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GM Cruise raises $1.15B at a $19B valuation from SoftBank and Honda
GM Cruise has raised another $1.15 billion in new equity from a group of investors that includes T. Rowe Price Associates, Honda, SoftBank Vision Fund and its parent company GM, as the self-driving vehicle company pushes to launch a commercial autonomous ride-hailing service this year. This investment increases Cruise’s post-money valuation to $19 billion, inclusive of SoftBank’s previously announced investment commitment. Cruise has secured capital commitments totaling $7.25 billion in the past year, according to the company. (Fonte: TechCrunch)
Google launches Israel program to help startups grow globally
Alphabet Inc’s Google said on Tuesday it has launched a four-month program in Israel to help startups grow globally using its experts and tools. The Google Startup Growth Lab Programme has picked eight companies, after a pilot was completed in 2018. “This is a program for startups that are beginning their growth period or have growth challenges,” Lior Noy, startup growth lead at Google, told Reuters. (Fonte: Reuters)
Lyft lost $1.14B in Q1 2019 on $776M in revenue
In its first-ever earnings report as a public company, Lyft failed to display progress toward profitability. The ride-hailing business, which raised $2 billion in a March initial public offering, posted first-quarter revenues of $776 million on losses of $1.14 billion, including $894 million of stock-based compensation and related payroll tax expenses. The company’s revenues surpassed Wall Street estimates of $740 million while losses came in much higher as a result of IPO-related expenses. (TechCrunch)
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