BMW i Ventures to Open an Incubator Space in NYC

The $100M venture fund launched by German automaker BMW back in February has just appointed Edward Robinson as its President, while also announcing the plan of setting up an incubator laboratory space in New York City. In addition, an expert advisory board has also been established, with Josh Rubin, principal at Captain Lucas, Inc. and founder of Cool Hunting as the first member.

The announcement coincides with the day that New York City will announce the winners of the BigApps 2.0 competition, a contest that is supported by BMW i Ventures

BMW i Ventures will focus on premium mobility services, which means that it will also look for solutions that are not exclusively related to automobiles.

The fund's first investment of 5million was in MyCityWay, a set of location-aware apps for urban navigation that provides users with information on public transportation, parking availability and local entertainment that was one of the winners of New York City's inaugural BigApps. . Those apps now include a “powered by BMW i” banner. Other apps funded by the company will include BMW advertising on a case-by-case basis.

Beyond financial investment, the BMW i Ventures plans to establish an incubator space in its facility to further support up-and-coming companies and technology solutions.

"We had the potential to establish BMW i Ventures headquarters in a number of the world's mega cities but we chose New York City because it is one of the world's most complex and vibrant cities as well as for its sheer level of talent and creativity," said Joerg Reimann, Managing Director of BMW i Ventures. "We also credit Mayor Michael R. Bloomberg and the Economic Development Corporation (EDC) for creating a welcoming environment and nurturing the City's tech scene."