Total amount raised
$742.4 Millions
Latest funding date
8/1/2018
Location
Getaround has successfully raised significant funding over multiple rounds, positioning itself as a key player in the car-sharing market. The platform leverages proprietary technology to offer a seamless car rental experience through a mobile app.
Keep reading to delve into the details of Getaround's funding journey and the investors who support this innovative car-sharing solution.
What Is Getaround?
Getaround, founded in 2011 in San Francisco, California, is a peer-to-peer car-sharing marketplace. The company was established by Elliot Kroo, Jessica Scorpio, and Sam Zaid.
Getaround enables car owners to rent out their vehicles, offering features like remote unlocking via smartphone, comprehensive insurance, and 24/7 customer support. The platform leverages proprietary technology to provide a seamless car rental experience.
With a workforce of 251-500 employees, Getaround continues to innovate in the car-sharing industry, making it easier for people to access vehicles on demand.
How Much Funding Has Getaround Raised?
- Series C
- Amount Raised: $10M
- Date: October 2016
- Lead Investors: Toyota Motor
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand its fleet and enhance technological capabilities.
- Series C
- Amount Raised: $45M
- Date: April 2017
- Lead Investors: Braemar Energy Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series D
- Amount Raised: $300M
- Date: August 2018
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand internationally.
- Series E
- Amount Raised: $140M
- Date: October 2020
- Lead Investors: PeopleFund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform features and improve user experience.
- Debt Financing
- Amount Raised: $25M
- Date: November 2020
- Lead Investors: Horizon Technology Finance
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and growth initiatives.
- Convertible Note
- Date: February 2020
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital.
- Convertible Note
- Date: October 2021
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and future growth.
- Post-IPO Debt
- Amount Raised: $175M
- Date: December 2022
- Lead Investors: Mudrick Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen financial position and support strategic initiatives.
- Post-IPO Debt
- Amount Raised: $20M
- Date: January 2024
- Lead Investors: Mudrick Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the 2024 operating plan and achieve growth targets.
Total Amount Raised: $715M. Current Valuation: Not publicly disclosed.
Key Investors
- Mudrick Capital Management
- Details: Mudrick Capital Management is a capital management firm that has provided a debt facility of up to $20 million to Getaround. Jason Mudrick, the founder, has joined Getaround's Board of Directors.
- Investment Focus Areas: Mobility, carsharing, innovative approaches.
- Notable Investments: Not publicly disclosed.
- Horizon Technology Finance
- Details: Horizon Technology Finance is a leading specialty finance company that provides capital in the form of secured loans to venture capital-backed companies in the technology, life science, healthcare information and services, and cleantech industries.
- Investment Focus Areas: Technology, life sciences, healthcare information, cleantech.
- Notable Investments: Not publicly disclosed.
- PeopleFund
- Details: PeopleFund is a venture capital firm that invests in early-stage companies with high growth potential. They led the $140 million Series E round for Getaround.
- Investment Focus Areas: Technology, consumer services, financial services.
- Notable Investments: Not publicly disclosed.
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is one of the largest technology-focused investment funds in the world, with a portfolio that includes some of the most innovative companies globally. They led the $300 million Series D round for Getaround.
- Investment Focus Areas: Technology, artificial intelligence, robotics, telecommunications.
- Notable Investments: Uber, WeWork, Slack.
- Braemar Energy Ventures
- Details: Braemar Energy Ventures is a venture capital firm that invests in early to mid-stage companies in the energy technology sector. They led the $45 million Series C round for Getaround.
- Investment Focus Areas: Energy technology, cleantech, sustainability.
- Notable Investments: Not publicly disclosed.
What's Next for Getaround?
Getaround's future looks promising with the recent $20 million debt facility from Mudrick Capital Management. This funding will support their 2024 operating plan, including the launch of a unified global app and website, enhancing the user experience across the U.S. and Europe. With a 42% year-over-year revenue growth and improved trip contribution margins, the company is well-positioned to capitalize on the growing car-sharing market.
As Getaround continues to expand, future fundraising opportunities seem likely, especially with the positive financial metrics and strategic involvement of Mudrick Capital. However, challenges such as maintaining financial performance, navigating market competition, and ensuring the successful adoption of new technology will be critical. The departure of Ahmed Fattouh from the board also highlights potential governance hurdles that the company must address to sustain its growth trajectory.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like Getaround and gather other critical business insights.
Sign up for free on Clay and start making data-driven decisions today.
