SoftBank Invests In Rental Car Co

Carsharing platform Getaround has announced that it raised $300 million in a Series D funding round led by SoftBank. Toyota Motor Corporation and inside investors also participated in the round. Getaround provides instant and keyless carsharing through its patented, integrated hardware and software platform.

“Over the past year, we expanded to new markets, accelerated growth in existing markets and formed integrated partnerships with industry-leading automakers and mobility companies to bring Getaround to more people in more places,” said Sam Zaid, Getaround founder and CEO, in a press release. “SoftBank is the premier global investor in mobility, and has tremendous experience working with transportation brands like ours. We are confident in our product, playbook and team. Alongside the strong support from both SoftBank and previous investors, we look forward to leading the growth of next-generation carsharing.”

Getaround will use the new funds to expand into new cities in North America and globally. It is currently available in 66 cities across the United States, with major markets launched in the past year, including Boston, New Jersey, Los Angeles, Seattle, San Jose and Philadelphia.

“SoftBank sees carsharing as an accelerating trend that will disrupt car ownership,” said Michael Ronen, managing partner of SoftBank Investment Advisers. “We believe that Getaround is uniquely placed to capitalize on this by creating a marketplace that makes it easy for car owners, car renters, ride-hailing drivers and others to transact seamlessly. Getaround was the first to successfully leverage connected car technology to create an on-demand carsharing network at scale, [and] has proven its ability to effectively expand into new markets and develop integrations with large mobility partners, such as Uber, and leading automakers, such as Toyota.”

The company will also use the capital to develop mobility partnerships. Last year, it announced a collaboration with Uber to allow Uber drivers to rent cars on-demand via the Getaround app for a flat $5-per-hour rate, which includes insurance, gas and mileage.

In addition, Getaround plans to launch new products, create operational efficiencies and continue to improve its technology.