BMW boosts corporate venture investment pool to $900 million

German automaker has established a second corporate venture fund, earmarking $300 million to bankroll startup companies focused on sustainability, advanced manufacturing and future transportation, the company said Wednesday.

i Ventures, based in Mountain View, California, will manage the fund, as well as continuing to disburse money from its initial 500-million-euro fund. The two funds bring BMW’s total venture investment pool to nearly $900 million, one of the largest in the global auto industry.

Toyota Ventures, the corporate venture arm of Japan’s Toyota Motor Corp which frequently co-invests with BMW, earlier this month launched a second investment fund, totaling $300 million, with a focus on sustainability technology and startups, bringing its total assets under investment to more than $500 million.

BMW, through five-year-old i Ventures, previously has invested in more than 50 companies, including several that have gone or are planning to go public, among them ChargePoint and Proterra.

Its focus continues to be on early to mid-stage startup companies, many of them based in Silicon Valley.

Past investments have ranged from Boston Metal, whose technology enables emissions-free steel production, to Prometheus Fuels, a producer of carbon-neutral gasoline.

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

The new fund will invest in vehicle and manufacturing automation, data and connectivity, as well as in companies involved in efforts to reduce carbon emissions in every aspect of transportation, including supply chains, Sage said.

Behrendt said will continue to consider co-investments with corporate partners such as Toyota, Porsche and Jaguar Land Rover. BMW i Ventures and Toyota Ventures have jointly invested in five startups, including May Mobility and Nauto.


(Reporting by Paul Lienert in Detroit; Editing by Nick Zieminski)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *