Singapore-based ride-hailing startup Grab continued its funding streak, acquiring another $200 million from Seoul-based private equity firm Stic Investments, according to a new report from Bloomberg.
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The new funding comes just six months after we reported that Grab, founded in 2012, secured more than $700 million from Japan’s largest bank, Mitsubishi UFJ Financial Group.
Excluding this new investment, Grab had raised $9.9 billion in known funding across 29 reported rounds going back to 2013, according to Crunchbase data. News reports have put that figure over $10 billion.
It last raised an extensive Series H round in 2018 and 2019. In 2019, it received a $1.5 billion investment from the SoftBank Vision Fund, followed by a $300 million infusion with Invesco in the lead investor role as part of the Series H round.
Although Grab started off as a ride-hailing app, its services have expanded beyond that. Previously, we reported that the company wants to be an “everyday everything” app. It currently lets users book rides, meals and hotels, and offers payment services, among other features.
The company operates throughout southeast Asia, including Indonesia, Malaysia, Cambodia, Myanmar, Thailand, Vietnam and the Philippines.
So far in 2020, Grab has also made some investments of its own.
According to Crunchbase data: In April it was one of eight investors participating in a $279 million Series D round for Ninja Van, a Southeast Asia-based express delivery firm. Prior to that In February, the company made its fourth acquisition in three years with the purchase of Singapore-based Bento, a digital wealth tools provider.
Illustration: Li-Anne Dias