Getaround Receives Investment to Expand Car Sharing Service
Getaround closed $13.9 million Series A financing to grow its car sharing service that allows members to share their own vehicle throughout four cities.
Getaround, a peer-to-peer car sharing service, announced Aug. 2 it has closed a $13.9 million Series A Round to continue to expand into receptive markets and develop new product features and technology.
Getaround was also selected to receive $1.725 million in federal funding to launch peer-to-peer car sharing and study the impact in Portland, Oregon.
The car sharing service offsets the cost of car ownership by giving people a chance to share their cars with others nearby, taking up to 13 cars off the road and cutting 165 pounds of carbon emissions.
The company launched in San Francisco in 2011 and has expanded its services to Austin, San Diego and Portland with more than 10,000 members nationwide.
Led by Menlo Ventures, the round includes Yahoo CEO Marissa Mayer, A-Grade Investments and Innovation Endeavors as investors. Other participating investors include Collaborative Fund, Sean O’Sullivan of SOSventures, Correlation Ventures, CEO of HotelTonight Sam Shank, CEO of Yammer David Sacks, CEO of Saba Software Bobby Yazdani, Founder of Hoteles.com Matias de Tezanos, Founder of Clarity.fm Dan Martell, and CEO of .CO Juan Diego Calle.
“We’re proud of this significant milestone for the company and humbled that this group of investors believe in our mission of disrupting the transportation industry as much as we do,” said Sam Zaid, CEO and founder of Getaround. “While we’ve been laser focused on growing Getaround in four cities, we’re excited to bring car sharing to even more people with this funding.”
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