BMW i Ventures, the US-based venture capital firm formed by Germany-headquartered automotive manufacturer BMW, launched a $300m fund yesterday that will focus on sustainability.
Launched by its parent in 2016, BMW i Ventures has accumulated a portfolio of some 50 companies including Chargepoint, the vehicle charging network set to list at a $2.4bn valuation, and manufacturing services marketplace Xometry, which floated in a $302m IPO yesterday.
The latest vehicle will operate alongside the unit’s $500m first fund and will target early and mid-stage companies concentrating on sustainability, transportation, manufacturing and supply chain technologies.
BMW i Ventures announced the new fund together with the appointment of Marcus Behrendt and Kasper Sage as managing partners, Behrendt having joined the unit as CEO in 2018.
Sage was hired as principal in 2016 before being promoted to partner two years later. He appeared on GCV’s Rising Star list in 2018 and 2019. Baris Guzel, who joined as a senior associate in 2016 before moving up to principal in early 2019, has been upgraded to partner.
Behrendt said: “With Fund II we will refocus our investment thesis to even better serve the needs of the ecosystem and the BMW Group as a whole. Even more than before, circularity and sustainability will play a key role in our investment activities.”
Ulrich Quay, BMW i Ventures’ current managing partner, is set to move to a so far undisclosed role at its parent company. He added: “I am proud of what we have built with BMW i Ventures over the years. With Marcus, Kasper and Baris, I am fully confident that we have the right team in place to ensure the continued success of the firm.”
