US-based ride ordering platform Gett raised $80m in funding yesterday from a consortium led by car manufacturer Volkswagen (VW) and participation from conglomerate Access Industries.
All other “major” shareholders also participated in the round, though Gett did not identify them. The round valued Gett at $1.4bn and is reportedly the first close of a larger $350m round.
Gett operates an app that enables users to book taxis in more than 100 cities across the world including New York, London and Moscow. It also operates delivery and logistics services, as well as a specialist offering for corporate customers called Gett for Business.
The company acquired its competitor Juno for $200m last year and now operates under the latter’s brand in the US, though it is currently only available in New York.
The latest funding comes as Gett targets profitability by the first quarter of 2019.
VW previously invested $300m in Gett in 2016, bringing its total funding to $520m.
Access Industries had led a $20m series B round in 2012 that also featured Gett founders Shahar Waiser and Roi More. Gett’s other shareholders include Vostok Nafta Investments, Kreos Capital and Capital Group Private Equity Managers.