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Goldman Sachs invested $72.1 million in Go Inc., Japan's leading ride-hailing app, valuing the company at $1 billion. This investment is noteworthy given the difficult funding environment for tech startups, as macroeconomic challenges and the aftermath of Silicon Valley Bank's collapse continue to impact the startup ecosystem.
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Go Inc. plans to use the funds to improve its app and develop new businesses in the mobility industry. The company, which operates a ride-hailing service in Japan, aims to shift its focus to other mobility-related areas. It sells driver monitoring camera systems to ensure safe driving but has decided to close its food delivery business due to the post-pandemic return of customers to restaurants.
Why it matters
Goldman Sachs has increased its holdings in technology companies through private investments. One of its noteworthy investments was in the ride-hailing company Uber, but the bank has since divested its entire stake in the company. However, Goldman Sachs maintains a positive outlook on the ride-hailing industry.
