Source: CNBC
Summary
BP Ventures, the venture capital arm of oil and gas giant BP, is being shut down after nearly 20 years of operation. The division had reportedly generated lackluster returns, leading to the decision to close its doors.
Our Reading
The launch of BP Ventures’ exit follows a familiar script.
BP Ventures was established to invest in emerging technologies and businesses in the energy sector. Despite its longevity, the division failed to deliver impressive returns, leading to its demise. The shutdown marks the end of an era for the oil and gas giant’s venture capital arm. BP Ventures’ closure is a reminder that even large corporations can struggle to succeed in the cutthroat world of venture capital. BP’s exit strategy is looking a lot like a classic “cut your losses” move.
Author: Evan Null
