BMW iVentures, the venture capital arm of luxury car manufacturer BMW, continues to show its commitment to the electric vehicle (EV) industry by backing a Bulgarian start-up in their $13 million A-round funding. The start-up, which has not been named, is focused on developing technology to improve the performance and efficiency of EVs.
This move by BMW iVentures is in line with the company’s strategy to invest in innovative technologies that align with its vision of a sustainable future. The German automaker has been increasingly investing in EV technology, with a focus on batteries, charging infrastructure and autonomous driving.
The $13 million investment will go towards the Bulgarian start-up’s research and development efforts, as well as the expansion of their team. This will enable the company to bring their technology to market faster and make EVs more accessible to consumers.
This investment is not the first time BMW iVentures has backed an EV-related start-up. The venture capital arm has previously invested in companies such as Chargepoint, a provider of electric vehicle charging stations, and Nauto, a developer of autonomous driving technology.
BMW has set ambitious goals for itself in the EV space, the company plans to have at least 25 electrified models on the market by 2025, with more than half of them being fully electric. This strategy is a part of BMW’s plan to reduce its carbon footprint and meet the emissions targets set by the European Union.
BMW’s backing of this Bulgarian start-up is a strong signal of the company’s commitment to the EV industry and its belief in the potential of the technology. It also highlights the growing importance of start-ups in driving innovation in the automotive industry.
In conclusion, BMW iVentures continues to back its belief in the future of electric vehicles by investing in a Bulgarian start-up that is developing technology to improve the performance and efficiency of EVs, this is another step of the company towards a sustainable future and meeting the emission targets set by the European Union.