US-based electric bus producer Proterra completed what it called a series 6 round yesterday, raising $55m from automotive manufacturer BMW’s i Ventures unit and investment firm Generation Investment Management.
Proterra develops and produces all-electric buses, and has sold more than 400 vehicles to a total of 39 transit agencies across the US. The funding will support the expansion of its manufacturing capabilities and research and development activities.
The round took Proterra’s overall debt and equity financing to $410m since it was founded in 2004, and follows a $140m series 5 round in January this year that was led by an undisclosed investor.
GM Ventures, the corporate venturing arm of car producer General Motors, also participated in the series 5, as did energy companies Edison Energy and Exelon, the latter investing through its Constellation Technology Ventures unit.
The series 5 was filled out by Middle East Venture Partners, Obvious Ventures, Tao Capital Partners, Kleiner Perkins Caufield & Byers (KPCB) and 88 Green Ventures.
GM Ventures and diversified conglomerate Mitsui had initially invested in the company through a $30m round in 2011 that included 88 Green and Vision Ridge Partners.
The former then co-led a $30m round for Proterra in 2014 with KPCB, investing alongside Constellation Technology Ventures, Tao Invest, Vision Ridge Partners and Hennessey Capital.
Zach Barasz, partner at BMW i Ventures, said yesterday: “BMW i Ventures invests in companies that will transform mobility and transportation, and Proterra is pushing the mass transit industry forward with the most innovative heavy-duty electric bus.
“Due to Proterra’s efforts, electric mass transit is overtaking fossil-fuel buses as the new standard.”
The deal represents the first investment in the electric vehicle manufacturing space for BMW i Ventures, which has so far focused mainly on areas such as mobility technology, electric battery charging and fleet management systems.