Car-Sharing Startup Raises $300M, Plans to Expand
Aug. 27, 2018—Car-sharing startup company Getaround Inc. recently raised nearly $300 million in a round of funding, the San Francisco-based firm said. The latest round of funding was led by Japan’s SoftBank Group Corp., according to the St. Louis Post-Dispatch.
Toyota Motor Corp. and multiple other investors were also part of the Series D funding round, according to Getaround.
The car-sharing company, which was founded in 2013, has begun operating its car-sharing service in 66 U.S. cities, including Chicago and Washington D.C.
The company said it plans to use the latest funding to expand in North America and around the world, and to develop partnerships with automakers. Because peer-to-peer car sharing is seen as a threat to traditional car ownership by many automakers, a few OEMs like General Motors Co. have adapted to the changing face of the industry by entering into partnerships with firms like Getaround.