Former Tesla and Lyft Exec Leaves to Formulate Startup Ideas
May 15, 2020—John McNeill, former Lyft COO and Tesla president of global sales and service, left the companies to form a business that helps launch other businesses, reported TechCrunch.
McNeill has cofounded DeltaV, which will formulate startup ideas and get them running. When they're at the Series B phase of life, DeltaV will seek outside funding and hang on to roughly 80 percent of each company.
According to the report, along with McNeill, DeltaV was founded by Karim Bousta, who spent eight years with GE before joining Symantec as a vice president. McNeill lured him away to Tesla and then brought him to Lyft as its VP and head of operations.Other cofounders of DeltaV include Sami Shalabi, former top engineer at Google, Michael Rossiter, business operations executive who worked at Lyft and Tesla, and Henry Vogel, among the first partners at BCG Digital Ventures.
The team has rounded up $40 million from a dozen investors for an evergreen fund. What that means: investors are committing to allow them to recycle capital, rather than aim to return it after a certain window of time.
Right now, there are four startups in the works, including an automotive service business.