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Daimler, BMW mobility joint venture acquires US startup Validated

Moovel Group GmbH, a mobility joint venture co-owned by Daimler AG and Bayerische Motoren Werke AG, acquired U.S. mobility platform Validated from Techstars Central LLC for an undisclosed sum and rebranded itself as Reach Now.

Validated helps drive retail traffic to physical stores by allowing businesses, universities, retailers and restaurants subsidize transportation for customers and employees using shared mobility services, according to the release. The startup was founded as Parkt Inc. in 2015 as an alumnus of private equity company Techstars Central's startup accelerator program in Seattle.

Reach Now, previously Moovel, said May 22 that Validated's services align with its strategy of building products and alliances that strengthen public transit systems and expand mobility options. Validated has partnerships with public transit agencies, ride-hailing services, car-sharing services, bike and scooter share services, and parking providers.

Following the transaction, Validated will continue to operate as a separate brand and company.

In a blog post, Validated said its partner-companies will still be able to issue mobility credits to their customers and employees as normal.