Deal Could Be Worth $2 Billion
Mapbox is in discussions to go public through a special purpose acquisition company (SPAC) that will be backed by SoftBank Group Corp. [9984.T], according to Sky News.
Mapbox, which is a Softbank Vision Fund portfolio company, is talking with SVF Investment Corp. 3 [SVFC.O] at a valuation of $2 billion, according to the Sky News article, which reported on the negotiations. Mapbox declined a Location Business News request for a comment.
To top off a week where GM said it would use Mapbox Maps+ in more than 900,000 compatible vehicles, the San Francisco-based mapping company also announced the launch of a customizable lane-level navigation system for cars. The system, called Mapbox Dash, allows automakers to customize a driver’s navigation experience, the company said.
Mapbox Dash supports integration into such services as parking, fuel, AI assistants, and streaming music. Mapbox Dash is marketed to carmakers as a subscription service with updates.
- Mapbox is expected to generate more than $100 million in revenue this year and is valued at $1 billion, according to Bloomberg News. One estimate of the company’s worth is as much as $1.2 billion as of April 2020, according to data from PitchBook and cited in a Reuters story.
- The company makes mapping products used by Instacart, Adobe, CNN, IBM, Strava, Snapchat, Square and many others.
- Mapbox is looking to grab a huge share of the auto mapping business, with recent deals with GM and last year with BMW.
- GM will launch a customized version of Mapbox Dash for their Chevrolet, Buick, GMC and Cadillac brands.