GM invests again in Silicon Valley auto services start-up
Detroit — General Motors Co. is the leading investor in a second funding round for Yoshi Inc., a Silicon Valley start-up that provides on-demand gas and other automotive services.
GM confirmed its subsidiary, GM Ventures, invested in Yoshi during its $23 million Series B funding round, but the Detroit automaker wouldn't specify the investment amount. CNBC first reported the investment.
“We have ambitious plans to continue building a brand and service that our customers love,” Yoshi CEO and Co-Founder Bryan Frist said in a statement. “We’re thankful for the continued support of our partners and investors who believe in our vision for radically transforming and significantly improving the customer experience in this rapidly evolving space.”
GM first invested in the company during its first series of funding in 2018. Yoshi raised $13.7 million in the first funding round with investments from GM Ventures, ExxonMobil and NBA player Kevin Durant.
Yoshi, formed in 2015, offers on-demand auto services including gas delivery, oil changes, washing and detailing. The company has plans to get into alternative fuels and other services. Yoshi has raised more than $38 million.
Yoshi services are currently offered through its app in five major U.S. markets, including parts of Michigan. GM has started rolling out the service to its employees in the U.S.
Since 2010 GM Ventures has made 49 investments. Outside of Yoshi, one of those was for Envisics, a holographic technology company that creates augmented reality heads-up displays. GM is using the technology for the hands-free driving experience in future electric vehicles including the Cadillac Lyriq.