Hyundai Backs Ride-Finding App Migo
Originally published in The Drive by Stephen Edelstein on September 10, 2018
Migo, an app that connects users with multiple types of transportation services, has raised $9 million in Series A funding, according to a company press release. Among the new investors are rental giant Enterprise and Hyundai, which is investing through its CRADLE (Center for Robotic-Augmented Design in Living Experiences) venture-capital arm.
Launched in September 2017, Migo acts as a clearing house for transportation services. Users can access ride-hailing services Uber and Lyft, Daimler's Car2Go car-sharing service, Lime bicycle and e-scooter rentals, as well as taxi cabs and public transportation, without switching apps. The company claims to have more than 80,000 users.
"We know from our data that brands matter in the Mobility-as-a-Service (MaaS) space, but also that people move around and are interested in easily finding solutions that are appropriate to them in the moment," Jeff Warren, founder and CEO of Migo, said in a statement.
Migo started out in Seattle and Portland, Oregon, but the company says it is now available in more than 75 North American cities, including Atlanta, Boston, Chicago, Denver, Los Angeles, New York, Toronto, and Washington, D.C. However, Migo is only available to iOS users in most cities. An Android version is available as part of a limited beta test in Seattle, but Migo hasn't done a wider release yet.
Hyundai is using investment to build bridges with tech companies developing mobility-related apps and services. The company previously invested in Indian car-sharing service Revv and Southeast Asian ride-hailing service Grab, which recently acquired Uber's operations in the region.