In the rapidly evolving electric vehicle (EV) industry, Slate Auto has emerged as a notable player, raising $700 million to date. The company’s journey began with a significant Series A funding round exceeding $100 million in 2023, attracting high-profile investors such as Jeff Bezos. Among the 16 investors involved, Los Angeles-based venture capital firm Slauson & Co. stands out for its early and public support of Slate Auto’s mission.
Slauson & Co.: Bridging Gaps in Venture Capital
Founded in 2020 by longtime friends Ajay Relan and Austin Clements, Slauson & Co. aims to bridge the gap between underrepresented communities and the innovation economy. Both founders grew up near Slauson Avenue in South Central Los Angeles, an area not traditionally associated with tech and venture capital innovation. Relan emphasizes the region’s rich cultural capital, which often gets repackaged and distributed to more developed areas. The firm’s mission is to fund and empower individuals whose perspectives have historically been underrepresented in the tech industry.
The Decision to Invest in Slate Auto
Despite the challenges faced by many EV startups and the political headwinds against green energy initiatives, Slauson & Co. saw potential in Slate Auto’s vision. The startup’s commitment to producing affordable, reliable, and customizable vehicles manufactured domestically resonated with the firm’s values. Relan and Clements were introduced to Slate Auto by Jeff Wilkie, former CEO of Amazon’s consumer division and co-founder of Re:Build Manufacturing, the incubator from which Slate Auto emerged. Wilkie’s introduction in 2023 provided Slauson & Co. with insight into the project’s potential.
Slate Auto’s Experienced Leadership
At the time of Slauson & Co.’s investment, Slate Auto was a small team with extensive automotive industry experience. CEO Chris Barman brought over 20 years of experience from Chrysler, where she managed vehicle line programs and led Android Automotive integration. Chairman Rodney Copes and CFO Ryan Green had backgrounds with Harley-Davidson and Rivian, respectively. Clements highlighted Barman’s vision and reputation, noting her focus on delivering results without unnecessary hype.
Aligning with Market Needs
Slauson & Co. recognized a market gap for affordable vehicles, particularly for younger consumers. The firm believed that Slate Auto’s approach to offering customizable, budget-friendly EVs addressed this need. The startup’s strategy of providing a base model with options for personalization and upgrades over time appealed to consumers seeking affordable entry points into the EV market.
Early Validation and Future Prospects
Slate Auto’s approach received early validation when the company surpassed 100,000 refundable reservations within two weeks of unveiling its electric pickup truck. This strong consumer interest, combined with substantial financial backing from investors like Jeff Bezos and Los Angeles Dodgers owner Mark Walter, bolstered confidence in the startup’s potential. With approximately $700 million raised and a Series C funding round underway, Slate Auto is well-positioned to make a significant impact in the EV industry.
Conclusion
Slauson & Co.’s investment in Slate Auto reflects a strategic alignment of values and market opportunity. By supporting a startup focused on affordable, customizable, and domestically manufactured EVs, the venture firm underscores its commitment to fostering innovation that resonates with a broad consumer base. As Slate Auto progresses toward its goal of delivering accessible electric vehicles, the partnership with Slauson & Co. exemplifies the potential for venture capital to drive meaningful change in the automotive industry.
