Carsharing Platform Getaround Closes $140 Million

By Noah Long ● October 18, 2020
  • Getaround — a carsharing platform that empowers users to instantly access and drive cars nearby — announced that it has raised $140 million in Series E funding

Getaround — a carsharing platform that empowers users to instantly access and drive cars nearby — announced that it has raised $140 million in Series E funding. Including this funding round, the company has raised a total of nearly $600 million. This funding round demonstrates the company’s strong backing from a global group of investors including lead investor PeopleFund along with new investors including Reinvent Capital (Reid Hoffman and Mark Pincus), AmRest founder Henry McGovern, Pennant Investors, and VectoIQ partners Steve Girsky, Mary Chan, and Julia Steyn, participating alongside a broad set of existing investors including SoftBank Vision Fund, Menlo Ventures, Braemar Energy Ventures, Triangle Peak Partners, Asset Plus Capital, Bpifrance, Cathay Innovation, and Via-ID.

Including this funding round, the company plans to further develop its unique connected car technology — which enables a fully contactless experience, expand strategic partnerships, strengthen its global position through continued long-term growth, and reach worldwide profitability.

This round of funding comes at a time when Getaround’s user demand is experiencing impressive growth and has exceeded 1 billion miles driven by its over 6 million users globally. And the company remained operating as an essential business during nationwide shut-down orders and was able to provide accessible, convenient transportation via its contactless technology. As a result, Getaround has seen worldwide revenue more than double from its pre-COVID baseline while gross margins have continued to improve.

PeopleFund CEO Matias de Tezanos is joining the company’s Board of Directors in connection with the funding round. As a founder and former CEO of multiple high-growth Inc. 500 tech companies, Tezanos brings 15 years of experience as an entrepreneur and operator.

Along with announcing the Series E funding round, the company has made four new executive hires to support its next stage of growth, and continue its commitment to invest in a strong company culture and diversity:

1.) Dan Kim joins as Chief Operating Officer to lead its North American business. Kim most recently was the head of Airbnb Plus and core host operations at Airbnb, and previously was the head of global sales and delivery at Tesla.

2.) Laura Onopchenko joins as Chief Financial Officer. Onopchenko is the former Chief Financial Officer at NerdWallet.

3.) Tia Gordon joins as Vice President, People & Culture to head up workplaces globally. Gordon was formerly Director, People Operations at Google.

4.) Ruth Yankoupe joins as Vice President of Customer Experience and will manage the end-to-end customer journey for North America. Yankoupe was previously Vice President, Customer Experience at OYO

KEY QUOTES:

“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. 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.”

— Sam Zaid, Founder & CEO at Getaround

“We are impressed at how the Getaround team and marketplace are responding to the COVID crisis with an essential service that enables users to book cars without requiring in-person interaction to hand off keys. This round will accelerate the company’s growth and maintain market leadership.”

— PeopleFund CEO Matias de Tezanos

“Getaround has strong momentum and we believe they have the ability to be a global leader in mobility. Sam and the team have done an outstanding job managing through the pandemic and returning to significant growth in a short period of time. We look forward to supporting them as they pursue their next phase of growth.”

— Mark Pincus, Managing Member at Reinvent Capital

“We are optimistic about the next phase of growth for Getaround. 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.”

— Jonathan Hong, Investment Director at SoftBank Investment Advisers