Singapore-based on-demand ride service Grab has secured an undisclosed sum from carmaker Toyota’s Next Technology Fund as part of a $2.5bn series G round, TechCrunch reported today.
The first $2bn tranche was provided last month by telecoms and internet group SoftBank and ride-sharing app developer Didi Chuxing at a $6bn valuation. Grab is still seeking additional investors to complete the round.
Founded in 2012 as GrabTaxi, Grab operates an on-demand ride-hailing service that is currently available across 87 cities in Southeast Asia.
The deal with Toyota includes a data partnership with Toyota Motor. Grab will share data on driving patterns from 100 Toyota cars in its fleet, who will analyse the data and recommend how its connected car technology could improve Grab’s offering.
Before the current funding round, Grab’s equity funding stood at approximately $1.4bn.
SoftBank has been an investor in Grab since 2014, when it injected $250m in series D capital before returning for a $350m series E round the following year alongside Didi Chuxing, China Investment Corporation, Coatue Management and Tiger Global Management.
In September 2016, Grab added $750m in funding at a $3bn valuation in a round led by SoftBank that featured unnamed existing shareholders.
The company’s backers also include automotive manufacturer Honda, online travel services provider Qunar, financial services firm Tokyo Century, GGV Capital, Hillhouse Capital Management and Vertex Ventures, the VC subsidiary of Singapore state-owned investment firm Temasek.