SoFi is committed to fighting racism, standing in solidarity with all of our communities, providing space for open dialogue,
as well as taking action as informed allies. We are donating $1 million to organizations that empower people of color and their allies.

phone and market graph

Friday Fundings: Moovit, Back Market, and LetsGetChecked



Urban Mobility Gets a Boost as Intel Acquires Moovit for $900 Million


Mobility around the world might be slowed for the time being, but that hasn’t stopped Moovit, the “urban mobility app” that was just acquired by Intel (INTC) for $900 million. This is an acquisition, not a typical funding, but the backing will help further expand and build out Moovit’s software.

Moovit’s app works a bit like Google (GOOGL) and Apple’s (AAPL) maps in that it allows customers to plan the routes they want to take on public transit. The difference is that Moovit also uses crowdsourced data, so it’s possible to choose the fastest route in cities where public transit data isn’t available. Already, 800 million people use Moovit in 3,100 cities around the world.

Intel acquired Moovit as part of its autonomous driving initiative, which involves self-driving taxis in Israel and robot taxis in South Korea. In 2018, Intel launched an investment round for Moovit and raised $50 million. In a statement about Moovit, Intel’s CEO said , “Moovit accelerates [our] ability to truly revolutionize transportation—reducing congestion and saving lives—as a full-stack mobility provider.”

Goldman Sachs Helps Back Market Raise $120 Million for Expansion


Back Market is a France-based reselling platform that specializes in refurbished electronics with warranties that last at least a year. The startup raised $120 million in a funding round led by Goldman Sachs (GS), Algae Ventures, and Eurazeo Growth.

To Back Market, the most important part of this round was one of its new investors, Goldman Sachs. The startup is focused on expanding in the United States, and Managing Director Serge Verdoux said it was important to establish a relationship with a well-known American investor.

With its new $120 million, Back Market will work on expansion, but it will also focus on quality control. The platform already vets sellers, which are all authorized businesses instead of individuals, but it will now be able to implement new device testing.

At-Home Diagnostic Company LetsGetChecked Raises $71 Million


The COVID-19 pandemic and global lockdowns have forced many people to consider telemedicine for the first time. After the pandemic ends, some people may not want to return to the doctor’s office for traditional visits.

LetsGetChecked, an at-home health startup, raised $71 million in financing to fund remote testing and monitoring for a variety of health concerns. The Queens-based company’s main priority currently is offering both serotests for antibodies and PCR tests for COVID-19.


Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS50803


ABOUT SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For more information, visit SoFi.com. Want an easy and convenient way to manage your financial life? Get the SoFi app. For iOS and Android.


TLS 1.2 Encrypted
Equal Housing Lender