Business Wire: Press Release, August 9, 2017
Access Technology Ventures Leads $300 Million Investment Round for Essential Products Inc.
Access Technology Ventures makes $100 million investment in Andy Rubin’s Essential Products Inc.
Access Technology Ventures to join Essential’s board of directors
NEW YORK–(BUSINESS WIRE)–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.
About Access Technology Ventures
Access Technology Ventures is the venture capital and growth technology investment arm of Access Industries, a privately held, US-based industrial group with global strategic investments. Its portfolio includes leading technology companies such as Alibaba, Facebook, Snapchat, Spotify, Square, Rocket Internet, Zalando, Digital Ocean, Opendoor, and Yelp. www.accesstechnologyventures.com.
About Access Industries
Access Industries is a privately held, U.S.-based industrial group with global strategic investments. Founded in 1986 by Len Blavatnik, an American entrepreneur and philanthropist, Access invests to maximize long-term value by developing regional and global leaders. Its industrial focus spans four key sectors: natural resources and chemicals; media and telecommunications; real estate and hospitality; and venture capital. www.accessindustries.com.
About Essential Products
Essential Products is a new type of company focused on creating consumer technology products for the 21st century. Founded by Andy Rubin, co-founder of Android, the world’s most widely used operating system, Essential Products is headquartered in Palo Alto, California. For more information, please visit www.essential.com.