Getaround operates a peer-to-peer carsharing marketplace that connects vehicle owners with drivers for short-term rentals for rideshare and delivery. Founded in 2014 and based in California, the company has focused on scaling bookings across the U.S. and Europe. In Q3 2023 Getaround reported strong revenue growth of 42% year-over-year and a trip contribution margin of 52%, up 640 basis points year-over-year. To improve the booking experience between regions, Getaround launched a unified global app and website on January 17. The company secured additional capital via a debt facility to provide funding for its 2024 operating plan and has drawn the first $5 million. Management has highlighted its patented technology and said the financing supports its focus on delivering profitable, sustainable growth. Getaround operates a car-sharing platform that allows customers to instantly rent nearby cars across more than 100 cities. The company focused on contactless access and platform improvements after demand fell early in the pandemic. Bookings dropped as much as 75% in March, prompting layoffs and reduced field operations, but demand rebounded by May and the company rehired furloughed staff by July. CEO Sam Zaid says worldwide revenue has more than doubled from its pre-COVID baseline and gross margins have continued to improve. Getaround currently reports more than 6 million users globally. The company plans to use new capital to invest in car technology, bring on new partners, and drive toward global profitability. Getaround operates a mobile-first car-sharing marketplace that allows roughly 200,000 members to rent and unlock vehicles from their phones, often at about $5 per hour. The company, founded in 2009 and launching its service in 2011, enables car owners to list vehicles and earn roughly $500–$1,000 per month depending on rental frequency. Getaround expanded internationally after a prior fundraise, moving into France, Germany, Spain, Austria, Belgium, the U.K. (as Drivy by Getaround) and Norway (as Nabobil). Last year it acquired Paris-headquartered Drivy for $300 million and closed a $300 million Series D led by SoftBank with participation from Toyota Motor Corporation. Assuming the reported upcoming $200 million infusion, the company has raised more than $600 million in equity funding to date. The business faces competition from firms like Turo and Maven as similar models enter the market. Getaround operates a peer-to-peer carsharing marketplace that installs its Connect hardware in listed vehicles so renters can locate and unlock cars via the mobile app. The Connect unit includes GPS tracking, tamper detection and engine lock to provide security for owners. The company has integrated with partners such as Uber (via Uber Rent) and has deals with automakers including Toyota, Audi and Ford. Since launching at TechCrunch Disrupt in 2011, Getaround has expanded to 66 cities and continued product and market growth. Financially, the company has raised multiple venture rounds prior to this financing (a total of $88M previously, including a $45M round last November). The new funding is earmarked to expand product offerings, deepen partnerships and enter additional U.S. and international markets. Getaround operates a peer-to-peer car sharing platform that provides software and hardware integrations to let vehicle owners rent their cars to others. The company is positioning its product as an embedded rental layer that can be built into cars as they roll off assembly lines. It has pursued partnerships with automakers and mobility players to broaden availability and reduce ownership costs for vehicle buyers. Recent commercial ties include deals with Uber to allow drivers to pick up Getaround vehicles in San Francisco, and partnerships with Toyota and Mercedes-Benz offering lease- and payment-related incentives. Toyota has also made a strategic investment (revealed in October) and is embedding incentives into lease agreements so owners can apply rental income toward lease payments. Getaround says this strategy and the new funding will also help it prepare to provide the software layer for accessing autonomous vehicles in the future.

Total raised

$2.5B

Funding rounds

9

Latest round

Equity

Latest activity

Jan 2024