US-based on-demand ride service Gett has increased its latest funding round to $200m, raising $120m from investors including carmaker Volkswagen and diversified conglomerate Access Industries, TechCrunch reported yesterday.
The round featured all the company’s other existing backers: Vostok Nafta Investments, Kreos Capital, MCI Capital, Capital Group Private Equity Managers and Gett co-founders Dave Waiser and Roi More. It consisted of an unspecified mix of equity and debt financing.
The round valued Gett at $1.5bn post-money and the second close was preceded by an initial $80m from a Volkswagen-led consortium that included Access Industries and unspecified existing shareholders in June 2018.
Founded in 2010 as GetTaxi, Gett operates an app that lets users book taxis in more than 120 cities across the US, UK, Israel and Russia. It has also established delivery and logistics subsidiaries in addition to an enterprise version called Gett for Business.
Dave Waiser, also chief executive of Gett, told TechCrunch the round would likely be the last before it pursues an initial public offering it expects to be underway by the first quarter of 2020.
The company is slated to become operationally profitable by the end of 2019, and its New York subsidiary, Juno, is “already contribution margin positive,” according to Waiser.
Gett has now raised $790m in funding according to TechCrunch, though earlier reports suggest it has now collected $820m in equity and debt financing.
VW supplied $300m in funding for the company in 2016 that was followed by $100m in debt financing from financial services firm Sberbank later the same year. Access Industries had led Gett’s $20m series B round in 2012, investing together with Dave Waiser and Roi More.
