Essential Products Raises $300M
NEW YORK -- Access Technology Ventures, the venture capital and growth technology investment arm of privately held industrial group Access Industries, today announced its leading $100 million investment in the $300 million funding of Essential Products Inc., the smartphone maker founded by Andy Rubin, the creator of Android. Access will also join the company’s board of directors. Other investors in the round included Redpoint Ventures, Tencent Holdings Ltd., Altimeter Capital, Vy Capital and Amazon Inc.’s Alexa Fund.
“We are thrilled to work with Andy, one of the preeminent mobile entrepreneurs in the world. His experience, industry knowledge and proven ability to innovate, will help Essential as it develops a complete hardware-software ecosystem that puts users first,” said Pueo Keffer, Managing Director, Access Technology Ventures. “There is consistent demand in the mobile industry for new and enhanced technology which Essential is uniquely positioned to attract.” The investment is consistent with Access’s mandate to invest in and help build foundational companies that touch millions of customers across the consumer and enterprise technology ecosystems.
“Along with its focus on founder-led companies, Access Technology Ventures’ global reach and long-term perspective match the scale and breadth of Essential’s ambition,” said Essential CEO Andy Rubin.
Today’s investment brings Essential’s total capital raised to $330 million.
Access’s portfolio includes leading technology companies including Amazon, Alibaba, Facebook, Snapchat, Spotify, Square, Rocket Internet, Zalando, Digital Ocean, Opendoor, and Yelp.