Getaround has successfully raised approximately $600 million over 10 funding rounds, achieving a valuation of around $1.7 billion. The platform offers a peer-to-peer car sharing service, allowing car owners to rent out their vehicles to others through a convenient mobile app.
Keep reading to explore the intricacies of Getaround's fundraising journey and the investors backing this innovative platform.
What Is Getaround?
Getaround, founded in 2010, is a car rental and car-sharing service that simplifies vehicle sharing through its proprietary cloud and in-car Connect® technology. The company was established to provide a seamless, contactless experience for users, eliminating the need for paperwork or in-person key exchanges.
Based in San Francisco, Getaround was founded by Sam Zaid, Jessica Scorpio, and Elliot Kroo. The platform allows users to rent cars from private and professional owners, offering features like unlocking cars with a phone and trip liability insurance.
With a growing team, Getaround continues to innovate in the car-sharing industry, making it easier for people to access vehicles on demand. The company has expanded its services to various locations, providing a convenient and efficient solution for car rentals.
How Much Funding Has Getaround Raised?
- Series D
- Amount Raised: $300,000,000
- Date: August 2018
- Lead Investors: SoftBank
- Motivation Behind the Round: To accelerate growth and expand the business, leveraging SoftBank's vision of a future where every car is a shared car.
- Series C
- Amount Raised: $45,000,000
- Date: April 2017
- Lead Investors: Toyota
- Motivation Behind the Round: To strengthen the partnership with Toyota and expand the business, as well as to support the partnership with Uber for enabling car rentals for Uber drivers.
- Unknown Round
- Amount Raised: $35,000,000
- Date: April 2016
- Motivation Behind the Round: To grow the car rental marketplace into new markets, including the U.K.
- Series A
- Amount Raised: $8,600,000
- Date: April 2015
- Motivation Behind the Round: To open new markets, recruit car owners, and improve the company's apps and website.
- Unknown Round
- Amount Raised: $24,000,000
- Date: November 2014
- Motivation Behind the Round: To support international expansion plans.
- Series A
- Amount Raised: $8,300,000
- Date: May 2014
- Motivation Behind the Round: To expand the business and enhance the platform's technology.
- Series B
- Amount Raised: $13,900,000
- Date: August 2012
- Motivation Behind the Round: To scale operations and increase market presence.
- Series A
- Amount Raised: $2,500,000
- Date: August 2012
- Motivation Behind the Round: To develop the platform and attract early users.
- Unknown Round
- Amount Raised: $1,700,000
- Date: December 2011
- Motivation Behind the Round: To enhance the platform's features and expand the user base.
- Series A
- Amount Raised: $3,400,000
- Date: September 2011
- Motivation Behind the Round: To launch the service and build initial infrastructure.
Getaround has raised a total of $742.4 million and is currently valued at $1.7 billion.
Key Investors
- SoftBank
- Details: SoftBank is a Japanese multinational conglomerate holding company known for its significant investments in technology and telecommunications. It has a long-term vision for the future of mobility and has invested in various transportation companies.
- Investment Focus Areas: Technology, telecommunications, energy.
- Notable Investments: Uber, Didi, Grab.
- Toyota Motor Corporation
- Details: Toyota is a leading global automaker headquartered in Japan. It is known for its innovative approach to automotive manufacturing and future mobility solutions.
- Investment Focus Areas: Automotive technology, mobility services, autonomous driving.
- Notable Investments: Uber, Pony.ai, Joby Aviation.
- Uber
- Details: Uber is an American technology company that revolutionized the ride-hailing industry. It also offers food delivery, freight, and other transportation services.
- Investment Focus Areas: Ride-hailing, food delivery, autonomous vehicles.
- Notable Investments: Lime, Aurora, Cornershop.
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm based in Menlo Park, California. It invests in technology and life sciences companies at various stages of development.
- Investment Focus Areas: Technology, life sciences, consumer services.
- Notable Investments: Uber, Roku, Warby Parker.
- Triangle Peak Partners
- Details: Triangle Peak Partners is a venture capital firm that focuses on technology and energy sectors. It supports companies through various stages of growth.
- Investment Focus Areas: Technology, energy, growth sectors.
- Notable Investments: Tesla, SolarCity, SpaceX.
What's Next for Getaround?
Getaround's future is brimming with opportunities. The $300 million investment from SoftBank opens doors for expansion into new metro areas and markets, potentially transforming the car-sharing landscape. By leveraging partnerships with companies in SoftBank's mobility portfolio, Getaround can enhance its technology and user experience, positioning itself as a leader in the shared mobility space.
Future fundraising rounds seem likely as Getaround scales its operations and technology. The company could attract further investments from major players in the mobility and automotive sectors, fueling its growth and market presence. However, challenges such as competition from other car-sharing services and the need to achieve profitability remain. Navigating these hurdles will be crucial for Getaround's sustained success.
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