Getaround, a US car-sharing connected platform, raises $300M in funding

LV Team

August 22, 2018

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GetaroundGetaround, 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.

Getaround's unique solution provides instant and keyless car-sharing through its patented, integrated hardware and software platform, improving efficiency by eliminating the need for manual key exchange between renters and owners. In addition, Getaround's patented technology paved the way for leading industry partnerships, including integrations with global leaders in mobility such as Uber Technologies, Inc. and Toyota Motor Corporation.

"Over the past year, we expanded to new markets, accelerated growth in existing markets and formed integrated partnerships with industry-leading automakers and mobility companies to bring Getaround to more people in more places," said Sam Zaid, Getaround Founder and CEO. "SoftBank is the premier global investor in mobility, and has tremendous experience working with transportation brands like ours. We are confident in our product, playbook, and team—alongside the strong support from both SoftBank and previous investors, we look forward to leading the growth of next-generation car-sharing."

Getaround will use the additional capital to continue growing and expanding into new cities in North America and around the world. The company will also use the capital to develop mobility partnerships, launch new product offerings, create operational efficiencies, and continue innovating on its connected car technology.

"SoftBank sees cars haring as an accelerating trend that will disrupt car ownership," said Michael Ronen, Managing Partner of SoftBank Investment Advisers. "We believe that Getaround is uniquely placed to capitalize on this by creating a marketplace that makes it easy for car owners, car renters, ride-hailing drivers, and others to transact seamlessly. Getaround was the first to successfully leverage connected car technology to create an on-demand car-sharing network at scale, has proven its ability to effectively expand into new markets, and develop integrations with large mobility partners such as Uber and leading automakers such as Toyota."

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 allows consumers to make their payments through their Getaround earnings.

SOURCE Getaround

Edited by M. Hunt

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Simon Baker is the Founder and Executive Chairman of Online Marketplaces and Property Portal Watch. Involved with property portals for 15 years, he’s a well-recognized expert and industry consultant.
As former CEO/MD of the REA Group for 8 years, Simon led the group to its current market-leading position. When he joined REA Group in 2001, it had $4m in revenues, $6m in losses and an $8m market cap.
By 2008, the company presided over $155m in revenues, $35m in EBITDA and enjoyed a peak market cap of $1b. Simon is currently Chairman of the Mitula Group and Real Estate Investar and a serial portal founder and, investor.