Bryan Frist’s Yoshi Mobility has received millions in capital.
The tech-enabled mobile car care company closed a $26 million round of series C funding, according to a press release. Investors include General Motors Ventures, Bridgestone Americas, Universal Motors Agencies and Shikra Limited.
The funding will be used to expand three new business lines: preventable maintenance, virtual vehicle inspections and electric vehicle charging, according to the release.
Founded in 2015, Yoshi's core business works as a car-care subscription service for individuals or companies, which often sign up for the service as a perk for their employees. Yoshi moved its headquarters from Silicon Valley to Nashville at the beginning of 2021. Frist is the son of former U.S. Senate Majority Leader Bill Frist, who is co-founder of Frist Cressey Ventures and a transplant surgeon whose father and brother created what's today HCA Healthcare Inc. (NYSE: HCA).
The company has raised more than $60 million to date and is also backed by ExxonMobil, DN Automotive, NBA All-Star Kevin Durant and the NFL’s Joe Montana, according to the release.
Since the pandemic, Yoshi Mobility has increased its revenue tenfold, according to the release, which was driven by the growth of its fleet business and corporate partnerships. In March, the company completed its first acquisition of San Francisco-based Mobile Auto Concepts Inc.
“Our virtual inspection business is on an exciting growth trajectory and has enormous potential,” said Frist in the release. “This service accelerates the onboarding process for gig-economy drivers and small business owners, while also reducing their carbon footprint by removing their need to drive to a service center for a simple inspection. It’s a true win-win across the board with clear product-market fit, synergies with our other product offerings, and great customer reviews.”
The company is working to commercialize its mobile EV charging platform to combat current and future challenges for charging EV fleets.
“The past few years we’ve expanded our services well beyond just gas delivery to offer car owners more comprehensive car care,” Frist said in the release. “No matter how the vehicles are powered - by gas, batteries, or even hydrogen - we’re well positioned to help usher in the future of mobility.”
