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A San Francisco based Car-sharing company raises $300 million

Updated September 18, 2018

On Tuesday, August 21st, a San Francisco based car-sharing startup Getaround Inc. raised around $300 million by Softbank Group Corp, a Japanese Conglomerate.   

As per the statement from Getaround, Softbank led this round of funding with Toyota Motor Corp. and some other investors.

Getaround Inc.has its car-sharing service in San Francisco, Washington and Chicago and 63 cities in the United States. The company was founded in 2013.

The company stated that the funds from its latest round would be used to expand into new cities and to partner with more automakers. Getarounds peer to peer car sharing business model has been seen as a threat to how vehicles are currently owned. Automakers like General Motors and Volkswagen Group are looking to adopt on how car is owned by partnering with companies like Getaround.

In April, Getaround partnered with Uber Technologies Inc. to launch Uber rent. The car-sharing company raised $45 million last year from Braemar Energy Ventures.

SoftBank has its Vision fund of $93 billion and one of the largest shareholders in Uber. It has also invested in Southeast Asia’s Grab, India’s Ola and Didi from China

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Jacob Doyle
About Jacob Doyle

I am a Chicago-born writer with a thirst for everything automotive. I live by a simple rule; travel far, work hard and never stop writing. If I am not writing away, you can find me wrenching on my 1989 Ram Charger or wrecking something with wheels.

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