Getaround, a car-sharing service that allows customers to rent and driver cars others own within their city, recently announced their Series D funding round raised $300 million. SoftBank led the round of financing, and Toyota Motor Corporation also participated, along with inside investors.
This Series D financing marks another major milestone for the company. Since announcing its Series C funding in April 2017, Getaround has executed its playbook to rapidly expand and scale new markets—where it has seen booked hours increase 7.5x. Getaround is now available in 66 cities across the United States, with notable markets launched in the past year, including Boston, New Jersey, Los Angeles, Seattle, San Jose and Philadelphia—all of which are growing 3x faster than Getaround's first market of San Francisco.
In May 2017, Getaround and Uber first built on Getaround's platform to launch an instant booking experience for potential drivers, empowering people without cars to earn money driving with Uber. Following this success, the companies together launched "Uber Rent powered by Getaround" in April 2018, allowing people to instantly rent and access Getaround cars directly through the Uber app.
In the same period of time, Getaround and Toyota both increased their original 2017 partnership to start a completely connected share experience. The two businesses have developed an all-in-one car-sharing system for Lexus and Toyota brand cars all using Getaround's platform along with Toyota's Smart Key Box service, as well as financial changes that allow consumers to make their payments through their Getaround earnings.
Edited by M. Hunt
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