US-based peer-to-peer car sharing service Getaround is in the process of raising approximately $100m from investors including telecommunications and internet conglomerate SoftBank, Axios has reported.
Getaround’s platform lets users rent out their vehicles to each other in return for a 40% commission fee. It handles the process of locating, booking and unlocking cars through a mobile app, and offers an insurance policy of up to $1m during rental periods.
The company checks drivers’ history through the US Department of Motor Vehicles and validates a renter’s identity through the credit bureau and other points of reference, such as Facebook.
Getaround secured $54m in series C funding in April 2017 from investors including SAIC Capital, the corporate venturing division of carmaker Shanghai Automotive, and venture capital firm Braemar Energy Ventures, which led the round.
Menlo Ventures, Triangle Peak Partners and Sparx Group, which manages a fund backed by automotive manufacturer Toyota and financial services firm Sumitomo Mitsui Banking Corporation, also took part in the series C round.
Sparx and Mirai Creation Investment Limited Partnership, invested $10m in Getaround in 2016 through a partnership agreement between Toyota and Getaround, though it is unclear whether that commitment formed part of the series C round.
Getaround had already raised $41.3m, including $24m in a 2014 series B round led by motoring media company Cox Automotive, with participation from Menlo Ventures, Triangle Peak Partners and SOS Ventures.
The company’s shareholders also include A-Grade Investments, CrunchFund, Redpoint Ventures and assorted angel investors.