.  

INVEN CAPITAL is a venture capital fund of ČEZ Group with the support of the European Investment Bank (EIB). EIB financing is provided by the European Fund for Strategic Investments (EFSI). Inven Capital's strategy is to seek investments in smaller innovative and growing smart energy companies. It focuses primarily on growth investment opportunities at a more advanced stage of development ("later stage growth") with a proven business model demonstrated by achieved revenues and long-term growth potential. Inven Capital's goal is to create long-term value by actively working with the management of the companies in which it invests and actively supporting organic or acquisitive growth strategies. Companies in the Inven Capital portfolio will have the opportunity to take advantage of ČEZ Group's extensive expertise in the energy sector, its client base and technological synergies for further development. The Fund is a full member of Invest Europe (https://www.investeurope.eu), a European private equity and venture capital association, and CVCA (http://www.cvca.cz), the Czech Association of Private Equity and Venture Capital. Since its founding in 2015, Inven Capital has invested in a total of fifteen companies, three of which have already had successful exits. For more information, visit Inven Capital.

Driivz is a leading global supplier of software for electric vehicle operators and e-mobility service providers, accelerating the dynamic and continuous transformation of the industry. The company's intelligent cloud-based platform includes EV charging, energy management, advanced billing options and self-service tools for drivers. Based in Tel Aviv, Israel, the Driivz team serves customers in more than 20 countries. The Driivz platform manages tens of thousands of EV chargers in North America, Europe and Asia Pacific (APAC), which are used by nearly one million EV drivers. For more information visit http://www.driivz.com.