Hiroshi Nakajima, president of Go Inc. The Japanese ride-hailing company raised money from Goldman Sachs, which values it at $1 billion.
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Goldman Sachs The company announced Wednesday that it invested in Go Inc., Japan’s largest ride-hailing app, in a funding round that values the startup at $1 billion.
The US investment bank invested 10 billion yen ($72.1 million) in Go.
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Goldman Sachs invests as tech start-ups remain Facing a Difficult Environment to Raise Fundswith macroeconomic headwinds prevailing and Silicon Valley Bank collapses This year – an important pillar of the industry – continues Reach the world.
“We believe this round of financing is significant and demonstrates that we have acquired a high level of social credibility,” Go Inc. President Hiroshi Nakajima said in a press release.
The company said it plans to use the funds to improve its app and “develop next-generation businesses originating from the mobile industry to address various social issues.”
Go Inc. operates an Uber-style ride-hailing service in Japan, but is trying to focus the company on other mobility areas. For example, it has a business that sells cameras and software to monitor drivers and make sure they are not driving dangerously.
The company said this year that it would shut down its food delivery business as people returned to restaurants in the wake of the pandemic.
Goldman Sachs has built private investments in technology companies.One of its most notable investments is in a ride-hailing company uberalthough the bank has Selling all shares now in the company.
But Goldman Sachs remains bullish on the ride-hailing business.
“Mobility is an integral part of our daily lives, and Go Inc. is well positioned to lead digitization and innovation in Japan’s taxi market,” Stephanie Hui, co-head of global growth equity at Goldman Sachs Asset Management, said in a press release.