TOKYO–(BUSINESS WIRE)–GO Inc. (Head office: Minato-ku, Tokyo; President: Hiroshi Nakajima; hereinafter, the “Company”) has resolved to raise 10.0 billion yen (Approx. 75 million US dollars) by increasing capital through the third-party allotment of shares to Goldman Sachs (the Company’s Series D funding round). In addition, it has concluded commitment line agreements with MUFG Bank, Ltd., and Sumitomo Mitsui Trust Bank totaling 4.0 billion yen (Approx. 30 million US dollars). With the mission of “Empowering Happiness through Mobility,” the Company aims to solve various societal issues with a focus on the mobility sector.
Overview of the fundraising
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Equity financing (Series D) by capital increase through third-party allotment of shares
Goldman Sachs: 10.0 billion yen (Approx. 75 million US dollars*)Throughout Japan GO Inc. provides a taxi-hailing application “GO,” whose number of downloads has reached 14 million. The Company plans to use the funds raised to expand the system infrastructure and improve the functionality of its application, as well as to develop next-generation businesses stemming from the mobility industry for the resolution of various societal issues, all to achieve its mission of “Empowering Happiness through Mobility.”
* Calculated by monthly average exchange rate in April 2023
About Goldman Sachs
Goldman Sachs is a leading global investment banking, securities, and investment management firm that provides a wide range of financial services to a diversified client base that includes corporations, financial institutions, governments, and individuals. Playing a key role in its investment activities is Goldman Sachs Asset Management (GSAM), which carries out a broad range of alternative investments including private equity, growth equity, private credit, real estate, and infrastructure. In Japan, Goldman Sachs has invested over 60.0 billion dollars since 1997 in corporations, real estates and credit.
Stephanie Hui, Global Co-head of Growth Equity within Goldman Sachs Asset Management:
“Mobility is an integral part of our everyday life, and GO Inc. is well-positioned to lead digitalization and innovation of Japan’s taxi market. With its excellent IT expertise, deep industry knowledge, and strong management team, GO Inc. can solve pressing market-wide issues while establishing itself as a transformative mobility platform.”
Hiroshi Nakajima, President of GO Inc.:
“We are glad to welcome Goldman Sachs, a firm that invests globally in numerous growing companies, as our new stakeholder. We really appreciate their decision to invest in GO Inc. despite the challenging market conditions that prevail for start-ups around the world. We believe this round of fundraising is highly significant, indicating that we have gained high social credibility. Driven by the trust and responsibility, we will push ahead to achieve our mission of ‘Empowering Happiness through Mobility.’”
Reference
About GO Inc.: Empowering Happiness through Mobility.
GO Inc. offers various IT services that update Japan’s mobility industry.
Notes:
All websites listed are in Japanese.
The company names and product names listed are the trade names or registered trademarks of the relevant companies (including those that are pending).
