Detroit – General Motors Co. is the lead investor in a second round of funding for Yoshi Inc., a Silicon Valley start-up that provides on-demand gas and other automotive services.
GM has confirmed its subsidiary, GM Ventures, invested in Yoshi in its $ 23 million Series B round of funding, but the Detroit automaker did not specify the amount of the investment. CNBC first reported the investment.
“We have ambitious plans to continue to build a brand and service that our customers love,” Yoshi CEO and Co-Founder Bryan Frist said in a statement. “We are grateful for the continued support of our partners and investors who believe in our vision to radically transform and dramatically improve the customer experience in this rapidly evolving space. “
GM first invested in the company in its first round of funding in 2018. Yoshi raised $ 13.7 million in the first round of funding with investments from GM Ventures, ExxonMobil and NBA player Kevin Durant .
Yoshi, formed in 2015, offers on-demand automotive services including gas delivery, oil changes, washing, and detailing. The company plans to branch out into alternative fuels and other services. Yoshi has raised over $ 38 million.
Yoshi’s services are currently offered through its app in five major US markets, including parts of Michigan. GM has started rolling out the service to its employees in the United States
Since 2010 GM Ventures made 49 investments. Apart from Yoshi, one of them was for Envisics, a holographic technology company that creates heads-up displays in augmented reality. GM is using the technology for the hands-free driving experience in future electric vehicles, including the Cadillac Lyriq.