Gargash Group and Mercedes-Benz Mobility invest in Blackline
Blacklane, the leading global chauffeur services provider, has partnered with Gargash Group, one of the leading business conglomerates in the UAE, as its most recent investor, alongside long-time backer Mercedes-Benz Mobility also joined the round.
Through this partnership with Blackline, the two companies will invest millions of dollars, which will give the company a valuation that is approximately 50 percent higher than the previous valuation for the year 2020.
Blackline has witnessed unprecedented growth in its market share over the past months through new investments, which will focus on converting its fleet to electric vehicles instead of fuel vehicles, and the company will also work to meet the growing needs of customers.
The Middle East market is one of the most important markets for Blacklane, to improve its services and thus expand its presence globally.
Gargash Enterprises and Mercedes-Benz Mobility are supporting the acceleration of Blacklane’s ability to transition to electric vehicles, as well as the provision of its services around the world.
While Gargash Enterprises brings its expertise and local knowledge to sustainability, Mercedes-Benz Mobility provides Blacklane with world-class electric vehicles, for the ultimate mobility service experience.
Mercedes-Benz Mobility, which has been investing in Blackline since 2013, owns a brand share of more than 50 percent of Blackline’s global fleet.
In this context, Jens Wohltorf, CEO and founder of Blacklane, stated: “Dubai is an important gateway for international customers, a commercial and economic city, hungry for innovation, and committed to sustainability.”
For his part, Shihab Gargash, CEO of Gargash Group, said: “The Gargash Group is witnessing the remarkable development of Blackline, and believes that its strategic direction is largely in line with the group’s vision for the future. For this purpose, we decided to invest in Blackline.”