October 29, 2020
car

Car-sharing startup Getaround raises $140 million as business recovers from pandemic low

By Tina Bellon



a view of a car going down the highway: FILE PHOTO: Cars drive underneath the Mulholland Bridge on the 405 freeway in Los Angeles, California


© Reuters/JASON REDMOND
FILE PHOTO: Cars drive underneath the Mulholland Bridge on the 405 freeway in Los Angeles, California

(Reuters) – Car-sharing company Getaround Inc on Wednesday said it has raised $140 million in additional venture capital funding at a time when its business is seeing growing demand and recovering from a collapse during the early days of the coronavirus pandemic.

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The San Francisco-based company, backed by Japan’s SoftBank Group Corp , has raised a total of nearly $600 million since it was founded more than ten years ago and in previous rounds was valued at more than $1.5 billion.

The company allows private vehicle owners to rent out their cars through Getaround’s platform on an hourly or daily basis and operates in over 100 U.S. cities and more than 170 European locations after the company acquired a local competitor in 2019.

Getaround’s business suffered

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