Uber commits $200 million to Uber Freight expansion in bet on trucking and Chicago – gpgmail


Uber Freight is establishing its headquarters in Chicago as part of Uber’s broader plan to invest more than $200 million annually in the region, including hiring hundreds of workers.

Uber said Monday it will hire 2,000 new employees in the region over the next three years, most of which will be dedicated to Uber Freight .

Uber Freight, which helps truck drivers connect with shipping companies, has become an important piece to Uber’s larger business strategy to generate revenue from all forms of transportation, including logistics for packages.

Since launching in May 2017, Uber Freight has grown from from limited regional operations in Texas to the rest of the continental U.S. and then to Europe.

Uber made Uber Freight a separate business unit in August 2018. Since then, the company has redesigned the app, adding new navigation features that make searching for and filtering loads easier to customize and more intuitive, as well as other features, including an updated map view and a search bar across the top of the screen.

It’s also made some key hires, one of which intimated the company’s global ambitions. The company hired Andrew Smith, one of Box’s early employees, to head up global sales at Uber Freight, and Bar Ifrach, formerly of Airbnb, to lead its marketplace team.

With signs of some success, Uber is doubling down on the trucking business.

Uber Freight has more than 400,000 drivers in its carrier network and 1,000-plus shippers as customers, including AB Inbev, Niagara Bottling and Land O’Lakes, according to the company. Uber Freight also has more than 50,000 carriers on the platform.

“I believe this makes Uber Freight  the biggest virtual fleet in the United States,” Lior Ron, head of Uber Freight, told gpgmail in a recent interview.

The company has been relatively quiet as it has scaled up, Ron said, noting that this announcement marks a turning point for Uber Freight.

“This is really a graduation moment for us and where we can share that because the business is doing so well we are doubling down on our investment,” he said.

The new Uber office located in The Old Main Post Office in the historic Chicago River area will serve as Uber Freight headquarters and its first engineering hub outside of San Francisco.

“Trucking represents an enormous opportunity for Uber, and this milestone is a testament to our long-term commitment to our Freight business,” Uber CEO Dara Khosrowshahi said in a statement. “Chicago is the heart of America’s transportation and logistics industry, and there is no better place to open our dedicated Freight HQ. Uber has long recognized the incredible history, innovation, and talent that Chicago has to offer, and we’re excited about the thousands of new jobs our Freight business will help bring as we become one of the city’s largest technology employers.”

As part of its new investments in the region, Uber is collaborating with the Chicago Cook Workforce Partnership (CCWP) to help with workplace diversity. Uber will start onboarding new employees in 2020 and will work with CCWP to develop a process for identifying potential candidates through their system.


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Uber has surveyed some drivers on small loans, suggesting financial products are coming – gpgmail


Back in June Uber went on a hiring spree in New York, hiring at least 100 fintech-oriented tech workers to ostensibly look at creating products to increase loyalty and engagement among users and drivers, including things like banking. Cue a flurry of speculation. It now looks like Uber is taking baby-steps towards building such a raft of products out, potentially by offering loans directly to drivers, according to a report from Recode/Vox.

The story is based on the emergence of an in-app survey which was sent to some drivers talking about a “new financial product” aimed at drivers “in a time of need.” The survey then went on to question drivers’ use of financing loans of $1,000 or less in the last three years. It asked “what amount are you most likely to request?” It then gave them options top pick from “Less than $100,” “Between $100 and $250,” “Between $250 and $500” and “More than $500.”

At this time there’s no indication of timing on a small loans product offering to drivers, and Uber has not publicly commented on the emergence of the survey’s existence.

However, Uber already has form in this space. It has offered cash advance programs to drivers in California and Michigan, although the company was criticised for what some called “pay-day loans”. It’s also offered leases on new cars to drivers in the past and currently offers a co-branded credit card with Visa and an Uber Cash digital wallet for riders.

Uber would not be alone in rolling out small cash loans to its workers, given given that large companies such as Walmart and others already offer lucrative payroll advances and loans to employees.

