Telecommunications and internet group SoftBank’s Vision Fund took part in a $140m series E round for US-based vehicle sharing service Getaround today it said increased its overall funding to almost $600m.
PeopleFund led the round, which included Reinvent Capital, Pennant Investors, Menlo Ventures, Braemar Energy Ventures, Triangle Peak Partners, Asset Plus Capital, BPIfrance, Cathay Innovation, Via-ID and private investors Henry McGovern, Steve Girsky, Mary Chan and Julia Steyn.
Getaround runs an online platform with six million users who can hire and lease vehicles to each other in return for payment. The funding will be used to strengthen its connected, contactless car technology and bolster its strategic partnerships.
Cox Automotive, part of media and automotive group Cox Enterprises, led Getaround’s $24m series B round in 2014 at a $200m valuation, investing with Triangle Peak Partners, Menlo Ventures and SOS Ventures, its earlier backers including A-Grade Investments, Tuesday Capital and Redpoint Ventures.
The company received $10m from Mirai Creation Investment Limited Partnership, the investment vehicle backed by automotive manufacturer Toyota and financial services firm Sumitomo Mitsui Banking Corporation, two years later.
Getaround added $45m in a 2017 series C round led by Braemar Energy Ventures that also featured SAIC Capital, a subsidiary of carmaker SAIC Motor, as well as Menlo Ventures, Triangle Peak Partners and Mirai Creation Investment manager Sparx Group.
SoftBank led the company’s $300m series D round in 2018, participating alongside Toyota and undisclosed inside investors. Reports in September 2019 suggested it was looking to raise money at a valuation in excess of $1.5bn.
Jonathan Hong, investment director for SoftBank Investment Advisers, the organisation that manages Vision Fund, said: “We are optimistic about the next phase of growth for Getaround.
“The company is well positioned to be an essential player of the global mobility space and we are excited about our collaboration with the Getaround team and our investing partners, both strategically and operationally.”
