Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.
In this session, Marcus Behrendt, Managing Director at BMW i Ventures, and Nicole LeBlanc, Partner at Woven Capital (Toyota’s global growth fund), join Andreas Munk Holm to explore the shifting landscape of mobility and corporate venture.
From navigating capital-intensive hardware bets to finding the balance between strategic alignment and financial discipline, Marcus and Nicole share what they’ve learned running two of the world’s most active mobility CVCs. They open up on exits, collaboration with startups, and how CVCs must evolve to remain relevant in an era of autonomous, connected, and electrified vehicles.
🎧 Here’s what’s covered
00:00 BMW i Ventures’ journey from corporate “experiment” to one of Europe’s most established mobility CVCs.
01:00 Woven Capital’s global mandate — $800M to invest in growth-stage companies shaping the future of mobility.
02:00 Strategic vs. financial returns: how to keep credibility with founders while serving corporate parents.
04:00 The hard part of hardware — why scaling in mobility takes patient capital and operational backing.
06:00 Startups + corporates = frictions and opportunities — lessons from portfolio collaborations.
08:00 Exit realities: IPO droughts, M&A dynamics, and how mobility startups find liquidity.
10:00 The next decade of CVC in mobility: sustainability, AI, and cross-border collaboration.
You can listen to the full session from the EUCVC Summit 2025 on Apple Podcasts and Spotify.
✍️ Show Notes
BMW i Ventures
Launched as BMW’s venture arm, now one of Europe’s most established CVCs.
Independent fund structure helped credibility with founders.
Woven Capital
$800M global growth fund under Toyota, focused on connected, autonomous, shared, and electrified mobility.
Positioned at growth stage to back proven teams scaling globally.
Strategic vs. Financial
Both stressed the need to deliver competitive returns to maintain credibility.
Strategic alignment works when CVCs act as trusted investors first, corporate connectors second.
Hardware & Capital Intensity
Scaling hardware mobility startups requires patience and operational support from corporates.
Example discussions: supply chain complexity, validation cycles, and regulatory hurdles.
Exit Landscape
IPO window remains largely shut; M&A increasingly dominant.
Corporates often play dual roles as investors and acquirers — creating both opportunities and challenges.
The Next Decade
Sustainability, AI, and cross-border collaboration will define mobility venture.
Both see corporates playing a crucial role in financing and scaling breakthrough technologies.
💡 One-liner takeaway: In mobility, CVCs succeed when they act as disciplined investors first and corporate connectors second - helping founders tackle capital-intensive scaling while staying credible in a fast-changing market.
