Car-Sharing Startup Getaround Reaches $1.7 Billion Valuation in New Funding Round
SoftBank-backed Getaround is raising $200 million in an equity round that pushes the peer-to-peer car-sharing company into unicorn status. The new capital follows the company's recent $300 million acquisition of European rival Drivy.
Car-sharing platform Getaround is raising approximately $200 million in a new equity financing round that values the company at $1.7 billion. The funding elevates the TechCrunch Disrupt 2011 winner into the unicorn club, bringing its total equity raised to more than $600 million to date. Neither Getaround nor rumored investor SoftBank are commenting on the speculated round due to internal company policies.
This financial boost arrives shortly after Getaround completes its $300 million acquisition of Drivy, a Paris-based car-sharing startup operating across 170 European cities. The company already leverages its previous $300 million Series D, which SoftBank led alongside Toyota, to expand its international footprint. Getaround currently operates under the Drivy by Getaround brand in countries like France, Germany, and the UK, and as Nabobil in Norway.
Getaround allows its 200,000 members to rent and unlock vehicles directly from their mobile phones for around $5 per hour. Car owners list their vehicles on the marketplace, typically earning between $500 and $1,000 a month depending on rental frequency. The company faces growing competition in the peer-to-peer car rental space from rivals like Turo and Maven as the shared mobility market continues to evolve.