ahlam1399
03-06-2019, 07:51 AM
Grab <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/grabtaxi) has become the newest addition to the SoftBank Vision Fund after it announced today that it has pulled in a $1.46 billion investment from the super fund. Grab said the new money will be used to further its super app strategy, which is aimed at making its service a daily app for Southeast Asian consumers.
The deal — which was first reported by TechCrunch in December (https://techcrunch.com/2018/12/20/softbank-vision-fund-grab-1-billion/) — takes Grab’s ongoing Series H round to $4.5 billion. Other investors in that round include Toyota, Booking Holdings, Microsoft and Hyundai. The new deal means Grab has now raised over $7.5 billion to date. Grab was last valued at $11 billion when it secured a $1 billion investment from Toyota (https://techcrunch.com/2018/06/12/grab-toyota-1-billion/) to kick off this Series H in June, but that valuation is likely to have increased significantly since then.
The Vision Fund deal has been months in the making. SoftBank <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/softbank) is an existing investor in Grab and, as had already happened other investments including Coupang (https://techcrunch.com/2018/11/20/coupang-raises-2-billion-from-softbanks-vision-fund/) and Tokopedia (https://techcrunch.com/2018/12/11/tokopedia-raises-1-1b/), it is transitioning its stake into the Vision Fund while dropping in additional investment capital.
“We have been working alongside Grab for a number of years and are privileged to support the evolution of its user-driven technologies. This investment will help the company explore exciting new opportunities across on-demand mobility, delivery and financial services as it continues to grow its offline-to-online platform across Southeast Asia,†said SoftBank’s David Thevenon in a statement.
More to follow, refresh for updates
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Source link (http://feedproxy.google.com/~r/Techcrunch/~3/Vw8CI81mxmg/)
More (http://ahlam1399.i234.me:8888/m/2019/03/06/grab-confirms-1-46b-investment-from-softbanks-vision-fund-techcrunch/)
The deal — which was first reported by TechCrunch in December (https://techcrunch.com/2018/12/20/softbank-vision-fund-grab-1-billion/) — takes Grab’s ongoing Series H round to $4.5 billion. Other investors in that round include Toyota, Booking Holdings, Microsoft and Hyundai. The new deal means Grab has now raised over $7.5 billion to date. Grab was last valued at $11 billion when it secured a $1 billion investment from Toyota (https://techcrunch.com/2018/06/12/grab-toyota-1-billion/) to kick off this Series H in June, but that valuation is likely to have increased significantly since then.
The Vision Fund deal has been months in the making. SoftBank <span class="crunchbase-tooltip-indicator"/> (https://crunchbase.com/organization/softbank) is an existing investor in Grab and, as had already happened other investments including Coupang (https://techcrunch.com/2018/11/20/coupang-raises-2-billion-from-softbanks-vision-fund/) and Tokopedia (https://techcrunch.com/2018/12/11/tokopedia-raises-1-1b/), it is transitioning its stake into the Vision Fund while dropping in additional investment capital.
“We have been working alongside Grab for a number of years and are privileged to support the evolution of its user-driven technologies. This investment will help the company explore exciting new opportunities across on-demand mobility, delivery and financial services as it continues to grow its offline-to-online platform across Southeast Asia,†said SoftBank’s David Thevenon in a statement.
More to follow, refresh for updates
</p>
Source link (http://feedproxy.google.com/~r/Techcrunch/~3/Vw8CI81mxmg/)
More (http://ahlam1399.i234.me:8888/m/2019/03/06/grab-confirms-1-46b-investment-from-softbanks-vision-fund-techcrunch/)