Transportation Startup Proterra Raises $55 Million

Proterra announced it has closed $55 million in financing. BMW i Ventures and Generation Investment Management participated in the round.

Proterra was founded by Dale Hill in 2004 with a vision to design and manufacture heavy duty advanced technology vehicles that are powered solely by clean domestic fuels. The company has sold more than 375 vehicles with its proprietary electric vehicle platform to municipal, university, and commercial transit agencies throughout the U.S.

According to Toby Kraus, the company’s VP of finance and strategy, the primary use of the funding will be to forge new strategic alliances.