But the fact that it now has a very large FinTech team suggests this won’t the end of us hearing about Uber’s tentative moves into this space.


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SoftBank-backed Getaround is raising $200M at a $1.5B+ valuation – gpgmail


Getaround, a used car marketplace and winner of gpgmail Disrupt New York Battlefield 2011, will enter the unicorn club with a roughly $200 million equity financing.

The deal values Getaround, founded in 2009, at $1.7 billion, according to an estimate provided by PitchBook. Getaround declined to comment, citing internal policy on “funding speculation.”

“Getaround and our investors work closely together on our growth strategy, and we’ll definitely plan to share more when we’re ready,” a spokesperson said in response to gpgmail’s inquiry Thursday morning.

The news follows the company’s $300 million acquisition of Drivy, a Paris-headquartered car-sharing startup that operates in 170 European cities.

Getaround closed a Series D funding of $300 million last year, a round led by SoftBank with participation from Toyota Motor Corporation. Existing investors in the business, which allows its some 200,000 members to rent and unlock vehicles from their mobile phones at $5 per hour, include Menlo Ventures and SOSV.

Assuming an upcoming $200 million infusion, Getaround has raised more than $600 million in equity funding to date.

Whether SoftBank has participated in Getaround’s latest financing is unknown. The business is an active investor in the carsharing market, with investments in Chinese ride-hailing business Didi Chuxing, Uber and autonomous driving company Cruise. We’ve reached out to SoftBank for comment.

In conversation with gpgmail last year, Getaround co-founder Sam Zaid emphasized SoftBank’s capabilities as a mobility investor: “What we really liked about [SoftBank] was they take a really long view on things,” he said. “So they were very good about thinking about the future of mobility, and we have a common kind of vision of every car becoming a shared car.”

Getaround was expected to expand into international markets with its previous fundraise. Indeed, the company has moved into France, Germany, Spain, Austria, Belgium and the U.K. where it operates under the brand “Drivy by Getaround,” and in Norway under the “Nabobil” brand.

The business initially launched its car-sharing service in 2011, relying on gig workers, who can list their car on the Getaround marketplace for $500 to $1,000 a month in payments, depending on how often their car is rented.

Since Getaround entered the market, however, a number of competitors have entered the space with similar business models. Turo and Maven, for example, have both emerged to facilitate car rental with backing from top venture capital funds.


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Didi Chuxing to launch self-driving rides in Shanghai and expand them beyond China by 2021 – gpgmail


Didi Chuxing will begin picking up ride-hailing passengers with self-driving cars in Shanghai in just a few months, according to company CTO Zhang Bo (via Reuters). The plan is to roll out autonomous pick-ups in Shanghai first, starting in one district of the city, and then expand the program from there – finally culminating in the deployment of self-driving vehicles outside of China by 2021.

Like Uber’s autonomous test vehicles, Didi’s cars will be staffed with a human driver on board during the initial launch period, which awaits a few remaining licenses before it can actually begin serving human passengers. Self-driving rides will be free for customers, and Zhang said that more than 30 different vehicles will be offered for self-driving trips as part of the pilot.

After its initial pilot launch in Shanghai, Didi will look to expand its offerings to Beijing and Shenzhen as well, with hopes to be live in all three cities by 2020.

Didi is the largest ride-hailing company in China, and beat out an attempt by Uber to establish a presence in the market, resulting in Uber selling its Chinese business to Didi and exiting the market in 2016 (in exchange for a minority stake). We spoke to Didi’s CTO (who asked to be identified by as ‘Bob’ at the time, hence the lower-third in the video below) later that same year about why the company believes it has an advantage when it comes to data-driven technology development relative to Uber and other ride-hailing companies.

Aside from a general sense in the industry that autonomy is a likely, if not inevitable end goal for ride-hailing and other mobility services with a technological focus, Didi is also likely motivated by a need for drivers to meet demand – and drivers who can provide a safe and secure experience for passengers. The company revealed in July that it had proved over 300,000 drivers that didn’t meet up to its safety standards after overhauling those standards last year.

