Total amount raised
$742.4 Million
Latest funding date
8/1/2018
Location
Getaround has successfully navigated 17 funding rounds, with the latest being a Post-IPO Debt round. The company is backed by 60 investors, including Mudrick Capital Management.
Keep reading to explore the intricacies of Getaround's fundraising journey and the investors backing this innovative car-sharing platform.
What Is Getaround?
Getaround, founded in 2010, is a peer-to-peer car-sharing marketplace headquartered in San Francisco, California. The company operates in the car-sharing, marketplace, peer-to-peer, and transportation industries.
With an employee count ranging from 251 to 500, Getaround enables car owners to rent out their vehicles, providing users with 24/7 access to shared cars through their mobile app. The service includes trip liability insurance and allows for instant booking without paperwork.
How Much Funding Has Getaround Raised?
- Post-IPO Debt
- Amount Raised: USD 20,000,000
- Date: January 2024
- Lead Investors: Mudrick Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support Getaround's 2024 operating plan and achieve growth and profitability goals.
- Post-IPO Debt
- Amount Raised: USD 175,000,000
- Date: December 2022
- Lead Investors: Mudrick Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide capital for operational expansion and market growth.
- Convertible Note
- Date: October 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand market presence.
- Debt Financing
- Amount Raised: USD 25,000,000
- Date: November 2020
- Lead Investors: Horizon Technology Finance
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series E
- Amount Raised: USD 140,000,000
- Date: October 2020
- Lead Investors: PeopleFund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen market position and enhance technology.
- Convertible Note
- Date: February 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational costs and technology upgrades.
- Series D
- Amount Raised: USD 300,000,000
- Date: August 2018
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand globally and enhance technological infrastructure.
- Secondary Market
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity for early investors and employees.
- Series C
- Amount Raised: USD 45,000,000
- Date: April 2017
- Lead Investors: Braemar Energy Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance market presence.
- Series C
- Amount Raised: USD 10,000,000
- Date: October 2016
- Lead Investors: Toyota Motor
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop strategic partnerships and enhance technology.
Getaround has raised a total of USD 735,000,000. The current valuation is Not publicly disclosed.
Key Investors
- Mudrick Capital Management
- Details: Mudrick Capital Management is a financial firm that has provided a debt facility of up to $20 million to Getaround. Jason Mudrick, the founder, has joined Getaround's Board of Directors.
- Investment Focus Areas: Innovative companies, resilient businesses, mobility.
- Notable Investments: Getaround.
- Horizon Technology Finance
- Details: Horizon Technology Finance is a leading specialty finance company that provides capital in the form of secured loans to venture capital-backed companies in the technology, life science, healthcare information and services, and cleantech industries.
- Investment Focus Areas: Technology, life sciences, healthcare information and services, cleantech.
- Notable Investments: Getaround.
- PeopleFund
- Details: PeopleFund is a venture capital firm that invests in early to growth-stage companies. They focus on providing financial support and strategic guidance to help companies scale.
- Investment Focus Areas: Technology, consumer services, financial services.
- Notable Investments: Getaround.
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is one of the largest technology-focused investment funds in the world. It aims to accelerate the AI revolution through investments in market-leading, tech-enabled growth companies.
- Investment Focus Areas: Artificial intelligence, robotics, telecommunications, e-commerce.
- Notable Investments: Getaround, Uber, WeWork.
- Toyota Motor
- Details: Toyota Motor Corporation is a multinational automotive manufacturer headquartered in Japan. It is one of the largest automobile manufacturers in the world, known for its innovation in hybrid and electric vehicles.
- Investment Focus Areas: Automotive, mobility, technology.
- Notable Investments: Getaround, Uber, Joby Aviation.
What's Next for Getaround?
Getaround's future looks promising with the recent $20 million debt facility from Mudrick Capital Management. This funding will support their 2024 operating plan, leveraging their strong financial performance and the launch of a new global app and website. The car-sharing industry is growing, and Getaround is well-positioned to capitalize on this trend with its innovative technology and expanding market presence.
Future fundraising opportunities seem likely, given the company's robust revenue growth and improved trip contribution margins. The involvement of Mudrick Capital Management and the acquisition of HyreCar assets suggest potential for further investments and strategic partnerships. However, Getaround will need to navigate challenges such as competition, leadership changes, and the need for sustainable growth amidst evolving consumer mobility patterns.
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