SMUD to seed venture capital fund to back mobility technology startups

The Sacramento Municipal Utility District is trying to raise a venture capital fund to back startup companies developing mobility technology, as part of its effort to establish the Sacramento region as a center for that industry.

SMUD CEO Arlen Orchard told the Business Journal that he eventually hopes to raise $100 million for the fund, mostly from corporate investors such as technology and automotive companies.

An initial $5 million investment SMUD previously announced for the launch of the California…

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