After Uber, DiDi, and Grab, Softbank has landed to the next target. The investment firm today led the $300m in Series D funding round in San Francisco-based carsharing app Getaround, getting into its mobility portfolio.
“SoftBank sees carsharing as an accelerating trend that will disrupt car ownership”, said Michael Ronen, managing partner of SoftBank Investment Advisers.
The current funding round also saw participation from some other investors as well as Toyota Motor Corporation, who previously backed Getaround with a $45 million investment in a series C funding round.
Led by Sam Zaid, Founder & CEO in 2010, Getaround provides instant and keyless carsharing through integrated hardware and software platform. Similar to the Airbnb, the company allows car owners to rent out their cars to strangers when they’re not using it. In addition, its patented technology integrates with global leaders in mobility such as Uber Technologies, Inc. and Toyota Motor Corporation.
The startup, which partners with Ford Motor and Toyota, also collaborated with Uber in April to launch Uber Rent in San Francisco.
During the same period, Getaround and Toyota expanded on their initial 2017 collaboration to create an innovative fully-connected sharing experience. Together the companies have created a car-sharing for Toyota and Lexus brand vehicles through the integration of Getaround’s platform with Toyota’s Smart Key Box (SKB) technology, alongside financial innovations that enable owners to make their monthly car payment from their Getaround earnings.
“Over the past year, we expanded to new markets, accelerated growth in existing markets and formed integrated partnerships with industry-leading automakers and mobility companies to bring Getaround to more people in more places,” said Sam.
Getaround is offering its car-sharing service in 66 cities in the U.S. including San Francisco, Chicago, and Washington D.C. Furthermore, the company will use the latest funding to continue growing and expanding into new cities in North America and around the world. The company will also use the capital to develop mobility partnerships, launch new product offerings, create operational efficiencies, and continue innovating on its connected car technology.