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
“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
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.