DETROIT May 23 Tom LaSorda, the former chief
executive of Chrysler Group LLC and Fisker Automotive, is
launching a venture capital fund with racing magnate Roger
Penske to invest in technology startups.
The fund, IncWell LP, will provide initial investments
ranging from $50,000 and $250,000. IncWell has "strong
interests" in the areas of clean energy, medical, healthcare,
transportation and information applications.
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.
Penske, owner of the Penske Corporation and CEO of
dealership group Penske Automotive Group Inc, is listed
as a limited partner in the fund. His racing team, Team Penske,
has won the storied Indianapolis 500 race 15 times.