Investments

Corporate Ride-Hailing Startup Gett Picks Up $100M From Investors

Gett

Gett, which provides corporate taxi services, has raised $100 million in a funding round, the company announced on its blog.

Saying one-third of Fortune 500 companies “are already our loyal clients,” Gett said the COVID-19 pandemic has increased its corporate business.

“The way people move around in cities is changing dramatically as a result of COVID-19 and businesses are seeking to optimize costs and to put in place efficient and safe ground travel solutions for their employees,” Gett CEO Dave Waiser said in the announcement.

The new funding is from new and existing investors, the company said, and “will help us grow our unique corporate SaaS platform internationally, while we consider an IPO in the future, to further accelerate our expansion,” Waiser said.

Gett said its corporate service has stayed stable during pandemic shutdowns. “It’s become even more important that businesses take extra precautions to enhance the safety of their employees while commuting with corporate taxis — often seen as safer and more efficient alternatives than public transport,” the company said.

The company said it “became operationally profitable” in December of 2019. The company operates in Israel, where it is based, as well as in the U.K., Russia and New York.

Gett said it offers corporate clients “the ability to book and manage all their ground travel providers in one single booking platform.” The platform includes “high-quality local and global vendors, for on-demand taxi, chauffeur and limousine and ride-hailing services.”

Amos Genish, Gett chairman, added, “The completion of the fundraising during the pandemic is a clear expression of confidence by our shareholders and new investors in Gett’s vision to focus on the corporate market and its plan to expand globally, as well as in the company’s strong operational and financial performance.”

In May 2019, Gett said it had raised $200 million, putting its valuation at $1.5 billion. At the time, Waiser said this would probably be the company’s last funding round, as it planned to have an  IPO by the first quarter of 2020.

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