Former Fisker CEO Tom LaSorda Begins Venture Capital With Roger Penske image

The former CEO of Fisker, Tom LaSorda, announced it will begin a venture capital fund with Roger Penske to make investments in technology companies.

“We’re a startup, a seed, an angel-kind of investing,” LaSorda said. “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.”

In August 2012, LaSorda was replaced as Fisker’s CEO by Tony Posawatz, a former head of GM’s Volt plug-in hybrid program. Fisker is currently looking for a buyer or investor after it fired most of its employees in April and missed a loan repayment to the US Treasury. Since last year, Fisker has not manufactured a single $103,000 plug-in Karma sedan.

IncWell will offer seed capital of between $50,000 to $250,000 to companies focused on industry and consumers. The Michigan-based fund is aimed at helping startups with transportation, medical, information and health-care applications, as well as new technology for clean energy.

“I’m not sure I would get into the electric-car space, unless I can get a good deal with Tesla” Motors Inc., LaSorda told reporters today on a conference call. “We’re betting on great people and great ideas. We would assume that nine out of 10 won’t make any money.”

Source: Bloomberg