SoftBank Vision Fund’s $940 Million Investment in Nuro

Cooley advised the SoftBank Vision Fund on the deal

Nuro, the robotics company transforming local commerce, today announced that it has raised $940 million in financing from the SoftBank Vision Fund. To date, Nuro has raised more than $1 billion from partners including SoftBank, Greylock Partners and Gaorong Capital.

Nuro is making local delivery fast and affordable with its self-driving service. The service uses Nuro’s custom unmanned road vehicle to run errands of all kinds – from picking up groceries to delivering dinner. Nuro strives to create a world where everything can be delivered affordably and on-demand.

In 2018, Nuro introduced its custom unmanned vehicle, secured a national partnership with Kroger to do grocery delivery, licensed its self-driving technology to autonomous trucking company Ike, and launched the first-ever unmanned delivery service available to the general public in Arizona.

Nuro will use this new financing to expand its delivery service to new geographies, add new partners, scale its fleet, extend and mature its general self-driving technology, and significantly grow its team. The investment is subject to customary closing conditions, including receipt of applicable regulatory approvals.

Cooley advised SoftBank Vision Fund with a team including Matthew Bartus (Picture), Bradley Libuit, Howard Morse, Katherine W. Ambrose, Emily Iannarelli, Zander Olsson, Christopher Kimball, Blake Martell, Vince Flynn, Austin Holt, Ross Eberly, Adit Khorana, Cristina DeBiase, Kimberly Nguyen, Anders Fernstrom, Erin Estevez, Laurie McCarty, Aaron Pomeroy and David Dalton.

Involved fees earner: Katherine Ambrose – Cooley LLP; Matthew Bartus – Cooley LLP; David Dalton – Cooley LLP; Cristina DeBiase – Cooley LLP; Ross Eberly – Cooley LLP; Erin Estevez – Cooley LLP; Anders Fernstrom – Cooley LLP; Vince Flynn – Cooley LLP; Austin Holt – Cooley LLP; Emily Iannarelli – Cooley LLP; Adit Khorana – Cooley LLP; Christopher Kimball – Cooley LLP; Bradley Libuit – Cooley LLP; Blake Martell – Cooley LLP; Howard Morse – Cooley LLP; Kimberly Nguyen – Cooley LLP; Zander Olsson – Cooley LLP; Aaron Pomeroy – Cooley LLP;

Law Firms: Cooley LLP;

Clients: SoftBank Vision Fund;

Author: Ambrogio Visconti