Automotive manufacturer Toyota has invested an amount reported by Nikkei on Friday to be $10m in US-based car sharing platform Getaround as part of a strategic partnership announced by Toyota yesterday.
The funding was provided through Mirai Creation Investment Limited Partnership, the investment fund backed by Toyota and financial services firm Sumitomo Mitsui Banking Corporation.
Founded in 2009, Getaround operates an online peer-to-peer service that enables users to list their cars, which can then be shared with and rented by other users.
Toyota has formed an agreement with Getaround to build a mobility services platform that will incorporate a number of services including its Toyota Smart Center and Toyota Big Data Center as well as financial services and telematics insurance.
The platform, which is expected to launch in January 2017 in San Francisco, will feature a financial services product that will enable a user leasing a car to use the revenue they get from the platform to pay the leasing charges.
Shigeki Tomoyama, president of Toyota’s Connected Company division, said: “As a mobility service platform provider, by collaborating with various companies and services, we would like to help create a new mobility society in order to offer safer and more convenient mobility to our customers.”
Getaround had previously raised approximately $41m in funding, securing $24m at a $200m valuation from a series B round in late 2014 led by automotive media company Cox Automotive and backed by Menlo Ventures, Triangle Peak Partners and SOS Ventures.
The company’s earlier investors include A-Grade Investments, CrunchFund, Redpoint Ventures and angel investors such as Marissa Mayer, Marc Randolph and Vivi Nevo.