Goldman Sachs invested in Go Inc., Japan’s biggest ride-hailing app in a funding spherical which values the start-up at $1 billion, the corporate introduced on Wednesday.

The U.S. funding financial institution invested 10 billion Japanese yen ($72.1 million) into Go.

Goldman’s funding comes as expertise startups nonetheless face a difficult environment in which to raise funding, as macroeconomic headwinds prevail and the fallout from the collapse of Silicon Valley Bank this 12 months — a key pillar of the trade — continues to ripple across the world.

“We consider this spherical of fundraising is very vital, indicating that we’ve got gained excessive social credibility,” Hiroshi Nakajima, President of Go Inc., stated in a press launch.

The firm stated it plans to make use of the funds to enhance its app and “to develop next-generation companies stemming from the mobility trade for the decision of assorted societal points.”

Go Inc. operates an Uber-style of ride-hailing service in Japan, however is attempting to focus the corporate on different areas of mobility. For instance, it has a enterprise the place it sells a digital camera and software program to watch drivers and guarantee they aren’t driving dangerously.

The firm stated this 12 months that it’s shutting down its meals supply enterprise, as individuals return to eating places following the pandemic.

Goldman Sachs has constructed up its non-public investments in tech companies. One of its most notable investments was is ride-hailing agency Uber, though the financial institution has now dumped its entire stake within the firm.

But Goldman Sachs stays bullish on ride-hailing.

“Mobility is an integral a part of our on a regular basis life, and Go Inc. is well-positioned to steer digitalization and innovation of Japan’s taxi market,” Stephanie Hui, international co-head of progress fairness at Goldman Sachs Asset Management, stated in a press launch.