San Francisco-based carsharing company Getaround has acquired Paris-based Drivy for $300 million. Drivy is considered the largest and fastest growing carsharing company in Europe.
Now the combined companies span across 300 cities in the U.S. and Europe, which adds an international presence in six European countries including France, Germany, Spain, Austria, Belgium, and the U.K. And between the two companies, they have five million users.
According to a study by the University of California Transportation Sustainability Research Center, every car shared takes approximately 10 off the road. And every 1,000 vehicles shared reduces 50 million pounds of carbon dioxide.
“We are thrilled to be joining forces with the Drivy team as we move closer to our vision of creating a world where all cars are connected and shared,” said Getaround founder and CEO Sam Zaid in a statement. “As the leading European carsharing marketplace, Drivy has built a strong business with products, teams, and values that closely align with ours at Getaround, making for a natural integration for our employees and users. Consumers all over the world are embracing the ease, flexibility and freedom that connected carsharing offers. Getaround is delivering on growing consumer demand by providing a consistent, instant and safe carsharing experience in 140 U.S. cities—and now, across the 170 cities in Europe that Drivy has developed.”
Drivy has a community of two and a half million users across Europe. As Getaround and Drivy combine their strengths, the companies will create a way for people in Europe to instantly rent and drive sophisticated vehicles shared by people nearby while reducing the financial burden of car ownership.
Getaround is known for pioneering a connected carsharing marketplace through the Getaround Connect technology, which enables users to locate and unlock cars using their smartphone. With Getaround, cars can be rented by the hour or the day. And insurance and 24/7 roadside assistance are included.
“Thanks to the remarkable work of our team, Drivy has become the largest carsharing platform in Europe,” added Drivy founder and CEO Paulin Dementhon. “Carsharing will replace car ownership in large urban markets, meeting consumer demands for instant and flexible transportation options, while also making cities more liveable by freeing them from idle cars and reducing congestion and pollution in the process. Connected technology, frictionless user experience, and increased car fleet density are the keys to this evolution, as they make it more convenient to use a shared car than your own. Getaround is an ideal partner for us because our companies are aligned in so many ways while being complementary on key aspects of our business, like geography or fleet acquisition. I look forward to seeing what we can accomplish together.”
Dementhon is going to retain the same role as the CEO of the Europe division of the combined companies and oversee the broader Drivy executive team.