Corporate venturing fund Nio Capital has received a $10m commitment from BP following a partnership agreement in May.
Oil and gas supplier BP provided $10m on Wednesday for a US dollar-denominated fund owned by Nio Capital, the corporate venturing arm of China-based smart electric car developer Nio.
Founded in 2016, Nio Capital invests in transport technologies such as electrification, autonomous driving software and shared mobility offerings. It raised $500m for its first fund, which was launched in November 2017.
BP’s commitment to the fund comes two months after it formed a strategic partnership with Nio Capital.…
