Softbank plugs $200m into European-focused Abu Dhabi tech fund February 18, 2019 Japanese investment giant Softbank is said to have stumped up half of the cash for Abu Dhabi state investor Mubadala's new $400m (£309.5m) fund for European tech startups. Mubadala, which has conversely contributed around $15bn to Softbank's $100bn Vision Fund, said last week that its venture arm would be launching the $400m tech fund this year. The move will involve a number of Mubadala's [...]
Uber narrows losses to $1.8bn in 2018 but revenue growth slows ahead of IPO February 16, 2019 Uber narrowed losses last year but saw revenue growth slow dramatically in the fourth quarter ahead of its IPO. The ride-hailing app said revenue grew just two per cent in the final three months of 2018 to $3bn (£2.3bn), a slowdown from the 38 per cent rise the previous quarter. Read more: Lyft to pitch [...]
Lyft to pitch fast growth to investors as IPO race with Uber intensifies February 15, 2019 Lyft is set to pitch its fast growth in the US to investors as it seeks to beat out rivals Uber to become the first publicly listed ride-hailing company. It will tell investors its share of the US market is close to 40 per cent, a five per cent increase on a year earlier, having [...]
City Moves for 13 February – who’s switching jobs at Spotahome, Improbable and DAC Beachcroft? February 13, 2019 Who’s on the move today? Spotahome Spotahome has appointed Cleo Sham, who helped grow Uber’s presence in China to become the ridesharing app’s largest market and led the EMEA operations for the American company, as chief operating officer (COO) to oversee the Madrid-based property technology company's global operations functions to spearhead fast-growth.Sham started up at [...]
UK slips behind Norway and Finland in readiness for driverless cars February 11, 2019 Britain’s rivals are speeding ahead in the race to introduce driverless cars onto the roads, according to research. The UK slipped two places this year down to seventh place in KPMG’s rankings on progress and capacity for adopting the technology, overtaken by Norway and Finland. Read more: Tomtom to focus on driverless after €910m sale [...]
Revolut’s Valentine’s Day advert caused a social media storm – and shows the pitfalls of using comedy in marketing February 11, 2019 Roses are red, violets are blue, there’s a company in hot water and it’s called Revolut. The fintech challenger bank, which offers a mobile-based banking service, recently launched a new ad campaign of Tube posters that joked about the spending habits of its customers. One of the four adverts read: “To the 11,867 people who [...]
Activist investor Cat Rock turns up the heat after calling on Just Eat to start merger talks February 11, 2019 One of Just Eat’s major shareholders has urged the takeaway giant to start merger discussions with a "well-run industry peer" today, following the recent departure of boss Peter Plumb. Cat Rock Capital Management, which owns a 1.7 per cent stake in Just Eat, said that a tie-up for the online food delivery firm "would be a [...]
UK fintech unicorn Oaknorth to nail $440m round led by Softbank February 7, 2019 Japanese mega investor Softbank has led a $440m funding round in savings challenger Oaknorth, investing in the company via its $100bn Vision Fund. City A.M. understands the Clermont Group also participated in the round, which is expected to close tomorrow morning. The funding will be used to expand Oaknorth's SME loan origination and credit capabilities to banks and [...]
Self-driving cars to hit UK roads by the end of the year February 6, 2019 Completely driverless cars could be on UK roads by the end of this year, after the government today said it would be overhauling existing regulations. The change by the Department for Transport will allow self-driving cars to be trialled on any public road without a human safety driver behind the wheel, however they must have [...]
BMW-owned car sharing venture Drivenow expands electric car fleet February 6, 2019 BMW's car sharing service Drivenow has added 130 all-electric cars to its London fleet, as it pushes to meet the capital's air quality requirements. The extra 130 BMW i3 vehicles will join Drivenow's current electric fleet of 50 cars, as well as its other 540 BMW and Mini vehicles across the city. Drivenow said the [...]