Skip to main content

This story is brought to you by The Daily Upside. For more crisp and insightful content, you can sign up for the free Daily Upside newsletter here.

Here’s one for the man or woman whose expense account knows no bounds.

Blacklane, a high-end ride-hailing service, is launching a new inner-city offering in New York today.

Backed by Daimler AG (Mercedes), Blacklane is taking on the black car services of rivals Uber and Lyft with a slightly more upscale touch.

For the Modern, Virus Conscious Man
Blacklane initially began as a niche app offering chauffeur rides to and from airports in 300 cities worldwide — luggage handling, door opening for passengers, and other amenities were included to make you feel especially important.

But that business nearly evaporated when the coronavirus halted air travel, and Blacklane was forced to pivot:

  • In December, Blacklane launched an intercity service (think rides from New York to Boston for $399) for business travelers wary of crowded flights in situations where Zoom will not suffice.
  • Launching today, Blacklane will now target the same luxury-seeking customer looking to avoid crowded subway rides.

After New York, the service will launch in Boston, Chicago, Los Angeles, London, Paris, Berlin, Milan, Singapore and Dubai.

Uber and Lyft Less Successful at Losing Money
Despite the pandemic, Blacklane rivals Uber and Lyft — two companies not unfamiliar with losing lots of money — actually got less unprofitable in 2020. Uber reported a net loss of $6.8 billion in 2019, down from a staggering $8.5 billion in 2019.

Uber was able to stem losses by pivoting hard to delivery services, and its delivery gross bookings reached $10 billion in 2020, up 130% from 2019

The Takeaway: Blacklane was targeting a 2022 IPO, but market uncertainty has pushed that back to 2023 at the earliest.



Masayoshi Son’s Vision Pays Off

But he should really take a step back from the casino.

Ineffective way of determining preferences. By Taro the Shiba Inu [CC BY 2.0], via Wikimedia Commons

Netflix Faces Stiff Swedish Competition

Good streaming services copy, great streamers steal.


Investors Are Pushing Into ESG For Predictable Reasons

And it has nothing to do with saving the manatees.