MUFG Innovation Partners Co., Ltd. (MUIP), the corporate venture capital arm and a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), has recently invested in newmo, Inc. (newmo) through MUFG Innovation Partners No. 3 Investment Partnership.
Corporate Profile
Name: newmo, Inc.
Date of Establishment: January 2024
Headquarters: Tokyo
CEO: Naoki Aoyagi
newmo is a taxi and ridesharing service company with the mission to enrich communities through its mobility services.
Japan’s taxi industry faces supply challenges such as an aging driver population and labor shortages in urban areas and tourist destinations, despite increasing demand from the growth of inbound tourism and other factors.
newmo aims to provide convenient mobility services to users through a combination of taxi and ridesharing services. The company has been pursuing partnerships and capital alliances with taxi operators nationwide and plans to expand its businesses that will help drivers pursue diverse work styles.
Through this investment, MUIP will explore collaboration between newmo and MUFG to offer new services to newmo’s individual and corporate customers.
About MUIP
MUIP was established in January 2019 as the corporate venture capital arm of Japan’s leading financial group, MUFG, to promote its open innovation strategy. MUIP currently runs 5 funds (about USD 650 million in total), making strategic investments in startups globally and driving business collaboration between the startups and MUFG group companies.
For more information, visit https://www.ip.mufg.jp/.
About newmo
newmo was established in January 2024 to provide regional transportation that is sustainable from the users’ perspective. newmo expanded its taxi business first in Osaka by acquiring Kishiko Co., Ltd. in March 2024 and management rights for Miraito Co., Ltd in July 2024. newmo now has a fleet of over 600 taxis and more than 1,000 employees.
In July 2024, newmo began operating ridesharing services in Osaka, and in August launched a vehicle leasing service for ridesharing drivers. In September 2024, newmo established a new company, newmo Karuizawa Miyota Co., Ltd., as its second base. newmo is in the process of establishing newmo Tokai Corporation in Nagoya and newmo Okinawa Corporation in Okinawa as its additional bases for new business development.
For more information, visit https://newmo.me/.