Earlier this month, Didi also announced that it was spinning out its autonomous driving unit as a separate company, with Zhang as CEO. It’ll look to develop tech for its own fleet, and work in partnership with automakers, including Toyota, in pursuit of commercializing and deploying autonomous driving.


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Rwanda to phase out gas motorcycle-taxis for e-motos – gpgmail


The government of Rwanda will soon issue national policy-guidelines to eliminate gas motorcycles in its taxi sector in favor of e-motos.

The country’s president Paul Kagame previewed the plan last week. “We will find a way to replace the ones you have now. We urge taxi-moto operators to help us when the phase-out process comes,” he said speaking at a youth forum.

The Director General for the Rwanda Utilities Regulatory Authority Patrick Nyirishema confirmed Kagame’s comments were ahead of a national e-mobility plan in the works for the East African nation.

“The president’s announcement is exactly the policy direction we’re in…it’s about converting to electric motos…The policy is prepared, it’s yet to be passed..and is going through the approval process,” Nyirishema told gpgmail on a call from Kigali.

Motorcycle taxis in Rwanda are a common mode of transit, with estimates of 20 to 30 thousand operating in the capital of Kigali. The country has come a long way since the 1990s, becoming a test-bed for drone-delivery and prioritizing initiatives to become an African tech hub.

Rwanda motorcycle taxisNyirishema explained that converting to e-motorcycles is part of a national strategy to move Rwanda’s entire mobility space to electric. The country will start with public transit operators, such as moto-taxis, and move to buses and automobiles.

“Once the policy is out, we’ll no longer permit any motorcycle that is not electric to be added to a fleet,”  Nyirishema said, adding that the country’s regulators will need to create an appropriate transition period and program for taxi operators to move to e-motos.

The news comes as Africa’s motorcycle taxi markets — worth an estimated $4 billion — have seen a flurry of tech investment and expansion. Uber and Bolt got into the motorcycle taxi business in Africa in 2018.

Norwegian (and Chinese backed) browser service Opera’s recent $50 million backed West Africa product expansion included linking its new payment app to ORide, a motorcycle ride-hail venture it launched in Nigeria.

Nigerian motorcycle taxi and delivery startup MAX.ng raised a $7 million Series A round with participation from Yamaha. The company is using the funding to pilot e-motorcycles in Africa powered by renewable energy.

Another local moto-taxi ventureUganda’s SafeBoda—received outside capital in a Series B round co-led by the venture arms of Germany’s Allianz and Indonesia’s Go-Jek. 

The Director General for  Rwanda’s Utilities Regulatory Authority Patrick Nyirishema prepared to confirm partners for the country’s e-moto conversion.

One startup that says it will be involved is Ampersand, a Kigali based venture that has already begun to pilot EVs and charging systems in Rwanda.

The company has worked with a feasibility study for implementing electric vehicles across Rwanda since last year, according to CEO Josh Whale. “We’ve also got a grant from the government…and it’s been tied in really well with the feasibility study,” he told gpgmail.

Copy of Bike Rebero Ampersand eveningAmpersand has shaped its own e-motorcycle model, building the batteries and fitting them into new motorcycle chassis imported from Asia. To keep the taxi-moto riders consistently moving—vs. delayed while recharging—the startup has developed a battery swapping system and station.

One motorcycle ride-hail startup that’s been testing an Ampersand e-moto is Cango. Founded in 2015, the company has app-based, on-demand taxi-moto fleets in Rwanda and Congo.

“We intend to be among the first to switch our fleet, as the [Ampersand] bikes are ready,” Cango co-founder Barrett Nash told gpgmail in a message from Kinshasa.

Ampersand CEO Josh Wale sees electricity changing the micro-economics of motorcycle taxi markets. He estimates taxi riders in Rwanda spend $2000 a year on fuel and oil-charges for their gas machines.

“Looking at it from a driver point of view, from day one they are paying less for the bike and the battery by going electric,” he said.

