The early birds in venture capital don't just get the worm; sometimes, they snag a promising electric vehicle startup like Slate Auto. Before the general public caught wind of Slate’s customizable electric trucks, Los Angeles-based Slauson & Co. had already planted a substantial $100 million flag during Slate's Series A in 2023. This move wasn’t just bold-it was a calculated bet in a market that has seen more than its fair share of turmoil.
Why would Slauson & Co., a firm steeped in a cultural capital rather than traditional tech strongholds, dive into the precarious world of EV startups? According to partner Ajay Relan in an exclusive interview with TechCrunch, it boils down to belief in the product and the people behind it. Relan and his partner Austin Clements see a gap in the market for vehicles that are not only affordable and reliable but also customizable and domestically produced. Despite the notorious thin margins of the auto industry and the high profile EV failures of recent times, Slauson’s commitment appears driven by more than just financial calculus. They’re betting on a fundamental shift towards more economically accessible electric vehicles.
Highlighting their confidence, the startup’s CEO, Chris Barman, comes with commendable credentials, including over two decades at Chrysler and a stint integrating Android Automotive. This kind of leadership has likely been a significant factor in Slauson’s decision-making process, emphasizing their focus on seasoned industry veterans who prioritize product delivery over hype.
This isn't merely venture optimism; it's strategic investment. The early involvement by big names like Jeff Bezos and Mark Walter, alongside heavy hitters like General Catalyst, adds a layer of credibility and financial muscle that can’t be ignored. These aren’t just deep pockets; they’re seasoned investors who know the value of getting in early and supporting a vision that aligns with market evolution.
And let’s talk market response-within two weeks of opening reservations, Slate Auto clocked in over 100,000 refundable bookings. If that’s not a validation of market interest, what is? However, the true test will come in late 2026 when the trucks hit the market. Will the reservations convert to sales? That remains to be seen, but it’s safe to say Slauson & Co. might be onto something significant.
Investments like these are not just money-makers; they have the potential to shape industries. Slate Auto represents a confluence of innovation, market need, and seasoned leadership that could indeed redefine what it means to own an electric truck. For Slauson & Co., the early bet on Slate is not just about financial returns; it’s about steering the future of transportation in a direction that could benefit a broader demographic, making the EV market more inclusive and affordable. A risky bet? Perhaps. But in venture capital, as in life, fortune often favors the bold.
