April 19, 2024

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[THE INVESTOR] Hyundai CRADLE, the venture capital arm of Hyundai Motor, has made a strategic investment in Migo, a mobile app for on-demand rides, the Korean carmaker said on Sept. 11.

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 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.

The Seattle-based company, said it has received US$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.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)