 

 

 


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On-demand parking startup SpotHero raises $50 million – gpgmail


SpotHero, the Chicago-based company that has developed an on-demand parking app, has raised $50 million in a Series D round led by Macquarie Capital.

Union Grove Venture Partners participated in the round, along with existing investors including Insight Venture Partners, Global Founders Capital, OCA Ventures, AutoTech Ventures and others, according to the company. SpotHero has raised $118 million to date.

SpotHero said Thursday that this new capital will be used to grow into new markets and expand in its existing ones, build out its digital platform and strengthen partnerships with mobility companies.

SpotHero, which has operations in San Francisco, New York, Washington, D.C. and Seattle, initially set out to develop software that connects everyday drivers to parking spots in thousands of garages across North America.

SpotHero has expanded its focus in the eight years since its founding. The company has added other services as urban density has increased and on-street parking has become more jumbled and confused thanks to an increase in traffic, ride-hailing and on-demand delivery services that take up valuable curb space. It has locked in more than 900 distribution partnerships and integrations including Google Assistant, for voice-enabled parking and Waze in-app navigation to parking. Other partners include Hertz and car2go for fleet parking, WeWork, for commuter parking and Moovit, for multi-modal parking.

Most recently, SpotHero launched a new service dubbed “SpotHero for Fleets” that targets shared mobility and on-demand services.

The service aims to be a one-stop shop for car-sharing and commercial fleets to handle all that goes into ensuring there is access and the right number of designated parking areas on any given day within SpotHero’s large network of 6,500 garages across 300 cities. That means everything from managing the relationships between garage owners and the fleet companies to proper signage so car-sharing customers can find the vehicles, as well as flexible plans that account for seasonal demands on businesses.

Under the new service, customers are able to source and secure parking inventory in high-traffic areas across multiple cities and pay per use across multiple parking facilities on one invoice to streamline payments. 

The company has signed on car-sharing companies and other commercial fleets, although it’s not naming them yet.


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SoftBank reportedly plans to lend employees as much as $20 billion to invest in its VC fund – gpgmail


SoftBank has a plant to loan up to $20 billion to its employees, including CEO Masayoshi Son, for the purposes of having that capital re-invested in SoftBank’s own Vision venture fund, according to a new report from the Wall Street Journal. That’s a highly unusual move that could be risky in terms of how much exposure SoftBank Group has on the whole in terms of its startup bets, but the upside is that it can potentially fill out as much as a fifth of its newly announced second Vision Fund’s total target raise of $108 billion from a highly aligned investor pool.

SoftBank revealed its plans for its second Vision Fund last month, including $38 billion from SoftBank itself, as well as commitments from Apple, Microsoft and more. The company also took a similar approach to its original Vision Fund, WSJ reports, with stakes from employees provided with loans totalling $8 billion of that $100 billion commitment.

The potential pay-off is big, provided the fund has some solid winners that achieve liquidation events that provide big returns that employees can then use to pay off the original loans, walking away with profit. That’s definitely a risk, however, especially in the current global economic client. As WSJ notes, the Uber shares that Vision Fund I acquired are now worth less than what SoftBank originally paid for them according to sources, and SoftBank bet WeWork looks poised to be another company whose IPO might not make that much, if any, money for later stage investors.


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Nigerian logistics startup Kobo360 raises $30M backed by Goldman Sachs – gpgmail


Nigerian freight logistics startup Kobo360 has raised a $20 million Series A round led by Goldman Sachs and $10 million in working capital financing from Nigerian commercial banks.

The company — with an Uber -like app that connects truckers and companies to delivery services — will use the funds to upgrade its platform and expand to 10 new countries beyond current operating markets of Nigeria, Togo, Ghana and Kenya.

Since its launch in Lagos in 2017, Kobo360 has continued to grow its product offerings, VC backing and  customer base. The startup claims a fleet of more than 10,000 drivers and trucks operating on its app. Top clients include Honeywell, Olam, Unilever, Dangote and DHL.

