Car-share service Getaround nails $300M funding round

Getaround, a platform that provides instant and keyless car sharing, has secured $300 million in a Series D financing round led by SoftBank Investment Advisers, with participation from Toyota Motor Corporation.

Getaround allows users to rent cars from private owners by the hour or by the day, with a $1 million insurance policy and 24/7 roadside assistance included.

Through its integrated technology platform, customers reserve, unlock and drive cars using its mobile app, without the need for the driver and owner to exchange a key.

The San Francisco-based company currently operates in 66 markets around North America and says it will use the financing to add new cities in that region and around the world, as well as to launch new products and develop additional mobility partnerships.

One of the company’s existing partnerships is with Uber, which allows its users to rent Getaround cars in the Uber app. Getaround is also working with Toyota to create car-share-ready Toyota and Lexus brand vehicles.

“Softbank sees car sharing as an accelerating trend that will disrupt car ownership,” says Michael Ronen, managing partner of SoftBank Investment Advisers.

“We believe that Getaround is uniquely placed to capitalize on this by creating a marketplace that makes it easy for car owners, car renters, ride-hailing drivers and others to transact seamlessly. Getaround was the first to successfully leverage connected car technology to create an on-demand car-sharing network at scale and has proven its ability to effectively expand into new markets and to develop integrations with large mobility partners such as Uber and leading automakers such as Toyota.”

Prior to this funding round, Getaround had raised $100 million since its launch in 2010.