The “money” has invested in a ride-hailing app
Floyd ‘Money’ Mayweather didn’t just visit the Philippines to see the sights: the undefeated boxing champ made waves yesterday when he announced that he was investing in local ride-sharing firm U-hop.
Specifically, Maybeather’s brand and investment firm, the The Money Team is investing in the company. U-hop previously raised $7.4 million back in 2016 in seed funding.
Mayweather’s investment will give the company a shot in the arm, as it aims to compete with current incumbent champion, Grab, for the ride-sharing crown. Grab’s previous main competitor, Uber, sold all of its SEA assets to the company earlier in April.
With the investment, U-hop is now looking to expand to other markets, specifically the US, where they’ll be facing off with competitors like Uber and Lyft.
“He will help us bring the brand particularly in the US. As you know, Floyd has many resources and connections in other countries. We will utilize those resources to help us expand,” Uhop Chairman Marvin de la Cruz said during a presscon yesterday.
Despite being the underdog in the local ride-hailing business, U-hop is confident that it’ll be able to compete with Grab, as they’re looking to add more vehicles to its 10,000 strong fleet. U-hop is hoping to more than double that, targeting around 25,000 vehicles at the end of the year.
