BMW boosts company enterprise funding pool to $900M

BMW has established a second company enterprise fund, earmarking $300 million to bankroll startup corporations targeted on sustainability, superior manufacturing and future transportation, the automaker stated.

BMW i Ventures, based mostly in Mountain View, California, will handle the fund, in addition to persevering with to disburse cash from its preliminary 500-million-euro ($593 million) fund. The 2 funds deliver BMW’s complete enterprise funding pool to almost $900 million, one of many largest within the world auto trade.

Toyota Ventures, the company enterprise arm of Toyota Motor which continuously co-invests with BMW, earlier this month launched a second funding fund, totaling $300 million, with a concentrate on sustainability know-how and startups, bringing its complete belongings underneath funding to greater than $500 million.

BMW, via five-year-old i Ventures, beforehand has invested in additional than 50 corporations, together with a number of which have gone or are planning to go public, amongst them ChargePoint and Proterra. Its focus continues to be on early to mid-stage startup corporations, a lot of them based mostly in Silicon Valley.

Previous investments have ranged from Boston Metallic, whose know-how permits emissions-free metal manufacturing, to Prometheus Fuels, a producer of carbon-neutral gasoline.

Marcus Behrendt and Kasper Sage head i Ventures as managing companions.

The brand new fund will spend money on car and manufacturing automation, knowledge and connectivity, in addition to in corporations concerned in efforts to scale back carbon emissions in each side of transportation, together with provide chains, Sage stated.

Behrendt stated BMW will proceed to contemplate co-investments with company companions equivalent to Toyota, Porsche and Jaguar Land Rover.

BMW i Ventures and Toyota Ventures have collectively invested in 5 startups, together with Might Mobility and Nauto.

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