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Uber/Lyft on a More Profitable Path

Uber/Lyft on a More Profitable Path
June 22, 2020

Via has pioneered the Mobility-as-a-Service model, making public-private deals with municipal transit authorities to license its technologies. Now, after a big pandemic hit, ride-hailing industry giants have finally caught up with the trend as they look for a more profitable path forward.

Both Uber and Lyft have been devastated by the effects of the coronavirus pandemic, delaying their efforts to achieve profitability, but they are adapting for the long haul.

Uber licensed its ride-hailing software to a public transit agency in Marin County, California. Residents in Marin, which has a population of 250,000, will be able to book rides on public minibuses through Uber’s app, which will match riders traveling in the same direction.

In addition to the minibuses — which at first will carry only two passengers at a time, due to social distancing — the county will pay Uber up to an additional $70,000 per year to apply discount vouchers for standard Uber trips booked to and from transit stops, an arrangement similar to a deal Marin previously had in place with Lyft.

Lyft meanwhile is pledging that every vehicle on its platform will be electric or powered by another zero-emission technology by 2030.

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Public-Private Mobility Companies:

Founded in Hamburg in 2014, Wunder Mobility is now an international company supplying software, hardware, and operational services for various “future-oriented” mobility concepts. These concepts include smart shuttles, fleet management, and carpooling. The company reaches more than 2M users in a dozen countries including France, Germany, Spain, Brazil, India, and the Philippines and is processing 1M trips per month, worldwide.

Bellhop wants to build a mega-app that integrates ride share, bike share, and public transit. There are now 1B people worldwide using thousands of different apps to access ride-sharing services. The Bellhop app makes it easy to compare different modes of transportation and options.

MaaS Global is a Finnish startup that wants to bring a multi-modal subscription transport service to cities globally. Founded out of Helsinki in 2015, MaaS Global is better known for its mobile app Whim, which offers a range of subscription and pay-as-you-go plans allowing city travelers to book (and pay for) buses, trains, taxis, bikes, rental cars, and more — all from a single app.

Funding & Deal Highlights:

Copado, a leading native DevOps platform for Salesforce, announces $26M in Series B funding, bringing the total raised to $47M. The financing was led by Insight Partners who also led Copado’s Series A round, with participation from existing investor Salesforce Ventures and new partners Lead Edge Capital, ISAI Cap Venture, and Perpetual Investors. Copado will use the new funding to expand global distribution and accelerate product innovation, including its new DevOps analytics platform, DevOps 360.

Lassen Therapeutics, based in San Diego, comes out of stealth mode with a $31M Series A financing round. The round was led by Frazier Healthcare Partners with participation from Alta Partners and Longwood Fund.

Fidelis Insurance Holdings Limited announces the closing of its offering of $300M aggregate principal amount of 4.875% Senior Notes due 2030, taking the aggregate amount of capital committed to being raised by the firm to more than $1B in the last six months.

Engrail Therapeutics announces the close of a $32M Series A financing round. Nan Fung Life Sciences, the global investment platform of the Nan Fung Group, led the round. The Company plans to use the proceeds from the financing to support the clinical development of its first pipeline asset, ENX-101, a sub-type selective GABA A modulator.

Zerto, an industry leader for IT resilience, announces it has raised $33M in equity financing. The equity funding also allows Zerto to draw up to $20M in additional venture debt under an existing credit facility. The round is supported by existing investors: Access Industries via its Israeli entity Claltech, 83North, Battery Ventures, Harmony Partners, IVP, RTP Ventures, and U.S. Venture Partners. New investors include Poalim Capital Markets, the investment arm of Israel’s leading financial institution, Bank Hapoalim, and Zerto’s venture debt provider, Kreos Capital.

Wise Systems, the leading AI-driven routing and dispatching platform provider, has raised $15M in financing to accelerate its growth with leading global distribution customers. Led by Valo Ventures, a thematic-focused fund investing in applied AI companies that address megatrends such as climate change, mobility, and urbanization, the round also includes participation from existing investors Gradient Ventures, Prologis Ventures, and E14 Fund.

Outer, the Santa Monica-based direct-to-consumer outdoor furniture brand known for making durable, sophisticated pieces and for creating the hasslefree, integrated OuterShell® cushion cover, announces it has raised $4.3M in funding. The investment, led by Mucker Capital and backed by a number of stakeholders, will enable Outer to support the development and introduction of new products as the brand looks to grow their portfolio as well as expand the footprint of their innovative Neighborhood Showroom retail model.

Indianapolis-based CertaSite has acquired the assets of Approved Safety and Security Inc., a family-owned business in South Bend. The commercial fire protection and life safety company says the deal marks its first Indiana acquisition.

Improving, a technology consulting company, has merged with iTexico, headquartered in Austin, Texas with nearshore offices in Guadalajara and Aguascalientes, Mexico and sales offices in Dallas, Chicago, Northern California and Southern California. The merger is expected to increase Improving's workforce by more than 300 professionals with combined annualized revenue in excess of $115M.

Grove Collaborative, a leading digital-first brand and e-commerce platform for natural home and personal care products, announces today the acquisition of Sundaily, a category leader in ingestible skincare. Over the past three years, Grove Collaborative has launched its own brands of home and personal care products, including lines of tree-free paper, laundry care and vitamins. This latest expansion into ingestible skincare, with the acquisition of a brand known for evidence-based product innovation and better-for-you ingredients, signals Grove Collaborative's continued focus on and expansion of its wellness portfolio.

Bravo Wellness, one of the nation's top employee wellness solution providers, has bolstered its position as an industry leader with its acquisition of Chicago-based PUSH Wellness.

Planet has agreed to acquire 3C Payment. 3C Payment’s gateway, integration and terminal capabilities, when combined with Planet’s value-added payment services, will create a unique platform in the payments sector, serving businesses looking to improve customer experience.

Microsoft acquires ADRM Software, a provider of large-scale, industry-specific data models that companies can use as "information blueprints."

Since last week, PrivCo has added:
4,632 Profiles Updates | 150 M&A Deals166 Funding Activities
    Revenues, EV, EBITDA, and Valuations
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