US-based car sharing app developer Getaround closed a $24m series B round led by automotive media company Cox Automotive on Thursday.
The round, which also included Menlo Ventures, Triangle Peak Partners, and SOS Ventures, valued Getaround at about $200m, according to the Wall Street Journal.
Getaround will use the cash to support an expansion of its on-demand carsharing app from its home city San Francisco into other US markets on the west coast beginning with Oakland and Portland, before using Washington DC as its jumping off point on the east coast.
The company has now raised $41.3m in total, with past backers including A-Grade Investments, CrunchFund, Redpoint Ventures, Marissa Mayer, Marc Randolph and Vivi Nevo.
David Liniado, vice president of new ventures for Cox Automotive, said: “We have been closely following the evolution of both carsharing and connected cars – Getaround fits perfectly at the intersection of these two growing trends – and we are thrilled to lead this investment and to be working with the Getaround team.”