Gett raises $100M to grow B2B corporate travel business ahead of possible IPO

Israel-based Gett, which connects business customers to ground transportation options worldwide, has completed a $100 million fundraising round.

In a blog post announcing the news, the company did not name funders, but said it includes “several new and existing investors.”

Prior to this round, the company had raised more than $800 million in funding including $300 million from Volkswagen. 

Founded in 2010, Gett now serves more than 17,000 corporate customers, including one-third of the Fortune 500. Its SaaS cloud solution consolidates any transportation vendors, including ride-hailing, taxi, chauffeur and limousine services, in a single booking platform that works across 100 countries.

The company became operationally profitable in December 2019 across each of its transportation, delivery and shuttle product lines. In the blog post, the company says it also reached profitability in each of its core markets in June and as of today is fully funded.

“The way people move around in cities is changing dramatically as a result of COVID-19 and businesses are seeking to optimize costs and to put in place efficient and safe ground travel solutions for their employees. Our mobility software is helping businesses thrive by empowering people to be their best on the go,” says Dave Waiser, Gett CEO.

“Being fully funded and reaching a key milestone in our profitability journey, is an important step for the Company. The proceeds will help us grow our unique corporate SaaS platform internationally, while we consider an IPO in the future, to further accelerate our expansion.”

And says Gett chairman Amos Genish: “The completion of the fundraising during the pandemic is a clear expression of confidence by our shareholders and new investors in Gett’s vision to focus on the corporate market and its plan to expand globally, as well as in the Company’s strong operational and financial performance.”