Gett, an Israel-based ride hailing service backed by carmaker Volkswagen (VW) and conglomerate Access Industries, has completed a $100m funding round valuing it at $1.5bn, Calcalist reported today.
The round was mostly made up of equity funding, combined with some debt and bond financing, and the capital was supplied by existing backers including Vostok Nafta Investments in addition to undisclosed new investors.
Founded in 2010 and formerly known as GetTaxi, Gett operates an app-based on-demand ride service that spans some 1,500 towns and cities in Europe, Asia and North America.
The company raised the first $24m in 2019 from investors including Vostok Nafta before adding the rest this year, Gett Israel CEO Mark Oun told Calcalist. He said the service is profitable in Israel, Russia and the UK, and that the funding will support global growth.
The valuation was flat from Gett’s last round, which it closed at $200m in May 2019 with backing from VW, Access Industries, MCI Capital, existing investors Vostok Nafta, Kreos Capital and Capital Group Private Equity Managers, and the company’s co-founders.
Gett received $100m in debt financing from financial services firm Sberbank in 2016 which came after a $300m commitment by VW earlier in the year to take its total financing to $520m. Access Industries had led its $20m series B round four years earlier.
