Nuro Raises $600 Million Led by Tiger Global; Other Participants Include Kroger, Google, SoftBank
November 02 2021 - 1:21PM
Dow Jones News
By Josh Beckerman
Autonomous vehicle company Nuro raised $600 million of Series D
financing led by Tiger Global Management, which follows an active
period in fundraising and delivery agreements for the company.
One of the participants in the financing is Kroger Co., which
has a delivery partnership with Nuro. Others in the funding round
include Baillie Gifford, Fidelity Management & Research Co.,
Gaorong Capital, Google, SoftBank, T. Rowe Price Associates Inc.
and Woven Capital.
Nuro reported a $500 million Series D round in November 2020.
Additional Series D investors announced in March included Chipotle
Mexican Grill Inc.
Nuro and FedEx Corp. announced a multi-year agreement in
June.
In December 2020, Nuro received an Autonomous Vehicle Deployment
Permit in California. In August, Nuro said it would invest $40
million to develop a factory and a test track in Nevada. The
company said it would be "taking over 74 acres of the Las Vegas
Motor Speedway to build a world-class, closed-course testing
facility that will allow sophisticated development and validation
of its autonomous on-road vehicles," to "measure bot performance in
a broad range of scenarios, from avoiding pedestrians and pets to
giving bicycles space on shared roadways."
The new funding will be used for commercialization of vehicles
and will "assist Nuro in addressing long-standing pain points and
shifting consumer trends accelerated by COVID-19." The company also
signed a five-year strategic partnership with Google Cloud.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
November 02, 2021 14:06 ET (18:06 GMT)
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