Getaround, the carsharing platform that enable users to instantly access and drive cars nearby, announced a $140 million Series E financing, bringing its total amount raised to nearly $600 million. The round demonstrates the company’s strong backing from a global group of investors including lead investor PeopleFund with new investors including Reid Hoffman’s and Mark Pincus’ Reinvent Capital, 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.
With this new 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.
The 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. 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, despite the pandemic’s initial impact, Getaround has seen worldwide revenue more than double from its pre-COVID baseline while gross margins have continued to improve. Getaround believes these encouraging numbers, together with the new capital, position the company for long-term, sustainable, and profitable growth.