New Corporate VC Fund Will Bet $100 Million on EV Transition

Wex Inc., a major provider of vehicle fleet management for businesses and governments, is launching a new venture arm dedicated to speeding adoption of electric cars and trucks.

Maine-based Wex expects to invest $100 million in startups through the end of 2025, the company plans to announce Thursday. The newly created investing group will be called Wex Venture Capital, and has already made its first two investments — backing Chargetrip, an EV routing and range prediction company, and ev.energy, a charging software startup.

The new fund is evidence of the durability of corporate venture capital, which has ...