Toyota Ventures said Wednesday it will invest $300 million into two new funds focused on startups developing disruptive technology and new business models.
The fresh funding brings the firm’s total assets under management to more than $800 million.
Toyota Ventures has invested in approximately 75 startups that work across the transportation and climate tech landscapes since its founding seven years ago.
The new funds, Toyota Ventures Frontier Fund II and Toyota Ventures Climate Fund II, will help the firm deepen its global investing footprint. Each fund will begin with $150 million.
“Our role is to understand technology trends that could advance Toyota’s mobility transformation in the near term and embrace the next generation of disruptive innovation in the long term,” Jim Adler, founder of Toyota Ventures, said in a written statement.
Toyota Ventures has sought to take an expansive approach. It has invested in conventional categories such as robotics, automated driving and artificial intelligence, but also in fintech, energy storage and satellite commercialization.
Some of the firm’s early portfolio companies have gone onto receive investment and partner with Toyota Motor Corp., including self-driving technology startup May Mobility and eVTOL manufacturer Joby Aviation.
Wednesday’s developments marked the latest in a steady expansion for Toyota Ventures. In March 2021, the firm had $200 million under management and made investments in 36 startups.
In June 2021, it added $300 million to its coffers and stretched its purview to include energy and climate-related tech.