Car-sharing startup Getaround raises $300 mln in funding led by SoftBank
21/08/2018 14:00
Aug 21 (Reuters) - Car-sharing startup Getaround Inc has
raised about $300 million in the latest funding round led by
Japan's SoftBank Group Corp 9984.T , the San Francisco-based
firm said on Tuesday.
Toyota Motor Corp 7203.T and some other existing investors
were also part of the Series D funding round, Getaround said.
The company, founded in 2013, has been operating its
car-sharing service in 66 U.S. cities including San Francisco,
Chicago and Washington D.C.
The company said it will use the latest funding to expand in
North America and around the world and to develop partnerships
with automakers.
Peer-to-peer car sharing is seen as a threat to traditional
car ownership and many global automakers, including General
Motors Co GM.N and Volkswagen AG VOWG_p.DE , have adapted to
the changing face of the sector by entering into partnerships
with firms like Getaround.
The startup, which partners with Ford Motor Co F.N and
Toyota, also collaborated with Uber Technologies Inc UBER.UL
in April to launch Uber Rent in San Francisco. urn:newsml:reuters.com:*:nL3N1RO5H7
Last year, Getaround raised $45 million in new capital, led
by venture capital firm Braemar Energy Ventures. Some of the
company's other investors include asset management firms Menlo
Ventures, automotive services provider Cox Automotive Inc and
actor Ashton Kutcher.
SoftBank, with its $93 billion Vision Fund, is known for its
appetite for big technology investments and is the largest
shareholder in Uber. It has also taken stakes in China's
ride-hailing app Didi, India's Ola and Southeast Asia's Grab.
(Reporting by Akanksha Rana and Sonam Rai in Bengaluru
Editing by Saumyadeb Chakrabarty)
((akanksha.rana@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 80 6749 8922; Reuters Messaging:
akanksha.rana.thomsonreuters.com@reuters.net))