Gett, the Israel-based mobility software provider that counts automotive manufacturer Volkswagen (VW) and conglomerate Access Industries as investors, increased its latest funding round to $115m yesterday.
The company had closed $100m in equity, debt and bond financing in July 2020 from new and existing backers including Vostok Nafta Investments. The additional $15m was supplied by investment bank Pelham Capital Investments and undisclosed existing investors.
Originally known as GetTaxi, Gett has built a mobility platform for business customers that combines ride hailing apps with existing corporate fleets to help streamline the process of organising transportation. The round’s first tranche valued it at $1.15bn.
Dave Waiser, Gett’s CEO, said: “This investment will allow us to further develop our [software-as-a-service] technology and deepen our proposition within the corporate ground travel market.
“It has been an incredibly difficult period for the travel sector but we are pleased to have finished 2020 operationally profitable and on budget.”
The round increased the company’s overall financing to about $935m, $20m of which came in an Access Industries-led series B round in 2012, its earlier investors including Vostok Nafta, Kreos Capital and Capital Group Private Equity Managers.
VW agreed in 2016 to invest $300m in Gett, before financials services firm Sberbank added $100m in debt financing later the same year.
Access Industries, VW, Vostok Nafta, Kreos Capital, Capital Group Private Equity Managers, MCI Capital, and Gett’s co-founders Dave Waiser and Roi More subsequently added $200m in debt and equity financing in a round that closed in mid-2019 at a $1.5bn valuation.
