Pursuits
BMW Starts $100 Million Venture, Names Electric Effort ‘I’
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Bayerische Motoren Werke AG, the largest maker of luxury vehicles, set up a venture capital unit with as much as $100 million to buy stakes in companies offering transport-related services as it targets urban consumers.
BMW i Ventures made its first investment in My City Way, a New York-based company whose mobile-phone software helps users find bathrooms, restaurants, apartment listings and public transport services, the Munich-based company said today in a statement. The manufacturer also said its first BMW electric cars would be sold under the new “i” sub-brand.