In addition to customer focus, founders Ife Oyodelo and Obi Azor have prioritized serving the startup’s drivers. They offer the company’s app in languages common to drivers, such as Hausa and Pidgin. 

Kobo360 also launched its own driver working capital finance program, KoPay, KoboSafe insurance product and KoboCare: a suite of driver services from HMO packages to family tuition assistance.

The startup is part of a growing e-logistics and transport space in Africa linking on-demand apps to mobile-based connectivity to move people and goods around the continent more effectively.

In the ride-hail space, global players such as Uber and Bolt are competing with each other and homegrown startups to digitize and capture revenues in the continent’s auto and motorcycle taxi markets.

In e-logistics freight delivery, two startups — Kobo360 and Lori Systems — have continued to compete tit for tat on investment, scale and expansion.

Kobo360 moved into Lori Systems’ HQ country Kenya last year. Lori Systems expanded into Nigeria in September of 2018.

Commercial research firm MarketLine estimated the value of Nigeria’s transportation sector in 2016 at $6 billion, with 99.4% comprising road freight.

Kobo360’s CEO Obi Azor told gpgmail the startup would make final decisions on the 10 new  countries by first quarter 2020.

As a cross-border freight service, the company looks to benefit from Africa’s Continental Free Trade Area (AFCFTA), signed this year by all the continent’s 54 countries to reduce barriers and friction on Pan-African commercial activity.

In addition to lower costs for Kobo360’s country to country freight movement, the startup expects to have a voice in AFCTA’s final implementation.

“We’re going to do some policy work through the IFC so we can help shape AFCTA. The key to the deal is really logistics, so if the logistics component doesn’t work out the deal isn’t going to work,” Azor said.

Kobo360 will use part of its $30 million funding to build out its Global Logistics Operating System —  GLOS for short — a blockchain-enabled platform that will help the company transition to more supply-chain services.

Kobo360 Product Shot Accept Trips

By Digest Africa’s latest ranking, Kobo360’s $20 million Series A is the 5th largest investment in an African startup this year, after Egyptian ride-hail company Svwl’s $42 million raise in June. Kobo360’s existing investors IFC, TLCom Capital and Y Combinator joined the round.

Goldman Sachs confirmed to gpgmail its lead on the Series A. Over the last several years the U.S. based finance firm’s Africa investments have included backing for e-commerce unicorn Jumia (which recently listed on the NYSE) and leading a $52 million investment in South African fintech startup Jumo in 2018.

Goldman Sachs’ Jules Frebault named Kobo360’s ability to scale quickly over a short period of time and use of tech to improve reliability and efficiency in Africa’s logistics ecosystem as a reason for leading the Series A.

“It’s also a business model that’s replicable across multiple geographies on the continent,” he told gpgmail on a call.

Kobo360 has a mind toward international expansion but expects to remain focused on Nigeria and Africa for now. “We’re definitely thinking global, we just want to make sure we close out our home market first, then we’ll start looking outside,” Azor said.

 


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Uber lost more than $5B last quarter – gpgmail


Uber has disclosed earnings for the second time since becoming a public company, reporting revenues of $3.16 billion on losses of $5.2 billion for the second quarter of 2019.

Uber (NYSE: UBER) closed up more than 9% Thursday at $42.98 per share, just below its $45 IPO price, but took a nose dive more than 11% on the news.

$5.2 billion in net losses represents the company’s largest-ever quarterly loss. Revenue, for its part, is up only 14% year-over-year, igniting concerns over slower-than-ever growth. The company says a majority of 2Q losses are a result of stock-based compensation expenses for employees following its May IPO. Stock compensation aside, Uber still lost $1.3 billion, up 30% from Q1.

Analysts had expected losses per share of $3.12 versus Uber’s $4.72. As for revenue, analysts, per CNBC, had expected $3.36 billion, or an additional $200 million.

“While we will continue to invest aggressively in growth, we also want it to be healthy growth, and this quarter we made good progress in that direction,” Uber chief financial officer Nelson Chai said in the earnings document.

