Singapore $20 Billion Ride-Hailing & Delivery Platform Grab to Invest $410 Million in Germany Automotive Technology Company Vay Technology with $60 Million Upfront for Minority Stake & $350 Million for Majority Stake Subject to Milestones, Vay Technology Founded in 2018 by Thomas von der Ohe, Fabrizio Scelsi & Bogdan Djukic, Investors Include Kinnevik, Coatue, Eurazeo, Atomico, General Catalyst & Creandum
23rd November | Hong Kong
Singapore ride-hailing & delivery platform Grab has announced to invest $410 million in Germany automotive technology company Vay Technology with $60 million upfront for minority stake & a further $350 million for majority stake ($410 million) subject to milestones. Vay Technology was founded in 2018 by Thomas von der Ohe, Fabrizio Scelsi & Bogdan Djukic. Vay Technology investors include Kinnevik, Coatue, Eurazeo, Atomico, General Catalyst & Creandum. Grab – Grab is a leading superapp in Southeast Asia, operating across the deliveries, mobility, and digital financial services sectors. Serving over 800 cities in eight Southeast Asian countries – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam – Grab enables millions of people every day to order food or groceries, send packages, hail a ride or taxi, pay for online purchases, or access services such as lending and insurance, all through a single app. We operate supermarkets in Malaysia under Jaya Grocer and Everrise, which enables us to bring the convenience of on-demand grocery delivery to more consumers in the country. As part of our financial services offerings, we also provide digital banking services through GXS Bank in Singapore and GXBank in Malaysia. Grab was founded in 2012 with the mission to drive Southeast Asia forward by creating economic empowerment for everyone. Grab strives to serve a triple bottom line – we aim to deliver financial performance for our shareholders simultaneously and have a positive social impact, which includes economic empowerment for millions of people in the region, while mitigating our environmental footprint. Vay – Vay develops automotive-grade technology for remote driving to enable new types of mobility services. Through the Vay app, users can request an electric vehicle to be remotely delivered to their location. After the car has arrived, the user takes over and drives it like a regular car. At the end of the trip, the user exits the car, and a Remote Driver takes over, eliminating the time-consuming search for parking. This creates the most affordable door-to-door mobility service at about half the price of ride-hailing services. Since its launch, users have taken tens of thousands of rides and can hail a Vay car at a wide variety of locations throughout Las Vegas, including the busiest hotels on the Strip. Vay intends to add autonomous driving functionalities into its system based on its high-quality remote driving data. Vay has recently expanded its offering to include B2B services, enabling remote driving for private cars, trucks, vans, and autonomous vehicles, among others. Founded in Berlin in 2018 by Thomas von der Ohe, Fabrizio Scelsi, and Bogdan Djukic, the team of over 150 people combines the best of two worlds – software from Silicon Valley and automotive engineering from Europe. Vay has raised over $200 million in funding from global investors, including Kinnevik, Coatue, Eurazeo, Atomico, General Catalyst, and Creandum, as well as business angels such as F1 World Champion and entrepreneur Nico Rosberg, former Google CFO Patrick Pichette, former Audi CTO Peter Mertens, and Spotify’s CTO & CPO Gustav Söderström.
“ Singapore $20 Billion Ride-Hailing & Delivery Platform Grab to Invest $410 Million in Germany Automotive Technology Company Vay Technology with $60 Million Upfront for Minority Stake & $350 Million for Majority Stake Subject to Milestones, Vay Technology Founded in 2018 by Thomas von der Ohe, Fabrizio Scelsi & Bogdan Djukic, Investors Include Kinnevik, Coatue, Eurazeo, Atomico, General Catalyst & Creandum “
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Singapore $20 Billion Ride-Hailing & Delivery Platform Grab to Invest $410 Million in Germany Automotive Technology Company Vay Technology with $60 Million Upfront for Minority Stake & $350 Million for Majority Stake Subject to Milestones, Vay Technology Founded in 2018 by Thomas von der Ohe, Fabrizio Scelsi & Bogdan Djukic, Investors Include Kinnevik, Coatue, Eurazeo, Atomico, General Catalyst & Creandum
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