San Francisco-based Getaround, a car-sharing platform that provides instant and keyless car sharing has raised an amount of $300 million in the latest Series D funding round. The particular funding round was led by Japan’s SoftBank Group.
The other investors that were a part of this funding round included Toyota Motor and some other existing investors.
The funds raised by the company are being planned to use in the expansion process in areas of North America and around the world. Also, a part of the funds will be utilized to develop partnerships with automakers.
“We are confident in our product, playbook, and team,” Sam Zaid, Getaround founder and CEO said. “We look forward to leading the growth of next-generation carsharing.”
Founded in 2013, Getaround has gradually grown its network across 66 US cities. It allows the users to rent cars from private owners by the hour or by the day. Along with this, a $1 million insurance policy and 24/7 roadside assistance are also included. Through its integrated technology platform, customers reserve, unlock and drive cars using its mobile app, without the need for the driver and owner to exchange a key.
The company, at present, functions in 66 regions around North America and claims to new cities in that region and around the world soon. Getaround has partnered with Ford Motor and Toyota. Also, it has been in association with Uber in April to launch Uber Rent in San Francisco.
“SoftBank sees carsharing as an accelerating trend that will disrupt car ownership”, Michael Ronen, managing partner of SoftBank Investment Advisers stated.
In the last funding, Getaround raised $45 million previous years led by venture capital firm Braemar Energy Ventures.