May 23, 2013 / 3:57 PM / 6 years ago

Former Chrysler, Fisker CEO launches venture fund with Penske

DETROIT (Reuters) - 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 (PAG.N), is listed as a limited partner in the fund. His racing team, Team Penske, has won the storied Indianapolis 500 race 15 times.

Reporting by Deepa Seetharaman; Editing by Bernadette Baum

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