BMW i Ventures, the corporate venturing arm of car manufacturer BMW, yesterday led a $40m series C round for US-based child transportation service provider Zūm.
Volvo Cars Tech Fund, an investment fund owned by carmaker Volvo, and NGP Capital, the venture capital firm spun out of communications technology manufacturer Nokia, also took part in the round, as did Clearvision Ventures, Draper Nexus, Sequoia Capital and Spark Capital.
Founded in 2015, Zūm has developed a mobile app that enables parents to order and schedule rides for their children through a network of vetted drivers.
The platform provides vehicle tracking technology and currently couriers children to more than 2,000 public, private and charter schools in over 400 cities and towns in the US.
In addition to establishing more partnerships with schools, funds from the round will also be used to expand its platform beyond California and invest in the development of its technology platform.
Ulrich Quay, managing partner at BMW i Ventures, said: “Zūm has proven itself as a force to be reckoned with in a market that has a lot of untapped opportunity.
“Its leadership is strong not only because of their drive to help working families, but because they themselves have families and understand the need for better child transportation today.”
The company has now raised $67m in total funding. In March 2018, Spark led Zūm’s $19m series B round, investing alongside Sequoia Capital. That round followed a $5.5m series A led by Sequoia Capital in 2017.