Peer-to-peer car-sharing platform Getaround has raised $140 million in Series E financing, bringing its total amount raised to $600 million.
PeopleFund led the round, with participation from new investors including Reinvent Capital, Pennant Investors and others, and participation from existing investors including SoftBank Vision Fund, Menlo Ventures, Braemar Energy and Ventures.
Getaround says its worldwide revenue has more than doubled since the COVID-19 pandemic began, thanks in part to the fact its cars are booked and accessed without the need to meet the owner or use a key.
In April 2019, Getaround acquired France-based car sharing brand Drivy, giving it a presence in 170 European cities. The company says it now has six million users globally.
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“Our contactless solution has empowered people around the world to carshare during the global pandemic, and, as a result we have rebounded from a steep initial drop of 75% in usage due to COVID-19 to achieve significant growth,” says Sam Zaid, founder and CEO of Getaround.
“As we work to continue to scale our marketplace, we are proud to have the support of our world-class investors. Closing a round of funding negotiated in such challenging times amidst the pandemic underlines their belief that Getaround is truly the future of mobility.”
Headquartered in San Francisco, Getaround’s car-sharing marketplace includes thousands of cars in more than 300 cities across the United States and Europe. Users can rent cars by the hour or day and access them through the Getaround app.
The company says it will use the new funding to further develop its technology, expand strategic partnerships and reach profitability.
In addition to the Series E announcement, Getaround says it has made four executive hires that “support growth and demonstrate company commitment to culture and diversity.” Dan Kim, formerly head of Airbnb Plus and core host operations at Airbnb, becomes chief operating officer; Laura Onopchenko, previously CFO of NerdWallet, joins in the same role; Tia Gordon, formerly director of people operations at Google, becomes vice president of people and culture; and Ruth Yankoupe, formerly vice president of customer experience at OYO, joins in the same role.
“We are optimistic about the next phase of growth for Getaround,” says Jonathan Hong, investment director at SoftBank Investment Advisers.
“The company is well-positioned to be an essential player of the global mobility space and we are excited about our collaboration with the Getaround team and our investing partners, both strategically and operationally.”