Israel-based transportation mobility firm GoTo Global Mobility will acquire moped-sharing startup Emmy.
GoTo, which is backed by former WeWork CEO and cofounder Adam Neumann, currently allows users to easily book cars, scooters, and bikes. This new acquisition will allow GoTo to add those modes of transportation to Emmyโs current network of 3,000 electric mopeds across Germany.
GoToโs business model of charging membership fees and attracting daily commuters is similar to how Neumann once operated WeWork. Itโs also trying to expand as fast as the coworking company.
โWe have really hungry shareholders that really want to accelerate the company and want this growth, so I totally believe this will not be the last acquisition or merger,โ said Gil Laser, CEO of GoTo. โThe market is ready for consolidation between companies.โ
Neumann invested $10 million to take up a 33% equity stake in GoTo in July of 2020. However, the company will use stock to acquire Emmy, which will cut down Neumannโs stake to around 25%.
