Adam Neumann Bets Big on Shared Mobility with GoTo Global Investment
Adam Neumann, the embattled co-founder and former CEO of WeWork, has re-entered the shared economy space with a significant investment in GoTo Global, an Israel-based mobility-as-a-service startup. Neumann’s family office, 166 2nd Financial Services, acquired a 33% equity stake through a \(10 million investment as part of GoTo's \)19 million Series B funding round.
Key Details of the Investment
- Neumann’s Stake: 33% equity in GoTo Global
- Total Funding Round: \(19 million (includes \)10M from Neumann)
- Board Rights: Neumann gains authority to appoint one board member
- Existing Investor: Shagrir Group Vehicle Services (publicly traded Israeli firm) also participated
GoTo Global: A Multi-Modal Mobility Platform
Founded in 2008 as a car-sharing service, GoTo Global (also called GoTo Mobility) has evolved into a comprehensive mobility solution offering:
- Car sharing
- Moped rentals
- Bicycle sharing
- Electric scooter services
The company previously raised $3 million in seed funding and secured a $9 million convertible loan from Shagrir, which has now been converted to equity.
Expansion Plans
With fresh capital, GoTo aims to:
- Launch services in Madrid as its first European market
- Scale operations across additional European cities later in 2020
Neumann’s Investment Strategy Post-WeWork
This marks Neumann’s:
- First investment since filing a lawsuit against SoftBank (May 2020)
- 15th total investment through 166 2nd Financial Services
- Previous investments include EquityBee, Moon Active, and Peach Street
The COVID-19 Factor
Sources indicate Neumann’s investment was strategically timed:
- Pandemic-driven behavioral shifts favor flexible transportation
- Shared mobility seen as safer than public transit and cheaper than car ownership
- GoTo reports 12% growth above pre-lockdown usage levels
“Shared mobility was hit hard by lockdowns,” acknowledged CEO Gil Laser, “but we’ve rebounded fastest. Our model balances safety concerns with economic realities in the new normal.”
Legal Context
Neumann remains embroiled in litigation with SoftBank Group, which withdrew a $3 billion tender offer for WeWork shares in April 2020 citing:
- COVID-19 business impacts
- Unmet closing conditions
The lawsuit alleges breach of contract and fiduciary duty by SoftBank. Neumann has declined public comment due to ongoing legal proceedings.
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