Slate Auto, the startup making waves with its affordable and highly customizable electric pickup truck, has amassed an impressive $700 million in funding since emerging from stealth mode this year. However, the company’s journey began quietly back in 2023 when it raised more than $100 million through a Series A funding round. Among the notable investors participating at that early stage was Jeff Bezos, though regulatory filings reveal there were at least 16 entities involved in the investment.
Notably, Slauson & Co., a Los Angeles-based venture capital firm launched five years prior by longtime friends Ajay Relan and Austin Clements, was among the earliest backers of Slate Auto to publicly explain its investment decision.
In a recent interview, Relan acknowledged the heightened risks inherent in backing an electric-vehicle startup—especially amidst a climate that has seen numerous EV companies falter and collapse, combined with recent political pushback against green energy initiatives from the Trump administration. Nevertheless, Relan explained that Slate Auto aligns precisely with Slauson & Co.’s vision of funding projects that deliver “more affordable, reliable, and customizable vehicles” produced domestically, reflecting a mission of tangible consumer benefit and local manufacturing.
Relan and Clements have deep roots in South Central Los Angeles, specifically the historically underserved community around Slauson Avenue. The venture firm, originally launched in 2020, works explicitly to create a bridge between traditionally overlooked communities and the broader innovation economy. As Relan describes it, their goal is to support entrepreneurs whose perspectives have long lacked representation in technology and venture capital.
Slauson & Co. was initially drawn to Slate Auto by Jeff Wilkie, the respected former CEO of Amazon’s consumer division. Wilkie co-founded manufacturing incubator Re:Build Manufacturing, out of which Slate Auto emerged. Relan described how Wilkie introduced them to Slate’s founders in early 2023, sparking immediate interest. Although the project was a slightly off-target match for the portfolio’s core focus areas, the clarity and resonance of Slate’s mission convinced them it warranted investment.
Slate Auto was just a small team at that time—but one with extensive industry experience. CEO Chris Barman spent more than two decades at Chrysler, running notable vehicle programs, overseeing major technical integrations including Android Automotive, and collaborating with autonomous vehicle pioneer Waymo. In addition, Chairman Rodney Copes and Chief Financial Officer Ryan Green brought notable experience from Harley-Davidson and Rivian.
For the two investors at Slauson & Co., Barman particularly stood out. Clements praised her leadership style, vision, and practicality, describing her as someone focused clearly on execution rather than hype or unrealistic aspirations.
Beyond management and execution, the pair said they depend heavily on intuition and market taste to determine whether an investment truly fits their firm’s criteria. Slate’s mission matched a clear consumer need—a market hungry for affordable and accessible vehicles. This acute consumer insight helped solidify their optimism on Slate.
Their instincts turned out to be prescient: Slate’s initial popularity has already surged, highlighted by more than 100,000 refundable reservations placed within just a two-week span earlier this year, despite the product not arriving on the market until late 2026.
Of course, Slauson & Co. is far from alone in its investment. Alongside Jeff Bezos, other major supporters who joined the early financing rounds include General Catalyst and Mark Walter, owner of the Los Angeles Dodgers. Slate has now begun preparations for a new Series C investment round.
Relan and Clements haven’t shared precise dollar amounts from their involvement thus far, but they remain steadfast about the potential for strong returns—even within the well-known challenges of the low-margin automobile industry.
“We have to have some deep conviction that this is something that could drive very real returns in the fund,” Clements stated, adding with a smile, “We’re not just a purely philanthropic organization.”
