Getaround, a San Francisco-based peer-to-peer car sharing service, has raised $24 million in Series B financing led by automotive giant Cox Automotive — owner of AutoTrader, Kelley Blue Book and Manheim Auctions.
Other participating investors in the round included Menlo Ventures, Triangle Peak Partners and SOS Ventures. This latest round of investment brings Getaround's total funding to over $40 million, says the company.
With this investment, Getaround will expand its on-demand car-sharing service into major U.S. markets, starting with Oakland, Portland and launching on the East Coast with Washington, D.C.
"The newly formed Cox Automotive is at the forefront of automotive innovation, leveraging our unique assets across the entire automotive life cycle to develop new insights and solutions for consumers, dealers and OEMs," said David Liniado, vice president of new ventures at Cox Automotive. "We have been closely following the evolution of both car sharing and connected cars — Getaround fits perfectly at the intersection of these two growing trends — and we're thrilled to lead this investment and to be working with the Getaround Team."
With the updated Getaround Connect hardware and new iPhone and Android apps, Getaround is now a community where users can instantly share cars without having to wait for their request to be approved or meeting in-person to get the car keys, says the company.
"Our focus has shifted to an entirely on-demand sharing experience and we have seen tremendous traction with this model," said Jessica Scorpio, founder of Getaround. "The market shows this is fundamental in providing a true alternative to car ownership, and with the help of Cox Automotive, we're excited to bring our service to all major U.S. cities in the next year."
For more information, visit www.getaround.com.