Getaround announced the company has raised $45M in new capital. The Series C equity round was led by Braemar Energy Ventures, a venture capital firm specializing in energy technology with investments across the automotive space. Also joining the round are leading global automaker Toyota Motor Corporation, through its investment in SPARX Group, and SAIC Capital, the venture capital investment arm of Shanghai Automotive, as well as existing venture investors, including Menlo Ventures and Triangle Peak Partners.
Since its Series B financing in 2014, Getaround has evolved its integrated hardware and software technology platform to provide a seamless user experience enabling renters to instantly reserve, locate, and unlock vehicles through the Getaround app, without needing to collect the car keys. The company has recently secured a number of strategic partnerships to broaden the ways its technology can be used, including a technology integration with Toyota, alongside partnerships with Uber and top carmakers, transforming consumer access to mobility.
With this infusion of capital, Getaround plans to expand to additional North American markets and continue to innovate on its patented connected car technology, which allows people to safely and securely share their cars for others to discover, rent and unlock through their mobile devices.
The Series C financing allows Getaround to continue investing in scaling San Francisco, building key developing markets, such as Chicago and Washington D.C., and expanding into new markets such as the Tri-State New Jersey area, which was announced earlier this month.
It also provides Getaround with additional resources to strengthen its partnerships with leading global OEMs, local innovators like San Francisco’s City CarShare, and a growing number of local government agencies that will help the company continue to expand.