Cowen advises GoTo Mobility Ltd. on $19 million growth financing
Cowen has served as exclusive financial advisor to multimodal vehicle sharing service provider GoTo Mobility Ltd. (dba GoTo Global) related to a $19 million growth financing incl. a $10 million Series B investment by 166 2nd Financial Services, the family office of Adam Neumann. The Tel Aviv-listed Shagrir Group Vehicle Services Ltd. and other stakeholders also participate.
Founded in 2008 as car-sharing service Car2go Ltd., GoTo Global offers users to book on-demand rides on shared vehicles including cars, bicycles, electric scooters, and mopeds using a single mobile app. GoTo Global currently offers its service in 12 municipalities in Israel and Malta. The proceeds of the financing will fund GoTo Global’s expansion into select European cities.
Because of the changing consumer behaviors due to the pandemic, demand for individual mobility solutions that allow for social distancing has grown. GoTo Global benefits from these developments and has witnessed ridership levels exceeding pre-COVID levels.
“Shared mobility, and transportation in general, was one of the industries hit hard by the economy lock-downs as people were required to self-isolate,” GoTo Global CEO Gil Laser said in a statement announcing the raise. “But we are the ones who made the come-back fastest, we are +12% back to pre-lockdown baseline. We understand that although on one hand shared transport may not seem to be the safest solution, on the other hand it is perceived as a safer option than a public transport and it is definitely a much cheaper option than an owned car.”
This transaction illustrated the outstanding cooperation of the U.S. and European teams of Cowen Inc. The firm’s global network, transportation and mobility sector knowledge and passion to outperform for our clients was evidenced in this very important financing for GoTo Global.
About GoTo Mobility Ltd.
GoTo Mobility Ltd. is a multi-modal vehicle sharing service provider with a mission to reduce the number of privately-owned vehicles in cities. It offers users on-demand rides on shared vehicles including cars, bicycles, electric scooters, and mopeds in a single mobile app. At the moment, GoTo Global has a 5,000 vehicles fleet in 12 cities. In 2019 it aimed more than $13 million in revenue.
About 166 2nd Financial Services
166 2nd Financial Services is the family office of WeWorks co-founder Adam Neumann.