Yoshi Mobility has taken a revolutionary journey from simply filling up cars on the side of the road to offering a comprehensive range of tech-driven automotive services.
Almost 10 years ago, Bryan Frist, Nick Alexander and Daniel Hunter had a groundbreaking idea to infuse technology into the traditional automotive industry. They launched the Yoshi Mobility app, providing San Francisco-area consumers with gas delivered to their doorstep on a day of their choice for just $20 per month.
Frist explained their motivation behind the innovation, saying, “The automotive industry was virtually untouched by technology and we wanted to change that. In the age of Amazon where everything can be delivered, we envisioned a world where people would never have to visit a gas station again.”
The trio took Yoshi through the prestigious Y Combinator program in the summer of 2016 and expanded their services to compete with other venture-backed companies like Filld, Wrench and Booster. By 2017, they had established a presence in Atlanta and Nashville, Tennessee, and diversified their offerings to include car washes, oil changes, and even ordered supplies such as windshield wiper blades.
Yoshi also received a funding boost of $2.1 million from investors including ZhenFund, Joe Montana’s Liquid 2 Ventures, Ali Rowghani (former CFO and COO of Twitter), and Y Combinator’s Continuity Fund.
Over the years, they continued to raise capital, eventually reaching a total of $36.7 million in Series A and B funding backed by strategic investors such as ExxonMobil, General Motors Ventures, DN Automotive, and NBA All-Star Kevin Durant.
Expanding Horizons and Developing New Opportunities
Today, Yoshi Mobility is headquartered in Nashville and has established itself in three distinct business segments: preventative maintenance, virtual vehicle inspections, and electric vehicle charging. With a presence in 15 states and the ability to serve customers in all 50 states, the company has completed a staggering number of vehicle services to date.
Frist proudly shares, “We have grown our revenue by 10 times since our Series B funding in late 2020.” While they still offer services to individual consumers, Yoshi has shifted its focus towards the commercial side of the business. They now provide virtual vehicle inspections for fleets, partnering with Fortune 100 companies like Uber and Turo.
Their virtual vehicle inspection service has also gained popularity in the gig economy, particularly in states where drivers and small business owners are required to undergo inspections. Yoshi can complete an inspection in as little as 10 minutes.
In March, they completed their first acquisition of Mobile Auto Concepts Inc., a mobile automotive services company that specializes in preventative maintenance, tire care and replacement, multipoint inspections, and eco-friendly washes.
Frist explains, “Mobile Auto is similar to many of our competitors that only focus on one aspect, but we believe that offering a comprehensive package is what truly adds value. As we continue to work with fleets, our customers often request additional services such as tire changes or car washes while we are filling up their car. Now, we can offer a one-stop solution for all their vehicle needs.”
Charging Ahead with Electric Vehicle Services
The third arm of Yoshi Mobility’s business is a mobile electric vehicle charging platform that takes aim at leading EV company Tesla. By addressing common issues such as high repair costs and future challenges related to charging EV fleets, this platform offers EV owners and enterprise customers convenient charging, maintenance, and support solutions.
Frist, a Tesla driver himself for the past eight years, shares, “The EV market is massive, so there is room for many players. Our plan is to collaborate with partners who may not have the resources or space to build their own EV charging stations.”
Investors are equally confident in Yoshi’s potential, backing them with an additional $26 million in Series C funding which has now placed the company’s valuation at over $200 million. General Motors Ventures leads this round, joined by new strategic investor Bridgestone Americas (a well-known tire brand). The investment round also includes international players such as Universal Motors Agencies and Shikra Limited. Yoshi Mobility’s total investment now stands at over $60 million.
Explaining Bridgestone’s decision to invest, Frist says, “They were drawn to the mobility aspect of our company since they also invest in mobility companies. They recently launched Firestone Direct, which deploys vans to change tires at customer locations. Coincidentally, this is something we are now offering and that’s how our partnership came to be.”
Driving towards a bright future
The new funding will allow Yoshi Mobility to scale their preventative maintenance, virtual vehicle inspection, and electric vehicle charging services. By partnering with GM’s OnStar and Toyota Connect, their telematic solutions now connect to approximately 34% of vehicles on the road.
Frist beams, “We have a million touchpoints that allow us to deliver physical and virtual services to our customers, which will propel us into the next phase of our growth. We see ourselves as the ‘Amazon of car care’, much like how Amazon started with delivering books and eventually expanded into multiple industries. Similarly, we are constantly evolving and in the next five to 10 years, we will look drastically different from who we are today.”
