#FundingWire is your quick daily dose of notable investments made in the technology space. The firms covered in this segment include Uber, Toyota, Mirai Creation, Volkswagon, Gett, IAN & Roast
Toyota to Make a Strategic Investment in Uber
Toyota is making a strategic investment in global cab aggregation firm Uber. Toyota Financial Services Corporation and SPARX Group’s startup fund Mirai Creation Investment Limited Partnership, have come together to back the company. As a part of the deal, starting today, Toyota will offer new leasing options for Uber drivers so that they can cover their payments with their earnings.
Toyota and Uber together will start with ridesharing trials in geographies where ridesharing is gaining popularity. In January 2016, Uber had announced that it raised $2 billion in funding from Chinese investors in a round that valued the U.S. firm’s Chinese unit at $7 billion. The firm’s total valuation was last reported to be around $62.5 billion. Read More
Volkswagon Invests $300M in Cab Hailing App Gett
Besides Toyota, automobile maker Volkswagon is also working on a similar strategy. The German company has invested $300 million into Israeli taxi startup Gett. Unlike Uber and Lyft the company works only with established fleet providers & drivers.
The Israel based company has now raised a total of $520 million, and operates in 60 cities in Israel, Russia, the U.S. and the U.K. It was founded in 2010 by Shahar Waiser and Roi More and is presently headquartered in New York. Read More
Mobile Entertainment Startup Roast Raises $37K
Mobile entertainment app startup Roast has raised $37,000 (Rs.25 Lakhs) from Indian Angel Network (IAN), under the ‘Small Ticket Funding programme’. Angel Sanjay Mehta led the round on behalf of IAN, and would be taking up a board seat in the firm.
Delhi based Roast was founded in September 2015 by Anchal Singh and Aamer Rushnaiwala. It is like a social network for users posting funny incidences, and ‘roasting’ other people. Read More