DETROIT -- Tom LaSorda, the former CEO of Chrysler Corp. and Fisker Automotive Inc. , has started a new limited partnership private venture capital fund for startup companies in health care, clean energy, transportation, information technology, software and applications.
LaSorda, 58, who has named the fund IncWell LP, has partnered with several other top executives who are investors and board members, including auto dealer and racing magnate Roger Penske.
"We have passion and want to have a lot of fun in doing this," LaSorda said today about himself and his partners. "We are different than everybody else. We are not venture capital specialists. We have a great business team and are tying to help companies out."
Penske is CEO of Penske Corp. and auto retailer Penske Automotive Group Inc. in suburban Detroit. His racing team, Team Penske, has won the storied Indianapolis 500 race 15 times.
Angel investor
IncWell will invest between $50,000 to $250,000 in startup companies based in the U.S. and Canada, LaSorda said.
"We are getting applications already," he said, noting the company already heard its first proposal Tuesday. "It is amazing how people hear and submit applications."
LaSorda declined to state the amount of capital in the fund.
"We will have enough to invest in dozens of companies," he said. "We will start with this fund and enter into a bigger fund next time. We are not trying to compete with anybody. We just think we are a better choice."
"We're a startup, a seed, an angel-kind of investing," LaSorda also told Bloomberg today. "We're not into the stage two or stage three levels where companies are coming in needing $1 million, $2 million to help launch a technology."
LaSorda also is general partner to IncWell LLC, a consulting company he runs that provides support services to startup companies.
Chrysler and Fisker
LaSorda, who was also a key manufacturing executive at General Motors Co., left Chrysler in 2009 just after the automaker filed for bankruptcy. He later started a venture capital fund called Stage 2 Innovations with Manoj Bhargava, the founder of the 5-Hour Energy drink.
LaSorda joined Fisker in February 2012 and personally invested in the "green" car company. He was tasked with trying to revamp the company, which was trying to raise funds to develop and build its second model, the Atlantic.
He left Fisker in August 2012. Fisker is looking for a buyer, but also hired bankruptcy advisers this year. Fisker has an offer from a team including China's Wanxiang Group and former GM executive Bob Lutz, sources have said.
Reuters and Bloomberg contributed to this report.
