Vehicle Services Group
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Reports an investment of about $ 3.5 million in the subsidiary (55%) Go-To (formerly Car-To-Go) on the part of Talkar, an importer of Kia in Israel, which is owned by the Unger family. The deal reflects a $ 45 million pre-cash value for Go-To – 50% higher than the last round of raising in July. Talkar will give birth to about 8% of Go-To shares, and Ambassador will go down to a 49.8% holding.
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Go-To provides shared car services, ie short-term rental services, and it currently operates in Madrid, Malta and Israel (recently discontinued operations in Haifa due to low demand and is currently active in Tel Aviv as part of an Ototel project). Of bicycles, electric scooters and motorcycles. In 2020, about 1.3 million trips were made through the company’s services, and revenues from them total about $ 12.5 million.
Last July, Nazare Capital Management, controlled by WeWork founder Adam Neumann, invested $ 10 million in Go-To. Following the current deal with Talkar, Nazare will be reduced to a 4.7% holding in the company.
“An investment at a value 50% higher than the company’s value at which the previous raising was made is further evidence of the importance of GoTo’s activity and the fact that the company has not yet reached full disclosure of its value,” he said in reference to the deal David Michael, CEO of the Ambassador Group.
Gil Laser, CEO of Go-To, He said that “strong ties with the world’s leading car manufacturers, led by Kia, will enable us, upon completion of the transaction, to continue our growth in new markets with an emphasis on the European market and to deepen activity in existing markets.”
Laser added that “the world of collaborative transportation is growing and we see that more and more people prefer to consume transportation as a service. During the Corona epidemic, the demand for self-driving solutions increased by people who gave up transportation from work and did not want to rely on public transportation. “Change the world of transportation and bring the significant good news of GoTo to other cities in Europe.”
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