Getaround collects $45m funding

Peer-to-peer car-sharing platform Getaround has raised $45 million in new capital, including investments from two major auto makers.

The investment will fund further innovation in its patented connected car technology, which allows people to safely and securely share their cars with other drivers, who rent and unlock them via their mobile devices.

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 enhance the 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 carmakers, which it says will transform consumer access to mobility.

US expansion plans

The latest infusion of capital will allow Getaround to continue investing in scaling its offering in 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.

Jessica Scorpio, founder and CMO of Getaround, said: “We are excited to continue driving growth in existing markets, while also bringing Getaround to more communities across North America.

“This capital accelerates our ability to build upon partnerships and increase marketing efforts, further strengthening our ability to enable as many people as possible to share their cars.”

Getaround’s offering combines its connected car technology with auto insurance, so that its members can rent nearby cars and save money on auto payments, insurance and maintenance.

Owners benefit from car-sharing as the extra income offsets their vehicle costs.

Getaround currently has nearly half a million users with thousands of cars available to rent instantly in 13 cities across the US.

Sam Zaid, founder and CEO of Getaround, said: “By turning any vehicle on the road today into a connected car on Getaround, we have created the only marketplace to instantly share cars.

“We’ve already seen this become an important part of how people access vehicles, and we are confident that it will be fundamental to the way cars are used in the future as they become increasingly connected and autonomous.”