Toyota backs London start-up
Toyota has underlined it ambition to become a mobility services provider by investing in a London-based carpool start-up.
Faxi has developed an app that allows users to find and connect with colleagues who share the same route to work and commute at similar times. It allows companies to verify employee carpooling in real time and to offer incentives and rewards, such as priority parking, to car poolers.
In 2018 Toyota Financial Services (TFS) decided to start working with Faxi for the development of a Toyota branded carpooling platform to offer incentivised carpooling in Europe. Toyota currently runs several projects across six cities in Europe and three around the globe.
Seeing similar needs across cities in Europe, TFS has now decided to invest in Faxi, becoming the majority shareholder. Aioi Nissay Dowa Europe/Toyota Insurance Management also invested, joining existing shareholder the Indigo group. The ambition is to scale the Faxi platform across Europe and beyond, expanding the current number of cities and projects.
Doug Gillies managing director of Toyota Financial Services (UK) PLC, said, ‘In addition to delivering sales support for environmentally friendly hybrid electric technology, Toyota Financial Services is engaging in new mobility solutions. Building on the partnership with Faxi, TFS decided to invest in Faxi to introduce technology to reduce single occupancy vehicles and the congestion and emissions that they cause. This is a game-changing technology and we’re excited to get behind it with our brand.’
Tony Lynch, chief executive and co-founder of Faxi, added, ‘Large organisations across the globe have workplace parking issues. In addition to benefiting companies by solving this concern, employees are encouraged to carpool with co-workers by for example earning a reserved parking space. Ultimately, if more people carpool, this can have a considerable downsizing effect on the number of cars on the road, benefiting an entire community.’
