Premium automotive manufacturing brand MINI of BMW Group has brought Israeli venture capital fund Jerusalem Venture Partners (JVP), into its URBAN-X startup accelerator to help scale the next generation of climate tech companies to grow from Seed to Series B stages.
MINI and JVP will leverage their global networks, strong strategic partnerships, and company-building expertise to support and scale climate-positive ideas that target cities due to their immense rate of carbon dioxide emissions and high-density populations.
Founded in 2016, URBAN-X is an accelerator platform established by MINI that partners with startups to build technological solutions that reinforce sustainability in urban landscapes. It provides entrepreneurs with corporate strategies, engineering expertise, and design resources tailored to each startup, as well as a global network of investors and policymakers, to accelerate growth for their climate and city-focused ventures. URBAN-X has since invested in more than 71 startups across the globe, four of its portfolio companies have been acquired, and 88 percent of them have gone on to raise their next round of capital.
Now with JVP’s cooperation and its $1.6 billion under management, 160 investments, and 45 exits, startup founders will be granted access to a global network of public and private partners and receive hands-on guidance with customer discovery and engagement, product development, talent acquisition, and brand and network-building. Companies in the seed to Series B stage worldwide are encouraged to apply.
“URBAN-X is committed to supporting the most promising innovators along their journeys as they move from idea to impact,” said Johan Schwind, managing director at URBAN-X. “Through this exciting new partnership with JVP, URBAN-X will have even more tools at our disposal to accelerate the development and deployment of transformative climate and urban technology solutions.”
“MINI was built on the foundation of innovative and sustainable urban design. With this heritage, we recognize the indispensable role that entrepreneurs, technologists and designers play in the vitality and longevity of our cities,” said Stefanie Wurst, Head of MINI. “In this next phase of URBAN-X, we’re proud to continue engaging with the most innovative minds within the business tackling some of society’s toughest challenges.”
URBAN-X is located in Newlab in the Brooklyn Navy Yard and in the international innovation center Margalit Startup City NYC. The Margalit Startup City model brings together public, private, and social impact stakeholders focused on cyber, fintech, food-tech, and ag-tech. The model provides a platform for comprehensive engagement with the latest technologies, academic research, and policymakers.