Getaround, a used car marketplace and winner of TechCrunch Disrupt New York Battlefield 2011, will enter the unicorn club with a roughly $200 million equity financing.
The deal values Getaround, founded in 2009, at $1.7 billion, according to an estimate provided by PitchBook. Getaround declined to comment, citing internal policy on “funding speculation.”
“Getaround and our investors work closely together on our growth strategy, and we’ll definitely plan to share more when we’re ready,” a spokesperson said in response to TechCrunch’s inquiry Thursday morning.
The news follows the company’s $300 million acquisition of Drivy, a Paris-headquartered car-sharing startup that operates in 170 European cities.
Getaround closed a Series D funding of $300 million last year, a round led by SoftBank with participation from Toyota Motor Corporation. Existing investors in the business, which allows its some 200,000 members to rent and unlock vehicles from their mobile phones at $5 per hour, include Menlo Ventures and SOSV.
Assuming an upcoming $200 million infusion, Getaround has raised more than $600 million in equity funding to date.
Whether SoftBank has participated in Getaround’s latest financing is unknown. The business is an active investor in the carsharing market, with investments in Chinese ride-hailing business Didi Chuxing, Uber and autonomous driving company Cruise. We’ve reached out to SoftBank for comment.
In conversation with TechCrunch last year, Getaround co-founder Sam Zaid emphasized SoftBank’s capabilities as a mobility investor: “What we really liked about [SoftBank] was they take a really long view on things,” he said. “So they were very good about thinking about the future of mobility, and we have a common kind of vision of every car becoming a shared car.”
Getaround was expected to expand into international markets with its previous fundraise. Indeed, the company has moved into France, Germany, Spain, Austria, Belgium and the U.K. where it operates under the brand “Drivy by Getaround,” and in Norway under the “Nabobil” brand.
The business initially launched its car-sharing service in 2011, relying on gig workers who can list their cars on the Getaround marketplace for $500 to $1,000 a month in payments, depending on how often their cars are rented.
Since Getaround entered the market, however, a number of competitors have entered the space with similar business models. Turo and Maven, for example, have both emerged to facilitate car rental with backing from top venture capital funds.
Written by Kate Clark
This news first appeared on https://techcrunch.com/2019/09/05/softbank-backed-getaround-is-raising-200m-at-a-1-5b-valuation/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29 under the title “SoftBank-backed Getaround is raising $200M at a $1.5B+ valuation”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.