Toyota funds Grab
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Photo credit: think4photop / 123RF
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Grab announced today that it has received funding as part of a strategic investment by Toyota Tsusho, a general trading company within Japanese automotive giant Toyota.
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The investment – made through Toyota Tsusho’s Next Technology Fund – makes the Japanese company the latest confirmed participant in Grab’s current funding round.
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As earlier reported by Tech in Asia, lead investors Didi Chuxing and SoftBank are together contributing up to US$2 billion to the round, which Grab is aiming to close at US$2.5 billion – a figure that would make it Southeast Asia’s largest ever venture financing.
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The amount of Toyota Tsusho’s investment was not disclosed.
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Grab simultaneously announced a partnership deal with Toyota Motor, Toyota Financial Services Corporation, and Aioi Nissay Dowa Insurance. Grab will share data on driving patterns from 100 Toyota cars in its fleet with its partner companies. Toyota will perform analyses on this data and use this to recommend its connected car services – including user-based insurance, car financing, and predictive maintenance – to Grab drivers.
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Toyota rival Honda made a strategic investment in Grab back in December last year. That deal also featured a partnership arrangement, under which the companies agreed to collaborate on driver education programs around issues such as motorbike safety, traffic congestion, and environmental protection.