SEOUL, Sept. 11 (Korea Bizwire) — Hyundai CRADLE, the venture capital arm of Hyundai Motor Co., has made a strategic investment in Migo, a mobile app for on-demand rides, the South Korean carmaker said Tuesday, the latest in a series of moves to boost its presence in the growing global mobility market.
Migo — launched in 2017 — offers ride-share, car-share, bike-share, public transportation on a single platform to allow people to easily discover and hail the best option to help them get from A to B.
The Migo app, which provides real-time pricing and wait times, has been used in more than 75 cities, including New York, Los Angeles, Chicago, Toronto, Miami and Boston.
John Suh, vice president of Hyundai CRADLE, stressed the need to have a deep understanding of people’s changing transportation needs as the mobility market continues to grow and evolve.
“Migo is offering a unique, win-win service to consumers and mobility providers. With Migo’s expertise in the MaaS market, they are arming their partners, including Hyundai with invaluable information that will help the company explore future mobility models,” Suh said in comments provided by Hyundai Motor America, referring to the Mobility as a Service.
Migo, a Seattle-based company, said Monday it has received $9 million in Series A funding from institutional and strategic investors, including Hyundai CRADLE.
Hyundai Motor didn’t provide the value of its strategic investment in Migo
Jeff Warren, founder and CEO of Migo, said Hyundai and Migo share a common vision of the future of Mobility as a Service.
“We are very gratified that Hyundai Motor supports our mission and through Hyundai CRADLE has added us as a partner in helping deliver mobility services that can transform people’s lives,” Warren said in comments provided by Hyundai Motor America.
In August, Hyundai Motor invested in Indian car sharing firm Revv to supply it with vehicles and jointly develop new mobility services for Indian customers.
Hyundai Motor has also invested in the Southeast Asian ride-hailing firm Grab for a possible business partnership in the transportation service sector.