Auto maker
BMW recently established a New York-based venture capital firm dubbed
BMW i Ventures that it seeded with
$100 million to seek out partnerships that might facilitate
BMW-i product adoption in urban markets. BMW-i is a BMW sub-brand solely focused on developing and producing sustainable mobility vehicles. Its first investment was made public this week: BMW pumped
$5 million into
MyCityWay, a user-driven, location-aware city guide.
FirstMark Capital and
IA Ventures, who participated in an earlier $1 million seed round, joined BMW.
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