Uber’s had a rough few months since making the leap to the public markets after its overly-ambitious private market valuation failed to sway Wall Street. 

Uber, in attempt to slash costs and make operations more efficient, recently announced it was laying off one-third of its 1,200-person strong marketing department.

News of Uber’s piling losses comes one day after its key U.S. competitor, Lyft, beat on revenue with $867 million for the quarter on net losses of $644 million. That’s up from $505 million in revenue in Q2 2018 on losses of $179 million. Lyft closed up 3% Thursday at $62 per share. The company’s stock sunk in after-hours trading Wednesday, however, after it announced the IPO lockup period would end more than a month early.

As for Uber Eats, the company says its “monthly active platform consumers,” or MAPCs, grey 140% YoY. The company now works with 320,000 restaurants. As for revenue, that’s grown 72% to $595 million.

You can view the full Uber earnings report here.


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SoftBank-backed Fair taps three executives to lead vehicle subscription app expansion – gpgmail


Fair, the vehicle subscription startup backed by SoftBank, is loading its executive team with veterans in the tech, venture and automotive industries as it seeks to build out its Uber leasing program and expand beyond North America.

Fair.com today announced three key hires to lead the development of its car subscription app, financing department and leasing program with Uber.

Jay Trinidad, a former Google and Discovery Networks executive, is now chief product officer. Trinidad will direct the company’s app development and technology efforts. Former chief accounting officer of TrueCar John Pierantoni has been hired as senior vice president of finance and risk.

Pat Wilkison, general partner of venture firm Exponential Partners — an early investor in Fair — will run the startup’s Uber program.

The three hires are critical additions for the three-year-old startup as it tries to convince consumers to try its car-as-a-service platform over buying or leasing a vehicle from a traditional dealership or other online sales upstarts. The advantage for Fair, aside from the $1.5 billion treasure chest it has amassed — is the platform itself.

The company was founded by automotive, retail and banking executives, including Scott Painter, former founder and CEO of TrueCar, on the premise that today’s consumers, including those in the gig economy, want flexibility.

Fair has tweaked the traditional lease to give consumers more options. Users can subscribe to the program and switch vehicles through the term of their “lease.”

It’s a capital-intensive business model that requires the kind of experience that Painter believes these three executives can deliver.

The hires will help drive Fair’s aggressive efforts around payment, infrastructure and financial planning as it scales its flexible car ownership model internationally and tries to make a name for itself on the global stage.

“A critical part of our transformation effort is deepening our bench of talented executives to set us up for success now and into the future,” Painter said.

The three hires come on the heels of rapid growth, a critical acquisition and huge Series B funding round of $385 million led by SoftBank, with participation from Exponential Ventures, Munich Re Venture’s ERGO Fund, G Squared and CreditEase.

“After closing $385M in our Series B, it’s time to put that capital to work for us to buy cars and propel growth—with this new executive team providing us with important insights and leadership.” Painter said in a statement. “Jay will eliminate execution risk and bring in operational and strategic expertise, Pat is an investor-turned-employee crusader, while John is a world-class financial and accounting expert around whom we can build a sound subscription business and strong auto insurance division.”

Fair acquired in January 2018 the active leasing portfolio of Xchange Leasing, a service Uber first established in 2015 to lease new and nearly new vehicles to drivers who did not come to the service with their own cars.

That acquisition laid the foundation for what has become a big piece of Fair’s business today. Some 45% of Fair’s cars are used by Uber drivers today.

Fair also has aspirations to expand beyond the U.S., Trinidad told gpgmail in a recent interview. The company hasn’t publicly disclosed which countries it might go to first. Europe and Asia, particularly considering Trinidad’s long background in the region, would be the most likely markets for Fair.

In the next year, the company hopes to move into international markets and grow its workforce, which will likely mean moving into a bigger office, Trinidad said.

“I really think in a year’s time, at least in the markets we’re targeting such as Los Angeles and San Francisco, you’ll start to hear ‘Why not Fair a car instead of buying or leasing one?’ It will be a third option people consider.”


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